Credit Brief — Yihai Kerry Arawana Holdings Co., Ltd (金龙鱼)
300999.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: Kuok Khoon Hong（郭孔丰）
- Registered address: 中国（上海）自由贸易试验区博成路 1379 号 15 层
- Office address: 中国（上海）自由贸易试验区博成路 1379 号 15 层
- Controlling shareholder: 注册地在香港的 Wilmar Distribution (Hong Kong) Limited（以下统称“丰益香港”）
- Actual controller: None (stated in the filed report)
- Employees: 36,565
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 | 39,461.6 | 59,296.3 | 52,906.3 | 44,203.8 | 48,583.9 |
| Trading financial assets | 20,105.0 | 20,515.9 | 11,160.2 | 23,519.3 | 23,324.3 |
| Accounts receivable | 11,042.2 | 11,643.5 | 8,889.4 | 9,903.6 | 10,420.9 |
| Other receivables | 3,494.0 | 2,217.2 | 2,280.7 | 2,469.7 | 2,899.2 |
| Inventories | 53,065.9 | 47,588.8 | 54,438.9 | 54,134.3 | 52,565.8 |
| Long-term equity investments | 2,918.1 | 2,988.1 | 1,154.9 | 1,291.1 | 1,386.3 |
| Fixed assets | 36,131.3 | 40,363.0 | 44,845.7 | 46,534.4 | 45,662.2 |
| Construction in progress | 9,692.0 | 10,307.7 | 8,104.1 | 4,120.2 | 4,203.3 |
| Intangible assets | 14,756.1 | 14,882.0 | 14,717.8 | 14,403.5 | 14,229.6 |
| Total assets | 227,943.2 | 238,500.0 | 225,059.4 | 228,720.4 | 233,359.0 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 88,013.1 | 95,401.1 | 80,161.4 | 81,152.7 | 86,525.2 |
| Notes payable | 2,796.9 | 4,086.6 | 11,948.1 | 19,343.2 | 19,256.5 |
| Accounts payable | 6,079.1 | 8,964.0 | 4,883.0 | 6,139.4 | 7,099.9 |
| Contract liabilities | 4,350.2 | 2,980.5 | 3,326.5 | 3,637.5 | 1,842.9 |
| Other payables | 4,317.0 | 4,695.2 | 5,317.9 | 5,348.1 | 4,486.4 |
| Current portion of non-current liabilities | 2,734.2 | 9,830.8 | 8,517.5 | 1,042.5 | 2,186.3 |
| Long-term borrowings | 15,722.5 | 10,357.9 | 5,010.9 | 3,615.4 | 3,358.4 |
| Bonds payable | 500.6 | — | 500.6 | 501.1 | 507.0 |
| Total liabilities | 134,659.8 | 142,535.1 | 126,853.8 | 127,770.4 | 131,252.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 5,421.6 | 5,421.6 | 5,421.6 | 5,421.6 | 5,421.6 |
| Capital reserve | 36,680.5 | 36,661.9 | 36,838.4 | 37,003.8 | 37,078.4 |
| Retained earnings | 44,606.5 | 46,652.4 | 48,361.1 | 50,911.1 | 51,958.5 |
| Equity attributable to owners of the parent | 88,707.1 | 91,495.7 | 93,736.5 | 96,432.3 | 97,480.8 |
| Minority interests | 4,576.3 | 4,469.1 | 4,469.1 | 4,517.7 | 4,625.7 |
| Total equity | 93,283.4 | 95,964.8 | 98,205.6 | 100,950.0 | 102,106.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 257,485.4 | 251,523.7 | 238,866.3 | 245,125.6 | 122,851.6 |
| Cost of sales | 242,867.5 | 239,366.2 | 226,079.6 | 229,364.4 | 115,100.0 |
| Selling expenses | 5,985.6 | 6,072.8 | 6,285.8 | 6,539.7 | 3,169.3 |
| Administrative expenses | 3,289.6 | 3,524.3 | 3,636.4 | 3,678.8 | 1,851.2 |
| Finance costs | 709.5 | 63.5 | 428.1 | 571.0 | 133.5 |
| Investment income | 18.5 | 1,234.5 | 2,276.5 | 866.2 | 561.2 |
| Operating profit | 3,817.4 | 3,390.6 | 3,629.0 | 5,238.4 | 3,246.4 |
| Profit before tax | 3,865.8 | 3,415.6 | 3,656.3 | 4,888.9 | 3,263.5 |
| Net profit | 3,125.1 | 2,785.0 | 2,468.6 | 3,379.5 | 2,381.2 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.17x | 1.15x | 1.18x | 1.19x | 1.20x |
| Quick ratio | 0.71x | 0.78x | 0.72x | 0.75x | 0.78x |
| Debt-to-asset ratio | 59.1% | 59.8% | 56.4% | 55.9% | 56.2% |
| Total debt / EBITDA | 13.64x | 16.40x | 9.62x | 8.17x | 11.95x |
| EBITDA interest coverage | 11.05x | 110.96x | 22.86x | 18.51x | 58.01x |
| Gross margin | 5.7% | 4.8% | 5.4% | 6.4% | 6.3% |
| Net margin | 1.2% | 1.1% | 1.0% | 1.4% | 1.9% |
| Return on equity (ROE) | 3.4% | 2.9% | 2.5% | 3.3% | 2.3% |
| Revenue growth | — | -2.3% | -5.0% | 2.6% | -49.9% |
| Net profit growth | — | -10.9% | -11.4% | 36.9% | -29.5% |
| Receivable days | 16 | 17 | 14 | 15 | 31 |
| Cash received / revenue | 106.8% | 106.9% | 109.2% | 107.9% | 106.1% |
| Operating CF / net profit | 0.23x | 5.36x | 2.02x | 4.57x | 0.42x |
| Free cash flow | -13,171.6 | 14,711.6 | 1,047.3 | 29,265.6 | -2,239.5 |
Mechanical risk flags
- ⚠ Current ratio: 1.19 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.75 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.56 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.06 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 10,595.3 vs 19,834.7 CNY mn (deviation 46.58%, severity mid)
Sources: 2023年年度报告.pdf p.150 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.141 「货币资金」. CF-statement figure below the balance-sheet movement by 9,239.4 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: -7,079.7 vs -6,390.0 CNY mn (deviation 9.74%, severity mid)
Sources: 2024年年度报告.pdf p.168 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.158 「货币资金」. CF-statement figure below the balance-sheet movement by 689.7 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: -4,522.8 vs -8,702.5 CNY mn (deviation 48.03%, severity mid)
Sources: 2025年年度报告.pdf p.149 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.138 「货币资金」. CF-statement figure above the balance-sheet movement by 4,179.7 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: -63.7 vs 4,380.1 CNY mn (deviation 101.45%, severity mid)
Sources: 2026年半年度报告.pdf p.87 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.76 「货币资金」. CF-statement figure below the balance-sheet movement by 4,443.8 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 | 44,203.8 | 2025年年度报告.pdf | 138 | 货币资金 | 44203829.0 (千元) |
| Total assets | 2025 | 228,720.4 | 2025年年度报告.pdf | 139 | 资产总计 | 228720435.0 (千元) |
| Accounts receivable | 2025 | 9,903.6 | 2025年年度报告.pdf | 138 | 应收账款 | 9903609.0 (千元) |
| Fixed assets | 2025 | 46,534.4 | 2025年年度报告.pdf | 139 | 固定资产 | 46534424.0 (千元) |
| Short-term borrowings | 2025 | 81,152.7 | 2025年年度报告.pdf | 139 | 短期借款 | 81152703.0 (千元) |
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.