Credit Brief — Empyrean Technology Co., Ltd. (华大九天)
301269.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: 刘伟平
- Registered address: 北京市朝阳区利泽中二路 2 号 A 座二层
- Office address: 北京市朝阳区利泽中二路 2 号 A 座二层
- Controlling shareholder: None (stated in the filed report)
- Actual controller: None (stated in the filed report)
- Employees: 1,460
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 | 2,581.6 | 3,103.0 | 1,067.0 | 891.5 | 856.6 |
| Trading financial assets | 1,095.0 | — | 820.7 | 610.4 | 551.8 |
| Accounts receivable | 222.4 | 301.1 | 684.5 | 564.2 | 532.0 |
| Other receivables | 14.7 | 24.2 | 51.9 | 19.6 | 25.8 |
| Inventories | 72.0 | 48.1 | 53.8 | 53.4 | 56.7 |
| Long-term equity investments | 149.5 | 249.4 | 322.7 | 336.9 | 333.8 |
| Fixed assets | 515.1 | 559.6 | 532.8 | 608.4 | 575.0 |
| Construction in progress | 22.7 | 1.4 | 3.9 | 5.8 | 41.1 |
| Intangible assets | 266.7 | 319.4 | 287.6 | 275.2 | 270.3 |
| Total assets | 5,395.7 | 5,535.5 | 5,628.8 | 6,327.8 | 6,096.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | — | 50.0 | 50.0 | 250.0 | 250.1 |
| Notes payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts payable | 25.6 | 37.2 | 48.8 | 86.6 | 71.1 |
| Contract liabilities | 211.6 | 118.0 | 48.8 | 44.2 | 54.1 |
| Other payables | 8.4 | 86.2 | 46.2 | 25.6 | 43.9 |
| Current portion of non-current liabilities | 26.7 | 24.2 | 41.0 | 49.5 | 63.8 |
| Long-term borrowings | 53.0 | 48.3 | 33.8 | 12.9 | 12.9 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 743.6 | 752.2 | 624.6 | 1,065.8 | 909.2 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 542.9 | 542.9 | 542.9 | 545.4 | 545.4 |
| Capital reserve | 3,796.8 | 3,808.0 | 3,986.3 | 4,254.4 | 4,310.5 |
| Retained earnings | 234.2 | 337.2 | 346.2 | 305.0 | 178.1 |
| Equity attributable to owners of the parent | 4,652.1 | 4,783.3 | 5,004.2 | 5,252.0 | 5,177.5 |
| Minority interests | 0.0 | 0.0 | 0.0 | 10.0 | 9.9 |
| Total equity | 4,652.1 | 4,783.3 | 5,004.2 | 5,262.0 | 5,187.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 798.1 | 1,010.4 | 1,222.4 | 1,325.0 | 566.5 |
| Cost of sales | 77.8 | 62.8 | 81.8 | 142.4 | 70.9 |
| Selling expenses | 119.0 | 166.1 | 232.9 | 266.2 | 117.4 |
| Administrative expenses | 113.0 | 127.7 | 155.5 | 169.7 | 81.7 |
| Finance costs | -27.3 | -59.5 | -60.3 | -42.8 | -16.8 |
| Investment income | -7.6 | -1.4 | 49.0 | 0.3 | 0.2 |
| Operating profit | 187.5 | 200.3 | 111.1 | 62.4 | -51.7 |
| Profit before tax | 185.5 | 200.4 | 111.1 | 62.7 | -51.6 |
| Net profit | 185.5 | 200.7 | 109.5 | 61.0 | -45.2 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 9.39x | 7.25x | 7.75x | 4.57x | 5.13x |
| Quick ratio | 9.23x | 7.15x | 7.63x | 4.49x | 5.03x |
| Debt-to-asset ratio | 13.8% | 13.6% | 11.1% | 16.8% | 14.9% |
| Total debt / EBITDA | 0.27x | 0.32x | 0.43x | 2.62x | 7.76x |
| EBITDA interest coverage | 10.87x | 6.36x | 4.78x | 1026126.60x | 2.50x |
| Gross margin | 90.3% | 93.8% | 93.3% | 89.3% | 87.5% |
| Net margin | 23.2% | 19.9% | 9.0% | 4.6% | -8.0% |
| Return on equity (ROE) | 4.0% | 4.2% | 2.2% | 1.2% | -0.9% |
| Revenue growth | — | 26.6% | 21.0% | 8.4% | -57.2% |
| Net profit growth | — | 8.2% | -45.5% | -44.3% | -174.1% |
| Receivable days | 102 | 109 | 204 | 155 | 343 |
| Cash received / revenue | 126.1% | 93.4% | 71.7% | 119.2% | 117.0% |
| Operating CF / net profit | 2.40x | 1.24x | -0.47x | 9.20x | 0.63x |
| Free cash flow | -2,009.3 | 480.3 | -1,839.8 | 82.9 | 43.5 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.17 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 521.4 vs 521.4 CNY mn (deviation 0.0%, severity low)
Sources: 2023年年度报告.pdf p.103 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.94 「货币资金」. CF-statement figure below the balance-sheet movement by 0.0 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: -2,036.0 vs -2,036.0 CNY mn (deviation 0.0%, severity low)
Sources: 2024年年度报告.pdf p.110 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.101 「货币资金」. CF-statement figure below the balance-sheet movement by 0.0 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: -175.6 vs -175.5 CNY mn (deviation 0.1%, severity low)
Sources: 2025年年度报告.pdf p.122 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.113 「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. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -34.9 vs -34.9 CNY mn (deviation 0.0%, severity low)
Sources: 2026年半年度报告.pdf p.72 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.63 「货币资金」. CF-statement figure below the balance-sheet movement by 0.0 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 | 891.5 | 2025年年度报告.pdf | 113 | 货币资金 | 891533585.54 (元) |
| Total assets | 2025 | 6,327.8 | 2025年年度报告.pdf | 114 | 资产总计 | 6327842567.91 (元) |
| Accounts receivable | 2025 | 564.2 | 2025年年度报告.pdf | 113 | 应收账款 | 564233731.38 (元) |
| Fixed assets | 2025 | 608.4 | 2025年年度报告.pdf | 114 | 固定资产 | 608425977.89 (元) |
| Short-term borrowings | 2025 | 250.0 | 2025年年度报告.pdf | 114 | 短期借款 | 250031250.0 (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.