Credit Brief — China Spacesat Co., Ltd. (中国卫星)
600118.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: 李大明
- Registered address: 北京市海淀区中关村南大街31号神舟科技大厦12层
- Office address: 北京市海淀区中关村南大街31号神舟科技大厦12层
- Controlling shareholder: 空间院
- Actual controller: 中国航天科技集团有限公司
- Employees: 3,105
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 | 4,045.4 | 2,443.6 | 1,758.1 | 1,890.0 | 1,571.8 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 1,959.3 | 1,761.0 | 1,912.9 | 2,068.7 | 2,334.9 |
| Other receivables | 46.7 | 59.4 | 47.3 | 63.6 | 70.7 |
| Inventories | 1,881.0 | 1,881.0 | 2,241.7 | 2,470.7 | 3,354.6 |
| Long-term equity investments | 265.8 | 265.8 | 276.4 | 286.0 | 295.7 |
| Fixed assets | 951.1 | 951.1 | 916.0 | 920.2 | 894.6 |
| Construction in progress | 1.4 | 1.4 | 1.4 | — | 0.6 |
| Intangible assets | 743.7 | 1,268.5 | 1,245.1 | 1,408.5 | 1,442.9 |
| Total assets | 13,797.2 | 13,507.5 | 13,236.8 | 13,201.3 | 13,797.0 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 265.2 | 239.0 | 238.4 | 490.5 | 533.0 |
| Notes payable | 578.9 | 307.1 | 262.6 | 159.4 | 12.8 |
| Accounts payable | 2,886.8 | 2,993.9 | 2,882.3 | 2,784.0 | 2,819.4 |
| Contract liabilities | 1,087.1 | 1,008.8 | 1,104.7 | 1,008.6 | 1,709.1 |
| Other payables | 89.2 | 66.3 | 70.2 | 71.5 | 117.2 |
| Current portion of non-current liabilities | 121.2 | 116.5 | 112.8 | 104.3 | 104.0 |
| Long-term borrowings | 0.0 | 0.0 | 0.0 | 4.8 | 4.8 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 5,653.1 | 5,315.2 | 5,154.3 | 5,119.1 | 5,686.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,182.5 | 1,182.5 | 1,182.5 | 1,182.5 | 1,182.5 |
| Capital reserve | 1,718.1 | 1,730.4 | 1,755.9 | 1,756.3 | 1,756.6 |
| Retained earnings | 3,149.3 | 3,205.9 | 3,177.6 | 3,200.0 | 3,234.6 |
| Equity attributable to owners of the parent | — | — | — | — | 6,404.6 |
| Minority interests | 1,887.8 | 1,855.7 | 1,741.5 | 1,717.1 | 1,706.1 |
| Total equity | 8,144.2 | 8,192.3 | 8,082.5 | 8,082.2 | — |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 8,242.3 | 6,881.2 | 5,156.5 | 6,102.9 | 1,885.3 |
| Cost of sales | 7,366.5 | 6,063.0 | 4,549.4 | 5,563.4 | 1,531.8 |
| Selling expenses | 92.3 | 66.2 | 43.4 | 32.1 | 11.3 |
| Administrative expenses | 350.5 | 391.8 | 393.5 | 411.2 | 179.4 |
| Finance costs | -44.8 | -31.3 | -5.0 | 1.3 | -3.9 |
| Investment income | 83.1 | 6.8 | 17.0 | 11.6 | 9.8 |
| Operating profit | 338.7 | 167.0 | -60.0 | 17.2 | 16.3 |
| Profit before tax | 337.4 | 165.7 | -60.1 | 16.8 | 16.4 |
| Net profit | 358.5 | 169.5 | -30.6 | 24.1 | 33.6 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.96x | 2.02x | 1.99x | 1.96x | 1.87x |
| Quick ratio | 1.60x | 1.64x | 1.53x | 1.44x | 1.24x |
| Debt-to-asset ratio | 41.0% | 39.3% | 38.9% | 38.8% | 41.2% |
| Total debt / EBITDA | 0.85x | 1.12x | 4.12x | 3.47x | 4.05x |
| EBITDA interest coverage | 37.31x | 14.70x | 4.47x | 8.22x | 22.31x |
| Gross margin | 10.6% | 11.9% | 11.8% | 8.8% | 18.8% |
| Net margin | 4.3% | 2.5% | -0.6% | 0.4% | 1.8% |
| Return on equity (ROE) | 4.4% | 2.1% | -0.4% | 0.3% | — |
| Revenue growth | — | -16.5% | -25.1% | 18.4% | -69.1% |
| Net profit growth | — | -52.7% | -118.0% | 178.7% | 39.6% |
| Receivable days | 87 | 93 | 135 | 124 | 452 |
| Cash received / revenue | 94.0% | 78.4% | 101.6% | 111.3% | 135.6% |
| Operating CF / net profit | 0.80x | -6.30x | 10.36x | 15.11x | -8.36x |
| Free cash flow | 467.6 | -1,281.7 | -529.2 | -399.3 | -314.7 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.39 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.09 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 10 flags (high×10); first 3 shown:
- 2023 · Same item across different source documents: 1,881.0 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 1,881.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 108.8 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 108.8 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 265.8 vs 0.0 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 265.8 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 1,881.0 vs 0.0 CNY mn (deviation 100.0%, severity high)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -1,571.6 vs -1,601.8 CNY mn (deviation 1.89%, severity mid)
Sources: 2023年年度报告.pdf p.80 「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 above the balance-sheet movement by 30.2 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: -678.1 vs -685.5 CNY mn (deviation 1.08%, severity mid)
Sources: 2024年年度报告.pdf p.75 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.69 「货币资金」. CF-statement figure above the balance-sheet movement by 7.4 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: -322.3 vs 131.9 CNY mn (deviation 140.92%, severity mid)
Sources: 2025年年度报告.pdf p.78 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.71 「货币资金」. CF-statement figure below the balance-sheet movement by 454.1 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: -310.4 vs -318.2 CNY mn (deviation 2.43%, severity mid)
Sources: 2026年半年度报告.pdf p.42 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.35 「货币资金」. CF-statement figure above the balance-sheet movement by 7.7 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 | 1,890.0 | 2025年年度报告.pdf | 71 | 货币资金 | 1889988039.5 (元) |
| Total assets | 2025 | 13,201.3 | 2025年年度报告.pdf | 71 | 资产总计 | 13201298080.22 (元) |
| Accounts receivable | 2025 | 2,068.7 | 2025年年度报告.pdf | 71 | 应收账款 | 2068727448.31 (元) |
| Fixed assets | 2025 | 920.2 | 2025年年度报告.pdf | 71 | 固定资产 | 920228273.79 (元) |
| Short-term borrowings | 2025 | 490.5 | 2025年年度报告.pdf | 72 | 短期借款 | 490487567.62 (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.