Credit Brief — ZHEJIANG DAHUA TECHNOLOGY CO.,LTD. (大华股份)
002236.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 傅利泉
- Registered address: 杭州市滨江区滨安路1187 号
- Office address: 杭州市滨江区滨兴路1399 号
- Actual controller: 傅利泉和陈爱玲
- Employees: 22,131
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 8,029.9 | 15,971.0 | 11,181.8 | 8,655.4 | 7,246.2 |
| Trading financial assets | 1.5 | 1.5 | 229.9 | 309.2 | 310.8 |
| Accounts receivable | 15,411.9 | 16,276.8 | 17,046.1 | 15,474.1 | 14,954.7 |
| Other receivables | 401.8 | 337.5 | 293.7 | 278.6 | 334.7 |
| Inventories | 7,315.4 | 5,332.6 | 5,203.6 | 6,090.2 | 8,567.7 |
| Long-term equity investments | 1,461.1 | 727.5 | 722.2 | 725.6 | 763.4 |
| Fixed assets | 4,643.6 | 4,937.2 | 4,974.0 | 6,136.2 | 5,988.8 |
| Construction in progress | 423.5 | 1,008.6 | 1,254.6 | 7.3 | 3.4 |
| Intangible assets | 557.2 | 594.7 | 578.0 | 556.6 | 541.5 |
| Total assets | 46,252.9 | 52,881.9 | 52,735.9 | 52,558.6 | 55,586.7 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 257.9 | 957.4 | 995.0 | 203.7 | 2,278.2 |
| Notes payable | 4,364.1 | 3,296.3 | 3,600.0 | 3,659.8 | 3,617.9 |
| Accounts payable | 7,340.3 | 5,815.1 | 5,878.0 | 5,132.7 | 5,055.4 |
| Contract liabilities | 1,219.5 | 1,194.5 | 1,282.2 | 1,142.7 | 1,279.2 |
| Other payables | 1,004.1 | 812.4 | 637.0 | 470.1 | 522.4 |
| Current portion of non-current liabilities | 2,558.0 | 901.7 | 117.2 | 246.9 | 250.9 |
| Long-term borrowings | — | 453.8 | 0.0 | 0.0 | 0.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 20,034.5 | 16,997.8 | 15,561.7 | 14,084.5 | 15,606.8 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 3,033.2 | 3,294.5 | 3,295.6 | 3,286.8 | 3,269.3 |
| Capital reserve | 3,950.2 | 7,124.1 | 7,156.8 | 7,233.2 | 6,743.0 |
| Retained earnings | 17,872.7 | 23,334.1 | 24,388.1 | 26,175.1 | 27,355.8 |
| Equity attributable to owners of the parent | 25,836.8 | 34,719.2 | 36,028.0 | 37,757.1 | 39,097.4 |
| Minority interests | 381.6 | 1,164.9 | 1,146.2 | 717.0 | 882.4 |
| Total equity | 26,218.4 | 35,884.1 | 37,174.2 | 38,474.1 | 39,979.9 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 30,565.4 | 32,218.3 | 32,180.9 | 32,743.8 | 16,703.7 |
| Cost of sales | 18,989.8 | 18,675.0 | 19,681.7 | 19,442.6 | 9,511.4 |
| Selling expenses | 5,115.2 | 5,292.6 | 5,166.7 | 5,113.1 | 2,262.7 |
| Administrative expenses | 1,144.0 | 1,257.4 | 1,141.4 | 1,295.5 | 615.7 |
| Finance costs | -511.0 | -409.3 | -389.9 | -356.4 | 234.3 |
| Investment income | 280.7 | 4,496.0 | 464.8 | 634.5 | 35.4 |
| Operating profit | 2,280.1 | 8,141.0 | 2,980.0 | 4,357.2 | 2,671.0 |
| Profit before tax | 2,287.2 | 8,121.7 | 2,989.5 | 4,362.6 | 2,673.1 |
| Net profit | 2,261.9 | 7,475.3 | 2,919.2 | 3,882.3 | 2,448.9 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.84x | 2.52x | 2.50x | 2.55x | 2.68x |
| Quick ratio | 1.46x | 2.19x | 2.15x | 2.10x | 2.11x |
| Debt-to-asset ratio | 43.3% | 32.1% | 29.5% | 26.8% | 28.1% |
| Total debt / EBITDA | 0.84x | 0.25x | 0.27x | 0.09x | 0.72x |
| EBITDA interest coverage | 6.55x | 22.60x | 10.71x | 14.52x | 15.05x |
| Gross margin | 37.9% | 42.0% | 38.8% | 40.6% | 43.1% |
| Net margin | 7.4% | 23.2% | 9.1% | 11.9% | 14.7% |
| Return on equity (ROE) | 8.6% | 20.8% | 7.9% | 10.1% | 6.1% |
| Revenue growth | — | 5.4% | -0.1% | 1.7% | -49.0% |
| Net profit growth | — | 230.5% | -60.9% | 33.0% | -36.9% |
| Receivable days | 184 | 184 | 193 | 172 | 327 |
| Cash received / revenue | 110.5% | 106.9% | 107.7% | 113.5% | 113.4% |
| Operating CF / net profit | 0.47x | 0.62x | 0.93x | 1.01x | -0.45x |
| Free cash flow | 847.5 | 4,488.1 | -412.5 | 2,355.8 | -1,596.8 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.27 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 8,002.2 vs 7,941.1 CNY mn (deviation 0.76%, severity low)
Sources: 2023年年度报告.pdf p.149 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.140 「货币资金」. CF-statement figure above the balance-sheet movement by 61.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -4,819.1 vs -4,789.2 CNY mn (deviation 0.62%, severity low)
Sources: 2024年年度报告.pdf p.152 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.143 「货币资金」. CF-statement figure below the balance-sheet movement by 29.9 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -2,508.3 vs -2,526.4 CNY mn (deviation 0.72%, severity low)
Sources: 2025年年度报告.pdf p.156 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.147 「货币资金」. CF-statement figure above the balance-sheet movement by 18.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -1,384.2 vs -1,409.2 CNY mn (deviation 1.77%, severity mid)
Sources: 2026年半年度报告.pdf p.57 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.48 「货币资金」. CF-statement figure above the balance-sheet movement by 25.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 8,655.4 | 2025年年度报告.pdf | 147 | 货币资金 | 8655402920.75 (元) |
| Total assets | 2025 | 52,558.6 | 2025年年度报告.pdf | 148 | 资产总计 | 52558604784.24 (元) |
| Accounts receivable | 2025 | 15,474.1 | 2025年年度报告.pdf | 147 | 应收账款 | 15474088183.37 (元) |
| Fixed assets | 2025 | 6,136.2 | 2025年年度报告.pdf | 148 | 固定资产 | 6136201592.87 (元) |
| Short-term borrowings | 2025 | 203.7 | 2025年年度报告.pdf | 148 | 短期借款 | 203714311.58 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.