Credit Brief — CO.,LTD (华鲁恒升)
600426.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: 常怀春
- Registered address: 山东省德州市天衢西路 24 号
- Office address: 山东省德州市天衢西路 24 号
- Controlling shareholder: 山东华鲁恒升集团有限公司
- Actual controller: None (stated in the filed report)
- Employees: 6,174
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 | 1,848.7 | 2,041.2 | 1,397.8 | 2,085.3 | 3,170.8 |
| Trading financial assets | 1,406.4 | 0.0 | 0.0 | 0.0 | — |
| Accounts receivable | 38.7 | 56.8 | 83.8 | 30.8 | 59.1 |
| Other receivables | 0.5 | 1.8 | 2.4 | 4.2 | 1.9 |
| Inventories | 1,173.1 | 1,493.0 | 1,318.8 | 1,493.0 | 1,949.0 |
| Long-term equity investments | 2,800.0 | 3,500.0 | 3,500.0 | 3,500.0 | 4,200.0 |
| Fixed assets | 15,590.9 | 28,941.1 | 30,056.5 | 32,993.7 | 32,186.5 |
| Construction in progress | 5,026.1 | 3,200.8 | 4,831.5 | 2,461.0 | 3,437.6 |
| Intangible assets | 1,737.2 | 1,946.8 | 2,367.4 | 2,856.7 | 2,822.6 |
| Total assets | 35,005.4 | 44,051.5 | 46,657.9 | 49,177.4 | 51,693.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 200.2 | 200.2 | — | 776.3 | 567.0 |
| Notes payable | 492.8 | 492.8 | 845.0 | 290.0 | 120.0 |
| Accounts payable | 1,624.1 | 3,314.5 | 2,303.7 | 1,324.9 | 1,071.3 |
| Contract liabilities | 707.9 | 675.6 | 528.6 | 768.9 | 746.0 |
| Other payables | 261.3 | 253.0 | 176.0 | 169.7 | 591.5 |
| Current portion of non-current liabilities | 472.9 | 281.9 | 1,197.8 | 1,997.0 | 2,445.8 |
| Long-term borrowings | 3,256.5 | 7,348.1 | 8,224.2 | 8,139.4 | 8,017.1 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 7,084.6 | 13,613.8 | 13,830.1 | 14,026.9 | 14,198.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,123.3 | 2,123.3 | 2,123.3 | 2,123.2 | 2,115.3 |
| Capital reserve | 2,318.1 | 2,385.6 | 2,425.2 | 2,441.8 | 2,251.4 |
| Retained earnings | 21,642.5 | 23,519.7 | 25,511.3 | 27,661.1 | 29,485.3 |
| Equity attributable to owners of the parent | — | — | 31,018.2 | 33,080.2 | — |
| Minority interests | 997.8 | 1,546.6 | 1,809.5 | 2,070.3 | 2,563.1 |
| Total equity | 27,920.9 | 30,437.6 | 30,315.3 | 31,769.9 | 37,495.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 30,245.3 | 27,259.9 | 34,226.0 | 30,968.9 | 17,162.5 |
| Cost of sales | 21,490.9 | 21,575.6 | 27,820.7 | 25,036.7 | 13,026.4 |
| Selling expenses | 51.7 | 60.1 | 89.0 | 93.4 | 45.5 |
| Administrative expenses | 261.7 | 335.6 | 335.0 | 310.2 | 159.2 |
| Finance costs | 58.8 | 68.1 | 220.3 | 263.0 | 150.2 |
| Investment income | 38.5 | 8.4 | -32.0 | -19.7 | -4.2 |
| Operating profit | 7,603.6 | 4,428.4 | 5,008.1 | 4,251.1 | 3,012.9 |
| Profit before tax | 7,410.6 | 4,280.8 | 5,014.6 | 4,262.4 | 3,013.7 |
| Net profit | 6,287.5 | 3,622.4 | 4,178.2 | 3,655.6 | 2,544.1 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.40x | 1.37x | 1.33x | 1.54x | 1.83x |
| Quick ratio | 2.07x | 1.11x | 1.10x | 1.28x | 1.50x |
| Debt-to-asset ratio | 20.2% | 30.9% | 29.6% | 28.5% | 27.5% |
| Total debt / EBITDA | 0.45x | 1.20x | 1.26x | 1.56x | 1.98x |
| EBITDA interest coverage | 147.57x | 95.41x | 33.95x | 26.58x | 37.04x |
| Gross margin | 28.9% | 20.9% | 18.7% | 19.2% | 24.1% |
| Net margin | 20.8% | 13.3% | 12.2% | 11.8% | 14.8% |
| Return on equity (ROE) | 22.5% | 11.9% | 13.8% | 11.5% | 6.8% |
| Revenue growth | — | -9.9% | 25.6% | -9.5% | -44.6% |
| Net profit growth | — | -42.4% | 15.3% | -12.5% | -30.4% |
| Receivable days | 0 | 1 | 1 | 0 | 1 |
| Cash received / revenue | 93.3% | 94.0% | 94.6% | 95.2% | 89.9% |
| Operating CF / net profit | 1.11x | 1.30x | 1.19x | 1.15x | 1.06x |
| Free cash flow | 2,433.8 | 1,589.8 | 2,015.7 | 2,071.7 | 1,383.9 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.29 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2024 · Same item across different source documents: 30,315.3 vs 32,827.8 CNY mn (deviation 7.65%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 2,512.5 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 32,827.8 vs 46,657.9 CNY mn (deviation 29.64%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 13,830.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 100.7 vs 192.5 CNY mn (deviation 47.72%, severity mid)
Sources: 2023年年度报告.pdf p.74 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.66 「货币资金」. CF-statement figure below the balance-sheet movement by 91.9 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: -475.7 vs -643.4 CNY mn (deviation 26.07%, severity mid)
Sources: 2024年年度报告.pdf p.77 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.68 「货币资金」. CF-statement figure above the balance-sheet movement by 167.7 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: 638.6 vs 687.5 CNY mn (deviation 7.11%, severity mid)
Sources: 2025年年度报告.pdf p.77 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.68 「货币资金」. CF-statement figure below the balance-sheet movement by 48.9 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: 1,109.7 vs 1,085.4 CNY mn (deviation 2.18%, severity mid)
Sources: 2026年半年度报告.pdf p.34 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.25 「货币资金」. CF-statement figure above the balance-sheet movement by 24.2 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 | 2,085.3 | 2025年年度报告.pdf | 68 | 货币资金 | 2085324814.91 (元) |
| Total assets | 2025 | 49,177.4 | 2025年年度报告.pdf | 69 | 资产总计 | 49177377189.73 (元) |
| Accounts receivable | 2025 | 30.8 | 2025年年度报告.pdf | 68 | 应收账款 | 30783467.4 (元) |
| Fixed assets | 2025 | 32,993.7 | 2025年年度报告.pdf | 69 | 固定资产 | 32993654001.92 (元) |
| Short-term borrowings | 2025 | 776.3 | 2025年年度报告.pdf | 69 | 短期借款 | 776323607.06 (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.