Credit Brief — YUTONG BUS CO.,LTD. (宇通客车)
600066.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: 李盼盼
- Registered address: 郑州市管城回族区宇通路6号
- Office address: 郑州市管城回族区宇通路 6 号
- Controlling shareholder: 郑州宇通集团有限公司
- Actual controller: 汤玉祥
- Employees: 19,575
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 | 7,034.6 | 6,433.8 | 8,667.1 | 6,368.0 | 6,094.8 |
| Trading financial assets | 0.0 | 100.1 | 860.1 | 3,121.5 | 4,565.4 |
| Accounts receivable | 4,089.7 | 3,968.8 | 4,236.5 | 5,380.0 | 3,015.0 |
| Other receivables | 916.2 | 1,020.8 | 748.1 | 611.6 | 453.3 |
| Inventories | 4,893.6 | 4,513.3 | 3,513.1 | 3,541.6 | 3,334.0 |
| Long-term equity investments | 996.9 | 649.5 | 667.8 | 722.9 | 722.9 |
| Fixed assets | 4,161.4 | 4,171.6 | 3,617.8 | 3,605.4 | 3,378.7 |
| Construction in progress | 276.4 | 190.0 | 185.5 | 122.0 | 245.7 |
| Intangible assets | 1,564.9 | 1,543.6 | 1,505.7 | 1,462.6 | 1,440.5 |
| Total assets | 29,998.4 | 30,857.0 | 32,150.9 | 32,990.2 | 31,165.3 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Notes payable | 2,303.8 | 3,305.6 | 1,511.4 | 38.9 | 14.6 |
| Accounts payable | 5,197.2 | 3,837.7 | 5,481.1 | 3,437.6 | 4,636.7 |
| Contract liabilities | 1,309.6 | 2,472.7 | 1,607.4 | 1,857.8 | 2,097.1 |
| Other payables | 2,179.2 | 2,280.5 | 2,977.0 | 3,293.7 | 2,546.7 |
| Current portion of non-current liabilities | 6.8 | 4.1 | 19.8 | 42.9 | 46.6 |
| Total liabilities | 15,402.3 | 16,800.3 | 18,493.4 | 17,145.9 | 17,948.1 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,213.9 | 2,213.9 | 2,213.9 | 2,213.9 | 2,213.9 |
| Capital reserve | 1,494.5 | 1,505.8 | 1,505.8 | 1,505.8 | 1,505.8 |
| Retained earnings | 7,466.6 | 6,876.8 | 6,227.0 | 8,000.8 | 5,440.3 |
| Equity attributable to owners of the parent | — | — | 13,423.8 | 15,602.0 | — |
| Minority interests | 123.5 | 137.6 | 233.7 | 242.3 | 241.0 |
| Total equity | 14,596.0 | 14,056.6 | 13,657.5 | 15,844.3 | 13,217.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 21,799.0 | 27,042.0 | 37,217.6 | 41,426.2 | 16,718.5 |
| Cost of sales | 16,823.1 | 20,106.0 | 28,679.3 | 31,425.4 | 12,627.2 |
| Selling expenses | 1,639.0 | 1,227.6 | 1,349.0 | 1,423.4 | 604.9 |
| Administrative expenses | 846.2 | 719.3 | 757.6 | 835.0 | 397.3 |
| Finance costs | -78.2 | -85.8 | -98.4 | 42.1 | 62.9 |
| Investment income | 153.3 | 99.0 | 46.1 | 87.4 | 8.5 |
| Operating profit | 705.8 | 2,035.9 | 4,671.6 | 6,478.3 | 2,117.5 |
| Profit before tax | 707.8 | 2,078.0 | 4,722.2 | 6,518.7 | 2,152.1 |
| Net profit | 767.8 | 1,839.5 | 4,153.9 | 5,625.2 | 1,888.6 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.51x | 1.43x | 1.45x | 1.81x | 1.64x |
| Quick ratio | 1.12x | 1.10x | 1.21x | 1.50x | 1.36x |
| Debt-to-asset ratio | 51.3% | 54.4% | 57.5% | 52.0% | 57.6% |
| Total debt / EBITDA | 0.01x | 0.00x | 0.00x | 0.01x | 0.02x |
| EBITDA interest coverage | 4594.34x | 1309.12x | 2832.16x | 164.75x | 53236.70x |
| Gross margin | 22.8% | 25.6% | 22.9% | 24.1% | 24.5% |
| Net margin | 3.5% | 6.8% | 11.2% | 13.6% | 11.3% |
| Return on equity (ROE) | 5.3% | 13.1% | 30.4% | 35.5% | 14.3% |
| Revenue growth | — | 24.1% | 37.6% | 11.3% | -59.6% |
| Net profit growth | — | 139.6% | 125.8% | 35.4% | -66.4% |
| Receivable days | 68 | 54 | 42 | 47 | 66 |
| Cash received / revenue | 113.2% | 112.4% | 101.4% | 104.3% | 123.6% |
| Operating CF / net profit | 4.24x | 2.56x | 1.74x | 0.57x | 3.15x |
| Free cash flow | 2,854.8 | 1,543.0 | 6,533.2 | 1,336.3 | 4,187.3 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.52 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 1,227.6 vs 1,954.9 CNY mn (deviation 37.2%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 727.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -735.4 vs -600.8 CNY mn (deviation 18.3%, severity mid)
Sources: 2023年年度报告.pdf p.65 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.59 「货币资金」. CF-statement figure below the balance-sheet movement by 134.6 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: 2,122.7 vs 2,233.3 CNY mn (deviation 4.95%, severity mid)
Sources: 2024年年度报告.pdf p.65 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.59 「货币资金」. CF-statement figure below the balance-sheet movement by 110.6 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: -2,049.6 vs -2,299.1 CNY mn (deviation 10.85%, severity mid)
Sources: 2025年年度报告.pdf p.55 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.49 「货币资金」. CF-statement figure above the balance-sheet movement by 249.4 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: -315.2 vs -273.2 CNY mn (deviation 13.3%, severity mid)
Sources: 2026年半年度报告.pdf p.30 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.24 「货币资金」. CF-statement figure below the balance-sheet movement by 41.9 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 | 6,368.0 | 2025年年度报告.pdf | 49 | 货币资金 | 6367991239.76 (元) |
| Total assets | 2025 | 32,990.2 | 2025年年度报告.pdf | 49 | 资产总计 | 32990246148.33 (元) |
| Accounts receivable | 2025 | 5,380.0 | 2025年年度报告.pdf | 49 | 应收账款 | 5379962987.07 (元) |
| Fixed assets | 2025 | 3,605.4 | 2025年年度报告.pdf | 49 | 固定资产 | 3605361705.6 (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.