Credit Brief — JIANGSU YANGHE DISTILLERY CO.,LTD. (洋河股份)
002304.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: 顾宇
- Registered address: 江苏省宿迁市洋河镇中大街 118 号
- Office address: 江苏省宿迁市洋河酒都大道 118 号
- Employees: 22,392
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 | 24,375.4 | 25,812.8 | 21,748.3 | 13,263.4 | 11,164.7 |
| Trading financial assets | 7,998.2 | 5,851.2 | 6,380.1 | 7,293.9 | 7,571.8 |
| Accounts receivable | 45.1 | 3.5 | 9.0 | 8.6 | 8.1 |
| Other receivables | 74.4 | 57.8 | 17.1 | 11.9 | 14.4 |
| Inventories | 17,729.3 | 18,954.2 | 19,732.9 | 20,375.5 | 19,857.1 |
| Long-term equity investments | 33.0 | 1,229.8 | 1,235.4 | 1,246.7 | 1,261.6 |
| Fixed assets | 5,794.8 | 5,305.6 | 5,571.6 | 6,047.5 | 5,901.6 |
| Construction in progress | 757.1 | 1,457.3 | 1,912.6 | 1,455.7 | 1,554.6 |
| Intangible assets | 1,714.4 | 1,773.1 | 1,804.2 | 1,766.1 | 1,734.8 |
| Total assets | 67,972.8 | 69,792.3 | 67,345.3 | 58,595.9 | 55,975.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 0.0 | 0.0 | 0.0 | 10.0 | 10.0 |
| Notes payable | 0.0 | 0.0 | 0.0 | 0.0 | 147.8 |
| Accounts payable | 1,376.2 | 1,425.9 | 1,264.6 | 817.8 | 707.6 |
| Contract liabilities | 13,741.5 | 11,104.8 | 10,343.8 | 7,529.0 | 4,303.8 |
| Other payables | 1,854.9 | 2,024.6 | 2,066.4 | 2,344.3 | 1,935.2 |
| Current portion of non-current liabilities | 23.7 | 25.1 | 23.6 | 37.9 | 35.4 |
| Long-term borrowings | 0.0 | 0.0 | 0.0 | 81.0 | 140.8 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 20,448.3 | 17,742.4 | 15,652.2 | 11,702.5 | 8,704.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,507.0 | 1,506.4 | 1,506.4 | 1,506.4 | 1,506.4 |
| Capital reserve | 904.7 | 930.5 | 930.1 | 930.1 | 930.1 |
| Retained earnings | 44,364.2 | 48,746.0 | 48,399.4 | 43,605.0 | 43,992.2 |
| Equity attributable to owners of the parent | 47,475.0 | 51,938.5 | 51,588.2 | 46,797.2 | 47,181.3 |
| Minority interests | 49.5 | 111.3 | 104.8 | 96.2 | 89.9 |
| Total equity | 47,524.5 | 52,049.9 | 51,693.0 | 46,893.4 | 47,271.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 30,104.9 | 33,126.3 | 28,876.3 | 19,211.1 | 10,540.4 |
| Cost of sales | 7,645.5 | 8,200.2 | 7,751.2 | 5,455.5 | 2,808.6 |
| Selling expenses | 4,179.1 | 5,387.0 | 5,516.2 | 5,205.6 | 1,659.5 |
| Administrative expenses | 1,935.7 | 1,764.4 | 1,924.7 | 1,789.7 | 904.6 |
| Finance costs | -636.5 | -754.5 | -610.9 | -284.1 | -60.0 |
| Investment income | 425.9 | 255.5 | 146.4 | 357.8 | 149.6 |
| Operating profit | 12,509.2 | 13,242.6 | 9,160.8 | 3,477.1 | 3,529.0 |
| Profit before tax | 12,503.3 | 13,217.8 | 9,143.1 | 3,463.9 | 3,532.1 |
| Net profit | 9,389.4 | 10,020.8 | 6,666.5 | 2,191.0 | 2,595.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.58x | 3.06x | 3.30x | 3.77x | 4.88x |
| Quick ratio | 1.70x | 1.96x | 2.00x | 1.96x | 2.48x |
| Debt-to-asset ratio | 30.1% | 25.4% | 23.2% | 20.0% | 15.6% |
| Total debt / EBITDA | 0.00x | 0.00x | 0.00x | 0.03x | 0.04x |
| EBITDA interest coverage | 22.43x | 20.14x | 17.77x | 16.04x | 69.26x |
| Gross margin | 74.6% | 75.2% | 73.2% | 71.6% | 73.4% |
| Net margin | 31.2% | 30.3% | 23.1% | 11.4% | 24.6% |
| Return on equity (ROE) | 19.8% | 19.3% | 12.9% | 4.7% | 5.5% |
| Revenue growth | — | 10.0% | -12.8% | -33.5% | -45.1% |
| Net profit growth | — | 6.7% | -33.5% | -67.1% | 18.5% |
| Receivable days | 1 | 0 | 0 | 0 | 0 |
| Cash received / revenue | 102.6% | 105.2% | 106.7% | 101.0% | 82.9% |
| Operating CF / net profit | 0.39x | 0.61x | 0.69x | -0.35x | 0.13x |
| Free cash flow | 14,656.7 | 12,008.5 | 9,078.0 | 3,926.9 | 740.9 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.20 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,182.0 vs 1,437.3 CNY mn (deviation 17.76%, severity mid)
Sources: 2023年年度报告.pdf p.82 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.73 「货币资金」. CF-statement figure below the balance-sheet movement by 255.3 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: -3,719.7 vs -4,064.5 CNY mn (deviation 8.48%, severity mid)
Sources: 2024年年度报告.pdf p.80 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.71 「货币资金」. CF-statement figure above the balance-sheet movement by 344.8 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: -8,326.3 vs -8,484.9 CNY mn (deviation 1.87%, severity mid)
Sources: 2025年年度报告.pdf p.72 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.63 「货币资金」. CF-statement figure above the balance-sheet movement by 158.7 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: -2,059.5 vs -2,098.7 CNY mn (deviation 1.87%, severity mid)
Sources: 2026年半年度报告.pdf p.45 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.36 「货币资金」. CF-statement figure above the balance-sheet movement by 39.2 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 | 13,263.4 | 2025年年度报告.pdf | 63 | 货币资金 | 13263361737.62 (元) |
| Total assets | 2025 | 58,595.9 | 2025年年度报告.pdf | 64 | 资产总计 | 58595944446.8 (元) |
| Accounts receivable | 2025 | 8.6 | 2025年年度报告.pdf | 63 | 应收账款 | 8621900.1 (元) |
| Fixed assets | 2025 | 6,047.5 | 2025年年度报告.pdf | 64 | 固定资产 | 6047462141.44 (元) |
| Short-term borrowings | 2025 | 10.0 | 2025年年度报告.pdf | 64 | 短期借款 | 10010849.32 (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.