Credit Brief — Inner Mongolia BaoTou Steel Union Co.,Ltd (包钢股份)
600010.SH · Shanghai Main Board · 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: 张昭
- Registered address: 内蒙古包头市昆区河西工业区
- Office address: 内蒙古包头市昆区河西工业区包钢股份办公楼
- Controlling shareholder: 包头钢铁（集团）有限责任公司
- Actual controller: 内蒙古自治区人民政府国有资产监督管理委员会
- Employees: 25,284
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 | 11,140.7 | 9,267.7 | 14,088.3 | 8,790.2 | 7,945.4 |
| Trading financial assets | 16.3 | 19.4 | 23.2 | 21.0 | 15.4 |
| Accounts receivable | 2,836.4 | 3,605.0 | 3,855.7 | 4,138.4 | 3,803.7 |
| Other receivables | 396.6 | 408.4 | 329.8 | 211.2 | 196.9 |
| Inventories | 17,418.1 | 16,506.9 | 14,780.3 | 14,088.6 | 13,159.1 |
| Long-term equity investments | 1,212.8 | 1,308.6 | 2,953.7 | 3,045.3 | 3,011.6 |
| Fixed assets | 60,616.9 | 66,307.0 | 65,177.8 | 64,359.5 | 61,246.4 |
| Construction in progress | 1,575.6 | 1,206.8 | 1,230.5 | 1,642.6 | 4,012.5 |
| Intangible assets | 2,551.5 | 2,424.6 | 2,259.0 | 2,137.3 | 2,083.9 |
| Total assets | 146,730.1 | 151,775.6 | 155,125.4 | 151,673.5 | 148,230.7 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 7,739.6 | 7,946.3 | 8,957.0 | 6,654.2 | 4,348.0 |
| Notes payable | 12,430.6 | 10,784.8 | 8,752.1 | 8,398.9 | 8,704.9 |
| Accounts payable | 18,145.6 | 16,735.1 | 17,170.2 | 15,685.5 | 13,783.1 |
| Contract liabilities | 4,432.8 | 4,141.5 | 3,989.2 | 3,676.0 | 2,860.2 |
| Other payables | 5,929.0 | 7,262.5 | 9,353.9 | 7,841.8 | 6,384.1 |
| Current portion of non-current liabilities | 12,122.5 | 14,148.4 | 15,132.8 | 12,282.0 | 9,232.7 |
| Long-term borrowings | 11,046.5 | 13,444.1 | 15,462.0 | 20,230.9 | 28,115.8 |
| Bonds payable | 3,018.0 | 1,818.5 | 1,548.5 | 2,240.5 | 1,719.9 |
| Total liabilities | 85,327.5 | 90,312.4 | 93,819.6 | 90,220.8 | 86,690.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 45,585.0 | 45,404.9 | 45,404.9 | 45,288.6 | 45,226.0 |
| Capital reserve | 167.1 | 167.1 | 167.2 | 166.9 | 166.9 |
| Retained earnings | 5,571.4 | 5,863.4 | 5,984.5 | 6,200.6 | 6,480.0 |
| Equity attributable to owners of the parent | — | 51,820.1 | 51,913.3 | 52,044.9 | 52,396.8 |
| Minority interests | 8,966.3 | 9,643.2 | 9,392.5 | 9,407.7 | 9,143.5 |
| Total equity | 61,402.6 | 61,463.3 | — | — | — |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 72,171.8 | 70,565.4 | 68,089.4 | 66,357.5 | 28,034.4 |
| Cost of sales | 66,590.9 | 63,707.5 | 62,726.1 | 59,946.8 | 24,141.8 |
| Selling expenses | 221.8 | 258.5 | 236.3 | 222.0 | 95.7 |
| Administrative expenses | 1,963.4 | 1,699.0 | 1,390.7 | 1,367.2 | 588.0 |
| Finance costs | 1,935.7 | 1,995.9 | 2,143.4 | 1,844.9 | 802.2 |
| Investment income | -238.8 | 63.0 | 344.9 | 260.2 | 120.8 |
| Operating profit | -1,014.6 | 508.7 | 98.6 | 594.6 | 245.4 |
| Profit before tax | -1,222.9 | 420.3 | 85.8 | 490.4 | 171.4 |
| Net profit | -1,440.8 | 29.6 | 20.7 | 385.7 | 14.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.56x | 0.56x | 0.58x | 0.58x | 0.65x |
| Quick ratio | 0.31x | 0.32x | 0.37x | 0.36x | 0.39x |
| Debt-to-asset ratio | 58.2% | 59.5% | 60.5% | 59.5% | 58.5% |
| Total debt / EBITDA | 6.56x | 5.14x | 5.89x | 5.90x | 8.04x |
| EBITDA interest coverage | 2.67x | 3.64x | 3.26x | 3.81x | 6.73x |
