Credit Brief — Shenzhen Inovance Technology Co.,Ltd (汇川技术)
300124.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: 朱兴明
- Registered address: 深圳市龙华区观湖街道鹭湖社区澜清二路 6 号汇川技术总部大厦 1 单元 101
- Office address: 深圳市龙华区观湖街道鹭湖社区澜清二路 6 号汇川技术总部大厦 1 单元 101
- Controlling shareholder: None (stated in the filed report)
- Actual controller: 朱兴明
- Employees: 27,292
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 | 7,437.9 | 8,486.9 | 3,558.4 | 7,032.6 | 5,686.7 |
| Trading financial assets | 2,008.2 | 671.9 | 1,782.9 | 5,127.6 | 3,920.3 |
| Accounts receivable | 6,415.1 | 8,794.9 | 10,713.8 | 11,518.8 | 14,739.0 |
| Other receivables | 74.5 | 47.1 | 107.5 | 75.0 | 69.8 |
| Inventories | 5,482.2 | 6,247.9 | 6,955.5 | 8,079.0 | 10,060.2 |
| Long-term equity investments | 2,136.3 | 2,459.1 | 2,495.7 | 2,302.3 | 2,355.5 |
| Fixed assets | 2,944.2 | 4,718.7 | 7,041.4 | 9,893.1 | 10,173.0 |
| Construction in progress | 1,747.9 | 1,967.7 | 919.5 | 1,118.8 | 1,547.3 |
| Intangible assets | 711.6 | 797.4 | 807.7 | 1,012.0 | 964.9 |
| Total assets | 39,211.6 | 48,957.6 | 57,178.8 | 71,314.4 | 74,154.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 2,073.8 | 804.3 | 479.2 | 1,346.7 | 763.2 |
| Notes payable | 4,568.2 | 5,120.0 | 6,858.1 | 9,184.4 | 11,251.7 |
| Accounts payable | 4,761.9 | 7,191.1 | 10,140.2 | 12,498.8 | 13,436.5 |
| Contract liabilities | 987.1 | 870.7 | 903.2 | 775.2 | 861.6 |
| Other payables | 643.1 | 631.0 | 837.1 | 987.2 | 975.0 |
| Current portion of non-current liabilities | 1,028.5 | 1,076.3 | 802.2 | 785.4 | 1,349.0 |
| Long-term borrowings | 1,796.4 | 2,345.2 | 2,874.3 | 1,572.4 | 801.9 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 19,100.1 | 23,956.6 | 28,749.7 | 34,179.6 | 35,620.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,658.7 | 2,676.7 | 2,692.4 | 2,707.0 | 2,707.7 |
| Capital reserve | 4,775.1 | 5,670.3 | 6,147.3 | 9,408.9 | 9,526.8 |
| Retained earnings | 11,502.1 | 15,115.7 | 18,092.7 | 22,031.0 | 23,488.4 |
| Equity attributable to owners of the parent | 19,815.9 | 24,481.9 | 27,994.4 | 35,353.0 | 36,783.7 |
| Minority interests | 295.7 | 519.1 | 434.8 | 1,781.8 | 1,750.7 |
| Total equity | 20,111.5 | 25,001.0 | 28,429.1 | 37,134.8 | 38,534.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 23,008.3 | 30,419.9 | 37,041.0 | 45,104.8 | 24,675.3 |
| Cost of sales | 14,953.2 | 20,214.7 | 26,409.4 | 32,044.9 | 17,336.4 |
| Selling expenses | 1,258.1 | 1,943.2 | 1,480.9 | 1,535.6 | 722.9 |
| Administrative expenses | 1,093.2 | 1,298.8 | 1,541.4 | 1,825.1 | 999.5 |
| Finance costs | 125.2 | 0.8 | -3.2 | -65.7 | 49.0 |
| Investment income | 591.1 | 420.5 | 93.5 | 62.8 | 40.6 |
| Operating profit | 4,469.6 | 5,000.8 | 4,626.0 | 5,435.6 | 3,049.1 |
| Profit before tax | 4,476.6 | 5,000.2 | 4,608.8 | 5,433.4 | 3,050.4 |
| Net profit | 4,324.5 | 4,775.6 | 4,346.4 | 5,172.7 | 2,800.7 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.61x | 1.59x | 1.30x | 1.44x | 1.44x |
| Quick ratio | 1.27x | 1.27x | 1.01x | 1.17x | 1.13x |
| Debt-to-asset ratio | 48.7% | 48.9% | 50.3% | 47.9% | 48.0% |
| Total debt / EBITDA | 0.98x | 0.76x | 0.77x | 0.57x | 0.73x |
| EBITDA interest coverage | 39.88x | 7253.33x | 1679.30x | 98.48x | 81.02x |
| Gross margin | 35.0% | 33.5% | 28.7% | 29.0% | 29.7% |
| Net margin | 18.8% | 15.7% | 11.7% | 11.5% | 11.4% |
| Return on equity (ROE) | 21.5% | 19.1% | 15.3% | 13.9% | 7.3% |
| Revenue growth | — | 32.2% | 21.8% | 21.8% | -45.3% |
| Net profit growth | — | 10.4% | -9.0% | 19.0% | -45.9% |
| Receivable days | 102 | 106 | 106 | 93 | 218 |
| Cash received / revenue | 76.1% | 73.0% | 82.1% | 81.2% | 82.5% |
| Operating CF / net profit | 0.74x | 0.71x | 1.66x | 1.29x | 0.71x |
| Free cash flow | -540.2 | 2,157.8 | 3,717.9 | 6,631.0 | 2,086.4 |
Mechanical risk flags
- ⚠ Current ratio: 1.44 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.48 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 2,573.0 vs 1,049.0 CNY mn (deviation 59.23%, severity mid)
Sources: 2023年年度报告.pdf p.128 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.120 「货币资金」. CF-statement figure above the balance-sheet movement by 1,524.0 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: -5,200.1 vs -4,928.4 CNY mn (deviation 5.22%, severity mid)
Sources: 2024年年度报告.pdf p.124 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.116 「货币资金」. CF-statement figure below the balance-sheet movement by 271.7 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: 4,046.5 vs 3,474.2 CNY mn (deviation 14.14%, severity mid)
Sources: 2025年年度报告.pdf p.124 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.116 「货币资金」. CF-statement figure above the balance-sheet movement by 572.3 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: -1,409.2 vs -1,346.0 CNY mn (deviation 4.49%, severity mid)
Sources: 2026年半年度报告.pdf p.69 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.61 「货币资金」. CF-statement figure below the balance-sheet movement by 63.3 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 | 7,032.6 | 2025年年度报告.pdf | 116 | 货币资金 | 7032628539.51 (元) |
| Total assets | 2025 | 71,314.4 | 2025年年度报告.pdf | 117 | 资产总计 | 71314393635.15 (元) |
| Accounts receivable | 2025 | 11,518.8 | 2025年年度报告.pdf | 116 | 应收账款 | 11518807345.06 (元) |
| Fixed assets | 2025 | 9,893.1 | 2025年年度报告.pdf | 117 | 固定资产 | 9893106559.47 (元) |
| Short-term borrowings | 2025 | 1,346.7 | 2025年年度报告.pdf | 117 | 短期借款 | 1346715619.09 (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.