Credit Brief — RONGSHENG PETROCHEMICAL CO., LTD. (荣盛石化)
002493.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: 李水荣
- Registered address: 浙江省杭州市萧山区益农镇红阳路98 号
- Office address: 杭州市萧山区金城路358 号蓝爵国际写字楼
- Employees: 19,849
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 | 18,238.8 | 13,070.3 | 14,833.4 | 13,499.7 | 23,734.6 |
| Trading financial assets | 188.3 | 310.1 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 7,128.0 | 4,737.7 | 6,822.0 | 3,169.3 | 2,261.0 |
| Other receivables | 4,262.2 | 4,510.2 | 4,346.0 | 4,925.1 | 4,369.8 |
| Inventories | 60,689.9 | 61,733.7 | 44,566.9 | 33,576.1 | 32,009.7 |
| Long-term equity investments | 8,733.3 | 9,183.7 | 9,516.6 | 9,764.2 | 9,446.0 |
| Fixed assets | 222,161.1 | 219,699.7 | 232,497.1 | 259,757.5 | 249,424.1 |
| Construction in progress | 26,135.2 | 41,820.7 | 44,036.1 | 37,854.2 | 54,979.5 |
| Intangible assets | 5,997.8 | 7,128.9 | 8,142.8 | 9,085.7 | 8,991.3 |
| Total assets | 362,588.6 | 374,918.4 | 377,845.9 | 386,633.1 | 402,822.5 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 26,369.6 | 44,810.9 | 44,091.0 | 50,196.7 | 53,190.1 |
| Notes payable | 3,408.8 | 4,195.5 | 3,204.3 | 1,823.7 | 1,633.8 |
| Accounts payable | 69,079.4 | 49,744.1 | 59,032.8 | 58,958.5 | 55,022.3 |
| Contract liabilities | 3,734.3 | 4,421.7 | 5,995.6 | 4,083.5 | 2,755.5 |
| Other payables | 3,472.6 | 16,919.1 | 6,588.8 | 8,699.4 | 11,733.2 |
| Current portion of non-current liabilities | 20,461.4 | 30,286.7 | 38,322.5 | 35,466.3 | 37,100.5 |
| Long-term borrowings | 130,962.4 | 125,179.6 | 119,518.3 | 122,459.2 | 129,528.6 |
| Bonds payable | 2,034.8 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 265,421.6 | 280,249.6 | 283,021.8 | 289,641.3 | 298,356.1 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 10,125.5 | 10,125.5 | 10,125.5 | 9,989.4 | 9,989.4 |
| Capital reserve | 10,822.6 | 10,825.3 | 10,819.6 | 8,958.2 | 8,958.3 |
| Retained earnings | 29,265.7 | 28,859.8 | 28,330.4 | 28,221.5 | 32,374.9 |
| Equity attributable to owners of the parent | 47,261.6 | 44,335.9 | 43,859.2 | 43,593.5 | 47,653.5 |
| Minority interests | 49,905.4 | 50,332.9 | 50,965.0 | 53,398.3 | 56,812.9 |
| Total equity | 97,167.0 | 94,668.8 | 94,824.1 | 96,991.8 | 104,466.5 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 289,094.8 | 325,111.6 | 326,475.2 | 308,622.3 | 129,406.7 |
| Cost of sales | 257,841.2 | 287,758.9 | 288,990.5 | 270,923.6 | 109,671.5 |
| Selling expenses | 175.5 | 160.5 | 193.1 | 192.0 | 86.7 |
| Administrative expenses | 815.2 | 909.0 | 976.7 | 987.7 | 489.9 |
| Finance costs | 6,030.5 | 8,202.1 | 7,131.3 | 5,617.1 | 3,031.7 |
| Investment income | 693.5 | 460.0 | 163.0 | 717.3 | 362.5 |
| Operating profit | 5,628.4 | 1,560.3 | 2,004.3 | 3,340.6 | 10,861.8 |
| Profit before tax | 5,619.1 | 1,552.6 | 1,905.7 | 3,290.2 | 10,859.7 |
| Net profit | 6,370.3 | 1,603.2 | 2,125.3 | 3,248.9 | 9,259.8 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.74x | 0.60x | 0.48x | 0.39x | 0.45x |
| Quick ratio | 0.27x | 0.19x | 0.21x | 0.19x | 0.26x |
| Debt-to-asset ratio | 73.2% | 74.7% | 74.9% | 74.9% | 74.1% |
| Total debt / EBITDA | 6.46x | 7.72x | 7.69x | 7.44x | 7.64x |
| EBITDA interest coverage | 4.62x | 3.16x | 3.68x | 4.98x | 442599723.17x |
| Gross margin | 10.8% | 11.5% | 11.5% | 12.2% | 15.3% |
| Net margin | 2.2% | 0.5% | 0.7% | 1.1% | 7.2% |
| Return on equity (ROE) | 6.6% | 1.7% | 2.2% | 3.3% | 8.9% |
| Revenue growth | — | 12.5% | 0.4% | -5.5% | -58.1% |
| Net profit growth | — | -74.8% | 32.6% | 52.9% | 185.0% |
| Receivable days | 9 | 5 | 8 | 4 | 6 |
| Cash received / revenue | 117.1% | 131.6% | 114.0% | 112.6% | 111.8% |
| Operating CF / net profit | 2.99x | 17.51x | 16.28x | 13.98x | 2.30x |
| Free cash flow | 19,334.4 | 25,772.8 | 35,238.8 | 37,302.7 | 20,854.7 |
Mechanical risk flags
- ⚠ Current ratio: 0.39 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.19 (level: high, reference threshold: <0.5)
- ⚠ Debt-to-asset ratio: 0.75 (level: medium, reference threshold: <0.75)
- ⚠ EBITDA interest coverage: 4.98 (level: medium, reference threshold: <5.0)
- ⚠ Gross margin: 0.12 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 0.0 vs 0.0 CNY mn (deviation 95.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 0.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -3,972.4 vs -5,168.5 CNY mn (deviation 23.14%, severity mid)
Sources: 2023年年度报告.pdf p.127 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.117 「货币资金」. CF-statement figure above the balance-sheet movement by 1,196.1 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: 1,457.0 vs 1,763.1 CNY mn (deviation 17.36%, severity mid)
Sources: 2024年年度报告.pdf p.120 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.110 「货币资金」. CF-statement figure below the balance-sheet movement by 306.2 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: -74.8 vs -1,333.7 CNY mn (deviation 94.39%, severity mid)
Sources: 2025年年度报告.pdf p.122 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.112 「货币资金」. CF-statement figure above the balance-sheet movement by 1,258.9 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: 10,297.2 vs 10,235.0 CNY mn (deviation 0.6%, severity low)
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.61 「货币资金」. CF-statement figure above the balance-sheet movement by 62.3 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 | 13,499.7 | 2025年年度报告.pdf | 112 | 货币资金 | 13499669478.84 (元) |
| Total assets | 2025 | 386,633.1 | 2025年年度报告.pdf | 113 | 资产总计 | 386633124294.1 (元) |
| Accounts receivable | 2025 | 3,169.3 | 2025年年度报告.pdf | 112 | 应收账款 | 3169305362.31 (元) |
| Fixed assets | 2025 | 259,757.5 | 2025年年度报告.pdf | 113 | 固定资产 | 259757528525.39 (元) |
| Short-term borrowings | 2025 | 50,196.7 | 2025年年度报告.pdf | 113 | 短期借款 | 50196656887.59 (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.