Credit Brief — SANY HEAVY INDUSTRY CO.,LTD (三一重工)
600031.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: 向文波
- Registered address: 北京市昌平区北清路8号6幢5楼
- Office address: 北京市昌平区北清路8号
- Controlling shareholder: 三一集团有限公司
- Actual controller: 梁稳根
- Employees: 28,469
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 | 21,342.9 | 18,071.8 | 20,383.2 | 38,451.2 | 27,864.8 |
| Trading financial assets | 14,816.6 | 10,848.9 | 11,062.4 | 15,736.3 | 21,715.4 |
| Accounts receivable | 25,022.0 | 24,164.7 | 25,516.5 | 25,540.4 | 29,872.5 |
| Other receivables | 2,858.2 | 3,010.9 | 2,942.8 | 2,804.9 | 2,505.0 |
| Inventories | 19,738.4 | 19,767.8 | 19,948.0 | 22,526.7 | 24,340.1 |
| Long-term equity investments | 2,239.1 | 2,400.9 | 2,424.5 | 2,489.1 | 2,702.9 |
| Fixed assets | 19,769.5 | 23,453.2 | 22,369.3 | 21,115.4 | 20,289.9 |
| Construction in progress | 4,000.9 | 1,366.9 | 1,140.0 | 1,022.0 | 1,000.4 |
| Intangible assets | 4,437.7 | 4,832.2 | 4,615.3 | 4,235.2 | 3,977.3 |
| Total assets | 158,921.3 | 151,202.3 | 152,145.1 | 173,299.1 | 181,152.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 4,540.0 | 4,115.6 | 5,953.4 | 9,128.4 | 6,730.8 |
| Notes payable | 9,189.4 | 5,075.0 | 7,389.4 | 8,816.5 | 11,511.5 |
| Accounts payable | 19,717.3 | 17,617.7 | 21,265.0 | 27,247.8 | 33,016.7 |
| Contract liabilities | 1,896.7 | 2,177.7 | 2,520.8 | 2,958.4 | 2,934.9 |
| Other payables | 11,680.1 | 10,862.3 | 9,930.1 | 9,084.9 | 10,079.3 |
| Current portion of non-current liabilities | 2,092.0 | 1,821.5 | 3,956.4 | 3,323.0 | 1,805.6 |
| Long-term borrowings | 21,624.9 | 23,555.7 | 11,556.2 | 7,853.4 | 5,181.1 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 92,827.6 | 82,029.4 | 79,143.5 | 83,867.7 | 87,957.2 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 8,493.3 | 8,485.7 | 8,475.0 | 9,195.0 | 9,195.0 |
| Capital reserve | 5,437.6 | 5,250.0 | 5,171.8 | 18,467.0 | 18,602.8 |
| Retained earnings | 49,162.1 | 52,080.5 | 55,974.1 | 58,371.4 | 62,491.3 |
| Equity attributable to owners of the parent | 65,050.6 | 68,039.9 | 71,953.2 | 88,331.2 | — |
| Minority interests | 1,043.0 | 1,133.0 | 1,048.4 | 1,100.2 | 1,111.4 |
| Total equity | — | — | — | — | 92,084.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 80,838.5 | 74,018.9 | 78,383.4 | 89,699.5 | 53,506.5 |
| Cost of sales | 60,792.5 | 52,934.7 | 57,217.0 | 64,660.3 | 38,496.2 |
| Selling expenses | 6,301.6 | 5,101.9 | 5,464.2 | 6,414.7 | 3,496.7 |
| Administrative expenses | 2,641.8 | 2,650.9 | 2,996.4 | 2,589.1 | 1,299.2 |
| Finance costs | -293.6 | -462.9 | 201.8 | -312.2 | 1,650.4 |
| Investment income | 746.0 | -177.1 | 643.0 | 427.2 | 580.2 |
| Operating profit | 4,767.8 | 5,342.9 | 6,994.8 | 9,935.7 | 6,660.6 |
| Profit before tax | 4,853.3 | 5,316.6 | 6,907.8 | 9,907.2 | 6,663.6 |
| Net profit | 4,422.2 | 4,606.2 | 6,092.5 | 8,487.6 | 5,724.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.56x | 1.79x | 1.59x | 1.73x | 1.68x |
| Quick ratio | 1.27x | 1.43x | 1.28x | 1.42x | 1.37x |
| Debt-to-asset ratio | 58.4% | 54.3% | 52.0% | 48.4% | 48.6% |
| Total debt / EBITDA | 4.14x | 3.89x | 2.40x | 1.73x | 1.64x |
| EBITDA interest coverage | 18.75x | 20.09x | 34.94x | 71.52x | 138.17x |
| Gross margin | 24.8% | 28.5% | 27.0% | 27.9% | 28.1% |
| Net margin | 5.5% | 6.2% | 7.8% | 9.5% | 10.7% |
| Return on equity (ROE) | — | — | — | — | 6.2% |
| Revenue growth | — | -8.4% | 5.9% | 14.4% | -40.3% |
| Net profit growth | — | 4.2% | 32.3% | 39.3% | -32.6% |
| Receivable days | 113 | 119 | 119 | 104 | 204 |
| Cash received / revenue | 94.8% | 105.7% | 105.5% | 105.6% | 98.6% |
| Operating CF / net profit | 0.93x | 1.24x | 2.43x | 2.35x | 1.71x |
| Free cash flow | 14,586.5 | 2,628.6 | 24,730.6 | 18,889.0 | 207.4 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.48 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 5,101.9 vs 6,218.3 CNY mn (deviation 17.95%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 1,116.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 137.0 vs 117.1 CNY mn (deviation 14.52%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 19.9 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -4,553.9 vs -3,271.0 CNY mn (deviation 28.17%, severity mid)
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 1,282.9 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: 3,434.6 vs 2,311.3 CNY mn (deviation 32.7%, severity mid)
Sources: 2024年年度报告.pdf p.98 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.90 「货币资金」. CF-statement figure above the balance-sheet movement by 1,123.3 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: 3,328.4 vs 18,068.1 CNY mn (deviation 81.58%, severity mid)
Sources: 2025年年度报告.pdf p.93 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.85 「货币资金」. CF-statement figure below the balance-sheet movement by 14,739.7 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: -7,143.1 vs -10,586.4 CNY mn (deviation 32.53%, severity mid)
Sources: 2026年半年度报告.pdf p.48 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.40 「货币资金」. CF-statement figure above the balance-sheet movement by 3,443.3 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 | 38,451.2 | 2025年年度报告.pdf | 85 | 货币资金 | 38451241.0 (千元) |
| Total assets | 2025 | 173,299.1 | 2025年年度报告.pdf | 86 | 资产总计 | 173299138.0 (千元) |
| Accounts receivable | 2025 | 25,540.4 | 2025年年度报告.pdf | 85 | 应收账款 | 25540365.0 (千元) |
| Fixed assets | 2025 | 21,115.4 | 2025年年度报告.pdf | 85 | 固定资产 | 21115411.0 (千元) |
| Short-term borrowings | 2025 | 9,128.4 | 2025年年度报告.pdf | 86 | 短期借款 | 9128447.0 (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.