Credit Brief — Hithink RoyalFlush Information Network Co.,Ltd. (同花顺)
300033.SZ · Shenzhen ChiNext · 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: 易峥
- Registered address: 杭州市余杭区五常街道同顺街 18 号
- Office address: 杭州市余杭区五常街道同顺街 18 号
- Actual controller: 易峥
- Employees: 5,087
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 | 7,538.4 | 8,169.9 | 9,199.7 | 14,036.3 | 12,448.8 |
| Trading financial assets | 0.0 | 0.0 | 50.0 | 50.0 | 0.0 |
| Accounts receivable | 37.8 | 54.1 | 40.7 | 20.6 | 43.7 |
| Other receivables | 30.3 | 30.9 | 30.6 | 39.1 | 59.1 |
| Inventories | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Long-term equity investments | 2.2 | 3.0 | 4.0 | 5.1 | 5.7 |
| Fixed assets | 700.6 | 665.1 | 631.8 | 585.7 | 566.1 |
| Construction in progress | 346.2 | 559.5 | 626.3 | 778.0 | 799.8 |
| Intangible assets | 347.2 | 339.3 | 331.3 | 323.3 | 319.3 |
| Total assets | 9,027.5 | 9,844.9 | 10,976.5 | 15,833.0 | 14,308.4 |
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 | 0.0 | 0.0 | 0.0 |
| Accounts payable | 110.2 | 165.1 | 161.5 | 204.7 | 167.2 |
| Contract liabilities | 981.6 | 1,101.5 | 1,486.1 | 1,769.3 | 3,353.4 |
| Other payables | 209.6 | 805.3 | 821.2 | 3,640.3 | 2,705.5 |
| Current portion of non-current liabilities | 0.9 | 0.9 | 0.9 | 0.0 | 0.0 |
| 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 | 1,782.5 | 2,525.5 | 3,002.2 | 6,341.0 | 6,635.8 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 537.6 | 537.6 | 537.6 | 537.6 | 752.6 |
| Capital reserve | 356.8 | 356.8 | 356.8 | 356.8 | 141.8 |
| Retained earnings | 5,974.8 | 6,032.1 | 6,672.7 | 8,211.2 | 6,421.8 |
| Equity attributable to owners of the parent | 7,245.1 | 7,319.1 | 7,974.1 | 9,491.7 | 7,672.3 |
| Minority interests | — | 0.2 | 0.2 | 0.2 | 0.3 |
| Total equity | 7,245.1 | 7,319.3 | 7,974.3 | 9,492.0 | 7,672.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 3,559.1 | 3,564.3 | 4,186.8 | 6,029.0 | 2,645.7 |
| Cost of sales | 369.6 | 389.0 | 443.4 | 509.8 | 291.8 |
| Selling expenses | 367.9 | 497.3 | 592.1 | 759.2 | 587.2 |
| Administrative expenses | 160.8 | 204.5 | 221.4 | 245.1 | 132.0 |
| Finance costs | -184.3 | -203.2 | -205.9 | -124.8 | -76.0 |
| Investment income | 0.3 | 0.8 | 21.0 | 8.1 | 1.7 |
| Operating profit | 1,841.1 | 1,511.8 | 1,966.9 | 3,612.2 | 1,040.6 |
| Profit before tax | 1,841.7 | 1,501.0 | 1,964.9 | 3,603.7 | 1,039.3 |
| Net profit | 1,691.1 | 1,402.5 | 1,823.3 | 3,205.1 | 952.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 4.53x | 3.42x | 3.25x | 2.27x | 1.94x |
| Quick ratio | 4.53x | 3.42x | 3.25x | 2.27x | 1.94x |
| Debt-to-asset ratio | 19.7% | 25.7% | 27.4% | 40.0% | 46.4% |
| Total debt / EBITDA | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| EBITDA interest coverage | 12.31x | 9.67x | 11.84x | 31.36x | 16.47x |
| Gross margin | 89.6% | 89.1% | 89.4% | 91.5% | 89.0% |
| Net margin | 47.5% | 39.3% | 43.5% | 53.2% | 36.0% |
| Return on equity (ROE) | 23.3% | 19.2% | 22.9% | 33.8% | 12.4% |
| Revenue growth | — | 0.1% | 17.5% | 44.0% | -56.1% |
| Net profit growth | — | -17.1% | 30.0% | 75.8% | -70.3% |
| Receivable days | 4 | 6 | 4 | 1 | 6 |
| Cash received / revenue | 105.5% | 109.7% | 116.6% | 111.0% | 169.9% |
| Operating CF / net profit | 1.03x | 1.14x | 1.27x | 1.18x | 2.33x |
| Free cash flow | 3,171.5 | 2,955.3 | 3,082.8 | 5,223.5 | 4,825.8 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.40 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -86.8 vs 631.5 CNY mn (deviation 113.74%, severity mid)
Sources: 2023年年度报告.pdf p.73 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.65 「货币资金」. CF-statement figure below the balance-sheet movement by 718.3 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: 900.3 vs 1,029.8 CNY mn (deviation 12.58%, severity mid)
Sources: 2024年年度报告.pdf p.74 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.65 「货币资金」. CF-statement figure below the balance-sheet movement by 129.6 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: 1,970.0 vs 4,836.6 CNY mn (deviation 59.27%, severity mid)
Sources: 2025年年度报告.pdf p.73 「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 2,866.6 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: -631.2 vs -1,587.5 CNY mn (deviation 60.24%, severity mid)
Sources: 2026年半年度报告.pdf p.47 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.37 「货币资金」. CF-statement figure above the balance-sheet movement by 956.3 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 | 14,036.3 | 2025年年度报告.pdf | 64 | 货币资金 | 14036333777.03 (元) |
| Total assets | 2025 | 15,833.0 | 2025年年度报告.pdf | 65 | 资产总计 | 15832994333.52 (元) |
| Accounts receivable | 2025 | 20.6 | 2025年年度报告.pdf | 64 | 应收账款 | 20639274.98 (元) |
| Fixed assets | 2025 | 585.7 | 2025年年度报告.pdf | 64 | 固定资产 | 585713054.38 (元) |
| Short-term borrowings | 2025 | 0.0 | 2025年年度报告.pdf | 65 | 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.