Credit Brief — Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. (晶盛机电)
300316.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: 曹建伟
- Registered address: 浙江省绍兴市上虞区曹娥街道五星西路 99 号
- Office address: 浙江省杭州市临平区顺达路 500 号
- Actual controller: 邱敏秀女上述股东关联关系或一致行动的说 士和曹建伟
- Employees: 5,745
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 | 3,509.2 | 4,005.5 | 2,787.1 | 2,330.0 | 4,066.9 |
| Trading financial assets | 0.0 | 0.0 | 674.0 | 1,087.0 | 227.0 |
| Accounts receivable | 2,537.8 | 2,289.0 | 3,222.6 | 2,599.7 | 3,103.9 |
| Other receivables | 34.2 | 56.9 | 93.1 | 42.9 | 42.6 |
| Inventories | 12,390.6 | 15,512.8 | 10,884.2 | 6,626.7 | 6,804.4 |
| Long-term equity investments | 950.8 | 1,186.1 | 1,189.2 | 1,313.2 | 1,313.1 |
| Fixed assets | 2,573.3 | 4,565.8 | 5,490.8 | 7,019.2 | 7,098.0 |
| Construction in progress | 1,396.4 | 1,803.1 | 1,585.9 | 941.3 | 723.9 |
| Intangible assets | 428.7 | 637.9 | 690.5 | 711.7 | 693.5 |
| Total assets | 28,889.3 | 36,808.4 | 31,550.2 | 27,756.2 | 28,864.4 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,090.6 | 1,214.2 | 709.5 | 753.0 | 437.3 |
| Notes payable | 2,216.7 | 1,663.5 | 424.8 | 429.2 | 648.2 |
| Accounts payable | 4,133.6 | 5,121.4 | 4,635.5 | 3,189.9 | 3,176.6 |
| Contract liabilities | 9,465.2 | 10,720.2 | 5,624.2 | 2,093.8 | 3,679.0 |
| Other payables | 27.4 | 55.0 | 42.6 | 53.4 | 49.5 |
| Current portion of non-current liabilities | 0.2 | 131.5 | 361.6 | 817.7 | 427.3 |
| Long-term borrowings | 1.1 | 468.7 | 1,066.4 | 579.1 | 748.8 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 17,673.8 | 20,656.5 | 13,616.1 | 9,360.0 | 10,520.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,308.7 | 1,309.5 | 1,309.5 | 1,309.5 | 1,309.5 |
| Capital reserve | 2,642.4 | 2,917.6 | 2,967.0 | 3,101.1 | 3,099.6 |
| Retained earnings | 6,109.3 | 10,077.9 | 11,673.5 | 12,035.3 | 12,071.5 |
| Equity attributable to owners of the parent | 10,774.6 | 14,963.1 | 16,621.3 | 17,117.8 | 17,153.8 |
| Minority interests | 440.8 | 1,188.7 | 1,312.8 | 1,278.5 | 1,190.3 |
| Total equity | 11,215.4 | 16,151.9 | 17,934.1 | 18,396.2 | 18,344.1 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 10,638.3 | 17,983.2 | 17,576.6 | 11,357.5 | 3,452.2 |
| Cost of sales | 6,420.4 | 10,492.7 | 11,714.2 | 8,077.4 | 2,402.0 |
| Selling expenses | 44.5 | 81.2 | 84.6 | 85.0 | 47.9 |
| Administrative expenses | 286.6 | 414.4 | 521.2 | 496.1 | 289.1 |
| Finance costs | -19.4 | -10.6 | 9.8 | 53.2 | 24.9 |
| Investment income | 92.1 | 6.9 | -0.6 | 146.4 | 59.0 |
| Operating profit | 3,447.9 | 5,947.6 | 3,081.4 | 1,141.4 | 267.7 |
| Profit before tax | 3,419.1 | 5,955.0 | 3,070.3 | 1,132.3 | 253.8 |
| Net profit | 3,079.2 | 5,313.0 | 2,664.5 | 859.0 | 183.8 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.29x | 1.38x | 1.74x | 2.06x | 1.98x |
| Quick ratio | 0.58x | 0.59x | 0.85x | 1.19x | 1.19x |
| Debt-to-asset ratio | 61.2% | 56.1% | 43.2% | 33.7% | 36.4% |
| Total debt / EBITDA | 0.30x | 0.28x | 0.60x | 1.24x | 1.95x |
| EBITDA interest coverage | 189.98x | 602.48x | 365.74x | 32.59x | 33.20x |
| Gross margin | 39.6% | 41.7% | 33.4% | 28.9% | 30.4% |
| Net margin | 28.9% | 29.5% | 15.2% | 7.6% | 5.3% |
| Return on equity (ROE) | 27.5% | 32.9% | 14.9% | 4.7% | 1.0% |
| Revenue growth | — | 69.0% | -2.3% | -35.4% | -69.6% |
| Net profit growth | — | 72.5% | -49.8% | -67.8% | -78.6% |
| Receivable days | 87 | 46 | 67 | 84 | 328 |
| Cash received / revenue | 77.7% | 66.2% | 51.1% | 48.4% | 122.7% |
| Operating CF / net profit | 0.43x | 0.58x | 0.67x | 0.86x | 7.43x |
| Free cash flow | 24.1 | 1,053.7 | 428.7 | -134.9 | 2,016.3 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.34 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 313.0 vs 496.3 CNY mn (deviation 36.94%, severity mid)
Sources: 2023年年度报告.pdf p.84 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.76 「货币资金」. CF-statement figure below the balance-sheet movement by 183.3 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: -1,057.4 vs -1,218.3 CNY mn (deviation 13.21%, severity mid)
Sources: 2024年年度报告.pdf p.82 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.74 「货币资金」. CF-statement figure above the balance-sheet movement by 160.9 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: -496.2 vs -457.2 CNY mn (deviation 7.85%, severity mid)
Sources: 2025年年度报告.pdf p.76 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.68 「货币资金」. CF-statement figure below the balance-sheet movement by 39.0 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: 1,536.5 vs 1,736.9 CNY mn (deviation 11.54%, severity mid)
Sources: 2026年半年度报告.pdf p.63 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf 「货币资金」. CF-statement figure below the balance-sheet movement by 200.4 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 | 2,330.0 | 2025年年度报告.pdf | 68 | 货币资金 | 2329955649.22 (元) |
| Total assets | 2025 | 27,756.2 | 2025年年度报告.pdf | 69 | 资产总计 | 27756229482.77 (元) |
| Accounts receivable | 2025 | 2,599.7 | 2025年年度报告.pdf | 68 | 应收账款 | 2599686689.9 (元) |
| Fixed assets | 2025 | 7,019.2 | 2025年年度报告.pdf | 69 | 固定资产 | 7019164055.99 (元) |
| Short-term borrowings | 2025 | 753.0 | 2025年年度报告.pdf | 69 | 短期借款 | 752991135.84 (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.