Credit Brief — ZHONGJI INNOLIGHT CO., LTD. (中际旭创)
300308.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: 刘圣
- Registered address: 山东省龙口市诸由观镇驻地
- Office address: 山东省龙口市诸由观镇驻地
- Employees: 11,625
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 | 2,831.0 | 3,317.3 | 5,053.8 | 10,986.9 | 6,397.1 |
| Trading financial assets | 1,019.0 | 416.0 | 522.5 | 10.0 | 2,529.1 |
| Accounts receivable | 1,509.3 | 2,581.4 | 4,603.6 | 6,276.9 | 15,000.9 |
| Other receivables | 52.9 | 28.1 | 236.6 | 151.7 | 314.3 |
| Inventories | 3,888.0 | 4,294.7 | 7,051.3 | 12,680.7 | 19,825.9 |
| Long-term equity investments | 635.7 | 930.3 | 811.8 | 1,263.0 | 1,187.6 |
| Fixed assets | 3,217.0 | 3,947.6 | 5,819.9 | 7,080.6 | 9,822.9 |
| Construction in progress | 236.3 | 328.6 | 52.5 | 1,421.9 | 3,707.4 |
| Intangible assets | 322.1 | 400.5 | 377.7 | 377.6 | 430.3 |
| Total assets | 16,557.0 | 20,006.7 | 28,866.3 | 45,289.0 | 68,942.2 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 385.2 | 62.2 | 1,425.7 | 301.4 | 399.3 |
| Notes payable | 242.4 | 306.5 | 516.9 | 470.6 | 534.2 |
| Accounts payable | 1,135.8 | 1,857.0 | 2,990.9 | 7,329.8 | 12,032.7 |
| Contract liabilities | 22.4 | 2.6 | 10.0 | 26.3 | 20.7 |
| Other payables | 181.5 | 1,164.7 | 383.2 | 1,031.9 | 2,564.4 |
| Current portion of non-current liabilities | 888.0 | 559.0 | 644.4 | 784.2 | 851.7 |
| Long-term borrowings | 695.9 | 318.7 | 606.3 | 510.0 | 486.9 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 4,488.0 | 5,232.2 | 8,573.4 | 13,667.8 | 24,875.5 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 801.0 | 802.8 | 1,121.2 | 1,111.1 | 1,115.2 |
| Capital reserve | 7,931.8 | 8,057.6 | 7,731.3 | 8,106.7 | 5,674.6 |
| Retained earnings | 3,892.9 | 5,869.6 | 10,624.3 | 20,248.2 | 32,628.9 |
| Equity attributable to owners of the parent | 11,945.2 | 14,261.0 | 19,133.9 | 29,765.2 | 39,859.2 |
| Minority interests | 123.8 | 513.5 | 1,159.0 | 1,856.0 | 4,207.6 |
| Total equity | 12,069.0 | 14,774.5 | 20,292.8 | 31,621.2 | 44,066.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 9,641.8 | 10,718.0 | 23,862.2 | 38,239.9 | 41,777.9 |
| Cost of sales | 6,815.6 | 7,181.9 | 15,795.6 | 22,165.5 | 22,454.7 |
| Selling expenses | 90.7 | 124.8 | 199.3 | 226.2 | 157.9 |
| Administrative expenses | 506.8 | 433.6 | 679.5 | 760.9 | 766.6 |
| Finance costs | -22.2 | -83.6 | -144.4 | 182.8 | 562.2 |
| Investment income | 103.3 | 323.2 | -32.6 | 378.9 | 189.5 |
| Operating profit | 1,327.4 | 2,494.1 | 6,049.9 | 13,596.9 | 17,231.3 |
| Profit before tax | 1,351.6 | 2,492.5 | 6,052.4 | 13,599.6 | 17,230.6 |
| Net profit | 1,233.7 | 2,207.7 | 5,371.8 | 11,579.8 | 14,733.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.94x | 2.60x | 2.80x | 2.69x | 2.56x |
| Quick ratio | 1.75x | 1.61x | 1.72x | 1.59x | 1.47x |
| Debt-to-asset ratio | 27.1% | 26.2% | 29.7% | 30.2% | 36.1% |
| Total debt / EBITDA | 1.19x | 0.32x | 0.40x | 0.11x | 0.09x |
| EBITDA interest coverage | 74.44x | 35.62x | 46.60x | 79.55x | 33.18x |
| Gross margin | 29.3% | 33.0% | 33.8% | 42.0% | 46.3% |
| Net margin | 12.8% | 20.6% | 22.5% | 30.3% | 35.3% |
| Return on equity (ROE) | 10.2% | 14.9% | 26.5% | 36.6% | 33.4% |
| Revenue growth | — | 11.2% | 122.6% | 60.3% | 9.3% |
| Net profit growth | — | 78.9% | 143.3% | 115.6% | 27.2% |
| Receivable days | 57 | 88 | 70 | 60 | 131 |
| Cash received / revenue | 106.9% | 90.1% | 93.9% | 95.9% | 78.6% |
| Operating CF / net profit | 1.99x | 0.86x | 0.59x | 0.94x | 0.12x |
| Free cash flow | 2,401.7 | 1,929.0 | 2,971.6 | 9,022.5 | 2,997.4 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.30 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 425.4 vs 486.3 CNY mn (deviation 12.52%, severity mid)
Sources: 2023年年度报告.pdf p.108 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.99 「货币资金」. CF-statement figure below the balance-sheet movement by 60.9 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: 1,753.9 vs 1,736.5 CNY mn (deviation 0.99%, severity low)
Sources: 2024年年度报告.pdf p.101 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.92 「货币资金」. CF-statement figure above the balance-sheet movement by 17.4 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: 5,956.0 vs 5,933.1 CNY mn (deviation 0.38%, severity low)
Sources: 2025年年度报告.pdf p.99 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.90 「货币资金」. CF-statement figure above the balance-sheet movement by 22.9 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: -4,580.1 vs -4,589.8 CNY mn (deviation 0.21%, severity low)
Sources: 2026年半年度报告.pdf p.60 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.51 「货币资金」. CF-statement figure above the balance-sheet movement by 9.6 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 | 10,986.9 | 2025年年度报告.pdf | 90 | 货币资金 | 10986893131.96 (元) |
| Total assets | 2025 | 45,289.0 | 2025年年度报告.pdf | 91 | 资产总计 | 45288970887.78 (元) |
| Accounts receivable | 2025 | 6,276.9 | 2025年年度报告.pdf | 90 | 应收账款 | 6276876022.07 (元) |
| Fixed assets | 2025 | 7,080.6 | 2025年年度报告.pdf | 90 | 固定资产 | 7080613124.29 (元) |
| Short-term borrowings | 2025 | 301.4 | 2025年年度报告.pdf | 91 | 短期借款 | 301353448.63 (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.