Credit Brief — China CSSC Holdings Limited (中国船舶)
600150.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: 胡贤甫
- Registered address: 中国（上海）自由贸易试验区浦东大道1号
- Office address: 中国（上海）自由贸易试验区浦东大道1号
- Controlling shareholder: 中国船舶工业集团有限公司
- Actual controller: 中国船舶集团有限公司
- Employees: 41,839
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 | 57,397.4 | 67,965.0 | 149,203.6 | 146,835.3 | 142,007.0 |
| Trading financial assets | 206.2 | 1.8 | 5.1 | — | 1.4 |
| Accounts receivable | 3,709.7 | 3,127.5 | 10,763.1 | 8,599.0 | 14,307.6 |
| Other receivables | 772.0 | 177.7 | 1,262.0 | 1,061.4 | 1,204.7 |
| Inventories | 32,390.6 | 36,290.9 | 66,201.0 | 74,920.6 | 68,587.8 |
| Long-term equity investments | 9,989.0 | 15,188.7 | 25,747.7 | 26,791.6 | 27,345.8 |
| Fixed assets | 19,283.8 | 20,328.6 | 54,992.5 | 54,274.4 | 53,451.8 |
| Construction in progress | 1,998.8 | 1,525.7 | 2,803.1 | 2,784.9 | 3,654.0 |
| Intangible assets | 3,985.6 | 3,910.7 | 9,829.1 | 9,553.5 | 9,379.9 |
| Total assets | 162,622.1 | 177,832.2 | 403,639.2 | 420,489.5 | 423,670.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 9,384.9 | 5,583.3 | 5,484.5 | 7,575.6 | 1,675.7 |
| Notes payable | 4,428.2 | 3,264.4 | 8,975.7 | 9,797.3 | 11,196.3 |
| Accounts payable | 22,593.2 | 26,578.8 | 52,787.7 | 51,730.3 | 55,991.7 |
| Contract liabilities | 49,483.6 | 62,538.8 | 135,719.1 | 152,214.3 | 149,824.2 |
| Other payables | 496.0 | 407.5 | 2,036.2 | 2,162.5 | 5,160.8 |
| Current portion of non-current liabilities | 5,829.7 | 6,362.1 | 14,790.9 | 13,845.2 | 4,462.9 |
| Long-term borrowings | 10,943.4 | 13,366.7 | 24,978.5 | 14,940.5 | 14,809.5 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 112,334.4 | 125,359.6 | 264,104.4 | 270,899.3 | 264,409.5 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 4,472.4 | 4,472.4 | 4,472.4 | 7,525.6 | 7,525.6 |
| Capital reserve | 34,208.1 | 33,777.2 | 67,366.9 | 107,454.5 | 107,911.6 |
| Retained earnings | 5,737.8 | 8,552.1 | 17,091.0 | 23,505.8 | 30,714.6 |
| Equity attributable to owners of the parent | 45,854.8 | 48,348.6 | 50,899.8 | — | — |
| Minority interests | 4,432.9 | 4,123.9 | 47,430.6 | 6,171.4 | 6,890.8 |
| Total equity | — | — | 139,534.8 | 149,590.2 | 159,261.1 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 59,485.2 | 74,838.5 | 133,350.8 | 151,978.0 | 91,529.8 |
| Cost of sales | 54,915.6 | 66,928.9 | 119,380.6 | 132,858.6 | 75,634.7 |
| Selling expenses | 257.1 | 58.7 | 327.5 | 304.8 | 161.0 |
| Administrative expenses | 3,683.1 | 3,095.9 | 7,054.6 | 6,376.3 | 3,058.4 |
| Finance costs | -1,296.7 | -1,310.9 | -2,533.4 | -2,334.8 | -643.7 |
| Investment income | 2,350.4 | 539.4 | 1,438.8 | 1,637.8 | 1,212.1 |
| Operating profit | 412.4 | 2,994.5 | 5,327.1 | 10,897.6 | 11,847.9 |
| Profit before tax | 2,174.0 | 3,022.2 | 5,445.2 | 10,724.4 | 11,853.7 |
| Net profit | 873.3 | 2,954.7 | 5,147.7 | 10,512.9 | 10,668.8 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.26x | 1.25x | 1.33x | 1.30x | 1.35x |
| Quick ratio | 0.92x | 0.91x | 1.04x | 0.99x | 1.06x |
| Debt-to-asset ratio | 69.1% | 70.5% | 65.4% | 64.4% | 62.4% |
| Total debt / EBITDA | 4.08x | 3.22x | 2.82x | 1.78x | 1.17x |
| EBITDA interest coverage | 4.94x | 5.99x | 6.33x | 8.77x | 27.81x |
| Gross margin | 7.7% | 10.6% | 10.5% | 12.6% | 17.4% |
| Net margin | 1.5% | 3.9% | 3.9% | 6.9% | 11.7% |
| Return on equity (ROE) | — | — | 3.7% | 7.0% | 6.7% |
| Revenue growth | — | 25.8% | 78.2% | 14.0% | -39.8% |
| Net profit growth | — | 238.3% | 74.2% | 104.2% | 1.5% |
| Receivable days | 23 | 15 | 29 | 21 | 57 |
| Cash received / revenue | 103.6% | 122.2% | 122.3% | 111.5% | 94.6% |
| Operating CF / net profit | -0.04x | -0.12x | 2.86x | 0.74x | 1.02x |
| Free cash flow | -908.2 | -678.9 | 16,040.7 | 9,168.6 | 13,575.6 |
Mechanical risk flags
- ⚠ Current ratio: 1.30 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.99 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.64 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.13 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 69 flags (high×66, mid×3); first 3 shown:
- 2023 · Same item across different source documents: 58.7 vs 671.7 CNY mn (deviation 91.25%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 613.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: -365.9 vs 18,212.9 CNY mn (deviation 102.01%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 18,578.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 149,203.6 vs 63,680.9 CNY mn (deviation 57.32%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 85,522.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 58.7 vs 671.7 CNY mn (deviation 91.25%, severity high)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 4,747.6 vs 10,567.6 CNY mn (deviation 55.07%, severity mid)
Sources: 2023年年度报告.pdf p.112 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.103 「货币资金」. CF-statement figure below the balance-sheet movement by 5,820.0 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: 4,695.6 vs 81,238.7 CNY mn (deviation 94.22%, severity mid)
Sources: 2025年年度报告.pdf p.94 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.87 「货币资金」. CF-statement figure below the balance-sheet movement by 76,543.1 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: 6,523.8 vs -2,368.3 CNY mn (deviation 136.3%, severity mid)
Sources: 2025年年度报告.pdf p.94 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.87 「货币资金」. CF-statement figure above the balance-sheet movement by 8,892.1 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: 2,797.8 vs -4,828.3 CNY mn (deviation 157.95%, severity mid)
Sources: 2026年半年度报告.pdf p.57 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.49 「货币资金」. CF-statement figure above the balance-sheet movement by 7,626.1 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 | 146,835.3 | 2025年年度报告.pdf | 87 | 货币资金 | 146835313407.03 (元) |
| Total assets | 2025 | 420,489.5 | 2025年年度报告.pdf | 88 | 资产总计 | 420489480242.16 (元) |
| Accounts receivable | 2025 | 8,599.0 | 2025年年度报告.pdf | 87 | 应收账款 | 8598956540.5 (元) |
| Fixed assets | 2025 | 54,274.4 | 2025年年度报告.pdf | 87 | 固定资产 | 54274379658.56 (元) |
| Short-term borrowings | 2025 | 7,575.6 | 2025年年度报告.pdf | 88 | 短期借款 | 7575588138.28 (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.