Credit Brief — Kunlun Tech Co., Ltd. (昆仑万维)
300418.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: 方汉
- Registered address: 北京市东城区西总布胡同46 号1 幢3 层320
- Office address: 北京市东城区西总布胡同46 号明阳国际中心B 座
- Controlling shareholder: 自然人周亚辉
- Actual controller: 自然人周亚辉
- Employees: 2,394
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 | 1,000.5 | 1,112.5 | 1,543.3 | 1,788.8 | 2,720.2 |
| Trading financial assets | 1,501.3 | 1,559.5 | 2,204.0 | 1,611.4 | 735.6 |
| Accounts receivable | 785.2 | 680.7 | 864.7 | 1,150.3 | 1,228.2 |
| Other receivables | 89.6 | 306.8 | 67.5 | 37.1 | 37.3 |
| Inventories | 0.0 | 0.0 | 0.3 | 15.3 | 25.8 |
| Long-term equity investments | 1,028.7 | 1,222.8 | 1,317.9 | 1,109.4 | 3,132.9 |
| Fixed assets | 65.2 | 259.7 | 367.7 | 349.6 | 282.3 |
| Construction in progress | 0.0 | — | 0.0 | 0.0 | 0.0 |
| Intangible assets | 700.2 | 787.7 | 810.2 | 785.6 | 813.7 |
| Total assets | 17,560.8 | 21,485.0 | 20,676.4 | 20,233.9 | 21,915.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 618.3 | 468.3 | 410.3 | 613.0 | 655.0 |
| Notes payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts payable | 1,607.2 | 1,212.9 | 1,374.5 | 1,274.7 | 1,995.1 |
| Contract liabilities | 139.5 | 176.2 | 120.5 | 224.1 | 402.2 |
| Other payables | 105.0 | 752.1 | 685.3 | 815.3 | 658.5 |
| Current portion of non-current liabilities | 61.0 | 145.4 | 105.1 | 76.7 | 78.5 |
| Long-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Bonds payable | 0.0 | 0.0 | 201.5 | 618.6 | 633.5 |
| Total liabilities | 3,017.7 | 3,585.8 | 3,692.6 | 4,589.2 | 5,178.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,185.9 | 1,215.0 | 1,231.5 | 1,255.4 | 1,285.0 |
| Capital reserve | 1,460.2 | 2,492.0 | 3,041.8 | 3,730.6 | 4,526.7 |
| Retained earnings | 10,477.6 | 11,637.5 | 9,959.5 | 8,150.7 | 9,238.7 |
| Equity attributable to owners of the parent | 12,697.6 | 15,174.3 | 14,268.6 | 13,185.2 | 14,800.9 |
| Minority interests | 1,845.4 | 2,724.8 | 2,715.2 | 2,459.6 | 1,936.1 |
| Total equity | 14,543.0 | 17,899.2 | 16,983.7 | 15,644.8 | 16,737.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 4,736.4 | 4,915.3 | 5,662.5 | 8,198.1 | 5,359.2 |
| Cost of sales | 1,001.8 | 1,040.1 | 1,497.0 | 2,573.6 | 1,844.9 |
| Selling expenses | 1,566.4 | 1,619.8 | 2,303.8 | 4,182.1 | 3,339.8 |
| Administrative expenses | 628.1 | 861.0 | 924.0 | 1,264.1 | 640.9 |
| Finance costs | 10.3 | 34.9 | 65.1 | 81.1 | 69.0 |
| Investment income | 141.1 | 255.3 | 9.3 | -99.5 | 1,601.3 |
| Operating profit | 1,400.7 | 1,927.7 | -1,816.4 | -1,769.9 | 783.2 |
| Profit before tax | 1,387.8 | 1,879.3 | -1,819.5 | -1,823.7 | 781.8 |
| Net profit | 1,234.0 | 1,533.0 | -1,947.0 | -2,117.5 | 675.5 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.25x | 1.25x | 1.61x | 1.42x | 1.22x |
| Quick ratio | 1.25x | 1.25x | 1.61x | 1.41x | 1.22x |
| Debt-to-asset ratio | 17.2% | 16.7% | 17.9% | 22.7% | 23.6% |
| Total debt / EBITDA | 0.47x | 0.31x | -0.42x | -0.79x | 1.47x |
| EBITDA interest coverage | 139.13x | 56.56x | -25.93x | -20.35x | 13.45x |
| Gross margin | 78.8% | 78.8% | 73.6% | 68.6% | 65.6% |
| Net margin | 26.1% | 31.2% | -34.4% | -25.8% | 12.6% |
| Return on equity (ROE) | 8.5% | 8.6% | -11.5% | -13.5% | 4.0% |
| Revenue growth | — | 3.8% | 15.2% | 44.8% | -34.6% |
| Net profit growth | — | 24.2% | -227.0% | -8.8% | 131.9% |
| Receivable days | 61 | 51 | 56 | 51 | 84 |
| Cash received / revenue | 93.4% | 97.8% | 92.7% | 89.6% | 89.8% |
| Operating CF / net profit | 0.67x | 0.58x | -0.15x | 0.35x | -0.69x |
| Free cash flow | 794.1 | 500.3 | 673.6 | -1,082.1 | -824.5 |
Mechanical risk flags
- ⚠ Current ratio: 1.42 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.23 (level: high, reference threshold: <0.65)
- ⚠ EBITDA interest coverage: -20.35 (level: high, reference threshold: <2.0)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 156.8 vs 112.0 CNY mn (deviation 28.57%, severity mid)
Sources: 2023年年度报告.pdf p.111 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.102 「货币资金」. CF-statement figure above the balance-sheet movement by 44.8 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: 431.0 vs 430.9 CNY mn (deviation 0.03%, severity low)
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 above the balance-sheet movement by 0.1 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: 234.2 vs 245.4 CNY mn (deviation 4.58%, severity mid)
Sources: 2025年年度报告.pdf p.117 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.109 「货币资金」. CF-statement figure below the balance-sheet movement by 11.2 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: 875.5 vs 931.4 CNY mn (deviation 6.01%, severity mid)
Sources: 2026年半年度报告.pdf p.74 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.63 「货币资金」. CF-statement figure below the balance-sheet movement by 56.0 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 | 1,788.8 | 2025年年度报告.pdf | 109 | 货币资金 | 1788797626.91 (元) |
| Total assets | 2025 | 20,233.9 | 2025年年度报告.pdf | 110 | 资产总计 | 20233944014.56 (元) |
| Accounts receivable | 2025 | 1,150.3 | 2025年年度报告.pdf | 109 | 应收账款 | 1150267768.69 (元) |
| Fixed assets | 2025 | 349.6 | 2025年年度报告.pdf | 109 | 固定资产 | 349632003.1 (元) |
| Short-term borrowings | 2025 | 613.0 | 2025年年度报告.pdf | 110 | 短期借款 | 613033710.04 (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.