Credit Brief — Goertek Inc. (歌尔股份)
002241.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: 姜滨
- Registered address: 潍坊高新技术产业开发区东方路 268 号
- Office address: 潍坊高新技术产业开发区东方路 268 号
- Controlling shareholder: None (stated in the filed report)
- Actual controller: 姜滨
- Employees: 111,585
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 | 12,682.9 | 14,737.3 | 17,466.5 | 18,886.4 | 18,682.4 |
| Trading financial assets | 338.7 | 587.4 | 1,101.0 | 2,494.0 | 3,796.7 |
| Accounts receivable | 14,396.2 | 12,424.6 | 17,881.4 | 13,294.6 | 13,160.5 |
| Other receivables | 96.4 | 89.3 | 100.0 | 138.9 | 165.1 |
| Inventories | 17,348.7 | 10,794.9 | 10,478.9 | 13,077.2 | 18,680.8 |
| Long-term equity investments | 361.0 | 760.2 | 734.4 | 4,456.8 | 4,584.0 |
| Fixed assets | 21,459.8 | 22,305.5 | 21,803.4 | 22,636.7 | 23,213.1 |
| Construction in progress | 2,424.4 | 2,071.3 | 1,397.4 | 2,062.0 | 3,007.8 |
| Intangible assets | 2,720.8 | 3,280.1 | 3,051.4 | 3,037.3 | 2,939.7 |
| Total assets | 77,268.6 | 73,744.4 | 82,706.8 | 90,530.3 | 97,827.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 7,120.8 | 5,214.5 | 7,713.3 | 13,410.6 | 19,322.6 |
| Notes payable | 4,850.5 | 4,538.4 | 3,960.3 | 5,087.5 | 4,788.8 |
| Accounts payable | 25,748.8 | 17,582.3 | 21,962.2 | 21,552.6 | 23,164.8 |
| Contract liabilities | 2,295.3 | 3,472.6 | 4,052.4 | 3,479.7 | 3,608.1 |
| Other payables | 79.0 | 87.5 | 96.3 | 89.3 | 81.4 |
| Current portion of non-current liabilities | 1,095.6 | 1,072.2 | 4,923.4 | 1,076.8 | 1,237.1 |
| Long-term borrowings | 2,206.0 | 6,631.5 | 1,341.2 | 3,550.6 | 3,159.5 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 47,008.9 | 42,216.8 | 48,658.7 | 53,281.4 | 58,920.5 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 3,420.4 | 3,420.4 | 3,486.3 | 3,547.4 | 3,552.2 |
| Capital reserve | 10,280.7 | 8,998.4 | 10,293.2 | 11,843.9 | 12,187.9 |
| Retained earnings | 16,509.6 | 17,038.6 | 18,712.3 | 21,691.4 | 22,447.3 |
| Equity attributable to owners of the parent | 29,493.6 | 30,810.6 | 33,186.3 | 36,402.0 | 38,005.9 |
| Minority interests | 766.0 | 717.0 | 861.7 | 846.8 | 901.1 |
| Total equity | 30,259.6 | 31,527.6 | 34,048.1 | 37,248.9 | 38,907.1 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 104,894.3 | 98,573.9 | 100,953.8 | 96,550.2 | 40,046.3 |
| Cost of sales | 93,233.5 | 89,753.1 | 89,759.4 | 85,155.3 | 34,233.1 |
| Selling expenses | 548.3 | 528.2 | 619.8 | 735.9 | 377.1 |
| Administrative expenses | 2,294.5 | 2,202.8 | 2,200.0 | 2,498.1 | 1,180.7 |
| Finance costs | 149.1 | 351.8 | 70.7 | 611.0 | 758.6 |
| Investment income | -36.2 | -73.4 | 109.0 | 2,701.6 | 468.6 |
| Operating profit | 1,610.5 | 909.2 | 2,847.5 | 4,226.1 | 1,649.7 |
| Profit before tax | 1,509.2 | 791.2 | 2,773.8 | 3,980.5 | 1,599.7 |
| Net profit | 1,791.0 | 1,019.4 | 2,586.3 | 3,832.8 | 1,490.5 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.07x | 1.20x | 1.10x | 1.08x | 1.06x |
| Quick ratio | 0.66x | 0.87x | 0.87x | 0.81x | 0.71x |
| Debt-to-asset ratio | 60.8% | 57.2% | 58.8% | 58.9% | 60.2% |
| Total debt / EBITDA | 2.99x | 4.10x | 2.84x | 2.69x | 5.57x |
| EBITDA interest coverage | 23.38x | 8.95x | 69.64x | 10.97x | 5.61x |
| Gross margin | 11.1% | 8.9% | 11.1% | 11.8% | 14.5% |
| Net margin | 1.7% | 1.0% | 2.6% | 4.0% | 3.7% |
| Return on equity (ROE) | 5.9% | 3.2% | 7.6% | 10.3% | 3.8% |
| Revenue growth | — | -6.0% | 2.4% | -4.4% | -58.5% |
| Net profit growth | — | -43.1% | 153.7% | 48.2% | -61.1% |
| Receivable days | 50 | 46 | 65 | 50 | 120 |
| Cash received / revenue | 83.8% | 77.0% | 82.7% | 87.4% | 92.9% |
| Operating CF / net profit | 4.64x | 8.00x | 2.40x | 1.79x | -0.16x |
| Free cash flow | 938.8 | 10,161.8 | 6,841.0 | -1,715.1 | 449.0 |
Mechanical risk flags
- ⚠ Current ratio: 1.08 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.81 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.59 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.12 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 2,352.7 vs 2,054.4 CNY mn (deviation 12.68%, severity mid)
Sources: 2023年年度报告.pdf p.100 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.91 「货币资金」. CF-statement figure above the balance-sheet movement by 298.3 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: -1,361.8 vs 2,729.2 CNY mn (deviation 149.9%, severity mid)
Sources: 2024年年度报告.pdf p.93 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.85 「货币资金」. CF-statement figure below the balance-sheet movement by 4,091.0 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: 1,274.5 vs 1,419.9 CNY mn (deviation 10.24%, severity mid)
Sources: 2025年年度报告.pdf p.86 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.79 「货币资金」. CF-statement figure below the balance-sheet movement by 145.5 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: -1,962.7 vs -204.1 CNY mn (deviation 89.6%, severity mid)
Sources: 2026年半年度报告.pdf p.48 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.40 「货币资金」. CF-statement figure below the balance-sheet movement by 1,758.6 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 | 18,886.4 | 2025年年度报告.pdf | 79 | 货币资金 | 18886433534.86 (元) |
| Total assets | 2025 | 90,530.3 | 2025年年度报告.pdf | 80 | 资产总计 | 90530293646.97 (元) |
| Accounts receivable | 2025 | 13,294.6 | 2025年年度报告.pdf | 79 | 应收账款 | 13294604934.23 (元) |
| Fixed assets | 2025 | 22,636.7 | 2025年年度报告.pdf | 79 | 固定资产 | 22636664932.06 (元) |
| Short-term borrowings | 2025 | 13,410.6 | 2025年年度报告.pdf | 80 | 短期借款 | 13410587923.63 (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.