Credit Brief — COSCO SHIPPING Energy Transportation Co., Ltd. (中远海能)
600026.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: 任永强
- Registered address: A-1015室
- Office address: 中国上海市虹口区东大名路670号
- Controlling shareholder: 中国远洋海运集团有限公司
- Actual controller: 国务院国有资产监督管理委员会
- Employees: 7,979
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 | 4,240.1 | 5,628.0 | 5,662.5 | 14,422.6 | 18,191.9 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 539.3 | 576.1 | 538.1 | 545.8 | 1,623.4 |
| Other receivables | 299.8 | 288.1 | 686.2 | 437.8 | 702.4 |
| Inventories | 1,278.1 | 1,149.8 | 1,333.7 | 978.1 | 1,261.1 |
| Long-term equity investments | 9,770.0 | 10,081.9 | 12,555.7 | 13,309.8 | 14,279.9 |
| Fixed assets | 45,782.9 | 46,671.7 | 49,269.1 | 50,583.9 | 50,956.0 |
| Construction in progress | 1,369.7 | 3,359.6 | 5,217.5 | 4,451.5 | 4,901.0 |
| Intangible assets | 52.7 | 45.9 | 49.5 | 49.3 | 93.9 |
| Total assets | 68,250.5 | 72,083.6 | 81,042.3 | 92,078.6 | 100,744.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 5,415.5 | 2,953.8 | 2,449.8 | 1,700.7 | 1,664.0 |
| Notes payable | 115.3 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts payable | 1,824.0 | 1,707.9 | 1,977.0 | 2,072.8 | 2,503.1 |
| Contract liabilities | 18.9 | 99.8 | 102.6 | 99.1 | 47.2 |
| Other payables | 438.5 | 811.9 | 934.3 | 1,736.3 | 4,503.4 |
| Current portion of non-current liabilities | 2,021.9 | 2,393.5 | 3,832.8 | 9,163.6 | 8,912.8 |
| Long-term borrowings | 20,746.7 | 22,917.1 | 27,039.1 | 22,313.2 | 23,261.7 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 2,500.0 |
| Total liabilities | 34,679.7 | 34,980.3 | 42,057.2 | 42,435.4 | 49,410.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 4,770.8 | 4,770.8 | 4,770.8 | 5,465.2 | 5,471.2 |
| Capital reserve | 11,980.6 | 11,968.9 | 11,608.3 | 18,863.7 | 20,774.4 |
| Retained earnings | 11,077.4 | 13,712.4 | 15,224.0 | 18,280.1 | 18,922.3 |
| Equity attributable to owners of the parent | — | 35,163.4 | 35,866.9 | — | — |
| Minority interests | 2,000.1 | 2,711.8 | 3,118.2 | 3,238.0 | 3,230.4 |
| Total equity | 33,570.8 | 37,103.3 | 39,505.9 | 49,643.2 | 51,334.5 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 18,657.8 | 22,090.5 | 23,243.7 | 23,892.3 | 15,146.1 |
| Cost of sales | 15,195.9 | 15,475.8 | 16,912.9 | 17,650.3 | 8,876.7 |
| Selling expenses | 57.3 | 77.0 | 83.9 | 113.9 | 43.0 |
| Administrative expenses | 923.6 | 960.7 | 1,075.1 | 1,136.5 | 515.3 |
| Finance costs | 907.5 | 1,175.4 | 1,076.4 | 1,246.7 | 649.7 |
| Investment income | 1,062.9 | 1,207.4 | 1,193.3 | 1,282.9 | 700.4 |
| Operating profit | 2,757.7 | 4,754.0 | 5,363.6 | 5,275.9 | 5,917.0 |
| Profit before tax | 2,749.1 | 4,742.1 | 5,241.5 | 5,356.6 | 5,905.0 |
| Net profit | 1,784.3 | 3,659.7 | 4,385.0 | 4,423.1 | 4,781.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.79x | 1.09x | 0.93x | 1.22x | 1.30x |
| Quick ratio | 0.67x | 0.95x | 0.80x | 1.16x | 1.23x |
| Debt-to-asset ratio | 50.8% | 48.5% | 51.9% | 46.1% | 49.0% |
| Total debt / EBITDA | 4.06x | 3.01x | 3.35x | 3.22x | 3.56x |
| EBITDA interest coverage | 7.65x | 7.99x | 9.25x | 8.28x | 15.73x |
| Gross margin | 18.6% | 29.9% | 27.2% | 26.1% | 41.4% |
| Net margin | 9.6% | 16.6% | 18.9% | 18.5% | 31.6% |
| Return on equity (ROE) | 5.3% | 9.9% | 11.1% | 8.9% | 9.3% |
| Revenue growth | — | 18.4% | 5.2% | 2.8% | -36.6% |
| Net profit growth | — | 105.1% | 19.8% | 0.9% | 8.1% |
| Receivable days | 11 | 10 | 8 | 8 | 39 |
| Cash received / revenue | 92.1% | 101.7% | 106.0% | 98.9% | 95.6% |
| Operating CF / net profit | 2.36x | 2.41x | 1.97x | 1.67x | 1.46x |
| Free cash flow | 2,067.9 | 632.4 | 1,840.0 | 6,088.0 | 4,077.7 |
Mechanical risk flags
- ⚠ Current ratio: 1.22 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.46 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 14 flags (high×8, mid×6); first 3 shown:
- 2023 · Same item across different source documents: 41.4 vs 37.7 CNY mn (deviation 8.95%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 3.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 576.1 vs 544.9 CNY mn (deviation 5.42%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 31.2 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 288.1 vs 230.0 CNY mn (deviation 20.17%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 58.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 41.4 vs 37.7 CNY mn (deviation 8.95%, severity mid)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,384.6 vs 1,387.9 CNY mn (deviation 0.24%, severity low)
Sources: 2023年年度报告.pdf p.99 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.91 「货币资金」. CF-statement figure below the balance-sheet movement by 3.3 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: -229.9 vs 34.5 CNY mn (deviation 115.01%, severity mid)
Sources: 2025年年度报告.pdf p.104 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.95 「货币资金」. CF-statement figure below the balance-sheet movement by 264.4 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: 8,584.2 vs 8,760.1 CNY mn (deviation 2.01%, severity mid)
Sources: 2025年年度报告.pdf p.104 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.96 「货币资金」. CF-statement figure below the balance-sheet movement by 175.9 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: 2,739.1 vs 3,769.2 CNY mn (deviation 27.33%, severity mid)
Sources: 2026年半年度报告.pdf p.68 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.60 「货币资金」. CF-statement figure below the balance-sheet movement by 1,030.1 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 | 14,422.6 | 2025年年度报告.pdf | 96 | 货币资金 | 14422647089.58 (元) |
| Total assets | 2025 | 92,078.6 | 2025年年度报告.pdf | 97 | 资产总计 | 92078580074.13 (元) |
| Accounts receivable | 2025 | 545.8 | 2025年年度报告.pdf | 96 | 应收账款 | 545841213.39 (元) |
| Fixed assets | 2025 | 50,583.9 | 2025年年度报告.pdf | 96 | 固定资产 | 50583895563.53 (元) |
| Short-term borrowings | 2025 | 1,700.7 | 2025年年度报告.pdf | 97 | 短期借款 | 1700741805.56 (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.