Credit Brief — SICHUAN KELUN PHARMACEUTICAL CO., LTD. (科伦药业)
002422.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: 刘革新
- Registered address: 成都市新都卫星城工业开发区南二路
- Office address: 成都市青羊区百花西路 36 号
- Controlling shareholder: 自然人股东刘革新
- Actual controller: 自然人股东刘革新
- Employees: 20,127
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 | 4,728.9 | 4,675.5 | 3,973.9 | 6,032.3 | 6,157.9 |
| Trading financial assets | 448.1 | 1,691.1 | 1,921.2 | 1,456.8 | 3,341.6 |
| Accounts receivable | 5,696.5 | 4,682.8 | 4,795.0 | 4,673.2 | 4,790.7 |
| Other receivables | 256.3 | 162.5 | 126.2 | 82.7 | 88.7 |
| Inventories | 3,214.1 | 3,839.8 | 3,800.6 | 3,847.3 | 3,842.1 |
| Long-term equity investments | 3,793.8 | 3,976.4 | 4,209.8 | 4,464.9 | 4,557.8 |
| Fixed assets | 10,132.2 | 9,750.1 | 11,175.8 | 10,968.8 | 10,929.6 |
| Construction in progress | 1,125.8 | 2,044.6 | 1,204.4 | 1,504.4 | 1,427.0 |
| Intangible assets | 1,201.4 | 1,277.1 | 1,223.0 | 1,226.1 | 1,189.8 |
| Total assets | 34,206.0 | 36,454.9 | 37,316.3 | 39,834.8 | 41,486.9 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 3,290.7 | 3,458.3 | 2,457.0 | 2,557.0 | 2,542.0 |
| Notes payable | 237.8 | 374.8 | 205.6 | 138.8 | 402.4 |
| Accounts payable | 2,006.6 | 2,164.1 | 2,368.7 | 2,393.7 | 2,309.8 |
| Contract liabilities | 360.4 | 715.2 | 539.5 | 448.2 | 326.4 |
| Other payables | 2,419.1 | 1,884.6 | 1,815.6 | 1,867.9 | 2,276.3 |
| Current portion of non-current liabilities | 2,029.5 | 787.4 | 871.0 | 211.9 | 1,165.3 |
| Long-term borrowings | 2,035.5 | 1,082.3 | 342.0 | 191.1 | 183.8 |
| Bonds payable | 2,668.9 | 1,566.3 | 1,566.3 | 0.0 | 0.0 |
| Total liabilities | 17,335.0 | 13,439.3 | 10,578.1 | 10,540.9 | 11,663.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,422.2 | 1,499.1 | 1,601.5 | 1,598.1 | 1,590.8 |
| Capital reserve | 3,673.0 | 6,143.7 | 7,731.6 | 8,768.0 | 8,697.9 |
| Retained earnings | 9,186.2 | 10,552.9 | 11,602.3 | 12,180.1 | 12,563.5 |
| Equity attributable to owners of the parent | 15,734.3 | 19,672.4 | 22,479.5 | 24,224.5 | 24,617.0 |
| Minority interests | 1,136.7 | 3,343.2 | 4,258.7 | 5,069.4 | 5,207.0 |
| Total equity | 16,871.0 | 23,015.6 | 26,738.2 | 29,293.9 | 29,823.9 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 19,038.2 | 21,453.9 | 21,812.4 | 18,512.9 | 8,838.5 |
| Cost of sales | 9,040.2 | 10,205.5 | 10,536.8 | 9,655.2 | 4,634.1 |
| Selling expenses | 4,728.2 | 4,449.7 | 3,492.6 | 3,039.4 | 1,552.6 |
| Administrative expenses | 929.0 | 1,142.1 | 1,308.5 | 1,206.6 | 549.5 |
| Finance costs | 479.8 | 233.8 | 66.2 | 71.5 | 39.6 |
| Investment income | 234.6 | 358.9 | 345.0 | 210.4 | 110.4 |
| Operating profit | 2,195.1 | 3,654.1 | 4,426.3 | 2,521.0 | 897.2 |
| Profit before tax | 2,067.9 | 3,580.4 | 4,285.4 | 2,403.8 | 1,553.2 |
| Net profit | 1,704.2 | 2,646.6 | 3,362.0 | 1,877.2 | 1,426.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.38x | 1.83x | 1.96x | 2.18x | 2.09x |
| Quick ratio | 1.11x | 1.45x | 1.55x | 1.76x | 1.72x |
| Debt-to-asset ratio | 50.7% | 36.9% | 28.3% | 26.5% | 28.1% |
| Total debt / EBITDA | 2.98x | 1.48x | 0.99x | 0.87x | 1.59x |
| EBITDA interest coverage | 7.01x | 19.95x | 79.58x | 47.36x | 61.68x |
| Gross margin | 52.5% | 52.4% | 51.7% | 47.8% | 47.6% |
| Net margin | 9.0% | 12.3% | 15.4% | 10.1% | 16.1% |
| Return on equity (ROE) | 10.1% | 11.5% | 12.6% | 6.4% | 4.8% |
| Revenue growth | — | 12.7% | 1.7% | -15.1% | -52.3% |
| Net profit growth | — | 55.3% | 27.0% | -44.2% | -24.0% |
| Receivable days | 109 | 80 | 80 | 92 | 198 |
| Cash received / revenue | 113.1% | 122.9% | 115.9% | 116.9% | 118.5% |
| Operating CF / net profit | 1.83x | 2.02x | 1.34x | 1.41x | 1.64x |
| Free cash flow | 3,615.8 | 5,586.2 | 5,172.3 | 2,699.1 | 1,711.3 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.26 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -86.8 vs -53.4 CNY mn (deviation 38.47%, severity mid)
Sources: 2023年年度报告.pdf p.140 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.132 「货币资金」. CF-statement figure below the balance-sheet movement by 33.4 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: -643.6 vs -701.6 CNY mn (deviation 8.27%, severity mid)
Sources: 2024年年度报告.pdf p.151 「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 above the balance-sheet movement by 58.0 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: 1,991.9 vs 2,058.4 CNY mn (deviation 3.23%, severity mid)
Sources: 2025年年度报告.pdf p.123 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.114 「货币资金」. CF-statement figure below the balance-sheet movement by 66.5 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: 209.1 vs 125.7 CNY mn (deviation 39.91%, 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 above the balance-sheet movement by 83.5 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 | 6,032.3 | 2025年年度报告.pdf | 114 | 货币资金 | 6032284850.0 (元) |
| Total assets | 2025 | 39,834.8 | 2025年年度报告.pdf | 115 | 资产总计 | 39834823325.0 (元) |
| Accounts receivable | 2025 | 4,673.2 | 2025年年度报告.pdf | 114 | 应收账款 | 4673225051.0 (元) |
| Fixed assets | 2025 | 10,968.8 | 2025年年度报告.pdf | 114 | 固定资产 | 10968762041.0 (元) |
| Short-term borrowings | 2025 | 2,557.0 | 2025年年度报告.pdf | 115 | 短期借款 | 2556965665.0 (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.