Credit Brief — LINGYI iTECH (GUANGDONG) COMPANY (领益智造)
002600.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: 曾芳勤
- Registered address: 广东省江门市蓬江区龙湾路8 号
- Office address: 广东省江门市蓬江区龙湾路8 号
- Actual controller: 变为曾芳勤
- Employees: 100,434
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 | 2,730.7 | 3,018.1 | 6,568.6 | 6,183.1 | 11,443.1 |
| Trading financial assets | 1,196.5 | 74.3 | 7.0 | 1,529.4 | 2,133.2 |
| Accounts receivable | 9,113.7 | 8,766.2 | 11,428.6 | 13,769.8 | 12,080.2 |
| Other receivables | 195.2 | 306.9 | 377.6 | 426.3 | 300.2 |
| Inventories | 5,101.4 | 5,727.1 | 5,855.6 | 7,189.9 | 8,028.3 |
| Long-term equity investments | 672.6 | 525.2 | 569.3 | 797.0 | 802.1 |
| Fixed assets | 9,818.0 | 10,419.8 | 11,051.7 | 14,444.8 | 15,058.5 |
| Construction in progress | 980.5 | 1,050.7 | 2,078.1 | 2,859.8 | 3,094.8 |
| Intangible assets | 1,212.4 | 1,099.2 | 995.3 | 1,261.9 | 1,352.3 |
| Total assets | 36,192.0 | 37,188.3 | 45,161.2 | 57,900.5 | 65,407.7 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 2,026.6 | 1,486.7 | 929.2 | 4,531.6 | 6,278.6 |
| Notes payable | 595.4 | 541.2 | 687.0 | 1,611.2 | 1,199.5 |
| Accounts payable | 6,364.1 | 7,485.8 | 9,714.8 | 12,492.1 | 11,115.3 |
| Contract liabilities | 16.0 | 14.6 | 15.9 | 92.7 | 49.9 |
| Other payables | 549.3 | 539.4 | 649.4 | 1,175.8 | 1,005.3 |
| Current portion of non-current liabilities | 2,777.9 | 2,172.8 | 2,559.9 | 5,120.1 | 4,537.2 |
| Long-term borrowings | 3,825.2 | 3,986.3 | 5,826.8 | 4,299.5 | 5,077.9 |
| Bonds payable | 0.0 | 0.0 | — | 2,076.0 | 0.0 |
| Total liabilities | 18,935.1 | 18,876.5 | 25,286.2 | 33,542.5 | 33,390.7 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,763.8 | 1,756.2 | 1,756.2 | 1,830.8 | 2,034.8 |
| Capital reserve | 8,831.4 | 8,770.3 | 8,843.2 | 11,429.8 | 18,528.6 |
| Retained earnings | 6,220.9 | 7,026.6 | 8,533.3 | 10,441.3 | 11,059.4 |
| Equity attributable to owners of the parent | 17,166.6 | 18,250.8 | 19,807.7 | 24,040.1 | 31,518.7 |
| Minority interests | 90.3 | 60.9 | 67.3 | 317.8 | 498.3 |
| Total equity | 17,256.9 | 18,311.8 | 19,875.0 | 24,357.9 | 32,017.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 34,484.7 | 34,123.7 | 44,211.2 | 51,428.9 | 25,149.1 |
| Cost of sales | 27,334.7 | 27,319.1 | 37,237.6 | 43,301.9 | 20,942.7 |
| Selling expenses | 302.1 | 332.4 | 366.0 | 398.6 | 257.3 |
| Administrative expenses | 1,460.3 | 1,401.9 | 1,410.8 | 1,870.4 | 1,072.9 |
| Finance costs | 148.0 | 211.7 | 41.9 | 566.1 | 620.0 |
| Investment income | 189.8 | 102.0 | 3.6 | 178.0 | 241.2 |
| Operating profit | 2,053.7 | 2,552.8 | 2,210.2 | 2,730.6 | 912.0 |
| Profit before tax | 1,998.6 | 2,521.5 | 2,194.3 | 2,733.4 | 899.2 |
| Net profit | 1,590.1 | 2,047.3 | 1,758.6 | 2,326.8 | 777.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.47x | 1.45x | 1.62x | 1.18x | 1.42x |
| Quick ratio | 1.08x | 1.01x | 1.25x | 0.91x | 1.11x |
| Debt-to-asset ratio | 52.3% | 50.8% | 56.0% | 57.9% | 51.1% |
| Total debt / EBITDA | 2.95x | 2.14x | 2.98x | 3.60x | 5.90x |
| EBITDA interest coverage | 19.75x | 16.86x | 74.55x | 7.87x | 4.34x |
| Gross margin | 20.7% | 19.9% | 15.8% | 15.8% | 16.7% |
| Net margin | 4.6% | 6.0% | 4.0% | 4.5% | 3.1% |
| Return on equity (ROE) | 9.2% | 11.2% | 8.8% | 9.6% | 2.4% |
| Revenue growth | — | -1.0% | 29.6% | 16.3% | -51.1% |
| Net profit growth | — | 28.8% | -14.1% | 32.3% | -66.6% |
| Receivable days | 96 | 94 | 94 | 98 | 175 |
| Cash received / revenue | 104.5% | 103.8% | 95.8% | 98.9% | 107.7% |
| Operating CF / net profit | 2.59x | 2.59x | 2.29x | 1.91x | 2.20x |
| Free cash flow | 4,099.5 | 4,821.3 | 3,706.9 | 4,096.2 | 569.6 |
Mechanical risk flags
- ⚠ Current ratio: 1.18 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.91 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.58 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 380.1 vs 287.4 CNY mn (deviation 24.37%, severity mid)
Sources: 2023年年度报告.pdf p.162 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.153 「货币资金」. CF-statement figure above the balance-sheet movement by 92.6 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: 3,136.2 vs 3,550.4 CNY mn (deviation 11.67%, severity mid)
Sources: 2024年年度报告.pdf p.253 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.244 「货币资金」. CF-statement figure below the balance-sheet movement by 414.2 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: -591.5 vs -385.4 CNY mn (deviation 34.83%, severity mid)
Sources: 2025年年度报告.pdf p.240 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.231 「货币资金」. CF-statement figure below the balance-sheet movement by 206.0 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: 5,242.8 vs 5,259.9 CNY mn (deviation 0.33%, severity low)
Sources: 2026年半年度报告.pdf p.117 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.108 「货币资金」. CF-statement figure below the balance-sheet movement by 17.2 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 | 6,183.1 | 2025年年度报告.pdf | 231 | 货币资金 | 6183127578.46 (元) |
| Total assets | 2025 | 57,900.5 | 2025年年度报告.pdf | 232 | 资产总计 | 57900451001.32 (元) |
| Accounts receivable | 2025 | 13,769.8 | 2025年年度报告.pdf | 231 | 应收账款 | 13769759950.12 (元) |
| Fixed assets | 2025 | 14,444.8 | 2025年年度报告.pdf | 231 | 固定资产 | 14444823272.09 (元) |
| Short-term borrowings | 2025 | 4,531.6 | 2025年年度报告.pdf | 232 | 短期借款 | 4531560030.93 (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.