Credit Brief — Yealink（Xiamen）Network Technology Co.,Ltd (亿联网络)
300628.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: 陈智松
- Registered address: 厦门市湖里区护安路 666 号
- Office address: 厦门市湖里区护安路 666 号
- Controlling shareholder: 陈智松、吴仲毅、卢荣富、周继伟
- Actual controller: 陈智松、吴仲毅、卢荣富、周继伟
- 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 | 431.2 | 403.3 | 501.0 | 887.1 | 1,012.9 |
| Trading financial assets | 5,104.6 | 5,063.1 | 5,707.0 | 4,929.2 | 4,023.8 |
| Accounts receivable | 834.0 | 824.2 | 921.7 | 1,546.7 | 1,405.7 |
| Other receivables | 9.9 | 13.4 | 9.9 | 9.1 | 15.2 |
| Inventories | 563.7 | 726.7 | 813.2 | 1,462.9 | 1,900.7 |
| Long-term equity investments | 144.9 | 144.5 | 181.7 | 179.5 | 172.2 |
| Fixed assets | 426.2 | 1,109.9 | 1,076.5 | 1,053.7 | 1,033.0 |
| Construction in progress | 631.0 | 8.2 | 0.0 | 1.7 | 0.1 |
| Intangible assets | 274.3 | 274.8 | 258.3 | 250.7 | 246.8 |
| Total assets | 8,604.5 | 8,885.2 | 9,774.5 | 10,695.4 | 10,201.0 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Notes payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts payable | 430.8 | 519.2 | 469.7 | 955.3 | 761.3 |
| Contract liabilities | 11.1 | 24.7 | 38.6 | 30.5 | 37.5 |
| Other payables | 67.7 | 25.7 | 44.0 | 64.2 | 55.9 |
| Current portion of non-current liabilities | 8.7 | 3.1 | 4.6 | 4.7 | 3.5 |
| Long-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 713.6 | 759.5 | 826.8 | 1,367.7 | 992.5 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 901.6 | 1,263.8 | 1,263.8 | 1,266.7 | 1,266.9 |
| Capital reserve | 1,127.8 | 854.3 | 922.0 | 974.3 | 979.4 |
| Retained earnings | 5,472.3 | 5,499.5 | 6,253.6 | 6,578.2 | 6,455.5 |
| Equity attributable to owners of the parent | 7,890.9 | 8,125.7 | 8,947.7 | 9,327.7 | 9,208.5 |
| Minority interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total equity | 7,890.9 | 8,125.7 | 8,947.7 | 9,327.7 | 9,208.5 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 4,810.6 | 4,348.0 | 5,621.3 | 6,033.2 | 3,349.3 |
| Cost of sales | 1,779.4 | 1,490.5 | 1,942.4 | 2,213.0 | 1,176.2 |
| Selling expenses | 255.6 | 275.8 | 291.4 | 358.1 | 177.7 |
| Administrative expenses | 111.6 | 132.9 | 156.3 | 179.5 | 79.7 |
| Finance costs | -123.5 | -35.8 | -67.2 | -8.2 | 60.9 |
| Investment income | 141.7 | 159.1 | 155.1 | 155.6 | 66.8 |
| Operating profit | 2,377.1 | 2,177.6 | 2,893.7 | 2,838.4 | 1,681.7 |
| Profit before tax | 2,375.6 | 2,180.3 | 2,895.1 | 2,838.3 | 1,681.5 |
| Net profit | 2,177.7 | 2,010.2 | 2,647.9 | 2,600.6 | 1,524.2 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 9.97x | 9.66x | 10.09x | 6.58x | 8.63x |
| Quick ratio | 9.17x | 8.67x | 9.07x | 5.50x | 6.69x |
| Debt-to-asset ratio | 8.3% | 8.5% | 8.5% | 12.8% | 9.7% |
| Total debt / EBITDA | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| EBITDA interest coverage | 20.61x | 64.62x | 45.49x | 361.06x | 30.12x |
| Gross margin | 63.0% | 65.7% | 65.4% | 63.3% | 64.9% |
| Net margin | 45.3% | 46.2% | 47.1% | 43.1% | 45.5% |
| Return on equity (ROE) | 27.6% | 24.7% | 29.6% | 27.9% | 16.6% |
| Revenue growth | — | -9.6% | 29.3% | 7.3% | -44.5% |
| Net profit growth | — | -7.7% | 31.7% | -1.8% | -41.4% |
| Receivable days | 63 | 69 | 60 | 94 | 153 |
| Cash received / revenue | 98.1% | 102.3% | 99.6% | 91.8% | 104.9% |
| Operating CF / net profit | 0.97x | 0.90x | 0.95x | 0.70x | 0.54x |
| Free cash flow | 879.7 | 1,916.8 | 2,026.4 | 2,658.0 | 1,696.9 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.13 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -22.3 vs -27.9 CNY mn (deviation 19.94%, severity mid)
Sources: 2023年年度报告.pdf p.104 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.95 「货币资金」. CF-statement figure above the balance-sheet movement by 5.6 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: 50.8 vs 97.7 CNY mn (deviation 48.03%, severity mid)
Sources: 2024年年度报告.pdf p.99 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.90 「货币资金」. CF-statement figure below the balance-sheet movement by 46.9 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: 384.3 vs 386.1 CNY mn (deviation 0.49%, severity low)
Sources: 2025年年度报告.pdf p.95 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.86 「货币资金」. CF-statement figure below the balance-sheet movement by 1.9 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: 125.6 vs 125.8 CNY mn (deviation 0.14%, severity low)
Sources: 2026年半年度报告.pdf p.53 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.44 「货币资金」. CF-statement figure below the balance-sheet movement by 0.2 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 | 887.1 | 2025年年度报告.pdf | 86 | 货币资金 | 887132389.67 (元) |
| Total assets | 2025 | 10,695.4 | 2025年年度报告.pdf | 87 | 资产总计 | 10695433077.25 (元) |
| Accounts receivable | 2025 | 1,546.7 | 2025年年度报告.pdf | 86 | 应收账款 | 1546655443.9 (元) |
| Fixed assets | 2025 | 1,053.7 | 2025年年度报告.pdf | 87 | 固定资产 | 1053652428.32 (元) |
| Short-term borrowings | 2025 | 0.0 | 2025年年度报告.pdf | 87 | 短期借款 | 0.0 (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.