Credit Brief — Guangzhou Tinci Materials Technology Co.,Ltd. (天赐材料)
002709.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: 徐金富
- Registered address: 广州市黄埔区云埔工业区东诚片康达路 8 号
- Office address: 广州市黄埔区云埔工业区东诚片康达路 8 号
- Employees: 7,389
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 | 4,663.8 | 2,290.2 | 1,620.2 | 1,914.7 | 1,821.8 |
| Trading financial assets | 0.0 | 1.5 | 0.9 | 488.5 | 375.3 |
| Accounts receivable | 4,633.7 | 4,294.6 | 4,869.9 | 6,880.2 | 10,735.8 |
| Other receivables | 22.6 | 18.1 | 145.0 | 66.3 | 128.0 |
| Inventories | 2,373.8 | 1,171.9 | 1,363.7 | 1,619.1 | 2,571.5 |
| Long-term equity investments | 189.5 | 401.3 | 386.2 | 374.3 | 363.0 |
| Fixed assets | 4,381.4 | 7,394.6 | 7,753.7 | 7,502.2 | 8,283.4 |
| Construction in progress | 2,588.5 | 2,013.1 | 1,943.6 | 2,400.3 | 1,759.6 |
| Intangible assets | 823.8 | 1,214.8 | 1,259.8 | 1,226.9 | 1,212.6 |
| Total assets | 25,530.9 | 23,976.9 | 23,953.4 | 26,926.7 | 32,064.9 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 797.6 | 1,248.5 | 1,520.4 | 1,079.0 | 1,410.7 |
| Notes payable | 46.9 | 159.9 | 218.4 | 218.2 | 1,407.6 |
| Accounts payable | 4,673.6 | 3,261.1 | 3,144.4 | 4,335.6 | 5,340.0 |
| Contract liabilities | 1,180.1 | 54.4 | 32.5 | 77.1 | 198.1 |
| Other payables | 566.5 | 381.6 | 252.5 | 376.8 | 296.7 |
| Current portion of non-current liabilities | 193.9 | 432.8 | 424.1 | 824.1 | 670.3 |
| Long-term borrowings | 776.2 | 893.9 | 1,041.3 | 987.5 | 874.4 |
| Bonds payable | 3,188.7 | 3,302.2 | 3,412.9 | 0.0 | 0.0 |
| Total liabilities | 12,693.2 | 10,397.2 | 10,628.8 | 8,890.6 | 11,614.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,926.7 | 1,924.2 | 1,918.8 | 2,033.9 | 2,038.6 |
| Capital reserve | 1,944.2 | 1,818.5 | 1,654.9 | 5,095.6 | 5,205.2 |
| Retained earnings | 8,185.1 | 8,868.0 | 8,679.6 | 9,700.2 | 12,107.7 |
| Equity attributable to owners of the parent | 12,546.0 | 13,354.5 | 13,103.6 | 17,851.7 | 20,283.6 |
| Minority interests | 291.7 | 225.1 | 221.0 | 184.5 | 167.0 |
| Total equity | 12,837.7 | 13,579.7 | 13,324.6 | 18,036.2 | 20,450.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 22,316.9 | 15,404.6 | 12,518.3 | 16,649.9 | 14,709.5 |
| Cost of sales | 13,843.4 | 11,411.6 | 10,154.1 | 12,946.7 | 9,774.5 |
| Selling expenses | 108.6 | 100.9 | 75.1 | 71.8 | 43.3 |
| Administrative expenses | 547.5 | 640.1 | 642.4 | 859.4 | 556.4 |
| Finance costs | 21.5 | 149.1 | 184.2 | 181.6 | 33.1 |
| Investment income | 1,678.7 | 125.2 | 13.3 | 133.6 | 32.0 |
| Operating profit | 6,871.7 | 2,343.2 | 664.8 | 1,600.1 | 3,487.7 |
| Profit before tax | 6,871.5 | 2,324.3 | 649.9 | 1,538.6 | 3,522.3 |
| Net profit | 5,844.0 | 1,842.2 | 478.4 | 1,344.2 | 2,846.7 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.78x | 1.67x | 1.84x | 1.74x | 1.78x |
| Quick ratio | 1.50x | 1.47x | 1.61x | 1.53x | 1.53x |
| Debt-to-asset ratio | 49.7% | 43.4% | 44.4% | 33.0% | 36.2% |
| Total debt / EBITDA | 0.68x | 1.90x | 4.37x | 1.24x | 0.70x |
| EBITDA interest coverage | 338.65x | 20.77x | 7.96x | 12.82x | 126.97x |
| Gross margin | 38.0% | 25.9% | 18.9% | 22.2% | 33.5% |
| Net margin | 26.2% | 12.0% | 3.8% | 8.1% | 19.4% |
| Return on equity (ROE) | 45.5% | 13.6% | 3.6% | 7.5% | 13.9% |
| Revenue growth | — | -31.0% | -18.7% | 33.0% | -11.7% |
| Net profit growth | — | -68.5% | -74.0% | 181.0% | 111.8% |
| Receivable days | 76 | 102 | 142 | 151 | 266 |
| Cash received / revenue | 56.4% | 50.7% | 39.6% | 34.9% | 29.6% |
| Operating CF / net profit | 0.71x | 1.23x | 1.84x | 0.88x | 0.14x |
| Free cash flow | -173.8 | 1,881.7 | 443.2 | 2,083.1 | 121.3 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.33 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -2,401.5 vs -2,373.6 CNY mn (deviation 1.16%, 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.85 「货币资金」. CF-statement figure below the balance-sheet movement by 27.9 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: -654.3 vs -670.0 CNY mn (deviation 2.34%, severity mid)
Sources: 2024年年度报告.pdf p.85 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.77 「货币资金」. CF-statement figure above the balance-sheet movement by 15.7 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: 287.1 vs 294.5 CNY mn (deviation 2.49%, severity mid)
Sources: 2025年年度报告.pdf p.88 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.79 「货币资金」. CF-statement figure below the balance-sheet movement by 7.3 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: -78.9 vs -92.9 CNY mn (deviation 15.1%, severity mid)
Sources: 2026年半年度报告.pdf p.50 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.42 「货币资金」. CF-statement figure above the balance-sheet movement by 14.0 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 | 1,914.7 | 2025年年度报告.pdf | 79 | 货币资金 | 1914714559.64 (元) |
| Total assets | 2025 | 26,926.7 | 2025年年度报告.pdf | 80 | 资产总计 | 26926733976.62 (元) |
| Accounts receivable | 2025 | 6,880.2 | 2025年年度报告.pdf | 79 | 应收账款 | 6880220490.64 (元) |
| Fixed assets | 2025 | 7,502.2 | 2025年年度报告.pdf | 80 | 固定资产 | 7502201476.91 (元) |
| Short-term borrowings | 2025 | 1,079.0 | 2025年年度报告.pdf | 80 | 短期借款 | 1079045710.89 (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.