Credit Brief — Wuxi Lead Intelligent Equipment CO.,LTD. (先导智能)
300450.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: 王燕清
- Registered address: 江苏省无锡市新吴区新锡路 20 号（经营场所：无锡市新吴区新洲路 18 号）
- Office address: 无锡市新吴区新洲路 18 号
- Controlling shareholder: 拉萨欣导创业投资有限公司
- Actual controller: 王燕清
- Employees: 15,173
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 | 6,168.9 | 3,668.8 | 4,229.6 | 6,056.7 | 12,967.4 |
| Trading financial assets | 301.1 | 60.0 | 432.3 | 1,572.2 | 2,164.7 |
| Accounts receivable | 6,446.3 | 9,748.8 | 8,626.1 | 6,710.5 | 7,822.9 |
| Other receivables | 99.2 | 102.5 | 98.5 | 93.8 | 74.0 |
| Inventories | 12,405.4 | 13,207.0 | 13,580.0 | 14,956.7 | 16,873.3 |
| Long-term equity investments | 1,634.8 | 1,743.1 | 1,771.4 | 1,863.5 | 1,816.3 |
| Fixed assets | 1,041.0 | 1,103.0 | 1,967.7 | 2,461.3 | 2,407.8 |
| Construction in progress | 178.1 | 439.3 | 423.9 | 129.8 | 119.7 |
| Intangible assets | 524.2 | 602.1 | 622.5 | 577.8 | 537.0 |
| Total assets | 32,977.1 | 35,293.3 | 36,182.6 | 39,072.7 | 49,830.0 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | — | 184.2 | 1,666.6 | 328.0 | 61.6 |
| Notes payable | 5,697.8 | 4,959.3 | 3,176.1 | 3,661.5 | 3,632.6 |
| Accounts payable | 4,247.2 | 3,999.6 | 3,770.2 | 4,470.3 | 6,480.2 |
| Contract liabilities | 10,131.5 | 12,572.7 | 11,597.0 | 12,873.3 | 17,403.1 |
| Other payables | 178.2 | 209.3 | 187.3 | 179.7 | 161.5 |
| Current portion of non-current liabilities | 107.1 | 130.7 | 240.5 | 1,049.1 | 2,193.4 |
| Long-term borrowings | 0.0 | 0.0 | 2,476.6 | 1,816.6 | 749.7 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 21,851.9 | 23,445.9 | 24,603.2 | 25,952.8 | 31,887.2 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,566.2 | 1,566.2 | 1,566.2 | 1,566.2 | 1,674.2 |
| Capital reserve | 3,982.9 | 4,130.3 | 4,133.3 | 4,181.5 | 8,453.2 |
| Retained earnings | 4,906.2 | 5,721.8 | 5,474.6 | 6,951.3 | 7,430.1 |
| Equity attributable to owners of the parent | 11,125.2 | 11,848.3 | 11,597.5 | 13,139.9 | 17,989.1 |
| Minority interests | — | -0.9 | -18.1 | -20.0 | -46.2 |
| Total equity | 11,125.2 | 11,847.5 | 11,579.4 | 13,119.9 | 17,942.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 13,932.4 | 16,628.4 | 11,855.1 | 14,443.1 | 8,189.0 |
| Cost of sales | 8,673.4 | 10,709.0 | 7,708.2 | 9,630.4 | 5,572.6 |
| Selling expenses | 410.8 | 451.0 | 362.4 | 353.5 | 159.2 |
| Administrative expenses | 719.0 | 1,004.7 | 1,085.8 | 1,063.8 | 555.2 |
| Finance costs | -65.7 | -39.4 | -12.2 | 63.4 | 131.6 |
| Investment income | 39.0 | -7.3 | -17.0 | -4.1 | 22.5 |
| Operating profit | 2,520.4 | 1,882.5 | 207.1 | 1,683.1 | 996.0 |
| Profit before tax | 2,540.9 | 1,910.7 | 112.3 | 1,688.8 | 1,000.5 |
| Net profit | 2,318.1 | 1,770.8 | 268.0 | 1,559.8 | 926.8 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.35x | 1.33x | 1.41x | 1.41x | 1.44x |
| Quick ratio | 0.77x | 0.76x | 0.78x | 0.77x | 0.89x |
| Debt-to-asset ratio | 66.3% | 66.4% | 68.0% | 66.4% | 64.0% |
| Total debt / EBITDA | 0.04x | 0.15x | 13.21x | 1.60x | 2.19x |
| EBITDA interest coverage | 42.09x | 53.75x | 27.09x | 31.53x | 10.42x |
| Gross margin | 37.7% | 35.6% | 35.0% | 33.3% | 32.0% |
| Net margin | 16.6% | 10.6% | 2.3% | 10.8% | 11.3% |
| Return on equity (ROE) | 20.8% | 14.9% | 2.3% | 11.9% | 5.2% |
| Revenue growth | — | 19.4% | -28.7% | 21.8% | -43.3% |
| Net profit growth | — | -23.6% | -84.9% | 482.0% | -40.6% |
| Receivable days | 169 | 214 | 266 | 170 | 349 |
| Cash received / revenue | 119.4% | 93.0% | 95.9% | 121.2% | 141.4% |
| Operating CF / net profit | 0.73x | -0.49x | -5.85x | 3.18x | 4.41x |
| Free cash flow | 2,924.3 | -1,140.5 | -2,450.5 | 3,567.0 | 4,407.7 |
Mechanical risk flags
- ⚠ Current ratio: 1.41 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.77 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.66 (level: medium, reference threshold: <0.75)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -2,186.0 vs -2,500.2 CNY mn (deviation 12.57%, severity mid)
Sources: 2023年年度报告.pdf p.100 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.91 「货币资金」. CF-statement figure above the balance-sheet movement by 314.2 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: 1,075.7 vs 560.9 CNY mn (deviation 47.86%, severity mid)
Sources: 2024年年度报告.pdf p.100 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.91 「货币资金」. CF-statement figure above the balance-sheet movement by 514.8 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: 1,632.8 vs 1,827.1 CNY mn (deviation 10.63%, severity mid)
Sources: 2025年年度报告.pdf p.97 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.88 「货币资金」. CF-statement figure below the balance-sheet movement by 194.3 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: 6,846.6 vs 6,910.7 CNY mn (deviation 0.93%, severity low)
Sources: 2026年半年度报告.pdf p.61 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.52 「货币资金」. CF-statement figure below the balance-sheet movement by 64.1 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 | 6,056.7 | 2025年年度报告.pdf | 88 | 货币资金 | 6056690965.11 (元) |
| Total assets | 2025 | 39,072.7 | 2025年年度报告.pdf | 89 | 资产总计 | 39072737729.92 (元) |
| Accounts receivable | 2025 | 6,710.5 | 2025年年度报告.pdf | 88 | 应收账款 | 6710470653.7 (元) |
| Fixed assets | 2025 | 2,461.3 | 2025年年度报告.pdf | 89 | 固定资产 | 2461267099.46 (元) |
| Short-term borrowings | 2025 | 328.0 | 2025年年度报告.pdf | 89 | 短期借款 | 328005334.75 (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.