Credit Brief — HUAYU Automotive Systems Company Limited (华域汽车)
600741.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: 王晓秋
- Registered address: 中国上海市威海路 489 号
- Office address: 中国上海市浦东新区科苑路 501 号
- Controlling shareholder: 上海汽车集团股份有限公司
- Actual controller: 上海汽车工业（集团）有限公司
- Employees: 54,621
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 | 33,329.5 | 40,211.3 | 34,738.8 | 37,140.7 | 36,893.8 |
| Trading financial assets | 0.0 | 0.0 | 97.8 | 0.0 | 0.0 |
| Accounts receivable | 33,684.3 | 38,533.8 | 43,952.8 | 50,532.1 | 50,022.7 |
| Other receivables | 2,283.2 | 2,074.0 | 2,422.3 | 2,396.8 | 3,145.9 |
| Inventories | 22,890.7 | 22,813.3 | 21,078.8 | 21,317.7 | 21,077.1 |
| Long-term equity investments | 12,073.9 | 12,306.8 | 12,687.7 | 13,517.6 | 13,159.6 |
| Fixed assets | 22,232.9 | 21,856.9 | 21,912.7 | 21,149.5 | 21,114.9 |
| Construction in progress | 3,926.7 | 3,936.5 | 3,571.9 | 3,636.8 | 3,111.3 |
| Intangible assets | 4,018.2 | 3,899.7 | 3,682.4 | 3,431.0 | 3,527.3 |
| Total assets | 162,796.9 | 176,096.5 | 185,006.0 | 199,186.5 | 197,377.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 9,296.2 | 10,639.2 | 11,298.1 | 12,125.8 | 11,132.9 |
| Notes payable | 6,504.0 | 8,711.3 | 10,080.0 | 12,490.4 | 11,416.9 |
| Accounts payable | 52,472.1 | 56,062.4 | 60,137.7 | 63,766.4 | 63,967.4 |
| Contract liabilities | 9,642.8 | 10,085.1 | 8,411.5 | 9,266.0 | 8,445.1 |
| Other payables | 9,641.3 | 9,595.7 | 9,985.3 | 11,177.6 | 14,508.9 |
| Current portion of non-current liabilities | 1,480.4 | 2,236.0 | 2,714.5 | 2,865.2 | 1,579.9 |
| Long-term borrowings | 2,436.2 | 3,369.4 | 2,505.3 | 983.3 | 960.8 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 105,742.2 | 114,516.0 | 118,885.6 | 128,048.7 | 126,512.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 3,152.7 | 3,152.7 | 3,152.7 | 3,152.7 | 3,152.7 |
| Capital reserve | 11,449.0 | 11,467.2 | 11,477.5 | 11,463.9 | 11,466.5 |
| Retained earnings | 32,108.1 | 36,386.8 | 40,068.5 | 44,577.6 | 44,238.1 |
| Minority interests | 4,086.4 | 3,812.9 | 4,076.2 | 3,993.2 | 4,326.0 |
| Total equity | 57,054.7 | 61,580.5 | 66,120.4 | 71,137.8 | 70,865.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 158,267.9 | 168,594.1 | 168,852.2 | 183,998.9 | 83,938.6 |
| Cost of sales | 135,764.5 | 146,137.0 | 148,357.4 | 161,360.8 | 73,940.1 |
| Selling expenses | 1,029.8 | 850.9 | 735.2 | 855.0 | 382.5 |
| Administrative expenses | 8,128.5 | 7,988.6 | 8,224.8 | 8,602.2 | 3,882.1 |
| Finance costs | -222.3 | 83.0 | 445.5 | 300.4 | 424.6 |
| Investment income | 2,922.4 | 2,843.2 | 2,699.6 | 2,829.1 | 1,367.8 |
| Operating profit | 9,107.9 | 8,817.6 | 8,215.3 | 9,434.2 | 3,501.5 |
| Profit before tax | 9,139.0 | 9,038.6 | 8,288.3 | 9,531.2 | 3,499.6 |
| Net profit | 8,061.2 | 8,094.8 | 7,482.3 | 8,226.6 | 3,018.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.09x | 1.12x | 1.08x | 1.13x | 1.10x |
| Quick ratio | 0.85x | 0.90x | 0.89x | 0.95x | 0.92x |
| Debt-to-asset ratio | 65.0% | 65.0% | 64.3% | 64.3% | 64.1% |
| Total debt / EBITDA | 1.12x | 1.42x | 1.47x | 1.34x | 2.36x |
| EBITDA interest coverage | 53.04x | 138.22x | 25.27x | 39.83x | 13.64x |
| Gross margin | 14.2% | 13.3% | 12.1% | 12.3% | 11.9% |
| Net margin | 5.1% | 4.8% | 4.4% | 4.5% | 3.6% |
| Return on equity (ROE) | 14.1% | 13.1% | 11.3% | 11.6% | 4.3% |
| Revenue growth | — | 6.5% | 0.2% | 9.0% | -54.4% |
| Net profit growth | — | 0.4% | -7.6% | 9.9% | -63.3% |
| Receivable days | 78 | 83 | 95 | 100 | 218 |
| Cash received / revenue | 89.6% | 88.5% | 83.7% | 77.6% | 81.4% |
| Operating CF / net profit | 1.24x | 1.40x | 1.09x | 1.16x | 2.64x |
| Free cash flow | 15,746.1 | 17,369.8 | 6,506.7 | 14,234.3 | 5,549.8 |
Mechanical risk flags
- ⚠ Current ratio: 1.13 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.95 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.64 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.12 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 850.9 vs 1,158.1 CNY mn (deviation 26.52%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 307.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 6,878.6 vs 6,881.8 CNY mn (deviation 0.05%, severity low)
Sources: 2023年年度报告.pdf p.78 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.70 「货币资金」. CF-statement figure below the balance-sheet movement by 3.1 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: -5,463.0 vs -5,472.6 CNY mn (deviation 0.17%, severity low)
Sources: 2024年年度报告.pdf p.78 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.70 「货币资金」. CF-statement figure above the balance-sheet movement by 9.5 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: 2,049.1 vs 2,401.9 CNY mn (deviation 14.69%, severity mid)
Sources: 2025年年度报告.pdf p.74 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.66 「货币资金」. CF-statement figure below the balance-sheet movement by 352.8 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: -217.2 vs -246.9 CNY mn (deviation 12.02%, severity mid)
Sources: 2026年半年度报告.pdf p.51 「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 above the balance-sheet movement by 29.7 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 | 37,140.7 | 2025年年度报告.pdf | 66 | 货币资金 | 37140696976.26 (元) |
| Total assets | 2025 | 199,186.5 | 2025年年度报告.pdf | 67 | 资产总计 | 199186450932.39 (元) |
| Accounts receivable | 2025 | 50,532.1 | 2025年年度报告.pdf | 66 | 应收账款 | 50532053441.62 (元) |
| Fixed assets | 2025 | 21,149.5 | 2025年年度报告.pdf | 66 | 固定资产 | 21149529295.97 (元) |
| Short-term borrowings | 2025 | 12,125.8 | 2025年年度报告.pdf | 67 | 短期借款 | 12125830795.26 (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.