Credit Brief — SHANDONG NANSHAN ALUMINIUM CO.,LTD. (南山铝业)
600219.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: 吕正风
- Registered address: 山东省龙口市东江镇前宋村
- Office address: 山东省龙口市东江镇南山村
- Controlling shareholder: 南山集团有限公司
- Actual controller: None (stated in the filed report)
- Employees: 16,180
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 | 20,874.6 | 26,388.3 | 25,662.4 | 24,552.8 | 25,168.1 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 2,755.5 | 3,229.0 | 4,104.1 | 3,542.6 | 4,728.2 |
| Other receivables | 188.2 | 769.8 | 376.7 | 76.4 | 119.1 |
| Inventories | 6,436.1 | 6,271.5 | 6,470.0 | 8,131.1 | 8,228.8 |
| Long-term equity investments | 566.8 | 672.1 | 1,556.2 | 1,588.1 | 1,652.1 |
| Fixed assets | 26,380.7 | 24,433.2 | 23,168.4 | 26,056.9 | 26,328.6 |
| Construction in progress | 923.3 | 682.9 | 2,524.7 | 2,303.3 | 1,434.4 |
| Intangible assets | 2,338.0 | 2,378.6 | 2,274.2 | 2,138.8 | 2,071.0 |
| Total assets | 64,726.0 | 68,815.3 | 70,264.0 | 71,917.1 | 74,103.0 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 7,350.3 | 7,532.7 | 5,513.9 | 5,028.8 | 6,138.3 |
| Notes payable | 814.4 | 511.0 | 576.6 | 459.9 | 397.6 |
| Accounts payable | 3,125.3 | 2,736.2 | 3,007.0 | 4,052.4 | 3,854.8 |
| Contract liabilities | 267.2 | 247.0 | 234.1 | 220.5 | 408.3 |
| Other payables | 394.0 | 376.7 | 963.1 | 340.9 | 521.8 |
| Current portion of non-current liabilities | 12.1 | 102.9 | 2.8 | 202.5 | 102.7 |
| Long-term borrowings | 190.2 | 28.5 | 200.0 | — | 0.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 14,707.6 | 14,787.2 | 14,039.6 | 13,864.5 | 15,016.2 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 11,708.6 | 11,708.6 | 11,613.7 | 11,483.7 | 11,483.7 |
| Capital reserve | 15,909.9 | 15,909.9 | 15,666.3 | 15,341.0 | 15,942.6 |
| Retained earnings | 15,851.3 | 18,629.1 | 20,915.9 | 20,887.5 | 21,576.8 |
| Minority interests | 4,916.1 | 5,683.9 | 5,907.4 | 8,465.2 | 9,234.8 |
| Total equity | 50,018.4 | 54,028.1 | 56,224.3 | 58,052.6 | 59,086.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 34,951.2 | 28,843.6 | 33,477.2 | 34,619.9 | 18,574.2 |
| Cost of sales | 27,644.3 | 22,976.8 | 24,376.5 | 25,896.8 | 14,618.2 |
| Selling expenses | 291.5 | 264.1 | 312.5 | 280.6 | 83.6 |
| Administrative expenses | 958.0 | 857.8 | 905.6 | 826.9 | 464.1 |
| Finance costs | -222.8 | -99.7 | -343.2 | -210.3 | -52.3 |
| Investment income | 118.3 | 69.7 | 28.8 | 45.1 | 24.4 |
| Operating profit | 4,281.9 | 4,367.5 | 6,629.8 | 6,557.3 | 2,697.7 |
| Profit before tax | 4,255.3 | 4,368.2 | 6,653.6 | 6,538.5 | 2,707.8 |
| Net profit | 3,943.8 | 4,002.7 | 5,956.3 | 5,805.1 | 2,440.7 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.45x | 2.83x | 3.04x | 2.93x | 2.84x |
| Quick ratio | 1.99x | 2.38x | 2.55x | 2.31x | 2.26x |
| Debt-to-asset ratio | 22.7% | 21.5% | 20.0% | 19.3% | 20.3% |
| Total debt / EBITDA | 1.13x | 1.15x | 0.63x | 0.58x | 1.28x |
| EBITDA interest coverage | 29.97x | 66.55x | 26.63x | 43.25x | 93.51x |
| Gross margin | 20.9% | 20.3% | 27.2% | 25.2% | 21.3% |
| Net margin | 11.3% | 13.9% | 17.8% | 16.8% | 13.1% |
| Return on equity (ROE) | 7.9% | 7.4% | 10.6% | 10.0% | 4.1% |
| Revenue growth | — | -17.5% | 16.1% | 3.4% | -46.3% |
| Net profit growth | — | 1.5% | 48.8% | -2.5% | -58.0% |
| Receivable days | 29 | 41 | 45 | 37 | 93 |
| Cash received / revenue | 88.8% | 86.5% | 88.3% | 95.1% | 88.7% |
| Operating CF / net profit | 1.69x | 1.06x | 1.28x | 1.28x | 0.86x |
| Free cash flow | 6,210.3 | 6,647.9 | 6,526.7 | 6,510.1 | 1,268.0 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.19 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 3,049.0 vs 5,513.7 CNY mn (deviation 44.7%, severity mid)
Sources: 2023年年度报告.pdf p.103 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.94 「货币资金」. CF-statement figure below the balance-sheet movement by 2,464.7 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: 131.2 vs -726.0 CNY mn (deviation 118.07%, severity mid)
Sources: 2024年年度报告.pdf p.94 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.85 「货币资金」. CF-statement figure above the balance-sheet movement by 857.2 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: -223.2 vs -1,109.6 CNY mn (deviation 79.88%, severity mid)
Sources: 2025年年度报告.pdf p.88 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.79 「货币资金」. CF-statement figure above the balance-sheet movement by 886.4 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: 579.8 vs 615.3 CNY mn (deviation 5.77%, severity mid)
Sources: 2026年半年度报告.pdf p.52 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.43 「货币资金」. CF-statement figure below the balance-sheet movement by 35.5 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 | 24,552.8 | 2025年年度报告.pdf | 79 | 货币资金 | 24552783365.58 (元) |
| Total assets | 2025 | 71,917.1 | 2025年年度报告.pdf | 80 | 资产总计 | 71917078298.77 (元) |
| Accounts receivable | 2025 | 3,542.6 | 2025年年度报告.pdf | 79 | 应收账款 | 3542606008.91 (元) |
| Fixed assets | 2025 | 26,056.9 | 2025年年度报告.pdf | 79 | 固定资产 | 26056866100.18 (元) |
| Short-term borrowings | 2025 | 5,028.8 | 2025年年度报告.pdf | 80 | 短期借款 | 5028814127.24 (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.