Credit Brief — ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL CO., LTD. (片仔癀)
600436.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: 林志辉
- Registered address: 福建省漳州市芗城区琥珀路 1 号
- Office address: 福建省漳州市芗城区琥珀路 1 号
- Controlling shareholder: 漳州市九龙江集团有限公司
- Actual controller: 漳州市人民政府国有资产监督管理委员会
- Employees: 2,886
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 | 2,496.4 | 1,158.7 | 1,488.0 | 1,255.9 | 2,114.2 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 744.4 | 911.7 | 779.7 | 753.2 | 1,017.9 |
| Other receivables | 103.9 | 56.7 | 64.0 | 67.9 | 90.9 |
| Inventories | 2,627.8 | 3,378.7 | 4,967.1 | 6,679.0 | 5,954.2 |
| Long-term equity investments | 244.4 | 193.6 | 411.6 | 848.1 | 971.7 |
| Fixed assets | 260.9 | 312.8 | 999.7 | 529.0 | 532.7 |
| Construction in progress | 60.8 | 157.2 | 314.9 | 1,248.5 | 1,419.2 |
| Intangible assets | 319.4 | 291.1 | 273.1 | 267.5 | 340.7 |
| Total assets | 14,603.8 | 17,080.4 | 17,539.7 | 17,560.0 | 18,513.7 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 971.0 | 989.9 | 892.8 | 838.1 | 817.0 |
| Notes payable | 103.6 | 167.3 | 46.3 | 97.5 | 55.4 |
| Accounts payable | 362.9 | 505.9 | 435.5 | 451.2 | 416.3 |
| Contract liabilities | 468.6 | 237.1 | 270.8 | 269.2 | 197.3 |
| Other payables | 270.6 | 595.5 | 414.7 | 233.1 | 1,197.8 |
| Current portion of non-current liabilities | 29.2 | 33.7 | 42.8 | 40.3 | 44.0 |
| Long-term borrowings | — | 35.4 | 58.2 | 56.1 | 52.3 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 2,779.9 | 3,159.9 | 2,700.9 | 2,472.0 | 3,365.7 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 603.3 | 603.3 | 603.3 | 603.3 | 603.3 |
| Capital reserve | 1,093.7 | 1,094.6 | 1,094.8 | 1,095.0 | 1,095.1 |
| Retained earnings | 8,205.4 | 9,995.8 | 10,606.5 | 10,624.8 | 10,770.6 |
| Minority interests | 494.0 | 544.2 | 567.0 | 548.6 | 536.6 |
| Total equity | 11,823.9 | 13,920.5 | 14,838.7 | 15,088.1 | 15,148.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 8,694.0 | 10,058.5 | 10,787.9 | 9,001.4 | 4,572.8 |
| Cost of sales | 4,725.9 | 5,355.3 | 6,177.6 | 5,722.5 | 2,751.6 |
| Selling expenses | 483.4 | 782.8 | 517.6 | 401.0 | 278.6 |
| Administrative expenses | 331.0 | 367.0 | 340.5 | 359.2 | 158.8 |
| Finance costs | -62.4 | -8.0 | -4.3 | 20.2 | 15.6 |
| Investment income | 75.2 | 126.2 | 145.7 | 353.5 | 112.4 |
| Operating profit | 2,975.7 | 3,393.7 | 3,572.1 | 2,545.9 | 1,291.8 |
| Profit before tax | 2,977.7 | 3,368.9 | 3,538.7 | 2,537.8 | 1,288.6 |
| Net profit | 2,523.0 | 2,851.1 | 2,995.5 | 2,143.3 | 1,085.1 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 5.06x | 5.24x | 4.77x | 5.02x | 3.70x |
| Quick ratio | 4.01x | 4.07x | 2.68x | 1.88x | 1.72x |
| Debt-to-asset ratio | 19.0% | 18.5% | 15.4% | 14.1% | 18.2% |
| Total debt / EBITDA | 0.32x | 0.31x | 0.27x | 0.36x | 0.67x |
| EBITDA interest coverage | 50.83x | 434.75x | 848.23x | 129.67x | 87.55x |
| Gross margin | 45.6% | 46.8% | 42.7% | 36.4% | 39.8% |
| Net margin | 29.0% | 28.3% | 27.8% | 23.8% | 23.7% |
| Return on equity (ROE) | 21.3% | 20.5% | 20.2% | 14.2% | 7.2% |
| Revenue growth | — | 15.7% | 7.3% | -16.6% | -49.2% |
| Net profit growth | — | 13.0% | 5.1% | -28.5% | -49.4% |
| Receivable days | 31 | 33 | 26 | 31 | 81 |
| Cash received / revenue | 107.5% | 103.4% | 111.4% | 104.0% | 97.9% |
| Operating CF / net profit | 2.72x | 0.77x | 0.44x | 0.04x | 1.50x |
| Free cash flow | 568.2 | -567.5 | 2,638.1 | 1,815.3 | 939.8 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.14 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 13,920.5 vs 17,080.4 CNY mn (deviation 18.5%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 3,159.9 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 17,539.7 vs 14,838.7 CNY mn (deviation 15.4%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 2,700.9 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -1,334.4 vs -1,337.7 CNY mn (deviation 0.25%, severity low)
Sources: 2023年年度报告.pdf p.110 「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 above the balance-sheet movement by 3.3 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: 405.7 vs 329.2 CNY mn (deviation 18.85%, severity mid)
Sources: 2024年年度报告.pdf p.107 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.100 「货币资金」. CF-statement figure above the balance-sheet movement by 76.5 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: -261.7 vs -232.1 CNY mn (deviation 11.32%, severity mid)
Sources: 2025年年度报告.pdf p.106 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.99 「货币资金」. CF-statement figure below the balance-sheet movement by 29.6 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: 876.7 vs 858.2 CNY mn (deviation 2.11%, severity mid)
Sources: 2026年半年度报告.pdf p.53 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.46 「货币资金」. CF-statement figure above the balance-sheet movement by 18.5 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 | 1,255.9 | 2025年年度报告.pdf | 99 | 货币资金 | 1255932193.56 (元) |
| Total assets | 2025 | 17,560.0 | 2025年年度报告.pdf | 99 | 资产总计 | 17560037344.69 (元) |
| Accounts receivable | 2025 | 753.2 | 2025年年度报告.pdf | 99 | 应收账款 | 753174429.93 (元) |
| Fixed assets | 2025 | 529.0 | 2025年年度报告.pdf | 99 | 固定资产 | 529039602.87 (元) |
| Short-term borrowings | 2025 | 838.1 | 2025年年度报告.pdf | 100 | 短期借款 | 838131453.27 (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.