Credit Brief — TONGWEICO.,LTD (通威股份)
600438.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: 刘舒琪
- Registered address: 中段588号
- Office address: 中段588号
- Controlling shareholder: 通威集团有限公司
- Actual controller: 刘汉元
- Employees: 44,798
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 | 36,841.6 | 19,418.4 | 16,448.5 | 17,475.4 | 18,447.7 |
| Trading financial assets | 4,298.5 | 10,064.1 | 12,869.1 | 14,048.9 | 7,959.5 |
| Accounts receivable | 4,501.4 | 6,987.9 | 6,706.8 | 6,863.7 | 7,216.2 |
| Other receivables | 477.5 | 488.2 | 802.5 | 794.7 | 799.2 |
| Inventories | 11,002.6 | 7,788.4 | 12,633.3 | 14,880.6 | 14,154.9 |
| Long-term equity investments | 390.6 | 377.3 | 2,306.7 | 2,407.1 | 2,340.3 |
| Fixed assets | 53,292.0 | 68,270.0 | 100,025.3 | 98,185.6 | 93,155.2 |
| Construction in progress | 3,997.4 | 14,816.5 | 7,251.1 | 2,014.6 | 2,837.7 |
| Intangible assets | 2,455.8 | 4,721.3 | 4,851.1 | 4,994.4 | 4,986.3 |
| Total assets | 145,575.0 | 164,363.2 | 195,916.8 | 187,779.3 | 179,675.9 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 87.8 | 214.0 | 1,878.2 | 7,702.1 | 7,396.8 |
| Notes payable | 8,851.4 | 10,173.6 | 15,210.7 | 11,300.4 | 12,958.0 |
| Accounts payable | 11,018.2 | 17,375.8 | 19,840.0 | 14,377.2 | 12,612.9 |
| Contract liabilities | 5,405.9 | 3,841.4 | 3,138.3 | 2,695.5 | 3,411.1 |
| Other payables | 2,142.7 | 1,962.5 | 1,669.8 | 1,266.5 | 1,108.5 |
| Current portion of non-current liabilities | 2,212.1 | 2,023.5 | 10,725.9 | 14,848.2 | 21,105.4 |
| Long-term borrowings | 15,409.3 | 28,755.2 | 51,244.3 | 51,820.4 | 45,692.8 |
| Bonds payable | 10,276.9 | 11,175.6 | 15,062.2 | 15,882.1 | 16,672.4 |
| Total liabilities | 72,333.5 | 90,533.8 | 137,997.6 | 136,391.1 | 135,181.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 4,501.9 | 4,502.0 | 4,502.0 | 4,502.0 | 4,502.0 |
| Capital reserve | 16,144.3 | 16,135.9 | 16,138.5 | 16,644.1 | 16,644.4 |
| Retained earnings | 35,849.5 | 34,660.3 | 23,008.9 | 13,455.5 | 8,336.2 |
| Equity attributable to owners of the parent | 60,793.2 | 61,528.8 | 48,455.9 | 38,883.9 | — |
| Minority interests | 12,448.3 | 12,300.5 | 9,463.3 | 12,504.3 | 10,747.2 |
| Total equity | — | 44,335.1 | 43,847.3 | — | 44,494.9 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 142,422.5 | 139,104.1 | 91,994.4 | 84,128.3 | 34,357.0 |
| Cost of sales | 88,060.0 | 102,327.9 | 86,117.2 | 81,856.4 | 35,412.1 |
| Selling expenses | 1,434.8 | 1,743.8 | 1,854.8 | 1,505.5 | 741.1 |
| Administrative expenses | 7,867.9 | 4,727.5 | 4,147.4 | 3,422.4 | 1,346.7 |
| Finance costs | 689.1 | 580.9 | 2,002.5 | 2,717.7 | 1,427.2 |
| Investment income | -421.0 | -177.1 | 87.5 | 30.3 | -12.6 |
| Operating profit | 39,573.9 | 22,290.8 | -8,418.2 | -11,526.0 | -7,478.3 |
| Profit before tax | 38,338.8 | 22,051.6 | -8,683.3 | -11,670.9 | -7,467.7 |
| Net profit | 32,380.5 | 18,246.2 | -8,108.8 | -10,900.9 | -6,756.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.08x | 1.61x | 1.17x | 1.19x | 1.03x |
| Quick ratio | 1.77x | 1.41x | 0.95x | 0.92x | 0.80x |
| Debt-to-asset ratio | 49.7% | 55.1% | 70.4% | 72.6% | 75.2% |
| Total debt / EBITDA | 0.65x | 1.47x | 87.00x | -55.88x | 115.77x |
| EBITDA interest coverage | 62.89x | 49.24x | 0.45x | -0.59x | 0.55x |
| Gross margin | 38.2% | 26.4% | 6.4% | 2.7% | -3.1% |
| Net margin | 22.7% | 13.1% | -8.8% | -13.0% | -19.7% |
| Return on equity (ROE) | — | 41.2% | -18.5% | — | -15.2% |
| Revenue growth | — | -2.3% | -33.9% | -8.6% | -59.2% |
| Net profit growth | — | -43.7% | -144.4% | -34.4% | 38.0% |
| Receivable days | 12 | 18 | 27 | 30 | 77 |
| Cash received / revenue | 91.1% | 89.3% | 93.0% | 89.8% | 95.1% |
| Operating CF / net profit | 1.35x | 1.68x | -0.14x | -0.13x | -0.02x |
| Free cash flow | 45,664.0 | 36,806.4 | 7,999.8 | -22,286.7 | 2,527.8 |
Mechanical risk flags
- ⚠ Current ratio: 1.19 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.92 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.73 (level: medium, reference threshold: <0.75)
- ⚠ EBITDA interest coverage: -0.59 (level: high, reference threshold: <2.0)
- ⚠ Gross margin: 0.03 (level: high, reference threshold: <0.05)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 1,743.8 vs 2,130.0 CNY mn (deviation 18.13%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 386.2 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -20,825.2 vs -17,423.1 CNY mn (deviation 16.34%, severity mid)
Sources: 2023年年度报告.pdf p.117 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.109 「货币资金」. CF-statement figure below the balance-sheet movement by 3,402.1 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: 92.5 vs -2,970.0 CNY mn (deviation 103.12%, severity mid)
Sources: 2024年年度报告.pdf p.123 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.114 「货币资金」. CF-statement figure above the balance-sheet movement by 3,062.5 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: 269.1 vs 1,026.9 CNY mn (deviation 73.8%, severity mid)
Sources: 2025年年度报告.pdf p.106 「五、现金及现金等价物净增加」 vs 2025年年度报告.pdf p.96 「货币资金」. CF-statement figure below the balance-sheet movement by 757.8 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: 1,141.4 vs 972.4 CNY mn (deviation 14.81%, severity mid)
Sources: 2026年半年度报告.pdf p.54 「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 169.1 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 | 17,475.4 | 2025年年度报告.pdf | 96 | 货币资金 | 17475377054.83 (元) |
| Total assets | 2025 | 187,779.3 | 2025年年度报告.pdf | 97 | 资产总计 | 187779256397.63 (元) |
| Accounts receivable | 2025 | 6,863.7 | 2025年年度报告.pdf | 96 | 应收账款 | 6863715377.32 (元) |
| Fixed assets | 2025 | 98,185.6 | 2025年年度报告.pdf | 97 | 固定资产 | 98185620593.61 (元) |
| Short-term borrowings | 2025 | 7,702.1 | 2025年年度报告.pdf | 97 | 短期借款 | 7702135271.21 (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.