Credit Brief — HUADIAN POWER INTERNATIONAL CORPORATION LIMITED (华电国际)
600027.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: 刘雷先生
- Registered address: 山东省济南市经十路14800号
- Office address: 北京市西城区宣武门内大街2号
- Controlling shareholder: 中国华电集团有限公司
- Actual controller: 国务院国有资产监督管理委员会
- Employees: 30,595
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 | 6,282.4 | 5,455.2 | 6,860.6 | 6,982.9 | 6,001.8 |
| Accounts receivable | 11,938.2 | 12,168.6 | 15,073.9 | 11,530.2 | 10,896.4 |
| Other receivables | 831.5 | 1,177.8 | 1,048.2 | 1,778.1 | 2,306.3 |
| Inventories | 3,937.4 | 4,500.6 | 5,801.3 | 5,439.4 | 5,138.2 |
| Long-term equity investments | 41,032.5 | 43,791.2 | 46,933.0 | 50,122.5 | 50,693.6 |
| Fixed assets | 125,748.3 | 131,660.3 | 158,449.8 | 155,440.6 | 150,668.1 |
| Construction in progress | 14,842.9 | 7,352.9 | 9,950.9 | 13,419.6 | 15,007.4 |
| Intangible assets | 7,272.2 | 7,273.1 | 8,826.5 | 8,613.4 | 8,508.7 |
| Total assets | 223,260.5 | 223,036.3 | 265,401.6 | 264,230.8 | 261,271.9 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 27,985.1 | 18,967.8 | 33,863.8 | 38,546.7 | 41,971.2 |
| Notes payable | 3,234.9 | 841.9 | 2,182.2 | 3,603.2 | 5,904.1 |
| Accounts payable | 13,378.7 | 10,445.8 | 11,385.8 | 10,722.0 | 8,930.2 |
| Contract liabilities | 2,028.9 | 2,157.6 | 2,408.0 | 2,492.0 | 481.3 |
| Other payables | 2,629.2 | 2,423.6 | 3,228.3 | 2,691.0 | 3,300.9 |
| Current portion of non-current liabilities | 12,323.5 | 27,184.4 | 21,786.5 | 23,674.7 | 19,427.1 |
| Long-term borrowings | 59,739.8 | 61,600.9 | 60,682.9 | 45,133.0 | 42,780.3 |
| Bonds payable | 25,034.2 | 9,794.2 | 19,891.6 | 25,492.4 | 23,994.1 |
| Total liabilities | 152,833.7 | 139,656.5 | 166,017.0 | 162,142.4 | 158,533.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 9,869.9 | 10,227.6 | 10,227.6 | 11,611.8 | 11,611.8 |
| Capital reserve | 12,948.7 | 14,357.9 | 21,369.8 | 18,502.9 | 18,587.7 |
| Retained earnings | 8,106.3 | 9,186.0 | 8,156.4 | 11,720.6 | 12,948.1 |
| Equity attributable to owners of the parent | 59,492.3 | 69,756.2 | 70,999.2 | 69,162.2 | 70,759.9 |
| Minority interests | 10,934.5 | 13,623.5 | 28,385.5 | 32,926.1 | 31,979.0 |
| Total equity | 70,426.8 | 83,379.8 | 99,384.7 | 102,088.3 | 102,738.9 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 107,058.5 | 117,176.1 | 141,502.2 | 126,012.6 | 54,264.4 |
| Cost of sales | 106,599.0 | 109,645.7 | 129,724.7 | 111,601.5 | 47,916.1 |
| Selling expenses | — | — | 3.0 | 2.2 | 1.8 |
| Administrative expenses | 1,639.4 | 1,668.4 | 2,310.5 | 2,231.4 | 788.7 |
| Finance costs | 4,046.8 | 3,603.6 | 3,781.0 | 3,162.0 | 1,468.7 |
| Investment income | 4,805.3 | 3,776.5 | 3,478.3 | 3,153.5 | 1,264.7 |
| Operating profit | -1,335.6 | 5,703.4 | 9,120.0 | 10,163.1 | 4,851.3 |
| Profit before tax | -1,149.8 | 5,810.1 | 9,765.8 | 10,647.8 | 5,296.7 |
| Net profit | -621.5 | 4,808.0 | 7,509.8 | 8,216.6 | 4,202.2 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.46x | 0.45x | 0.44x | 0.38x | 0.37x |
| Quick ratio | 0.40x | 0.38x | 0.37x | 0.32x | 0.31x |
| Debt-to-asset ratio | 68.5% | 62.6% | 62.6% | 61.4% | 60.7% |
| Total debt / EBITDA | 10.37x | 6.19x | 5.43x | 5.29x | 7.23x |
