Credit Brief — Yantai Jereh Oilfield Services Group Co., Ltd. (杰瑞股份)
002353.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: 李志勇
- Registered address: 烟台市莱山区杰瑞路 5 号
- Office address: 烟台市莱山区杰瑞路 5 号
- Actual controller: 孙伟杰
- Employees: 7,722
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 | 4,033.7 | 4,798.7 | 5,923.9 | 8,724.8 | 6,974.5 |
| Trading financial assets | 2,067.3 | 1,751.1 | 2,549.6 | 2,935.7 | 2,331.6 |
| Accounts receivable | 5,766.5 | 6,403.8 | 6,721.1 | 5,897.5 | 6,780.2 |
| Other receivables | 232.5 | 124.5 | 142.8 | 475.6 | 388.3 |
| Inventories | 4,969.7 | 5,124.4 | 5,351.2 | 6,167.6 | 7,163.3 |
| Long-term equity investments | 227.2 | 240.1 | 213.1 | 233.3 | 259.1 |
| Fixed assets | 2,209.2 | 3,255.4 | 4,603.0 | 4,311.9 | 4,140.7 |
| Construction in progress | 1,231.0 | 1,085.6 | 669.1 | 844.6 | 734.9 |
| Intangible assets | 813.2 | 726.3 | 665.0 | 649.3 | 635.0 |
| Total assets | 29,225.8 | 31,776.6 | 35,695.1 | 39,130.4 | 39,567.9 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,682.9 | 2,061.8 | 1,688.2 | 953.8 | 815.1 |
| Notes payable | 2,596.9 | 1,330.8 | 1,924.9 | 2,393.6 | 2,173.0 |
| Accounts payable | 2,801.1 | 3,266.1 | 3,507.8 | 3,722.9 | 4,768.1 |
| Contract liabilities | 1,046.5 | 750.5 | 1,303.3 | 1,940.5 | 2,058.6 |
| Other payables | 424.3 | 535.4 | 484.8 | 423.0 | 387.6 |
| Current portion of non-current liabilities | 101.8 | 515.5 | 481.2 | 1,042.7 | 1,193.2 |
| Long-term borrowings | 551.8 | 1,030.4 | 2,608.3 | 2,555.7 | 2,453.2 |
| Bonds payable | 0.0 | — | 0.0 | 0.0 | 0.0 |
| Total liabilities | 11,104.1 | 11,628.7 | 13,693.0 | 15,213.1 | 15,391.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,027.0 | 1,023.9 | 1,023.9 | 1,023.9 | 1,023.9 |
| Capital reserve | 6,288.8 | 6,255.7 | 6,258.7 | 6,262.3 | 6,279.3 |
| Retained earnings | 9,861.4 | 11,970.4 | 13,910.9 | 15,621.7 | 16,027.3 |
| Equity attributable to owners of the parent | 17,266.3 | 19,321.3 | 21,155.4 | 23,025.6 | 23,284.4 |
| Minority interests | 855.4 | 826.6 | 846.8 | 891.8 | 892.4 |
| Total equity | 18,121.8 | 20,147.8 | 22,002.1 | 23,917.3 | 24,176.9 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 11,409.0 | 13,912.1 | 13,354.9 | 16,223.0 | 7,646.3 |
| Cost of sales | 7,617.6 | 9,314.2 | 8,854.8 | 11,082.2 | 5,277.9 |
| Selling expenses | 473.1 | 536.1 | 538.6 | 671.7 | 323.7 |
| Administrative expenses | 418.6 | 461.1 | 477.8 | 587.4 | 289.0 |
| Finance costs | -273.6 | -9.5 | -99.6 | -23.6 | 208.9 |
| Investment income | 134.5 | 140.0 | 403.5 | 251.9 | 39.2 |
| Operating profit | 2,577.4 | 2,931.6 | 3,212.8 | 3,434.6 | 1,421.4 |
| Profit before tax | 2,613.4 | 2,929.7 | 3,157.6 | 3,358.8 | 1,410.1 |
| Net profit | 2,288.0 | 2,493.5 | 2,685.6 | 2,751.7 | 1,214.5 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.17x | 2.33x | 2.53x | 2.52x | 2.49x |
| Quick ratio | 1.67x | 1.80x | 2.00x | 2.00x | 1.90x |
| Debt-to-asset ratio | 38.0% | 36.6% | 38.4% | 38.9% | 38.9% |
| Total debt / EBITDA | 0.73x | 1.07x | 1.23x | 1.12x | 2.15x |
| EBITDA interest coverage | 11.77x | 356.37x | 38.97x | 171.89x | 9.92x |
| Gross margin | 33.2% | 33.0% | 33.7% | 31.7% | 31.0% |
| Net margin | 20.1% | 17.9% | 20.1% | 17.0% | 15.9% |
| Return on equity (ROE) | 12.6% | 12.4% | 12.2% | 11.5% | 5.0% |
| Revenue growth | — | 21.9% | -4.0% | 21.5% | -52.9% |
| Net profit growth | — | 9.0% | 7.7% | 2.5% | -55.9% |
| Receivable days | 184 | 168 | 184 | 133 | 324 |
| Cash received / revenue | 86.1% | 84.8% | 100.4% | 117.2% | 93.3% |
| Operating CF / net profit | 0.44x | 0.42x | 0.97x | 1.95x | -0.62x |
| Free cash flow | -1,475.2 | 1,459.7 | 1,708.3 | 5,434.6 | -263.1 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.39 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,103.4 vs 765.0 CNY mn (deviation 30.67%, severity mid)
Sources: 2023年年度报告.pdf p.117 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.108 「货币资金」. CF-statement figure above the balance-sheet movement by 338.4 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: 1,091.0 vs 1,125.2 CNY mn (deviation 3.04%, severity mid)
Sources: 2024年年度报告.pdf p.114 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.105 「货币资金」. CF-statement figure below the balance-sheet movement by 34.3 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: 3,002.1 vs 2,800.8 CNY mn (deviation 6.7%, severity mid)
Sources: 2025年年度报告.pdf p.105 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.96 「货币资金」. CF-statement figure above the balance-sheet movement by 201.2 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: -1,856.3 vs -1,750.2 CNY mn (deviation 5.72%, severity mid)
Sources: 2026年半年度报告.pdf p.71 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.62 「货币资金」. CF-statement figure below the balance-sheet movement by 106.1 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 | 8,724.8 | 2025年年度报告.pdf | 96 | 货币资金 | 8724755706.67 (元) |
| Total assets | 2025 | 39,130.4 | 2025年年度报告.pdf | 97 | 资产总计 | 39130441106.2 (元) |
| Accounts receivable | 2025 | 5,897.5 | 2025年年度报告.pdf | 96 | 应收账款 | 5897536722.88 (元) |
| Fixed assets | 2025 | 4,311.9 | 2025年年度报告.pdf | 97 | 固定资产 | 4311871038.16 (元) |
| Short-term borrowings | 2025 | 953.8 | 2025年年度报告.pdf | 97 | 短期借款 | 953759287.77 (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.