Credit Brief — Chongqing Zhifei Biological Products Co., Ltd. (智飞生物)
300122.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: 蒋仁生
- Registered address: 重庆市江北区庆云路1 号50 层
- Office address: 重庆市江北区庆云路1 号50 层
- Controlling shareholder: 推广主体
- Actual controller: 蒋仁生
- Employees: 6,292
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 | 2,622.1 | 6,340.5 | 2,700.5 | 2,625.6 | 2,104.7 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 11.5 | 0.0 |
| Accounts receivable | 20,613.9 | 27,058.6 | 16,272.8 | 11,164.7 | 10,376.9 |
| Other receivables | 8.4 | 7.8 | 11.0 | 148.1 | 50.5 |
| Inventories | 8,020.5 | 8,986.0 | 22,218.1 | 5,003.4 | 2,403.1 |
| Long-term equity investments | 2,368.6 | 2,368.6 | 2,369.7 | 2,660.0 | 2,660.0 |
| Fixed assets | 2,818.5 | 3,796.4 | 4,337.8 | 4,314.6 | 4,142.0 |
| Construction in progress | 1,835.7 | 1,287.2 | 1,006.2 | 1,547.3 | 1,469.7 |
| Intangible assets | 352.7 | 317.7 | 300.3 | 574.5 | 552.6 |
| Total assets | 38,003.7 | 50,232.2 | 49,909.6 | 31,719.7 | 27,818.0 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,784.9 | 2,635.5 | 11,901.9 | 8,594.2 | 302.8 |
| Notes payable | 14.7 | — | 0.0 | 0.2 | 0.2 |
| Accounts payable | 9,792.6 | 13,141.9 | 5,419.6 | 840.9 | 612.3 |
| Contract liabilities | — | 11.3 | 11.9 | 83.4 | 47.2 |
| Other payables | 284.2 | 366.6 | 372.4 | 654.0 | 610.0 |
| Current portion of non-current liabilities | 9.8 | 46.6 | 93.6 | 774.8 | 2,691.7 |
| Long-term borrowings | 210.6 | 328.1 | 347.6 | 2,408.9 | 6,687.9 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 499.7 | 499.7 |
| Total liabilities | 13,767.5 | 18,726.1 | 19,078.9 | 15,613.6 | 12,532.2 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,600.0 | 2,400.0 | 2,393.8 | 2,393.8 | 2,393.8 |
| Capital reserve | 208.0 | 48.0 | 48.0 | 210.2 | 210.2 |
| Retained earnings | 21,628.2 | 27,858.1 | 27,240.1 | 12,341.9 | 11,533.4 |
| Equity attributable to owners of the parent | 24,236.2 | 31,506.1 | 30,830.7 | 15,839.8 | 15,031.3 |
| Minority interests | — | 0.0 | 0.0 | 266.4 | 254.5 |
| Total equity | 24,236.2 | 31,506.1 | 30,830.7 | 16,106.1 | 15,285.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 38,264.0 | 52,917.8 | 26,069.7 | 8,958.4 | 4,023.8 |
| Cost of sales | 25,395.5 | 38,674.3 | 18,931.4 | 8,255.7 | 3,296.1 |
| Selling expenses | 2,235.2 | 2,772.6 | 2,650.7 | 2,386.5 | 747.0 |
| Administrative expenses | 374.1 | 393.0 | 394.1 | 413.6 | 181.3 |
| Finance costs | 13.8 | 47.2 | 109.3 | 301.8 | 161.6 |
| Investment income | 820.0 | — | 0.0 | 0.0 | -2.3 |
| Operating profit | 8,758.4 | 9,373.4 | 2,263.8 | -17,460.0 | -968.3 |
| Profit before tax | 8,718.0 | 9,342.3 | 2,253.7 | -17,492.7 | -984.8 |
| Net profit | 7,539.0 | 8,069.9 | 2,018.5 | -14,745.3 | -820.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.37x | 2.35x | 2.24x | 1.53x | 2.98x |
| Quick ratio | 1.77x | 1.85x | 1.03x | 1.13x | 2.50x |
| Debt-to-asset ratio | 36.2% | 37.3% | 38.2% | 49.2% | 45.1% |
| Total debt / EBITDA | 0.22x | 0.31x | 4.49x | -0.73x | -20.40x |
| EBITDA interest coverage | 651.73x | 206.26x | 25.14x | -55.79x | -3.09x |
| Gross margin | 33.6% | 26.9% | 27.4% | 7.8% | 18.1% |
| Net margin | 19.7% | 15.2% | 7.7% | -164.6% | -20.4% |
| Return on equity (ROE) | 31.1% | 25.6% | 6.5% | -91.6% | -5.4% |
| Revenue growth | — | 38.3% | -50.7% | -65.6% | -55.1% |
| Net profit growth | — | 7.0% | -75.0% | -830.5% | 94.4% |
| Receivable days | 197 | 187 | 228 | 455 | 941 |
| Cash received / revenue | 81.5% | 90.3% | 141.7% | 163.9% | 121.2% |
| Operating CF / net profit | 0.26x | 1.11x | -2.19x | -0.35x | -2.41x |
| Free cash flow | 2,760.2 | 9,047.7 | -4,478.2 | 4,982.5 | 1,756.8 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.49 (level: high, reference threshold: <0.65)
- ⚠ EBITDA interest coverage: -55.79 (level: high, reference threshold: <2.0)
- ⚠ Gross margin: 0.08 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 3,723.6 vs 3,718.4 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 above the balance-sheet movement by 5.2 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: -3,640.4 vs -3,640.0 CNY mn (deviation 0.01%, severity low)
Sources: 2024年年度报告.pdf p.115 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.108 「货币资金」. CF-statement figure below the balance-sheet movement by 0.4 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: -161.1 vs -74.9 CNY mn (deviation 53.54%, severity mid)
Sources: 2025年年度报告.pdf p.110 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.102 「货币资金」. CF-statement figure below the balance-sheet movement by 86.3 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: -638.8 vs -520.9 CNY mn (deviation 18.45%, severity mid)
Sources: 2026年半年度报告.pdf p.64 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.57 「货币资金」. CF-statement figure below the balance-sheet movement by 117.9 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 | 2,625.6 | 2025年年度报告.pdf | 102 | 货币资金 | 2625608880.22 (元) |
| Total assets | 2025 | 31,719.7 | 2025年年度报告.pdf | 103 | 资产总计 | 31719717303.13 (元) |
| Accounts receivable | 2025 | 11,164.7 | 2025年年度报告.pdf | 102 | 应收账款 | 11164680690.33 (元) |
| Fixed assets | 2025 | 4,314.6 | 2025年年度报告.pdf | 102 | 固定资产 | 4314625695.28 (元) |
| Short-term borrowings | 2025 | 8,594.2 | 2025年年度报告.pdf | 103 | 短期借款 | 8594225695.2 (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.