Credit Brief — Guangdong Haid Group Co., Limited (海大集团)
002311.SZ · Shenzhen Main Board · Data window: 2022–2025 · 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: 薛华
- Registered address: 广东省广州市番禺区南村镇万博四路42 号2 座701
- Office address: 广东省广州市番禺区化龙镇龙泰街8 号海大科学园1 栋
- Actual controller: 薛华
- Employees: 44,176
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 9M | 2025 | |
|---|---|---|---|---|---|
| Cash and bank balances | 2,260.6 | 5,476.5 | 3,478.3 | 2,857.3 | 3,202.8 |
| Trading financial assets | 699.9 | 1,286.8 | 4,662.4 | 4,213.0 | 2,118.7 |
| Accounts receivable | 1,952.0 | 2,056.7 | 2,125.9 | 5,134.7 | 2,978.8 |
| Other receivables | 1,323.0 | 958.0 | 877.9 | 681.9 | 678.8 |
| Inventories | 12,625.1 | 9,935.9 | 11,290.4 | 10,529.5 | 11,371.8 |
| Long-term equity investments | 315.2 | 216.7 | 280.2 | 319.2 | 306.0 |
| Fixed assets | 14,933.5 | 16,393.9 | 16,930.7 | 16,693.0 | 17,008.0 |
| Construction in progress | 1,377.4 | 687.7 | 426.7 | 470.1 | 604.0 |
| Intangible assets | 1,619.5 | 1,766.2 | 1,796.4 | 1,754.7 | 1,898.2 |
| Total assets | 44,470.4 | 44,746.7 | 48,140.6 | 50,815.5 | 47,590.7 |
Liabilities
| 2022 | 2023 | 2024 | 2025 9M | 2025 | |
|---|---|---|---|---|---|
| Short-term borrowings | 2,910.8 | 1,396.1 | 251.7 | 808.8 | 1,163.6 |
| Notes payable | 3,502.2 | 5,897.6 | 4,995.2 | 5,852.6 | 3,812.7 |
| Accounts payable | 5,341.2 | 4,743.3 | 5,483.1 | 6,219.7 | 5,726.0 |
| Contract liabilities | 1,720.5 | 1,922.2 | 2,251.1 | 2,541.5 | 2,581.7 |
| Other payables | 468.7 | 839.2 | 952.2 | 901.6 | 1,519.0 |
| Current portion of non-current liabilities | 1,258.5 | 1,055.2 | 1,229.9 | 728.7 | 512.6 |
| Long-term borrowings | 5,066.4 | 3,027.8 | 1,769.8 | 585.4 | 249.6 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 25,110.5 | 23,835.4 | 23,044.2 | 24,281.7 | 22,090.9 |
Equity
| 2022 | 2023 | 2024 | 2025 9M | 2025 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,661.2 | 1,663.7 | 1,663.7 | 1,663.7 | 1,663.7 |
| Capital reserve | 5,300.1 | 5,415.5 | 5,151.4 | 5,220.5 | 4,614.1 |
| Retained earnings | 10,528.2 | 12,526.3 | 16,198.7 | 18,178.3 | 18,316.1 |
| Equity attributable to owners of the parent | 17,832.5 | 19,647.1 | 23,905.3 | 25,268.7 | 24,248.8 |
| Minority interests | 1,527.3 | 1,264.2 | 1,191.1 | 1,265.1 | 1,251.0 |
| Total equity | 19,359.9 | 20,911.3 | 25,096.4 | 26,533.8 | 25,499.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 9M | 2025 | |
|---|---|---|---|---|---|
| Revenue | 104,715.4 | 116,117.2 | 114,601.1 | 96,094.2 | 128,468.2 |
| Cost of sales | 95,003.6 | 106,280.6 | 101,639.6 | 85,396.4 | 115,193.3 |
| Selling expenses | 1,981.0 | 2,259.1 | 2,608.4 | 2,236.2 | 2,838.9 |
| Administrative expenses | 2,583.8 | 2,616.7 | 3,187.5 | 2,642.4 | 3,699.8 |
| Finance costs | 596.8 | 512.5 | 369.7 | 205.2 | 255.0 |
| Investment income | 267.1 | 245.6 | -8.8 | -37.5 | -42.4 |
| Operating profit | 3,903.0 | 3,551.8 | 5,507.0 | 4,781.5 | 5,243.0 |
