Credit Brief — Kuang-Chi Technologies Co.,Ltd. (光启技术)
002625.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: 刘若鹏
- Registered address: 深圳市南山区粤海街道麻岭社区高新中一道 9 号软件大厦三层
- Office address: 深圳市南山区粤海街道麻岭社区高新中一道 9 号软件大厦三层
- Controlling shareholder: 西藏映邦实业发展有限公司
- Actual controller: 刘若鹏
- Employees: 2,737
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 | 5,434.5 | 5,645.7 | 4,550.3 | 4,506.3 | 3,143.1 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 340.0 | 1,407.7 |
| Accounts receivable | 745.7 | 1,479.0 | 1,824.5 | 2,537.3 | 2,808.7 |
| Other receivables | 26.9 | 8.5 | 6.0 | 7.2 | 10.2 |
| Inventories | 480.0 | 264.6 | 220.4 | 684.3 | 741.1 |
| Long-term equity investments | 6,627.7 | 6,405.1 | 6,605.1 | 6,655.1 | 6,680.1 |
| Fixed assets | 739.3 | 733.9 | 930.5 | 1,448.4 | 1,547.0 |
| Construction in progress | 458.4 | 564.1 | 740.7 | 1,050.3 | 1,047.7 |
| Intangible assets | 293.3 | 239.3 | 413.7 | 501.1 | 464.2 |
| Total assets | 9,204.9 | 9,778.8 | 9,919.6 | 11,884.4 | 11,912.3 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Notes payable | 0.0 | 0.0 | 16.5 | 331.5 | 280.2 |
| Accounts payable | 398.9 | 453.0 | 603.4 | 1,544.7 | 1,420.9 |
| Contract liabilities | 30.3 | 118.9 | 0.6 | 0.8 | 42.4 |
| Other payables | 21.1 | 9.1 | 6.9 | 49.2 | 28.3 |
| Current portion of non-current liabilities | 8.4 | 3.2 | 3.4 | 3.3 | 14.7 |
| Long-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 975.6 | 958.8 | 985.3 | 2,257.5 | 2,085.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,154.6 | 2,154.6 | 2,155.8 | 2,154.6 | 2,154.6 |
| Capital reserve | 5,050.5 | 5,051.0 | 5,078.3 | 5,068.4 | 5,074.2 |
| Retained earnings | 904.9 | 1,487.8 | 1,638.9 | 2,325.9 | 2,569.5 |
| Equity attributable to owners of the parent | 8,236.7 | 8,820.5 | 8,934.3 | 9,626.9 | 9,826.7 |
| Minority interests | -7.4 | -0.5 | -0.5 | 0.0 | 0.0 |
| Total equity | 8,229.3 | 8,820.0 | 8,934.3 | 9,626.9 | 9,826.7 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 1,167.6 | 1,494.3 | 1,557.8 | 2,045.7 | 1,128.0 |
| Cost of sales | 688.7 | 808.5 | 757.2 | 1,043.9 | 562.9 |
| Selling expenses | 20.1 | 11.9 | 5.7 | 8.0 | 4.0 |
| Administrative expenses | 98.1 | 101.8 | 88.8 | 132.7 | 69.0 |
| Finance costs | -190.1 | -174.2 | -166.2 | -109.6 | -46.2 |
| Investment income | 2.4 | 16.4 | 0.2 | 0.2 | 9.8 |
| Operating profit | 449.9 | 677.5 | 753.9 | 836.3 | 370.7 |
| Profit before tax | 443.9 | 668.6 | 752.0 | 810.4 | 366.4 |
| Net profit | 376.4 | 583.1 | 651.9 | 686.9 | 318.8 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 10.00x | 10.26x | 9.05x | 4.00x | 4.35x |
| Quick ratio | 9.33x | 9.91x | 8.77x | 3.67x | 3.95x |
| Debt-to-asset ratio | 10.6% | 9.8% | 9.9% | 19.0% | 17.5% |
| Total debt / EBITDA | 0.01x | 0.00x | 0.00x | 0.00x | 0.02x |
| EBITDA interest coverage | 4.69x | 6.21x | 7.04x | 10.55x | 12.79x |
| Gross margin | 41.0% | 45.9% | 51.4% | 49.0% | 50.1% |
| Net margin | 32.2% | 39.0% | 41.8% | 33.6% | 28.3% |
| Return on equity (ROE) | 4.6% | 6.6% | 7.3% | 7.1% | 3.2% |
| Revenue growth | — | 28.0% | 4.2% | 31.3% | -44.9% |
| Net profit growth | — | 54.9% | 11.8% | 5.4% | -53.6% |
| Receivable days | 233 | 361 | 428 | 453 | 909 |
| Cash received / revenue | 76.0% | 57.1% | 51.1% | 92.5% | 91.2% |
| Operating CF / net profit | 0.37x | -0.03x | -0.13x | 1.18x | 0.52x |
| Free cash flow | -906.1 | 747.3 | -275.2 | 759.0 | -723.4 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.19 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 85.9 vs 211.2 CNY mn (deviation 59.33%, severity mid)
Sources: 2023年年度报告.pdf p.92 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.83 「货币资金」. CF-statement figure below the balance-sheet movement by 125.3 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: -1,146.6 vs -1,095.4 CNY mn (deviation 4.46%, severity mid)
Sources: 2024年年度报告.pdf p.99 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.90 「货币资金」. CF-statement figure below the balance-sheet movement by 51.2 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: -158.7 vs -44.0 CNY mn (deviation 72.25%, severity mid)
Sources: 2025年年度报告.pdf p.99 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.90 「货币资金」. CF-statement figure below the balance-sheet movement by 114.7 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: -1,347.1 vs -1,363.1 CNY mn (deviation 1.18%, severity mid)
Sources: 2026年半年度报告.pdf p.54 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.45 「货币资金」. CF-statement figure above the balance-sheet movement by 16.0 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 | 4,506.3 | 2025年年度报告.pdf | 90 | 货币资金 | 4506275104.21 (元) |
| Total assets | 2025 | 11,884.4 | 2025年年度报告.pdf | 91 | 资产总计 | 11884396306.72 (元) |
| Accounts receivable | 2025 | 2,537.3 | 2025年年度报告.pdf | 90 | 应收账款 | 2537272455.19 (元) |
| Fixed assets | 2025 | 1,448.4 | 2025年年度报告.pdf | 91 | 固定资产 | 1448449272.47 (元) |
| Short-term borrowings | 2025 | 0.0 | 2025年年度报告.pdf | 91 | 短期借款 | 0.0 (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.