Credit Brief — Avary Holding(Shenzhen)Co.,Limited (鹏鼎控股)
002938.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: 沈庆芳
- Registered address: 深圳市宝安区新安街道海滨社区海秀路 2038 号鹏鼎时代大厦 A 座 27 层
- Office address: 深圳市宝安区新安街道海滨社区海秀路 2038 号鹏鼎时代大厦 A 座 27 层
- Controlling shareholder: 台湾上市公司臻鼎控股
- Actual controller: None (stated in the filed report)
- Employees: 47,573
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 | 8,206.6 | 10,912.1 | 13,497.0 | 12,032.0 | 10,668.2 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 6,267.7 | 6,192.4 | 5,768.8 | 6,073.1 | 4,905.2 |
| Other receivables | 14.5 | 15.7 | 264.5 | 253.4 | 560.1 |
| Inventories | 3,440.0 | 3,054.1 | 3,355.5 | 3,806.7 | 5,194.5 |
| Long-term equity investments | 8.3 | 4.9 | 5.6 | 18.8 | 19.0 |
| Fixed assets | 15,385.1 | 15,263.7 | 15,738.4 | 17,494.4 | 17,709.8 |
| Construction in progress | 1,837.2 | 2,310.3 | 1,382.4 | 2,946.6 | 6,921.5 |
| Intangible assets | 1,278.7 | 1,271.2 | 1,197.6 | 1,515.7 | 1,541.5 |
| Total assets | 38,803.0 | 42,278.2 | 44,542.6 | 48,849.6 | 54,584.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 2,964.3 | 3,961.4 | 3,256.9 | 3,925.3 | 6,895.3 |
| Notes payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts payable | 3,983.9 | 4,848.3 | 5,079.4 | 5,661.6 | 5,877.6 |
| Contract liabilities | 40.0 | 50.8 | 59.8 | 32.4 | 93.0 |
| Other payables | 1,545.4 | 1,477.9 | 1,584.5 | 1,903.5 | 2,284.2 |
| Current portion of non-current liabilities | 23.0 | 189.4 | 17.4 | 13.9 | 59.1 |
| Long-term borrowings | 175.7 | 0.0 | 179.7 | 375.7 | 1,662.3 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 10,866.2 | 12,602.8 | 12,221.1 | 14,099.2 | 19,292.2 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,321.2 | 2,320.4 | 2,318.6 | 2,318.1 | 2,317.5 |
| Capital reserve | 12,696.7 | 12,702.4 | 12,705.2 | 12,773.4 | 12,857.3 |
| Retained earnings | 11,876.9 | 13,493.2 | 15,959.0 | 17,424.9 | 16,453.8 |
| Equity attributable to owners of the parent | 27,936.8 | 29,650.7 | 32,109.8 | 34,137.0 | 34,383.5 |
| Minority interests | 0.0 | 24.7 | 211.7 | 613.4 | 908.9 |
| Total equity | 27,936.8 | 29,675.4 | 32,321.5 | 34,750.3 | 35,292.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 36,211.0 | 32,066.0 | 35,140.4 | 39,147.0 | 17,217.2 |
| Cost of sales | 27,521.3 | 25,223.9 | 27,843.6 | 30,730.4 | 13,089.3 |
| Selling expenses | 197.5 | 210.3 | 215.5 | 272.9 | 152.2 |
| Administrative expenses | 1,286.6 | 1,208.2 | 1,204.4 | 1,484.3 | 782.8 |
| Finance costs | -357.1 | -308.9 | -736.3 | -137.1 | 362.9 |
| Investment income | 1.8 | -3.6 | 9.6 | 14.5 | 33.0 |
| Operating profit | 5,619.9 | 3,565.6 | 4,043.5 | 4,292.8 | 1,443.3 |
| Profit before tax | 5,619.7 | 3,571.3 | 4,044.5 | 4,283.8 | 1,440.0 |
| Net profit | 5,011.5 | 3,286.8 | 3,619.0 | 3,713.3 | 1,261.7 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.85x | 1.75x | 2.11x | 1.83x | 1.39x |
| Quick ratio | 1.51x | 1.49x | 1.81x | 1.53x | 1.07x |
| Debt-to-asset ratio | 28.0% | 29.8% | 27.4% | 28.9% | 35.3% |
| Total debt / EBITDA | 0.44x | 0.77x | 0.54x | 0.70x | 2.62x |
| EBITDA interest coverage | 20.17x | 17.35x | 8.67x | 44.91x | 9.06x |
| Gross margin | 24.0% | 21.3% | 20.8% | 21.5% | 24.0% |
| Net margin | 13.8% | 10.3% | 10.3% | 9.5% | 7.3% |
| Return on equity (ROE) | 17.9% | 11.1% | 11.2% | 10.7% | 3.6% |
| Revenue growth | — | -11.4% | 9.6% | 11.4% | -56.0% |
| Net profit growth | — | -34.4% | 10.1% | 2.6% | -66.0% |
| Receivable days | 63 | 70 | 60 | 57 | 104 |
| Cash received / revenue | 105.5% | 101.5% | 103.3% | 100.8% | 109.4% |
| Operating CF / net profit | 2.19x | 2.42x | 1.96x | 1.96x | 2.52x |
| Free cash flow | 10,152.1 | 8,330.0 | 9,724.1 | 7,209.6 | 3,426.9 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.29 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 2,701.8 vs 2,705.5 CNY mn (deviation 0.14%, severity low)
Sources: 2023年年度报告.pdf p.110 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.101 「货币资金」. CF-statement figure below the balance-sheet movement by 3.7 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: 2,504.9 vs 2,584.9 CNY mn (deviation 3.09%, severity mid)
Sources: 2024年年度报告.pdf p.107 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.98 「货币资金」. CF-statement figure below the balance-sheet movement by 79.9 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: -1,528.4 vs -1,465.0 CNY mn (deviation 4.15%, 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 63.4 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: -1,210.7 vs -1,363.8 CNY mn (deviation 11.23%, 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.52 「货币资金」. CF-statement figure above the balance-sheet movement by 153.1 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 | 12,032.0 | 2025年年度报告.pdf | 90 | 货币资金 | 12031994489.34 (元) |
| Total assets | 2025 | 48,849.6 | 2025年年度报告.pdf | 91 | 资产总计 | 48849582772.2 (元) |
| Accounts receivable | 2025 | 6,073.1 | 2025年年度报告.pdf | 90 | 应收账款 | 6073127859.07 (元) |
| Fixed assets | 2025 | 17,494.4 | 2025年年度报告.pdf | 91 | 固定资产 | 17494384350.63 (元) |
| Short-term borrowings | 2025 | 3,925.3 | 2025年年度报告.pdf | 91 | 短期借款 | 3925334770.72 (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.