Credit Brief — Beijing Enlight Media Co., Ltd (光线传媒)
300251.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: 王长田
- Registered address: 北京市东城区和平里东街 11 号 37 号楼 11105 号
- Office address: 北京市朝阳区北苑路 158 号楼光线中心
- Actual controller: 王长田
- Employees: 676
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 | 1,948.8 | 2,482.4 | 1,621.0 | 1,235.2 | 1,569.0 |
| Trading financial assets | 102.1 | 200.4 | 1,033.5 | 2,349.0 | 735.1 |
| Accounts receivable | 198.9 | 349.1 | 167.9 | 313.8 | 109.3 |
| Other receivables | 56.5 | 60.3 | 23.4 | 63.3 | 59.5 |
| Inventories | 1,192.2 | 1,254.7 | 1,286.1 | 685.6 | 802.4 |
| Long-term equity investments | 3,842.9 | 3,730.1 | 3,608.4 | 3,099.1 | 3,007.1 |
| Fixed assets | 22.6 | 20.7 | 24.6 | 1,167.1 | 1,147.9 |
| Construction in progress | 0.0 | 0.0 | 0.0 | 25.1 | 0.0 |
| Intangible assets | 1.5 | 0.9 | 0.4 | 0.4 | 1.2 |
| Total assets | 9,077.9 | 9,932.2 | 9,730.5 | 10,978.1 | 10,169.3 |
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 | 152.2 | 600.3 | 457.5 | 555.4 | 304.8 |
| Contract liabilities | 377.5 | 279.8 | 218.8 | 94.4 | 144.9 |
| Other payables | 15.5 | 12.2 | 11.1 | 11.0 | 19.4 |
| Current portion of non-current liabilities | 30.7 | 21.3 | 13.4 | 14.0 | 0.7 |
| Long-term borrowings | 12.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 813.4 | 1,245.8 | 956.6 | 1,049.2 | 684.1 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,933.6 | 2,933.6 | 2,933.6 | 2,933.6 | 2,933.6 |
| Capital reserve | 1,970.9 | 1,986.2 | 1,980.8 | 1,862.0 | 1,823.1 |
| Retained earnings | 2,999.7 | 3,254.3 | 3,299.0 | 4,386.7 | 3,979.6 |
| Equity attributable to owners of the parent | 8,258.4 | 8,678.5 | 8,766.7 | 9,951.7 | 9,508.2 |
| Minority interests | 6.1 | 8.0 | 7.3 | -22.8 | -23.0 |
| Total equity | 8,264.5 | 8,686.5 | 8,773.9 | 9,928.9 | 9,485.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 754.9 | 1,545.6 | 1,585.6 | 4,039.9 | 324.3 |
| Cost of sales | 610.7 | 929.1 | 987.6 | 1,368.4 | 195.9 |
| Selling expenses | 5.9 | 4.9 | 2.8 | 1.6 | 2.2 |
| Administrative expenses | 92.7 | 107.1 | 100.6 | 141.8 | 36.0 |
| Finance costs | -25.3 | -42.0 | -27.4 | -26.0 | -12.3 |
| Investment income | -66.5 | 61.5 | -58.1 | 97.4 | -60.5 |
| Operating profit | -727.8 | 491.1 | 359.4 | 1,977.2 | 50.6 |
| Profit before tax | -724.6 | 492.0 | 358.1 | 1,979.9 | 47.8 |
| Net profit | -723.6 | 419.3 | 291.3 | 1,642.1 | 32.7 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 5.68x | 4.22x | 5.76x | 5.57x | 6.44x |
| Quick ratio | 3.84x | 3.05x | 4.13x | 4.78x | 4.98x |
| Debt-to-asset ratio | 9.0% | 12.5% | 9.8% | 9.6% | 6.7% |
| Total debt / EBITDA | -0.06x | 0.04x | 0.03x | 0.01x | 0.00x |
| EBITDA interest coverage | -26.46x | 13.84x | 15.29x | 81.35x | 12.42x |
| Gross margin | 19.1% | 39.9% | 37.7% | 66.1% | 39.6% |
| Net margin | -95.8% | 27.1% | 18.4% | 40.6% | 10.1% |
| Return on equity (ROE) | -8.8% | 4.8% | 3.3% | 16.5% | 0.3% |
| Revenue growth | — | 104.7% | 2.6% | 154.8% | -92.0% |
| Net profit growth | — | 157.9% | -30.5% | 463.7% | -98.0% |
| Receivable days | 96 | 82 | 39 | 28 | 123 |
| Cash received / revenue | 141.7% | 107.2% | 101.1% | 97.2% | 132.6% |
| Operating CF / net profit | 0.01x | 1.53x | 1.16x | 1.60x | -4.08x |
| Free cash flow | 202.1 | 1,343.5 | -137.3 | 1,726.3 | -550.6 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.10 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 534.4 vs 533.6 CNY mn (deviation 0.16%, severity low)
Sources: 2023年年度报告.pdf p.77 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.68 「货币资金」. CF-statement figure above the balance-sheet movement by 0.8 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: -863.3 vs -861.4 CNY mn (deviation 0.22%, severity low)
Sources: 2024年年度报告.pdf p.78 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.68 「货币资金」. CF-statement figure below the balance-sheet movement by 1.9 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: -383.0 vs -385.8 CNY mn (deviation 0.72%, severity low)
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 above the balance-sheet movement by 2.8 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: 333.8 vs 333.8 CNY mn (deviation 0.01%, severity low)
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.38 「货币资金」. CF-statement figure above the balance-sheet movement by 0.0 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 | 1,235.2 | 2025年年度报告.pdf | 64 | 货币资金 | 1235210260.9 (元) |
| Total assets | 2025 | 10,978.1 | 2025年年度报告.pdf | 65 | 资产总计 | 10978138453.87 (元) |
| Accounts receivable | 2025 | 313.8 | 2025年年度报告.pdf | 64 | 应收账款 | 313779768.36 (元) |
| Fixed assets | 2025 | 1,167.1 | 2025年年度报告.pdf | 64 | 固定资产 | 1167114917.83 (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.