Credit Brief — SG MICRO CORP (圣邦股份)
300661.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: 张世龙
- Registered address: 北京市海淀区西三环北路87 号11 层4-1106
- Office address: 北京市海淀区西三环北路87 号11 层4-1106
- Controlling shareholder: None (stated in the filed report)
- Actual controller: 重庆鸿顺祥泰企业管理有限公司、重庆宝利弘雅企业管理有限公司、弘威国际发展有限公司、张勤女士、林林先生构成的一致行动人
- Employees: 1,835
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 | 1,651.8 | 1,325.3 | 814.9 | 1,225.6 | 4,629.7 |
| Trading financial assets | 528.0 | 769.1 | 1,378.0 | 1,340.1 | 2,071.5 |
| Accounts receivable | 110.8 | 166.5 | 232.8 | 361.7 | 450.2 |
| Other receivables | 7.4 | 10.3 | 11.7 | 7.8 | 116.1 |
| Inventories | 701.9 | 901.4 | 1,164.8 | 1,448.2 | 1,677.1 |
| Long-term equity investments | 406.5 | 423.4 | 508.3 | 555.4 | 570.3 |
| Fixed assets | 237.7 | 345.6 | 546.5 | 539.3 | 641.0 |
| Construction in progress | 65.0 | 76.1 | 76.1 | 0.0 | 0.0 |
| Intangible assets | 42.0 | 46.3 | 65.1 | 98.0 | 98.9 |
| Total assets | 4,347.9 | 4,706.9 | 5,771.1 | 6,954.1 | 11,769.5 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 0.0 | 0.0 | 36.6 | 300.9 | 452.4 |
| Notes payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts payable | 286.9 | 264.1 | 316.0 | 400.9 | 477.2 |
| Contract liabilities | 19.6 | 14.9 | 18.3 | 18.4 | 24.4 |
| Other payables | 59.1 | 53.7 | 103.9 | 50.9 | 81.5 |
| Current portion of non-current liabilities | 21.0 | 17.9 | 19.6 | 41.6 | 69.1 |
| Long-term borrowings | 0.0 | 0.0 | 34.1 | 67.2 | 34.9 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 897.3 | 863.0 | 1,171.9 | 1,627.0 | 1,958.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 358.1 | 469.5 | 473.4 | 620.1 | 676.9 |
| Capital reserve | 998.4 | 1,093.9 | 1,390.6 | 1,486.9 | 5,627.2 |
| Retained earnings | 1,910.0 | 2,052.1 | 2,478.4 | 2,875.6 | 3,171.8 |
| Equity attributable to owners of the parent | 3,466.5 | 3,850.5 | 4,609.2 | 5,294.4 | 9,773.9 |
| Minority interests | -15.8 | -6.7 | -10.0 | 32.7 | 36.7 |
| Total equity | 3,450.7 | 3,843.8 | 4,599.3 | 5,327.1 | 9,810.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 3,187.5 | 2,615.7 | 3,347.0 | 3,898.1 | 2,595.4 |
| Cost of sales | 1,307.4 | 1,318.2 | 1,624.5 | 1,912.3 | 1,250.0 |
| Selling expenses | 168.5 | 198.6 | 234.2 | 258.4 | 167.4 |
| Administrative expenses | 76.3 | 91.0 | 105.5 | 125.3 | 73.1 |
| Finance costs | -41.9 | -32.4 | -35.1 | -8.6 | 22.2 |
| Investment income | 32.6 | 10.2 | 31.2 | 26.2 | 16.8 |
| Operating profit | 921.3 | 239.0 | 485.1 | 550.4 | 439.0 |
| Profit before tax | 921.0 | 254.1 | 484.8 | 549.9 | 438.5 |
| Net profit | 858.2 | 269.9 | 491.2 | 534.4 | 421.7 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 4.42x | 5.25x | 4.25x | 3.73x | 6.07x |
| Quick ratio | 3.41x | 3.79x | 2.91x | 2.56x | 4.98x |
| Debt-to-asset ratio | 20.6% | 18.3% | 20.3% | 23.4% | 16.6% |
| Total debt / EBITDA | 0.02x | 0.05x | 0.15x | 0.65x | 1.06x |
| EBITDA interest coverage | 23.93x | 10.73x | 16.89x | 73.62x | 23.66x |
| Gross margin | 59.0% | 49.6% | 51.5% | 50.9% | 51.8% |
| Net margin | 26.9% | 10.3% | 14.7% | 13.7% | 16.2% |
| Return on equity (ROE) | 24.9% | 7.0% | 10.7% | 10.0% | 4.3% |
| Revenue growth | — | -17.9% | 28.0% | 16.5% | -33.4% |
| Net profit growth | — | -68.5% | 82.0% | 8.8% | -21.1% |
| Receivable days | 13 | 23 | 25 | 34 | 63 |
| Cash received / revenue | 105.6% | 104.0% | 105.7% | 103.7% | 104.6% |
| Operating CF / net profit | 1.10x | 0.63x | 1.12x | 0.87x | 0.91x |
| Free cash flow | 428.9 | -199.0 | -606.3 | 40.6 | -589.7 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.23 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -335.4 vs -326.6 CNY mn (deviation 2.63%, severity mid)
Sources: 2023年年度报告.pdf p.91 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.82 「货币资金」. CF-statement figure below the balance-sheet movement by 8.8 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: -489.8 vs -510.3 CNY mn (deviation 4.02%, severity mid)
Sources: 2024年年度报告.pdf p.106 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.97 「货币资金」. CF-statement figure above the balance-sheet movement by 20.5 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: 367.8 vs 410.6 CNY mn (deviation 10.42%, severity mid)
Sources: 2025年年度报告.pdf p.89 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.80 「货币资金」. CF-statement figure below the balance-sheet movement by 42.8 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: 3,403.4 vs 3,404.1 CNY mn (deviation 0.02%, severity low)
Sources: 2026年半年度报告.pdf p.46 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.37 「货币资金」. CF-statement figure below the balance-sheet movement by 0.7 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 | 1,225.6 | 2025年年度报告.pdf | 80 | 货币资金 | 1225567201.84 (元) |
| Total assets | 2025 | 6,954.1 | 2025年年度报告.pdf | 81 | 资产总计 | 6954149664.98 (元) |
| Accounts receivable | 2025 | 361.7 | 2025年年度报告.pdf | 80 | 应收账款 | 361712052.3 (元) |
| Fixed assets | 2025 | 539.3 | 2025年年度报告.pdf | 81 | 固定资产 | 539299228.27 (元) |
| Short-term borrowings | 2025 | 300.9 | 2025年年度报告.pdf | 81 | 短期借款 | 300927956.05 (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.