Credit Brief — CHAOZHOU THREE-CIRCLE (GROUP) CO.,LTD. (三环集团)
300408.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: 马艳红
- Registered address: 广东省潮州市凤塘三环工业城内综合楼
- Office address: 广东省潮州市凤塘三环工业城内综合楼
- Controlling shareholder: 潮州市三江投资有限公司
- Actual controller: 张万镇
- Employees: 17,352
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 | 4,509.4 | 2,841.6 | 1,477.2 | 3,057.8 | 3,825.5 |
| Trading financial assets | 4,255.0 | 3,846.7 | 0.0 | 3,758.5 | 3,256.6 |
| Accounts receivable | 1,197.6 | 1,626.6 | 172.5 | 2,159.4 | 3,027.7 |
| Other receivables | 83.7 | 44.2 | 0.0 | 18.4 | 17.1 |
| Inventories | 1,885.9 | 1,753.6 | 0.0 | 2,391.7 | 2,811.0 |
| Long-term equity investments | 1,015.1 | 1,034.3 | 3.0 | 1,044.8 | 1,048.2 |
| Fixed assets | 5,190.6 | 5,102.7 | 593.7 | 6,189.5 | 6,088.7 |
| Construction in progress | 690.5 | 681.2 | 0.0 | 400.2 | 848.4 |
| Intangible assets | 363.6 | 452.5 | 0.0 | 445.4 | 435.7 |
| Total assets | 19,593.4 | 21,827.0 | 474.8 | 26,506.1 | 28,438.1 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 151.8 | 740.5 | 0.0 | 539.4 | 739.9 |
| Notes payable | 27.9 | 242.5 | 773.8 | 1,119.2 | 1,488.0 |
| Accounts payable | 607.2 | 738.2 | 0.0 | 808.8 | 1,264.2 |
| Contract liabilities | 18.6 | 22.6 | 0.0 | 23.9 | 78.4 |
| Other payables | 54.7 | 58.1 | 0.0 | 114.3 | 183.2 |
| Current portion of non-current liabilities | 33.6 | 4.7 | 203.8 | 3.3 | 4.8 |
| Long-term borrowings | 0.0 | 0.0 | 0.0 | 24.9 | 24.9 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 2,490.0 | 3,587.9 | — | 4,843.0 | 5,789.5 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,916.5 | 1,916.5 | 1,916.5 | 1,916.5 | 1,916.5 |
| Capital reserve | 6,218.2 | 6,218.2 | 6,218.2 | 6,218.2 | 6,218.2 |
| Retained earnings | 7,886.6 | 8,988.4 | 10,642.2 | 12,534.3 | 13,606.3 |
| Equity attributable to owners of the parent | 17,099.7 | 18,233.2 | 19,866.1 | 21,658.8 | 22,644.4 |
| Minority interests | 3.7 | 5.9 | 5.7 | 4.3 | 4.2 |
| Total equity | 17,103.4 | 18,239.1 | 19,871.8 | 21,663.0 | 22,648.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 5,149.4 | 5,726.7 | 7,375.0 | 9,007.2 | 6,423.3 |
| Cost of sales | 2,878.3 | 3,445.5 | 30.2 | 5,211.8 | 3,576.5 |
| Selling expenses | 57.3 | 74.3 | 409.8 | 93.2 | 44.8 |
| Administrative expenses | 479.3 | 429.4 | 583.1 | 481.0 | 254.9 |
| Finance costs | -174.3 | -161.5 | 27.7 | -127.8 | -41.9 |
| Investment income | 97.7 | 56.5 | 17.1 | 41.7 | 11.3 |
| Operating profit | 1,661.4 | 1,777.6 | 2,522.7 | 3,008.5 | 2,226.8 |
| Profit before tax | 1,666.3 | 1,782.8 | 2,518.9 | 3,008.2 | 2,223.9 |
| Net profit | 1,506.1 | 1,583.2 | 2,190.2 | 2,617.0 | 1,932.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 8.64x | 4.70x | — | 3.76x | 3.32x |
| Quick ratio | 7.37x | 3.97x | — | 3.07x | 2.69x |
| Debt-to-asset ratio | 12.7% | 16.4% | — | 18.3% | 20.4% |
| Total debt / EBITDA | 0.08x | 0.30x | 0.08x | 0.15x | 0.27x |
| EBITDA interest coverage | 13.64x | 15.47x | 92.58x | 29.65x | 67.10x |
| Gross margin | 44.1% | 39.8% | 99.6% | 42.1% | 44.3% |
| Net margin | 29.2% | 27.6% | 29.7% | 29.1% | 30.1% |
| Return on equity (ROE) | 8.8% | 8.7% | 11.0% | 12.1% | 8.5% |
| Revenue growth | — | 11.2% | 28.8% | 22.1% | -28.7% |
| Net profit growth | — | 5.1% | 38.3% | 19.5% | -26.2% |
| Receivable days | 85 | 104 | 9 | 88 | 172 |
| Cash received / revenue | 100.0% | 88.2% | 89.7% | 91.5% | 84.3% |
| Operating CF / net profit | 1.38x | 1.09x | 1.10x | 1.10x | 0.67x |
| Free cash flow | 859.9 | -311.7 | 1,567.8 | 2,086.2 | 1,336.8 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.18 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -1,894.6 vs -1,667.8 CNY mn (deviation 11.97%, severity mid)
Sources: 2023年年度报告.pdf p.81 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.72 「货币资金」. CF-statement figure below the balance-sheet movement by 226.8 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: -156.8 vs -1,364.4 CNY mn (deviation 88.51%, severity mid)
Sources: 2024年年度报告.pdf p.86 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.77 「货币资金」. CF-statement figure above the balance-sheet movement by 1,207.6 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: 1,145.1 vs 1,580.6 CNY mn (deviation 27.55%, severity mid)
Sources: 2025年年度报告.pdf p.74 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.65 「货币资金」. CF-statement figure below the balance-sheet movement by 435.4 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: 795.1 vs 767.8 CNY mn (deviation 3.44%, severity mid)
Sources: 2026年半年度报告.pdf p.43 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.34 「货币资金」. CF-statement figure above the balance-sheet movement by 27.3 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 | 3,057.8 | 2025年年度报告.pdf | 65 | 货币资金 | 3057778568.16 (元) |
| Total assets | 2025 | 26,506.1 | 2025年年度报告.pdf | 66 | 资产总计 | 26506087917.56 (元) |
| Accounts receivable | 2025 | 2,159.4 | 2025年年度报告.pdf | 65 | 应收账款 | 2159447994.75 (元) |
| Fixed assets | 2025 | 6,189.5 | 2025年年度报告.pdf | 66 | 固定资产 | 6189540649.28 (元) |
| Short-term borrowings | 2025 | 539.4 | 2025年年度报告.pdf | 66 | 短期借款 | 539417815.81 (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.