Credit Brief — Sungrow Power Supply Co.,Ltd. (阳光电源)
300274.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: 曹仁贤
- Registered address: 安徽省合肥市高新区习友路 1699 号
- Office address: 安徽省合肥市高新区习友路 1699 号
- Controlling shareholder: 投资性主体的特殊规定 如果母公司是投资性主体
- Actual controller: 自然人股东曹仁贤
- Employees: 19,006
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 | 11,666.6 | 18,030.6 | 19,799.4 | 22,830.8 | 31,523.1 |
| Trading financial assets | 1,490.5 | 2,072.0 | 10,164.8 | 10,998.4 | 4,045.5 |
| Accounts receivable | 13,804.0 | 21,097.5 | 27,640.2 | 23,499.6 | 20,899.1 |
| Other receivables | 1,171.8 | 1,408.9 | 1,760.7 | 1,823.7 | 1,791.5 |
| Inventories | 19,060.1 | 21,441.5 | 29,027.6 | 27,255.4 | 32,153.1 |
| Long-term equity investments | 228.3 | 440.0 | 483.9 | 637.1 | 769.2 |
| Fixed assets | 4,543.6 | 6,438.2 | 9,001.7 | 10,831.0 | 11,688.0 |
| Construction in progress | 1,188.7 | 1,685.8 | 2,264.9 | 2,842.7 | 2,827.0 |
| Intangible assets | 340.4 | 732.4 | 1,122.4 | 1,231.3 | 1,524.0 |
| Total assets | 61,627.4 | 82,876.5 | 115,073.8 | 118,679.4 | 127,091.3 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,422.2 | 2,793.0 | 4,213.7 | 2,422.4 | 2,541.8 |
| Notes payable | 12,502.2 | 12,914.8 | 15,800.6 | 15,562.1 | 19,798.4 |
| Accounts payable | 13,423.8 | 15,571.1 | 20,956.6 | 21,073.7 | 20,675.4 |
| Contract liabilities | 3,788.4 | 6,564.8 | 10,026.5 | 10,655.1 | 11,655.6 |
| Other payables | 760.4 | 1,418.4 | 1,451.1 | 1,035.1 | 811.7 |
| Current portion of non-current liabilities | 809.9 | 1,342.1 | 1,925.2 | 505.3 | 1,461.4 |
| Long-term borrowings | 4,161.6 | 4,179.7 | 4,863.4 | 3,064.9 | 3,518.8 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 41,889.2 | 53,422.0 | 74,875.0 | 68,907.5 | 73,909.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,485.2 | 1,485.2 | 2,073.2 | 2,073.2 | 2,073.2 |
| Capital reserve | 7,052.9 | 7,606.2 | 7,012.8 | 7,264.5 | 7,126.9 |
| Retained earnings | 9,614.3 | 18,728.5 | 28,346.1 | 37,640.5 | 41,478.5 |
| Equity attributable to owners of the parent | 18,667.3 | 27,705.2 | 36,905.1 | 46,610.9 | 50,140.1 |
| Minority interests | 1,070.9 | 1,749.3 | 3,293.7 | 3,161.0 | 3,041.6 |
| Total equity | 19,738.2 | 29,454.5 | 40,198.7 | 49,771.9 | 53,181.7 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 40,257.2 | 72,250.7 | 77,857.0 | 89,184.4 | 30,912.3 |
| Cost of sales | 30,375.8 | 50,317.6 | 54,544.6 | 60,795.5 | 19,808.1 |
| Selling expenses | 3,169.3 | 5,166.8 | 3,760.6 | 4,831.8 | 2,129.5 |
| Administrative expenses | 612.3 | 873.2 | 1,200.8 | 1,714.7 | 749.8 |
| Finance costs | -477.2 | 20.6 | 290.4 | 39.6 | 368.2 |
| Investment income | 40.3 | 96.6 | 419.6 | 671.5 | 326.8 |
| Operating profit | 4,141.1 | 11,466.5 | 13,564.2 | 16,295.2 | 6,340.3 |
| Profit before tax | 4,134.0 | 11,460.0 | 13,544.3 | 16,260.0 | 6,340.7 |
| Net profit | 3,695.6 | 9,608.7 | 11,264.2 | 13,532.9 | 5,159.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.47x | 1.51x | 1.58x | 1.67x | 1.64x |
| Quick ratio | 0.93x | 1.04x | 1.10x | 1.19x | 1.13x |
| Debt-to-asset ratio | 68.0% | 64.5% | 65.1% | 58.1% | 58.2% |
| Total debt / EBITDA | 1.27x | 0.68x | 0.74x | 0.34x | 0.94x |
| EBITDA interest coverage | 10.53x | 590.73x | 50.89x | 442.75x | 21.71x |
| Gross margin | 24.5% | 30.4% | 29.9% | 31.8% | 35.9% |
| Net margin | 9.2% | 13.3% | 14.5% | 15.2% | 16.7% |
| Return on equity (ROE) | 18.7% | 32.6% | 28.0% | 27.2% | 9.7% |
| Revenue growth | — | 79.5% | 7.8% | 14.5% | -65.3% |
| Net profit growth | — | 160.0% | 17.2% | 20.1% | -61.9% |
| Receivable days | 125 | 107 | 130 | 96 | 247 |
| Cash received / revenue | 94.7% | 85.7% | 90.6% | 93.8% | 113.5% |
| Operating CF / net profit | 0.33x | 0.73x | 1.07x | 1.25x | 0.72x |
| Free cash flow | 1,136.5 | 2,485.2 | 4,291.8 | 16,529.3 | 12,129.6 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.58 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 6,464.9 vs 6,364.0 CNY mn (deviation 1.56%, severity mid)
Sources: 2023年年度报告.pdf p.104 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.96 「货币资金」. CF-statement figure above the balance-sheet movement by 100.9 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: 1,450.2 vs 1,768.8 CNY mn (deviation 18.01%, severity mid)
Sources: 2024年年度报告.pdf p.112 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.103 「货币资金」. CF-statement figure below the balance-sheet movement by 318.6 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: 4,280.7 vs 3,031.4 CNY mn (deviation 29.19%, severity mid)
Sources: 2025年年度报告.pdf p.114 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.105 「货币资金」. CF-statement figure above the balance-sheet movement by 1,249.4 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: 8,862.6 vs 8,692.3 CNY mn (deviation 1.92%, severity mid)
Sources: 2026年半年度报告.pdf p.95 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.86 「货币资金」. CF-statement figure above the balance-sheet movement by 170.3 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 | 22,830.8 | 2025年年度报告.pdf | 105 | 货币资金 | 22830813801.4 (元) |
| Total assets | 2025 | 118,679.4 | 2025年年度报告.pdf | 106 | 资产总计 | 118679392074.17 (元) |
| Accounts receivable | 2025 | 23,499.6 | 2025年年度报告.pdf | 105 | 应收账款 | 23499559286.28 (元) |
| Fixed assets | 2025 | 10,831.0 | 2025年年度报告.pdf | 106 | 固定资产 | 10831048438.07 (元) |
| Short-term borrowings | 2025 | 2,422.4 | 2025年年度报告.pdf | 106 | 短期借款 | 2422445831.62 (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.