| EBITDA interest coverage | 2.98x | 5.27x | 6.63x | 7.94x | 12.08x |
| Gross margin | 0.4% | 6.4% | 8.3% | 11.4% | 11.7% |
| Net margin | -0.6% | 4.1% | 5.3% | 6.5% | 7.7% |
| Return on equity (ROE) | -0.9% | 5.8% | 7.6% | 8.0% | 4.1% |
| Revenue growth | — | 9.5% | 20.8% | -10.9% | -56.9% |
| Net profit growth | — | 873.6% | 56.2% | 9.4% | -48.9% |
| Receivable days | 41 | 38 | 39 | 33 | 73 |
| Cash received / revenue | 111.8% | 111.4% | 113.5% | 115.3% | 110.3% |
| Operating CF / net profit | -15.53x | 2.76x | 2.59x | 3.31x | 2.17x |
| Free cash flow | 1,145.5 | 3,959.8 | 9,122.6 | 12,958.9 | 5,506.6 |
Mechanical risk flags
- ⚠ Current ratio: 0.38 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.32 (level: high, reference threshold: <0.5)
- ⚠ Debt-to-asset ratio: 0.61 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.11 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 60 flags (high×20, mid×40); first 3 shown:
- 2024 · Same item across different source documents: 6,860.6 vs 5,851.1 CNY mn (deviation 14.71%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 1,009.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 15,073.9 vs 11,561.7 CNY mn (deviation 23.3%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 3,512.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 4,590.9 vs 4,018.7 CNY mn (deviation 12.46%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 572.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2024 · Same item across different source documents: 6,860.6 vs 5,851.1 CNY mn (deviation 14.71%, severity mid)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -737.3 vs -827.3 CNY mn (deviation 10.87%, severity mid)
Sources: 2023年年度报告.pdf p.131 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.127 「货币资金」. CF-statement figure above the balance-sheet movement by 89.9 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: 259.0 vs 1,405.4 CNY mn (deviation 81.57%, severity mid)
Sources: 2025年年度报告.pdf p.197 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.193 「货币资金」. CF-statement figure below the balance-sheet movement by 1,146.4 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: 165.7 vs 122.4 CNY mn (deviation 26.15%, severity mid)
Sources: 2025年年度报告.pdf p.197 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.193 「货币资金」. CF-statement figure above the balance-sheet movement by 43.3 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: -965.6 vs -981.1 CNY mn (deviation 1.58%, severity mid)
Sources: 2026年半年度报告.pdf p.110 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.106 「货币资金」. CF-statement figure above the balance-sheet movement by 15.5 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 | 6,982.9 | 2025年年度报告.pdf | 193 | 货币资金 | 6982918.0 (千元) |
| Total assets | 2025 | 264,230.8 | 2025年年度报告.pdf | 193 | 资产总计 | 264230768.0 (千元) |
| Accounts receivable | 2025 | 11,530.2 | 2025年年度报告.pdf | 193 | 应收账款 | 11530241.0 (千元) |
| Fixed assets | 2025 | 155,440.6 | 2025年年度报告.pdf | 193 | 固定资产 | 155440596.0 (千元) |
| Short-term borrowings | 2025 | 38,546.7 | 2025年年度报告.pdf | 193 | 短期借款 | 38546701.0 (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.