Credit Brief — BEIJING TONG REN TANG CO., LTD. (同仁堂)
600085.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: 张朝华
- Registered address: 北京市大兴区中关村科技园区大兴生物医药产业基地天贵大街33号
- Office address: 北京市东城区崇文门外大街42号
- Actual controller: 北京市人民政府国有资产监督管理委员会
- Employees: 17,284
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 | 11,624.0 | 12,131.9 | 10,756.2 | 10,878.1 | 10,276.0 |
| Trading financial assets | 0.4 | 0.4 | 0.4 | 120.4 | 750.3 |
| Accounts receivable | 1,301.1 | 1,055.6 | 1,321.5 | 1,000.7 | 1,536.3 |
| Other receivables | 95.9 | 112.4 | 125.6 | 122.9 | 357.0 |
| Inventories | 6,694.4 | 9,340.2 | 10,729.9 | 10,616.7 | 9,392.8 |
| Long-term equity investments | 19.4 | 18.2 | 87.2 | 98.4 | 100.4 |
| Fixed assets | 3,808.6 | 3,807.7 | 3,834.5 | 3,873.7 | 3,696.2 |
| Construction in progress | 136.0 | 129.3 | 305.5 | 188.1 | 238.3 |
| Intangible assets | 746.5 | 754.8 | 782.6 | 776.1 | 759.0 |
| Total assets | 27,054.1 | 30,089.5 | 31,197.5 | 30,621.1 | 29,946.0 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 309.5 | 93.0 | 187.7 | 115.1 | 129.0 |
| Notes payable | 43.9 | 225.4 | 341.5 | 521.6 | 300.3 |
| Accounts payable | 3,447.3 | 4,276.2 | 3,774.3 | 3,139.5 | 2,987.0 |
| Contract liabilities | 624.6 | 669.2 | 314.0 | 398.9 | 381.8 |
| Other payables | 517.6 | 572.5 | 679.2 | 760.9 | 773.6 |
| Current portion of non-current liabilities | 485.9 | 523.8 | 1,613.1 | 953.0 | 1,114.7 |
| Long-term borrowings | 1,221.8 | 1,429.8 | 1,245.6 | 1,460.3 | 1,108.9 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 8,590.4 | 9,832.3 | 10,296.5 | 9,242.7 | 8,787.7 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,371.5 | 1,371.5 | 1,371.5 | 1,371.5 | 1,371.5 |
| Capital reserve | 2,005.6 | 2,001.0 | 1,950.2 | 1,953.2 | 1,953.2 |
| Retained earnings | 7,265.6 | 8,370.7 | 8,386.2 | 8,777.2 | 8,817.7 |
| Equity attributable to owners of the parent | 11,810.5 | 13,058.0 | 13,196.3 | — | — |
| Minority interests | 6,653.2 | 7,199.1 | 7,704.7 | 7,721.8 | 7,535.1 |
| Total equity | — | — | 20,901.0 | 21,378.5 | 21,158.3 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 15,372.4 | 17,860.9 | 18,597.3 | 17,256.2 | 8,379.1 |
| Cost of sales | 7,870.1 | 9,414.1 | 10,421.1 | 9,857.7 | 4,828.8 |
| Selling expenses | 3,071.5 | 3,436.6 | 3,595.5 | 3,532.3 | 1,552.2 |
| Administrative expenses | 1,342.2 | 1,522.9 | 1,476.5 | 1,422.6 | 632.7 |
| Finance costs | -4.6 | -110.1 | 6.1 | -61.9 | -66.6 |
| Investment income | 3.1 | 0.3 | 81.1 | 8.6 | 251.7 |
| Operating profit | 2,721.4 | 3,084.2 | 2,798.6 | 2,032.1 | 1,181.0 |
| Profit before tax | 2,716.9 | 3,080.7 | 2,805.4 | 2,026.7 | 1,179.6 |
| Net profit | 2,204.1 | 2,583.2 | 2,280.3 | 1,633.2 | 935.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 3.25x | 3.26x | 3.12x | 3.59x | 3.57x |
| Quick ratio | 2.19x | 1.96x | 1.71x | 1.96x | 2.11x |
| Debt-to-asset ratio | 31.8% | 32.7% | 33.0% | 30.2% | 29.3% |
| Total debt / EBITDA | 0.64x | 0.55x | 0.93x | 0.97x | 1.41x |
| EBITDA interest coverage | 680.08x | 33.78x | 535.74x | 42.06x | 25.04x |
| Gross margin | 48.8% | 47.3% | 44.0% | 42.9% | 42.4% |
| Net margin | 14.3% | 14.5% | 12.3% | 9.5% | 11.2% |
| Return on equity (ROE) | — | — | 10.9% | 7.6% | 4.4% |
| Revenue growth | — | 16.2% | 4.1% | -7.2% | -51.4% |
| Net profit growth | — | 17.2% | -11.7% | -28.4% | -42.7% |
| Receivable days | 31 | 22 | 26 | 21 | 67 |
| Cash received / revenue | 111.6% | 116.9% | 107.6% | 106.9% | 100.3% |
| Operating CF / net profit | 1.40x | 0.72x | 0.33x | 1.65x | 1.85x |
| Free cash flow | 3,282.5 | 1,949.1 | 98.9 | 2,475.5 | 1,391.0 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.30 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 0.3 vs -1.0 CNY mn (deviation 127.54%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 1.2 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 31,197.5 vs 20,901.0 CNY mn (deviation 33.0%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 10,296.5 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 81.1 vs 5.3 CNY mn (deviation 93.45%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 75.8 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 786.1 vs 486.8 CNY mn (deviation 38.08%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 299.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: -662.1 vs -22.2 CNY mn (deviation 96.65%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 639.9 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 394.7 vs 507.9 CNY mn (deviation 22.28%, severity mid)
Sources: 2023年年度报告.pdf p.83 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.74 「货币资金」. CF-statement figure below the balance-sheet movement by 113.2 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: -1,480.5 vs -1,375.7 CNY mn (deviation 7.08%, severity mid)
Sources: 2024年年度报告.pdf p.88 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.78 「货币资金」. CF-statement figure below the balance-sheet movement by 104.8 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: 182.9 vs 121.9 CNY mn (deviation 33.4%, severity mid)
Sources: 2025年年度报告.pdf p.79 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.72 「货币资金」. CF-statement figure above the balance-sheet movement by 61.1 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: -567.8 vs -602.1 CNY mn (deviation 5.7%, severity mid)
Sources: 2026年半年度报告.pdf p.40 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.32 「货币资金」. CF-statement figure above the balance-sheet movement by 34.3 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 | 10,878.1 | 2025年年度报告.pdf | 72 | 货币资金 | 10878090468.95 (元) |
| Total assets | 2025 | 30,621.1 | 2025年年度报告.pdf | 73 | 资产总计 | 30621119491.71 (元) |
| Accounts receivable | 2025 | 1,000.7 | 2025年年度报告.pdf | 72 | 应收账款 | 1000653312.45 (元) |
| Fixed assets | 2025 | 3,873.7 | 2025年年度报告.pdf | 72 | 固定资产 | 3873701863.48 (元) |
| Short-term borrowings | 2025 | 115.1 | 2025年年度报告.pdf | 73 | 短期借款 | 115060791.67 (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.