Credit Brief — Suzhou TFC Optical Communication Co.,Ltd. (天孚通信)
300394.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: 邹支农
- Registered address: 苏州高新区长江路695 号
- Office address: 苏州高新区长江路695 号
- Controlling shareholder: 苏州天孚仁和投资管理有限公司
- Actual controller: 邹支农和欧洋夫妇
- Employees: 5,127
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 | 672.6 | 1,864.1 | 1,978.5 | 2,996.7 | 2,905.8 |
| Trading financial assets | 882.3 | 436.2 | 350.0 | 210.1 | 272.2 |
| Accounts receivable | 304.9 | 424.7 | 776.3 | 1,122.0 | 1,451.8 |
| Other receivables | 0.7 | 2.5 | 1.2 | 1.7 | 1.8 |
| Inventories | 186.4 | 255.6 | 350.1 | 457.2 | 928.8 |
| Long-term equity investments | 8.0 | 8.3 | 8.7 | 9.3 | 11.9 |
| Fixed assets | 592.1 | 616.5 | 804.2 | 1,115.2 | 1,273.3 |
| Construction in progress | 12.7 | 27.6 | 233.5 | 203.0 | 120.5 |
| Intangible assets | 50.4 | 49.1 | 81.8 | 89.8 | 115.7 |
| Total assets | 2,900.9 | 3,898.2 | 4,736.7 | 6,449.3 | 7,587.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 0.0 | 0.0 | 0.0 | — | 0.0 |
| Notes payable | 34.7 | 75.6 | 92.3 | 92.5 | 260.7 |
| Accounts payable | 81.1 | 201.3 | 231.2 | 402.6 | 720.8 |
| Contract liabilities | 34.2 | 83.7 | 184.0 | 160.6 | 112.1 |
| Other payables | 0.9 | 3.4 | 2.8 | 3.2 | 43.4 |
| Current portion of non-current liabilities | 3.1 | 1.6 | 41.5 | 1.7 | 1.7 |
| Long-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Bonds payable | 0.0 | — | 0.0 | 0.0 | 0.0 |
| Total liabilities | 263.9 | 535.0 | 750.7 | 936.6 | 1,332.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 394.0 | 394.9 | 554.0 | 777.4 | 1,090.8 |
| Capital reserve | 1,046.3 | 1,073.4 | 1,019.0 | 953.2 | 760.5 |
| Retained earnings | 1,065.4 | 1,544.8 | 2,071.8 | 3,272.4 | 3,931.3 |
| Equity attributable to owners of the parent | 2,625.8 | 3,192.5 | 3,979.6 | 5,506.0 | 6,248.6 |
| Minority interests | 11.2 | 170.7 | 6.4 | 6.7 | 6.6 |
| Total equity | 2,637.0 | 3,363.2 | 3,986.0 | 5,512.7 | 6,255.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 1,196.4 | 1,938.6 | 3,251.7 | 5,163.4 | 2,827.9 |
| Cost of sales | 578.8 | 885.9 | 1,391.2 | 2,377.1 | 1,106.6 |
| Selling expenses | 18.0 | 18.2 | 23.0 | 21.3 | 10.2 |
| Administrative expenses | 62.6 | 82.6 | 132.0 | 131.2 | 65.0 |
| Finance costs | -20.1 | -58.9 | -90.7 | -30.6 | 37.5 |
| Investment income | 26.6 | 15.6 | 7.5 | 9.7 | 1.0 |
| Operating profit | 450.6 | 862.1 | 1,535.6 | 2,351.9 | 1,380.5 |
| Profit before tax | 451.2 | 841.0 | 1,535.1 | 2,343.9 | 1,377.3 |
| Net profit | 404.9 | 729.9 | 1,342.9 | 2,017.7 | 1,204.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 9.30x | 6.04x | 4.85x | 5.33x | 4.37x |
| Quick ratio | 8.50x | 5.54x | 4.37x | 4.83x | 3.66x |
| Debt-to-asset ratio | 9.1% | 13.7% | 15.8% | 14.5% | 17.6% |
| Total debt / EBITDA | 0.01x | 0.00x | 0.02x | 0.00x | 0.00x |
| EBITDA interest coverage | 26.01x | 16.95x | 19.34x | 82.91x | 41.65x |
| Gross margin | 51.6% | 54.3% | 57.2% | 54.0% | 60.9% |
| Net margin | 33.8% | 37.6% | 41.3% | 39.1% | 42.6% |
| Return on equity (ROE) | 15.4% | 21.7% | 33.7% | 36.6% | 19.3% |
| Revenue growth | — | 62.0% | 67.7% | 58.8% | -45.2% |
| Net profit growth | — | 80.2% | 84.0% | 50.3% | -40.3% |
| Receivable days | 93 | 80 | 87 | 79 | 187 |
| Cash received / revenue | 108.5% | 103.9% | 97.4% | 97.8% | 94.2% |
| Operating CF / net profit | 1.15x | 1.24x | 0.94x | 0.93x | 0.83x |
| Free cash flow | 390.7 | 1,074.5 | 1,462.3 | 1,997.5 | 596.5 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.15 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,155.1 vs 1,191.5 CNY mn (deviation 3.06%, severity mid)
Sources: 2023年年度报告.pdf p.144 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.135 「货币资金」. CF-statement figure below the balance-sheet movement by 36.4 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: 150.8 vs 114.4 CNY mn (deviation 24.14%, severity mid)
Sources: 2024年年度报告.pdf p.128 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.119 「货币资金」. CF-statement figure above the balance-sheet movement by 36.4 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: 885.3 vs 1,018.2 CNY mn (deviation 13.05%, severity mid)
Sources: 2025年年度报告.pdf p.142 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.133 「货币资金」. CF-statement figure below the balance-sheet movement by 132.9 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: -231.1 vs -90.9 CNY mn (deviation 60.68%, severity mid)
Sources: 2026年半年度报告.pdf p.65 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.56 「货币资金」. CF-statement figure below the balance-sheet movement by 140.3 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 | 2,996.7 | 2025年年度报告.pdf | 133 | 货币资金 | 2996657642.69 (元) |
| Total assets | 2025 | 6,449.3 | 2025年年度报告.pdf | 134 | 资产总计 | 6449302312.06 (元) |
| Accounts receivable | 2025 | 1,122.0 | 2025年年度报告.pdf | 133 | 应收账款 | 1121985328.51 (元) |
| Fixed assets | 2025 | 1,115.2 | 2025年年度报告.pdf | 133 | 固定资产 | 1115188623.61 (元) |
| Short-term borrowings | 2024 | 0.0 | 2024年年度报告.pdf | 120 | 短期借款 | 21380.01 (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.