Credit Brief — Shennan Circuits Co., Ltd. (深南电路)
002916.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: 杨之诚
- Registered address: 深圳市龙岗区坪地街道盐龙大道 1639 号（一照多址企业）
- Office address: 深圳市龙岗区坪地街道盐龙大道 1639 号
- Employees: 21,211
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 | 1,913.5 | 852.7 | 1,553.3 | 998.4 | 2,202.2 |
| Trading financial assets | 270.9 | 590.3 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 2,770.2 | 3,090.7 | 3,805.7 | 5,249.9 | 7,292.4 |
| Other receivables | 37.9 | 35.2 | 42.0 | 81.3 | 90.2 |
| Inventories | 2,340.9 | 2,686.3 | 3,395.0 | 5,139.7 | 7,817.3 |
| Long-term equity investments | 3.9 | 3.7 | 3.4 | 3.2 | 3.1 |
| Fixed assets | 9,138.0 | 10,082.5 | 12,395.6 | 13,339.2 | 14,967.3 |
| Construction in progress | 1,517.3 | 2,693.2 | 887.8 | 1,850.7 | 3,248.1 |
| Intangible assets | 557.5 | 544.2 | 585.5 | 638.6 | 713.4 |
| Total assets | 20,732.4 | 22,606.9 | 25,302.2 | 30,582.9 | 40,741.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 0.0 | 400.3 | 10.0 | 15.0 | 1,224.4 |
| Notes payable | 1,293.0 | 1,173.4 | 1,662.5 | 1,690.9 | 1,265.0 |
| Accounts payable | 1,638.3 | 2,036.6 | 2,687.0 | 3,934.4 | 6,406.5 |
| Contract liabilities | 93.5 | 212.5 | 208.1 | 172.9 | 270.2 |
| Other payables | 1,700.2 | 1,732.2 | 1,521.9 | 2,237.7 | 4,886.9 |
| Current portion of non-current liabilities | 1,477.2 | 357.1 | 705.9 | 815.6 | 987.1 |
| Long-term borrowings | 1,174.6 | 2,406.6 | 2,576.9 | 2,679.2 | 5,716.9 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 8,477.3 | 9,420.0 | 10,656.3 | 13,402.4 | 22,678.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 512.9 | 512.9 | 512.9 | 666.7 | 681.2 |
| Capital reserve | 6,189.3 | 6,189.5 | 6,196.0 | 6,042.3 | 7,945.5 |
| Retained earnings | 5,293.3 | 6,178.5 | 7,594.5 | 10,024.0 | 10,640.6 |
| Equity attributable to owners of the parent | 12,251.7 | 13,183.7 | 14,617.0 | 17,149.4 | 18,030.2 |
| Minority interests | 3.5 | 3.2 | 28.9 | 31.1 | 32.6 |
| Total equity | 12,255.1 | 13,186.9 | 14,645.9 | 17,180.5 | 18,062.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 13,992.5 | 13,526.4 | 17,907.4 | 23,647.0 | 15,296.4 |
| Cost of sales | 10,421.7 | 10,356.7 | 13,460.3 | 16,951.0 | 10,552.2 |
| Selling expenses | 253.1 | 269.6 | 305.2 | 381.3 | 210.0 |
| Administrative expenses | 672.6 | 600.5 | 724.9 | 1,064.9 | 711.5 |
| Finance costs | -6.1 | 31.3 | 46.8 | 48.7 | 151.0 |
| Investment income | 21.6 | 1.1 | 4.1 | 3.4 | 0.6 |
| Operating profit | 1,723.1 | 1,397.5 | 2,028.3 | 3,635.1 | 2,544.4 |
| Profit before tax | 1,720.5 | 1,398.3 | 2,023.4 | 3,623.8 | 2,547.9 |
| Net profit | 1,641.5 | 1,397.6 | 1,878.7 | 3,278.5 | 2,254.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.28x | 1.34x | 1.45x | 1.36x | 1.20x |
| Quick ratio | 0.93x | 0.92x | 1.00x | 0.85x | 0.71x |
| Debt-to-asset ratio | 40.9% | 41.7% | 42.1% | 43.8% | 55.7% |
| Total debt / EBITDA | 1.10x | 1.46x | 1.11x | 0.75x | 2.09x |
| EBITDA interest coverage | 394.64x | 69.48x | 63.66x | 95.50x | 25.09x |
| Gross margin | 25.5% | 23.4% | 24.8% | 28.3% | 31.0% |
| Net margin | 11.7% | 10.3% | 10.5% | 13.9% | 14.7% |
| Return on equity (ROE) | 13.4% | 10.6% | 12.8% | 19.1% | 12.5% |
| Revenue growth | — | -3.3% | 32.4% | 32.1% | -35.3% |
| Net profit growth | — | -14.9% | 34.4% | 74.5% | -31.2% |
| Receivable days | 72 | 83 | 78 | 81 | 174 |
| Cash received / revenue | 100.3% | 100.0% | 93.8% | 92.3% | 95.1% |
| Operating CF / net profit | 1.94x | 1.85x | 1.59x | 1.17x | 0.67x |
| Free cash flow | 364.8 | 1,319.5 | 2,086.6 | 4,076.8 | 1,066.8 |
Mechanical risk flags
- ⚠ Current ratio: 1.36 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.85 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.44 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -1,061.3 vs -1,060.8 CNY mn (deviation 0.05%, severity low)
Sources: 2023年年度报告.pdf p.115 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.106 「货币资金」. CF-statement figure below the balance-sheet movement by 0.6 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: 700.6 vs 700.6 CNY mn (deviation 0.0%, severity low)
Sources: 2024年年度报告.pdf p.109 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.100 「货币资金」. CF-statement figure below the balance-sheet movement by 0.0 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: -554.9 vs -554.9 CNY mn (deviation 0.0%, severity low)
Sources: 2025年年度报告.pdf p.94 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.85 「货币资金」. CF-statement figure below the balance-sheet movement by 0.0 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: 1,205.3 vs 1,203.8 CNY mn (deviation 0.13%, severity low)
Sources: 2026年半年度报告.pdf p.53 「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 above the balance-sheet movement by 1.5 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 | 998.4 | 2025年年度报告.pdf | 85 | 货币资金 | 998448516.58 (元) |
| Total assets | 2025 | 30,582.9 | 2025年年度报告.pdf | 86 | 资产总计 | 30582928717.03 (元) |
| Accounts receivable | 2025 | 5,249.9 | 2025年年度报告.pdf | 85 | 应收账款 | 5249862279.15 (元) |
| Fixed assets | 2025 | 13,339.2 | 2025年年度报告.pdf | 86 | 固定资产 | 13339234391.48 (元) |
| Short-term borrowings | 2025 | 15.0 | 2025年年度报告.pdf | 86 | 短期借款 | 15009670.83 (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.