Credit Brief — TIANSHAN ALUMINUM GROUP CO.,LTD. (天山铝业)
002532.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: 曾超林
- Registered address: 浙江省温岭市大溪镇大洋城工业区
- Office address: 上海市浦东新区张杨路 2389 弄 3 号普洛斯大厦 9 层
- Controlling shareholder: 锦隆能源
- Actual controller: 许敏田、杨佩华
- Employees: 6,756
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 | 2026 H1 | |
|---|---|---|---|---|
| Cash and bank balances | 8,831.9 | 7,811.6 | 9,107.8 | 4,471.3 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 716.4 | 507.8 | 290.7 | 488.2 |
| Other receivables | 48.2 | 96.7 | 125.8 | 260.1 |
| Inventories | 9,531.6 | 9,543.3 | 8,823.9 | 7,694.0 |
| Long-term equity investments | 22,600.1 | 23,467.1 | 23,467.1 | 23,467.1 |
| Fixed assets | 27,397.1 | 26,467.1 | 27,350.7 | 28,981.9 |
| Construction in progress | 2,413.8 | 4,344.3 | 2,861.9 | 1,274.8 |
| Intangible assets | 1,488.3 | 1,480.2 | 3,836.3 | 3,765.7 |
| Total assets | 57,309.8 | 57,097.0 | 56,780.3 | 51,774.3 |
Liabilities
| 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|
| Short-term borrowings | 4,078.4 | 8,813.2 | 3,432.8 | 2,332.0 |
| Notes payable | 12,724.3 | 4,868.7 | 7,311.2 | 2,733.9 |
| Accounts payable | 1,613.5 | 1,845.9 | 1,570.0 | 1,954.8 |
| Contract liabilities | 177.4 | 72.4 | 211.8 | 97.4 |
| Other payables | 1,556.8 | 1,818.6 | 2,361.6 | 1,116.8 |
| Current portion of non-current liabilities | 3,806.0 | 4,881.0 | 4,140.1 | 4,193.4 |
| Long-term borrowings | 6,641.5 | 7,020.5 | 7,668.2 | 3,502.1 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 34,403.8 | 32,988.0 | 29,946.4 | 19,681.9 |
Equity
| 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|
| Paid-in capital | 4,651.9 | 4,651.9 | 4,651.9 | 4,628.7 |
| Capital reserve | 8,891.4 | 8,825.9 | 8,825.9 | 8,699.0 |
| Retained earnings | 8,783.8 | 9,849.9 | 12,361.6 | 17,718.8 |
| Equity attributable to owners of the parent | 22,903.9 | 24,106.9 | 26,831.4 | 32,109.3 |
| Minority interests | 2.1 | 2.0 | 2.5 | -16.8 |
| Total equity | 22,906.0 | 24,109.0 | 26,833.9 | 32,092.5 |
Income statement
| 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|
| Revenue | 33,008.4 | 28,974.8 | 28,089.4 | 17,511.5 |
| Cost of sales | 27,962.4 | 24,889.3 | 21,553.9 | 10,968.5 |
| Selling expenses | 18.1 | 17.7 | 18.8 | 12.5 |
| Administrative expenses | 300.8 | 344.5 | 383.8 | 254.6 |
| Finance costs | 786.9 | 787.6 | 707.0 | 208.8 |
| Investment income | 600.0 | 2,200.0 | 3,260.0 | 1,740.0 |
| Operating profit | 3,363.7 | 2,641.7 | 5,219.2 | 5,795.3 |
| Profit before tax | 3,365.6 | 2,651.8 | 5,222.7 | 5,791.3 |
| Net profit | 2,650.6 | 2,205.5 | 4,455.9 | 4,164.7 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2026 H1 |
|---|---|---|---|---|
| Current ratio | 0.95x | 0.87x | 0.98x | 1.00x |
| Quick ratio | 0.59x | 0.49x | 0.57x | 0.51x |
| Debt-to-asset ratio | 60.0% | 57.8% | 52.7% | 38.0% |
| Total debt / EBITDA | 2.30x | 3.76x | 1.86x | 1.22x |
| EBITDA interest coverage | 8.02x | 7.00x | 11.58x | 39.46x |
| Gross margin | 15.3% | 14.1% | 23.3% | 37.4% |
| Net margin | 8.0% | 7.6% | 15.9% | 23.8% |
| Return on equity (ROE) | 11.6% | 9.1% | 16.6% | 13.0% |
| Revenue growth | — | -12.2% | -3.1% | -37.7% |
| Net profit growth | — | -16.8% | 102.0% | -6.5% |
| Receivable days | 8 | 6 | 4 | 10 |
| Cash received / revenue | 108.2% | 110.0% | 111.8% | 116.4% |
| Operating CF / net profit | 1.19x | 1.78x | 1.17x | 0.96x |
| Free cash flow | 4,187.6 | 5,241.2 | 8,479.1 | 5,763.7 |
Mechanical risk flags
- ⚠ Current ratio: 0.98 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.57 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.53 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 263.3 vs -1,020.3 CNY mn (deviation 125.8%, severity mid)
Sources: 2023年年度报告.pdf p.101 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.91 「货币资金」. CF-statement figure above the balance-sheet movement by 1,283.6 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: -473.1 vs 1,296.2 CNY mn (deviation 136.5%, 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 1,769.3 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: -463.8 vs -4,636.5 CNY mn (deviation 90.0%, severity mid)
Sources: 2026年半年度报告.pdf p.59 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.47 「货币资金」. CF-statement figure above the balance-sheet movement by 4,172.7 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 | 2024 | 9,107.8 | 2024年年度报告.pdf | 100 | 货币资金 | 9107758120.88 (元) |
| Total assets | 2024 | 56,780.3 | 2024年年度报告.pdf | 101 | 资产总计 | 56780292031.26 (元) |
| Accounts receivable | 2024 | 290.7 | 2024年年度报告.pdf | 100 | 应收账款 | 290678043.75 (元) |
| Fixed assets | 2024 | 27,350.7 | 2024年年度报告.pdf | 100 | 固定资产 | 27350709172.4 (元) |
| Short-term borrowings | 2024 | 3,432.8 | 2024年年度报告.pdf | 101 | 短期借款 | 3432847391.54 (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.