Credit Brief — ZHEJIANG CENTURY HUATONG GROUP CO.,LTD (世纪华通)
002602.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: 谢斐
- Registered address: 浙江省绍兴市上虞区曹娥街道越爱路66 号5 幢
- Office address: 上海市浦东新区博云路22 号
- Controlling shareholder: 浙江华通控股集团有限公司
- Actual controller: None (stated in the filed report)
- Employees: 6,016
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 | 2,200.6 | 3,520.1 | 6,527.7 | 11,807.7 | 13,038.1 |
| Trading financial assets | 185.7 | 0.3 | 0.1 | 0.1 | 1,267.5 |
| Accounts receivable | 2,372.9 | 2,605.4 | 3,395.2 | 3,963.1 | 3,710.7 |
| Other receivables | 1,081.4 | 767.9 | 676.2 | 1,558.6 | 1,504.7 |
| Inventories | 626.7 | 669.5 | 761.2 | 766.0 | 780.7 |
| Long-term equity investments | 2,366.1 | 2,394.3 | 1,498.5 | 609.0 | 597.3 |
| Fixed assets | 1,245.2 | 1,677.8 | 1,423.9 | 1,264.8 | 1,370.8 |
| Construction in progress | 75.0 | 135.2 | 232.5 | 350.4 | 450.0 |
| Intangible assets | 268.9 | 2,589.6 | 2,048.9 | 1,564.9 | 1,292.9 |
| Total assets | 33,311.7 | 37,347.3 | 38,924.5 | 44,428.7 | 47,223.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 590.1 | 465.2 | 846.5 | 887.7 | 980.0 |
| Notes payable | 136.7 | 132.8 | 6.9 | 6.7 | 6.6 |
| Accounts payable | 1,303.1 | 1,117.4 | 1,044.5 | 1,081.2 | 832.6 |
| Contract liabilities | 817.9 | 1,058.0 | 1,337.7 | 1,295.8 | 1,373.8 |
| Other payables | 1,108.0 | 1,811.1 | 2,762.5 | 3,284.8 | 3,822.7 |
| Current portion of non-current liabilities | 176.7 | 685.1 | 3,576.6 | 653.8 | 655.2 |
| Long-term borrowings | 9.9 | 2,875.2 | 2,875.2 | 809.9 | 809.9 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 7,963.1 | 11,358.3 | 13,474.1 | 13,208.9 | 12,404.8 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 7,452.6 | 7,452.6 | 7,452.6 | 7,370.7 | 7,370.7 |
| Capital reserve | 14,331.7 | 14,266.9 | 15,116.8 | 14,455.4 | 14,312.8 |
| Retained earnings | 3,102.0 | 3,685.4 | 4,397.2 | 9,927.9 | 13,989.0 |
| Equity attributable to owners of the parent | 24,125.2 | 24,898.6 | 24,808.8 | 30,665.6 | 34,220.2 |
| Minority interests | 1,223.4 | 1,090.4 | 641.7 | 554.2 | 598.6 |
| Total equity | 25,348.6 | 25,989.0 | 25,450.4 | 31,219.8 | 34,818.9 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 11,475.1 | 13,284.6 | 22,619.7 | 37,898.3 | 22,117.0 |
| Cost of sales | 5,563.7 | 5,246.2 | 7,736.3 | 11,390.1 | 6,040.8 |
| Selling expenses | 2,298.5 | 3,378.8 | 7,742.2 | 14,511.7 | 9,340.7 |
| Administrative expenses | 1,086.7 | 1,223.1 | 1,694.9 | 2,017.3 | 521.7 |
| Finance costs | 385.8 | 332.6 | 81.6 | 135.7 | -77.1 |
| Investment income | -106.1 | 90.2 | -483.8 | -242.5 | -14.8 |
| Operating profit | -6,940.3 | 994.4 | 2,044.8 | 7,005.7 | 5,426.5 |
| Profit before tax | -6,969.2 | 965.1 | 1,446.6 | 6,986.8 | 5,389.6 |
| Net profit | -7,084.2 | 587.8 | 1,044.9 | 5,718.2 | 4,581.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.61x | 1.36x | 1.06x | 1.83x | 2.18x |
| Quick ratio | 1.48x | 1.25x | 1.00x | 1.76x | 2.10x |
| Debt-to-asset ratio | 23.9% | 30.4% | 34.6% | 29.7% | 26.3% |
| Total debt / EBITDA | -0.12x | 2.52x | 3.99x | 0.32x | 0.43x |
| EBITDA interest coverage | -16.75x | 4.80x | 22.45x | 54.93x | 74.31x |
| Gross margin | 51.5% | 60.5% | 65.8% | 69.9% | 72.7% |
| Net margin | -61.7% | 4.4% | 4.6% | 15.1% | 20.7% |
| Return on equity (ROE) | -27.9% | 2.3% | 4.1% | 18.3% | 13.2% |
| Revenue growth | — | 15.8% | 70.3% | 67.5% | -41.6% |
| Net profit growth | — | 108.3% | 77.8% | 447.2% | -19.9% |
| Receivable days | 75 | 72 | 55 | 38 | 61 |
| Cash received / revenue | 98.1% | 95.4% | 81.2% | 81.2% | 83.1% |
| Operating CF / net profit | -0.21x | 5.28x | 4.83x | 1.50x | 0.98x |
| Free cash flow | 2,479.2 | 4,013.3 | 5,954.9 | 11,824.8 | 5,769.8 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.30 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,750.2 vs 1,319.5 CNY mn (deviation 24.61%, severity mid)
Sources: 2023年年度报告.pdf p.158 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.149 「货币资金」. CF-statement figure above the balance-sheet movement by 430.7 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: 2,757.8 vs 3,007.6 CNY mn (deviation 8.31%, severity mid)
Sources: 2024年年度报告.pdf p.106 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.97 「货币资金」. CF-statement figure below the balance-sheet movement by 249.8 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: 4,253.8 vs 5,280.0 CNY mn (deviation 19.44%, 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.93 「货币资金」. CF-statement figure below the balance-sheet movement by 1,026.2 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: -102.6 vs 1,230.5 CNY mn (deviation 108.34%, severity mid)
Sources: 2026年半年度报告.pdf p.61 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.51 「货币资金」. CF-statement figure below the balance-sheet movement by 1,333.1 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 | 11,807.7 | 2025年年度报告.pdf | 93 | 货币资金 | 11807695171.46 (元) |
| Total assets | 2025 | 44,428.7 | 2025年年度报告.pdf | 95 | 资产总计 | 44428668050.23 (元) |
| Accounts receivable | 2025 | 3,963.1 | 2025年年度报告.pdf | 94 | 应收账款 | 3963090283.54 (元) |
| Fixed assets | 2025 | 1,264.8 | 2025年年度报告.pdf | 94 | 固定资产 | 1264831784.07 (元) |
| Short-term borrowings | 2025 | 887.7 | 2025年年度报告.pdf | 95 | 短期借款 | 887661029.95 (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.