| Gross margin | 7.7% | 9.7% | 7.9% | 9.7% | 13.9% |
| Net margin | -2.0% | 0.0% | 0.0% | 0.6% | 0.1% |
| Return on equity (ROE) | -2.3% | 0.0% | — | — | — |
| Revenue growth | — | -2.2% | -3.5% | -2.5% | -57.8% |
| Net profit growth | — | 102.1% | -29.9% | 1758.9% | -96.3% |
| Receivable days | 14 | 19 | 21 | 23 | 50 |
| Cash received / revenue | 89.3% | 86.5% | 106.0% | 105.5% | 110.8% |
| Operating CF / net profit | -1.56x | -33.39x | 114.57x | 6.67x | 171.35x |
| Free cash flow | 703.4 | -7,602.6 | -4,056.3 | 793.2 | 2,644.5 |
Mechanical risk flags
- ⚠ Current ratio: 0.58 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.36 (level: high, reference threshold: <0.5)
- ⚠ Debt-to-asset ratio: 0.59 (level: high, reference threshold: <0.65)
- ⚠ EBITDA interest coverage: 3.81 (level: medium, reference threshold: <5.0)
- ⚠ Gross margin: 0.10 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 0.0 vs 0.0 CNY mn (deviation 66.67%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 0.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 61,463.3 vs 151,775.6 CNY mn (deviation 59.5%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 90,312.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: -988.6 vs 2,835.8 CNY mn (deviation 134.86%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 3,824.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 2,323.7 vs 2,801.0 CNY mn (deviation 17.04%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 477.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 0.0 vs 0.0 CNY mn (deviation 50.0%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 0.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -867.9 vs -1,873.0 CNY mn (deviation 53.66%, severity mid)
Sources: 2023年年度报告.pdf p.101 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.93 「货币资金」. CF-statement figure above the balance-sheet movement by 1,005.1 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: 4,496.6 vs 4,820.6 CNY mn (deviation 6.72%, severity mid)
Sources: 2024年年度报告.pdf p.103 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.94 「货币资金」. CF-statement figure below the balance-sheet movement by 324.1 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: -4,052.8 vs -5,298.1 CNY mn (deviation 23.5%, severity mid)
Sources: 2025年年度报告.pdf p.88 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.79 「货币资金」. CF-statement figure above the balance-sheet movement by 1,245.3 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: -704.9 vs -844.9 CNY mn (deviation 16.56%, severity mid)
Sources: 2026年半年度报告.pdf p.50 「五、现金及现金等价物净增加」 vs 2026年半年度报告.pdf p.40 「货币资金」. CF-statement figure above the balance-sheet movement by 139.9 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 | 8,790.2 | 2025年年度报告.pdf | 79 | 货币资金 | 8790225628.85 (元) |
| Total assets | 2025 | 151,673.5 | 2025年年度报告.pdf | 80 | 资产总计 | 151673460592.94 (元) |
| Accounts receivable | 2025 | 4,138.4 | 2025年年度报告.pdf | 79 | 应收账款 | 4138374562.05 (元) |
| Fixed assets | 2025 | 64,359.5 | 2025年年度报告.pdf | 80 | 固定资产 | 64359548641.18 (元) |
| Short-term borrowings | 2025 | 6,654.2 | 2025年年度报告.pdf | 80 | 短期借款 | 6654205227.51 (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.