Credit Brief — WENS FOODSTUFF GROUP CO.,LTD. (温氏股份)
300498.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: 温志芬
- Registered address: 云浮市新兴县新城镇东堤北路 9 号
- Office address: 云浮市新兴县新城镇东堤北路 9 号
- Actual controller: 前提
- Employees: 49,876
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 | 4,265.5 | 4,266.0 | 4,460.2 | 1,013.5 | 3,675.5 |
| Trading financial assets | 3,209.2 | 2,216.9 | 2,083.1 | 849.7 | 1,049.8 |
| Accounts receivable | 538.0 | 521.3 | 551.6 | 1,077.1 | 951.6 |
| Other receivables | 2,502.1 | 1,736.7 | 1,359.7 | 1,297.6 | 1,316.9 |
| Inventories | 20,388.3 | 20,335.7 | 19,401.1 | 20,770.2 | 21,043.3 |
| Long-term equity investments | 934.0 | 1,358.8 | 1,421.9 | 2,218.5 | 2,756.4 |
| Fixed assets | 35,076.8 | 34,372.4 | 35,217.5 | 36,748.9 | 36,040.2 |
| Construction in progress | 3,833.8 | 3,500.7 | 2,522.1 | 1,953.0 | 2,847.8 |
| Intangible assets | 1,648.2 | 1,512.1 | 1,430.1 | 1,397.4 | 1,381.9 |
| Total assets | 98,087.4 | 92,895.1 | 93,857.5 | 89,507.6 | 93,619.9 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,088.7 | 2,474.5 | 1,432.0 | 74.6 | 4,564.5 |
| Notes payable | 1,752.7 | 3,633.8 | 348.5 | 447.1 | 1,551.8 |
| Accounts payable | 5,802.4 | 7,392.9 | 8,535.6 | 9,324.1 | 9,551.1 |
| Contract liabilities | 334.8 | 371.4 | 369.7 | 371.9 | 490.3 |
| Other payables | 8,301.3 | 9,757.8 | 10,909.9 | 11,462.5 | 12,061.4 |
| Current portion of non-current liabilities | 5,952.0 | 6,535.5 | 5,621.6 | 4,015.4 | 10,055.2 |
| Long-term borrowings | 10,153.0 | 7,597.1 | 4,511.4 | 880.4 | 7,553.9 |
| Bonds payable | 12,402.8 | 9,948.8 | 8,610.8 | 8,736.1 | 764.2 |
| Total liabilities | 55,172.2 | 57,048.1 | 49,880.1 | 44,590.6 | 55,178.5 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 6,554.1 | 6,652.0 | 6,653.9 | 6,653.9 | 6,653.9 |
| Capital reserve | 8,312.0 | 9,824.1 | 10,060.8 | 8,983.4 | 8,630.5 |
| Retained earnings | 20,904.0 | 13,025.8 | 20,571.3 | 22,238.2 | 16,546.5 |
| Equity attributable to owners of the parent | 39,703.3 | 33,060.6 | 40,952.3 | 42,075.8 | 35,806.3 |
| Minority interests | 3,211.9 | 2,786.4 | 3,025.0 | 2,841.2 | 2,635.1 |
| Total equity | 42,915.2 | 35,847.0 | 43,977.4 | 44,917.0 | 38,441.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 83,725.1 | 89,921.1 | 104,924.4 | 103,862.2 | 46,765.0 |
| Cost of sales | 70,696.9 | 89,146.8 | 86,715.1 | 92,213.3 | 48,111.0 |
| Selling expenses | 812.3 | 906.8 | 918.1 | 969.6 | 501.4 |
| Administrative expenses | 4,373.5 | 4,412.7 | 5,077.7 | 3,648.8 | 1,379.1 |
| Finance costs | 1,816.1 | 1,212.9 | 1,034.8 | 706.9 | 378.1 |
| Investment income | 1,473.1 | 857.2 | -49.7 | 203.5 | 120.2 |
| Operating profit | 6,118.0 | -6,137.1 | 9,959.8 | 5,831.4 | -4,315.0 |
| Profit before tax | 5,815.0 | -6,370.7 | 9,572.3 | 5,597.8 | -4,338.9 |
| Net profit | 5,641.4 | -6,388.9 | 9,611.0 | 5,475.0 | -4,397.7 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.47x | 1.07x | 1.22x | 1.06x | 0.83x |
| Quick ratio | 0.65x | 0.42x | 0.55x | 0.30x | 0.29x |
| Debt-to-asset ratio | 56.2% | 61.4% | 53.1% | 49.8% | 58.9% |
| Total debt / EBITDA | 3.54x | -6.83x | 1.67x | 1.66x | -13.13x |
| EBITDA interest coverage | 4809.90x | -18563.29x | 46885.30x | 11785.44x | -5283.03x |
| Gross margin | 15.6% | 0.9% | 17.4% | 11.2% | -2.9% |
| Net margin | 6.7% | -7.1% | 9.2% | 5.3% | -9.4% |
| Return on equity (ROE) | 13.1% | -17.8% | 21.9% | 12.2% | -11.4% |
| Revenue growth | — | 7.4% | 16.7% | -1.0% | -55.0% |
| Net profit growth | — | -213.2% | 250.4% | -43.0% | -180.3% |
| Receivable days | 2 | 2 | 2 | 4 | 7 |
| Cash received / revenue | 97.5% | 97.5% | 97.7% | 97.7% | 97.1% |
| Operating CF / net profit | 1.96x | -1.19x | 2.04x | 2.16x | -0.10x |
| Free cash flow | 5,311.7 | 4,279.3 | 12,039.9 | 8,627.0 | -2,250.9 |
Mechanical risk flags
- ⚠ Current ratio: 1.06 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.30 (level: high, reference threshold: <0.5)
- ⚠ Debt-to-asset ratio: 0.50 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.11 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -293.7 vs 0.5 CNY mn (deviation 100.17%, severity mid)
Sources: 2023年年度报告.pdf p.192 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.183 「货币资金」. CF-statement figure below the balance-sheet movement by 294.2 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: 1,662.1 vs 194.2 CNY mn (deviation 88.32%, severity mid)
Sources: 2024年年度报告.pdf p.184 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.173 「货币资金」. CF-statement figure above the balance-sheet movement by 1,467.9 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: -4,857.8 vs -3,446.7 CNY mn (deviation 29.05%, severity mid)
Sources: 2025年年度报告.pdf p.163 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.151 「货币资金」. CF-statement figure below the balance-sheet movement by 1,411.1 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: 2,871.8 vs 2,662.0 CNY mn (deviation 7.3%, severity mid)
Sources: 2026年半年度报告.pdf p.118 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.109 「货币资金」. CF-statement figure above the balance-sheet movement by 209.8 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 | 1,013.5 | 2025年年度报告.pdf | 151 | 货币资金 | 1013474627.88 (元) |
| Total assets | 2025 | 89,507.6 | 2025年年度报告.pdf | 152 | 资产总计 | 89507573237.28 (元) |
| Accounts receivable | 2025 | 1,077.1 | 2025年年度报告.pdf | 151 | 应收账款 | 1077143653.97 (元) |
| Fixed assets | 2025 | 36,748.9 | 2025年年度报告.pdf | 152 | 固定资产 | 36748928520.78 (元) |
| Short-term borrowings | 2025 | 74.6 | 2025年年度报告.pdf | 152 | 短期借款 | 74555201.61 (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.