Credit Brief — SATELLITE CHEMICAL CO.,LTD. (卫星化学)
002648.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: 杨卫东
- Registered address: 浙江省嘉兴市嘉兴工业园区步焦路
- Office address: 浙江省嘉兴市南湖区富强路 196 号
- Employees: 4,811
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 | 5,553.7 | 6,398.8 | 8,507.1 | 7,460.5 | 12,630.5 |
| Trading financial assets | 27.6 | 43.0 | 150.0 | 200.0 | 810.7 |
| Accounts receivable | 675.9 | 639.4 | 827.2 | 662.9 | 1,221.9 |
| Other receivables | 139.8 | 63.2 | 28.0 | 33.3 | 56.0 |
| Inventories | 3,876.6 | 4,233.4 | 4,397.6 | 5,199.5 | 4,778.6 |
| Long-term equity investments | 2,238.6 | 2,471.5 | 2,405.1 | 2,419.6 | 2,340.0 |
| Fixed assets | 19,034.2 | 25,258.3 | 26,966.5 | 25,396.0 | 24,057.4 |
| Construction in progress | 7,971.1 | 3,186.4 | 2,823.6 | 3,984.6 | 5,378.7 |
| Intangible assets | 1,476.8 | 1,800.5 | 2,331.4 | 2,337.0 | 2,308.7 |
| Total assets | 59,763.5 | 64,582.0 | 68,305.2 | 69,564.6 | 77,742.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,076.6 | 1,225.9 | 1,410.5 | 300.2 | 483.9 |
| Notes payable | 33.0 | 633.0 | 200.0 | 2,093.0 | 3,269.0 |
| Accounts payable | 6,384.8 | 5,037.3 | 5,421.3 | 4,997.3 | 6,231.3 |
| Contract liabilities | 517.3 | 816.7 | 971.6 | 710.8 | 1,067.7 |
| Other payables | 204.2 | 215.1 | 569.2 | 587.7 | 662.5 |
| Current portion of non-current liabilities | 1,274.1 | 2,550.4 | 4,025.7 | 3,644.9 | 4,126.0 |
| Long-term borrowings | 11,981.5 | 10,839.0 | 7,245.8 | 3,700.0 | 2,226.6 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 37,569.8 | 39,088.6 | 38,000.5 | 35,990.9 | 39,675.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 3,369.0 | 3,368.7 | 3,368.6 | 3,368.6 | 3,368.6 |
| Capital reserve | 5,982.4 | 4,464.6 | 4,488.4 | 4,488.4 | 4,490.1 |
| Retained earnings | 12,061.3 | 16,814.1 | 21,518.2 | 25,027.1 | 29,582.8 |
| Equity attributable to owners of the parent | 22,159.7 | 25,464.9 | 30,285.9 | 33,554.0 | 38,047.2 |
| Minority interests | 34.0 | 28.4 | 18.8 | 19.8 | 20.7 |
| Total equity | 22,193.7 | 25,493.4 | 30,304.7 | 33,573.7 | 38,067.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 37,042.7 | 41,486.9 | 45,648.4 | 46,067.9 | 30,713.2 |
| Cost of sales | 30,921.7 | 33,257.4 | 34,891.0 | 35,787.9 | 22,084.7 |
| Selling expenses | 88.1 | 145.3 | 128.2 | 128.0 | 64.3 |
| Administrative expenses | 540.6 | 530.8 | 756.9 | 522.5 | 245.8 |
| Finance costs | 840.4 | 811.2 | 1,024.6 | 873.9 | 395.4 |
| Investment income | 399.0 | -13.8 | -108.4 | -278.0 | -275.8 |
| Operating profit | 3,447.5 | 5,377.8 | 7,033.7 | 6,085.2 | 7,159.0 |
| Profit before tax | 3,445.0 | 5,368.0 | 7,018.1 | 6,066.0 | 7,162.8 |
| Net profit | 3,110.6 | 4,783.8 | 6,062.0 | 5,305.3 | 6,227.5 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.08x | 1.07x | 1.01x | 0.92x | 1.05x |
| Quick ratio | 0.72x | 0.71x | 0.72x | 0.59x | 0.81x |
| Debt-to-asset ratio | 62.9% | 60.5% | 55.6% | 51.7% | 51.0% |
| Total debt / EBITDA | 2.44x | 1.77x | 1.24x | 0.84x | 0.72x |
| EBITDA interest coverage | 6.99x | 10.19x | 9.97x | 10.37x | 23.87x |
| Gross margin | 16.5% | 19.8% | 23.6% | 22.3% | 28.1% |
| Net margin | 8.4% | 11.5% | 13.3% | 11.5% | 20.3% |
| Return on equity (ROE) | 14.0% | 18.8% | 20.0% | 15.8% | 16.4% |
| Revenue growth | — | 12.0% | 10.0% | 0.9% | -33.3% |
| Net profit growth | — | 53.8% | 26.7% | -12.5% | 17.4% |
| Receivable days | 7 | 6 | 7 | 5 | 15 |
| Cash received / revenue | 110.0% | 107.0% | 110.6% | 106.6% | 108.7% |
| Operating CF / net profit | 1.89x | 1.67x | 1.75x | 1.81x | 1.55x |
| Free cash flow | 6,246.2 | 7,818.5 | 11,587.8 | 8,908.6 | 10,446.8 |
Mechanical risk flags
- ⚠ Current ratio: 0.92 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.59 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.52 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,049.9 vs 845.2 CNY mn (deviation 19.5%, severity mid)
Sources: 2023年年度报告.pdf p.84 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.71 「货币资金」. CF-statement figure above the balance-sheet movement by 204.7 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: 2,209.1 vs 2,108.3 CNY mn (deviation 4.56%, severity mid)
Sources: 2024年年度报告.pdf p.87 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.74 「货币资金」. CF-statement figure above the balance-sheet movement by 100.8 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: -3,703.3 vs -1,046.6 CNY mn (deviation 71.74%, severity mid)
Sources: 2025年年度报告.pdf p.76 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.64 「货币资金」. CF-statement figure below the balance-sheet movement by 2,656.7 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: 5,122.2 vs 5,170.0 CNY mn (deviation 0.92%, severity low)
Sources: 2026年半年度报告.pdf p.57 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.44 「货币资金」. CF-statement figure below the balance-sheet movement by 47.8 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 | 7,460.5 | 2025年年度报告.pdf | 64 | 货币资金 | 7460496385.83 (元) |
| Total assets | 2025 | 69,564.6 | 2025年年度报告.pdf | 65 | 资产总计 | 69564640490.94 (元) |
| Accounts receivable | 2025 | 662.9 | 2025年年度报告.pdf | 64 | 应收账款 | 662882364.74 (元) |
| Fixed assets | 2025 | 25,396.0 | 2025年年度报告.pdf | 65 | 固定资产 | 25396049171.98 (元) |
| Short-term borrowings | 2025 | 300.2 | 2025年年度报告.pdf | 65 | 短期借款 | 300193416.67 (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.