Credit Brief — Zhejiang China Commodities City Group Co.,Ltd (小商品城)
600415.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: 陈德占
- Registered address: 浙江省金华市义乌市福田街道银海路567号
- Office address: 义乌市银海路567号商城集团大厦
- Controlling shareholder: 义乌中国小商品城控股有限责任公司
- Actual controller: None (stated in the filed report)
- Employees: 3,306
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 | 1,991.3 | 2,922.7 | 5,539.2 | 6,816.0 | 3,359.5 |
| Trading financial assets | 62.3 | 15.1 | 400.3 | 2,093.6 | 574.9 |
| Accounts receivable | 210.8 | 592.9 | 486.2 | 437.8 | 404.7 |
| Other receivables | 419.4 | 115.3 | 116.3 | 188.3 | 158.1 |
| Inventories | 1,330.4 | 1,247.2 | 1,357.8 | 2,385.3 | 1,408.7 |
| Long-term equity investments | 6,033.5 | 7,022.8 | 6,947.1 | 6,436.8 | 6,410.0 |
| Fixed assets | 5,220.9 | 4,940.5 | 5,504.0 | 7,695.8 | 7,540.3 |
| Construction in progress | 2,860.1 | 3,956.0 | 2,300.7 | 187.5 | 398.7 |
| Intangible assets | 6,461.8 | 6,238.4 | 5,181.3 | 4,723.0 | 7,906.4 |
| Total assets | 32,111.0 | 36,218.9 | 39,168.5 | 44,405.4 | 43,179.3 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,059.3 | 1,619.8 | 60.1 | 0.0 | — |
| Accounts payable | 1,191.3 | 1,390.3 | 1,469.7 | 1,995.9 | 1,936.9 |
| Contract liabilities | 3,991.0 | 4,066.6 | 5,927.7 | 7,463.2 | 7,564.9 |
| Other payables | 1,325.6 | 1,862.7 | 1,685.3 | 1,014.0 | 2,525.4 |
| Current portion of non-current liabilities | 86.9 | 179.1 | 3,764.7 | 121.0 | 78.5 |
| Long-term borrowings | 404.5 | 862.8 | 657.6 | 456.2 | 284.2 |
| Bonds payable | 3,497.4 | 3,498.5 | 0.0 | 2,799.0 | 2,799.2 |
| Total liabilities | 16,829.9 | 18,515.0 | 18,596.0 | 21,376.7 | 20,989.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 5,486.1 | 5,484.3 | 5,483.6 | 5,483.6 | 5,483.6 |
| Capital reserve | 1,651.1 | 1,666.9 | 2,377.6 | 2,407.5 | 2,407.5 |
| Retained earnings | 6,651.4 | 8,703.6 | 10,400.5 | 12,486.7 | 11,724.1 |
| Minority interests | 18.8 | 15.5 | 68.7 | 80.8 | 87.4 |
| Total equity | 15,281.1 | 17,703.9 | 20,572.5 | 23,028.7 | 22,189.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 7,619.7 | 11,299.7 | 15,737.4 | 19,927.3 | 10,281.5 |
| Cost of sales | 6,452.9 | 8,305.7 | 10,797.9 | 13,661.2 | 7,295.3 |
| Selling expenses | 197.7 | 240.3 | 321.4 | 470.8 | 129.0 |
| Administrative expenses | 529.5 | 559.5 | 580.6 | 612.0 | 212.6 |
| Finance costs | 149.1 | 125.0 | 102.2 | -11.0 | -0.1 |
| Investment income | 1,041.5 | 1,068.4 | 263.0 | 239.2 | 126.8 |
| Operating profit | 1,146.5 | 3,105.3 | 4,007.1 | 5,353.1 | 2,673.1 |
| Profit before tax | 1,149.8 | 3,208.1 | 4,028.7 | 5,407.6 | 2,677.7 |
| Net profit | 1,103.6 | 2,681.4 | 3,078.2 | 4,215.7 | 1,985.9 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.42x | 0.48x | 0.55x | 1.14x | 0.78x |
| Quick ratio | 0.32x | 0.39x | 0.48x | 0.96x | 0.68x |
| Debt-to-asset ratio | 52.4% | 51.1% | 47.5% | 48.1% | 48.6% |
| Total debt / EBITDA | 2.38x | 1.52x | 0.93x | 0.54x | 0.87x |
| EBITDA interest coverage | 7.54x | 20.85x | 33.95x | 78.77x | 111.08x |
| Gross margin | 15.3% | 26.5% | 31.4% | 31.4% | 29.0% |
| Net margin | 14.5% | 23.7% | 19.6% | 21.2% | 19.3% |
| Return on equity (ROE) | 7.2% | 15.1% | 15.0% | 18.3% | 8.9% |
| Revenue growth | — | 48.3% | 39.3% | 26.6% | -48.4% |
| Net profit growth | — | 143.0% | 14.8% | 37.0% | -52.9% |
| Receivable days | 10 | 19 | 11 | 8 | 14 |
| Cash received / revenue | 113.7% | 104.8% | 117.4% | 136.6% | 98.1% |
| Operating CF / net profit | 1.27x | 0.69x | 1.46x | 2.50x | -0.06x |
| Free cash flow | -962.6 | 470.1 | 5,714.1 | 4,879.8 | -427.1 |
Mechanical risk flags
- ⚠ Current ratio: 1.14 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.96 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.48 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 194.8 vs 269.5 CNY mn (deviation 27.72%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 74.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 929.0 vs 931.4 CNY mn (deviation 0.26%, severity low)
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.97 「货币资金」. CF-statement figure below the balance-sheet movement by 2.5 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: 2,618.2 vs 2,616.5 CNY mn (deviation 0.07%, severity low)
Sources: 2024年年度报告.pdf p.104 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.97 「货币资金」. CF-statement figure above the balance-sheet movement by 1.7 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: -1,243.5 vs 1,276.8 CNY mn (deviation 197.39%, severity mid)
Sources: 2025年年度报告.pdf p.90 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.84 「货币资金」. CF-statement figure below the balance-sheet movement by 2,520.3 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: -1,891.5 vs -3,456.5 CNY mn (deviation 45.28%, severity mid)
Sources: 2026年半年度报告.pdf p.46 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.40 「货币资金」. CF-statement figure above the balance-sheet movement by 1,565.0 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 | 6,816.0 | 2025年年度报告.pdf | 84 | 货币资金 | 6815989217.0 (元) |
| Total assets | 2025 | 44,405.4 | 2025年年度报告.pdf | 84 | 资产总计 | 44405436378.39 (元) |
| Accounts receivable | 2025 | 437.8 | 2025年年度报告.pdf | 84 | 应收账款 | 437842602.96 (元) |
| Fixed assets | 2025 | 7,695.8 | 2025年年度报告.pdf | 84 | 固定资产 | 7695778566.77 (元) |
| Short-term borrowings | 2025 | 0.0 | 2025年年度报告.pdf | 84 | 短期借款 | 0.0 (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.