| Profit before tax | 3,822.7 | 3,518.2 | 5,393.7 | 4,762.2 | 5,183.5 |
| Net profit | 3,168.7 | 2,871.5 | 4,676.1 | 4,363.4 | 4,545.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 9M | 2025 |
|---|---|---|---|---|---|
| Current ratio | 1.22x | 1.13x | 1.27x | 1.20x | 1.14x |
| Quick ratio | 0.49x | 0.60x | 0.66x | 0.70x | 0.55x |
| Debt-to-asset ratio | 56.5% | 53.3% | 47.9% | 47.8% | 46.4% |
| Total debt / EBITDA | 1.65x | 1.03x | 0.46x | 0.34x | 0.29x |
| EBITDA interest coverage | 9.37x | 10.40x | 19.21x | 30.46x | 26.50x |
| Gross margin | 9.3% | 8.5% | 11.3% | 11.1% | 10.3% |
| Net margin | 3.0% | 2.5% | 4.1% | 4.5% | 3.5% |
| Return on equity (ROE) | 16.4% | 13.7% | 18.6% | 16.4% | 17.8% |
| Revenue growth | — | 10.9% | -1.3% | -16.1% | 33.7% |
| Net profit growth | — | -9.4% | 62.8% | -6.7% | 4.2% |
| Receivable days | 7 | 6 | 7 | 20 | 8 |
| Cash received / revenue | 100.8% | 101.2% | 101.5% | 98.0% | 100.7% |
| Operating CF / net profit | 2.15x | 4.42x | 1.71x | 1.15x | 1.38x |
| Free cash flow | 1,372.4 | 8,878.4 | 4,321.0 | 5,017.4 | 4,918.8 |
Mechanical risk flags
- ⚠ Current ratio: 1.14 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.55 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.46 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.10 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 3,245.1 vs 3,215.9 CNY mn (deviation 0.9%, severity low)
Sources: 2023年年度报告.pdf p.124 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.114 「货币资金」. CF-statement figure above the balance-sheet movement by 29.2 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: -2,040.3 vs -1,998.2 CNY mn (deviation 2.06%, severity mid)
Sources: 2024年年度报告.pdf p.110 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.100 「货币资金」. CF-statement figure below the balance-sheet movement by 42.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025Q3 · Cash-flow statement net increase vs balance-sheet cash movement: -702.3 vs -621.0 CNY mn (deviation 11.58%, severity mid)
Sources: 2025年第三季度报告.pdf p.12 「五、现金及现金等价物净增加额」 vs 2025年第三季度报告.pdf p.7 「货币资金」. CF-statement figure below the balance-sheet movement by 81.3 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: -328.4 vs 345.6 CNY mn (deviation 195.02%, severity mid)
Sources: 2025年年度报告.pdf p.103 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.94 「货币资金」. CF-statement figure below the balance-sheet movement by 673.9 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 | 3,202.8 | 2025年年度报告.pdf | 94 | 货币资金 | 3202836313.58 (元) |
| Total assets | 2025 | 47,590.7 | 2025年年度报告.pdf | 95 | 资产总计 | 47590711885.11 (元) |
| Accounts receivable | 2025 | 2,978.8 | 2025年年度报告.pdf | 94 | 应收账款 | 2978763231.09 (元) |
| Fixed assets | 2025 | 17,008.0 | 2025年年度报告.pdf | 94 | 固定资产 | 17007956953.83 (元) |
| Short-term borrowings | 2025 | 1,163.6 | 2025年年度报告.pdf | 95 | 短期借款 | 1163647077.79 (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.