Credit Brief — AVIC CHENGDU AIRCRAFT COMPANY LIMITED (中航成飞)
302132.SZ · A-share · 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: 隋少春
- Registered address: 陕西省汉中市汉台区经济开发区北区鑫源路
- Office address: 陕西省汉中市汉台区经济开发区北区鑫源路
- Controlling shareholder: 汉中汉航机电有限公司
- Actual controller: 中国航空工业集团有限公司
- Employees: 26,595
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 | 330.5 | 461.3 | 358.1 | 21,790.9 | 13,174.5 |
| Trading financial assets | — | 0.6 | 0.7 | 0.7 | 0.0 |
| Accounts receivable | 983.3 | 968.9 | 1,148.9 | 22,245.9 | 16,348.8 |
| Other receivables | 11.6 | 14.3 | 22.3 | 2,878.6 | 3,245.8 |
| Inventories | 661.1 | 664.7 | 692.4 | 24,358.8 | 29,232.8 |
| Long-term equity investments | 203.2 | 257.6 | 255.4 | 3,047.5 | 3,043.9 |
| Fixed assets | 461.3 | 908.9 | 1,186.7 | 11,100.9 | 10,934.4 |
| Construction in progress | 463.8 | 156.0 | 8.3 | 758.2 | 1,003.6 |
| Intangible assets | 185.7 | 185.2 | 180.5 | 3,124.1 | 3,069.8 |
| Total assets | 3,654.6 | 3,974.9 | 4,240.9 | 114,547.7 | 107,512.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 100.1 | 94.2 | 102.5 | 3,633.3 | 4,827.0 |
| Notes payable | 82.8 | 136.2 | 157.3 | 11,872.7 | 4,644.8 |
| Accounts payable | 664.4 | 611.4 | 586.3 | 55,494.5 | 57,168.6 |
| Contract liabilities | 104.5 | 65.3 | 67.0 | 2,796.2 | 3,000.1 |
| Other payables | 43.6 | 37.2 | 40.5 | 5,308.2 | 5,292.4 |
| Current portion of non-current liabilities | 4.7 | 15.4 | 60.6 | 1,371.7 | 903.0 |
| Long-term borrowings | 87.4 | 369.0 | 472.5 | 718.1 | 505.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 1,313.7 | 1,549.1 | 1,698.9 | 91,020.3 | 84,321.2 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 590.8 | 590.8 | 590.8 | 2,672.1 | 2,672.1 |
| Capital reserve | 95.6 | 95.5 | 95.7 | 11,469.4 | 11,462.5 |
| Retained earnings | 1,276.0 | 1,318.0 | 1,416.4 | 5,194.3 | 4,872.0 |
| Equity attributable to owners of the parent | 2,299.3 | 2,385.7 | 2,501.2 | 21,208.5 | 20,892.0 |
| Minority interests | 41.6 | 40.1 | 40.9 | 2,318.8 | 2,299.4 |
| Total equity | 2,340.9 | 2,425.9 | 2,542.0 | 23,527.4 | 23,191.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 1,905.0 | 1,677.3 | 1,779.8 | 75,359.0 | 15,167.2 |
| Cost of sales | 1,214.7 | 1,131.6 | 1,165.0 | 68,984.1 | 13,492.4 |
| Selling expenses | 125.1 | 99.9 | 97.7 | 109.4 | 49.0 |
| Administrative expenses | 196.2 | 197.7 | 210.7 | 1,208.1 | 537.7 |
| Finance costs | -0.9 | -3.1 | 8.9 | 5.5 | 18.3 |
| Investment income | 22.2 | 20.2 | 16.6 | 17.0 | 42.4 |
| Operating profit | 214.0 | 93.3 | 115.6 | 4,165.0 | 876.1 |
| Profit before tax | 213.6 | 92.9 | 116.5 | 4,147.6 | 882.8 |
| Net profit | 196.0 | 98.9 | 113.5 | 3,484.7 | 702.6 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.88x | 2.05x | 2.12x | 1.06x | 1.04x |
| Quick ratio | 1.32x | 1.47x | 1.53x | 0.77x | 0.67x |
| Debt-to-asset ratio | 35.9% | 39.0% | 40.1% | 79.5% | 78.4% |
| Total debt / EBITDA | 0.74x | 2.77x | 2.89x | 1.08x | 3.30x |
| EBITDA interest coverage | 297.56x | 56.49x | 24.81x | 958.05x | 103.54x |
| Gross margin | 36.2% | 32.5% | 34.5% | 8.5% | 11.0% |
| Net margin | 10.3% | 5.9% | 6.4% | 4.6% | 4.6% |
| Return on equity (ROE) | 8.4% | 4.1% | 4.5% | 14.8% | 3.0% |
| Revenue growth | — | -12.0% | 6.1% | 4134.2% | -79.9% |
| Net profit growth | — | -49.6% | 14.8% | 2971.6% | -79.8% |
| Receivable days | 188 | 211 | 236 | 108 | 393 |
| Cash received / revenue | 80.3% | 96.6% | 83.5% | 82.6% | 140.8% |
| Operating CF / net profit | 0.25x | 1.32x | -1.38x | -0.73x | -10.31x |
| Free cash flow | -206.2 | 70.7 | -149.5 | -882.6 | -6,258.8 |
Mechanical risk flags
- ⚠ Current ratio: 1.06 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.77 (level: medium, reference threshold: <1.0)
- ⚠ Gross margin: 0.08 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 122.3 vs 130.8 CNY mn (deviation 6.47%, severity mid)
Sources: 2023年年度报告.pdf p.84 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.75 「货币资金」. CF-statement figure below the balance-sheet movement by 8.5 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: -100.3 vs -103.2 CNY mn (deviation 2.79%, severity mid)
Sources: 2024年年度报告.pdf p.88 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.79 「货币资金」. CF-statement figure above the balance-sheet movement by 2.9 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: -5,257.1 vs 21,432.8 CNY mn (deviation 124.53%, severity mid)
Sources: 2025年年度报告.pdf p.91 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.82 「货币资金」. CF-statement figure below the balance-sheet movement by 26,689.9 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: -8,615.5 vs -8,616.3 CNY mn (deviation 0.01%, severity low)
Sources: 2026年半年度报告.pdf p.49 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.41 「货币资金」. CF-statement figure above the balance-sheet movement by 0.9 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 | 21,790.9 | 2025年年度报告.pdf | 82 | 货币资金 | 21790865166.8 (元) |
| Total assets | 2025 | 114,547.7 | 2025年年度报告.pdf | 83 | 资产总计 | 114547703019.42 (元) |
| Accounts receivable | 2025 | 22,245.9 | 2025年年度报告.pdf | 82 | 应收账款 | 22245908764.72 (元) |
| Fixed assets | 2025 | 11,100.9 | 2025年年度报告.pdf | 82 | 固定资产 | 11100922090.79 (元) |
| Short-term borrowings | 2025 | 3,633.3 | 2025年年度报告.pdf | 83 | 短期借款 | 3633264991.42 (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.