Credit Brief — Shanghai Baosight Software Co.,Ltd. (宝信软件)
600845.SH · Shanghai Main Board · Data window: 2018–2026 Q1 · 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: 夏雪松
- Registered address: 中国（上海）自由贸易试验区郭守敬路515号
- Office address: 中国（上海）自由贸易试验区郭守敬路515号
- Controlling shareholder: 宝山钢铁股份有限公司
- Actual controller: 中国宝武钢铁集团有限公司
- Employees: 4,206
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
| 2018 | 2019 | 2020 | 2026 Q1 | |
|---|---|---|---|---|
| Cash and bank balances | 3,772.2 | 3,139.6 | 3,822.8 | 4,332.8 |
| Trading financial assets | — | 6.6 | 5.3 | 8.8 |
| Accounts receivable | 2,071.9 | 2,239.0 | 1,440.8 | 3,762.7 |
| Other receivables | 529.7 | 70.0 | 73.0 | 69.3 |
| Inventories | 676.8 | 776.8 | 2,917.0 | 4,276.5 |
| Long-term equity investments | 119.6 | 199.1 | 210.8 | 147.9 |
| Fixed assets | 1,030.0 | 1,430.3 | 1,672.8 | 1,740.7 |
| Construction in progress | 644.6 | 467.4 | 47.1 | 1,537.3 |
| Intangible assets | 119.5 | 111.7 | 98.6 | 171.2 |
| Total assets | 10,661.5 | 10,267.7 | 14,070.4 | 22,895.3 |
Liabilities
| 2018 | 2019 | 2020 | 2026 Q1 | |
|---|---|---|---|---|
| Short-term borrowings | 150.0 | 20.0 | 20.0 | 13.0 |
| Notes payable | 95.6 | 144.2 | 220.8 | 1,002.8 |
| Accounts payable | 1,765.6 | 1,439.5 | 2,011.8 | 4,106.6 |
| Contract liabilities | — | — | 3,493.8 | 2,936.1 |
| Other payables | 715.2 | 219.8 | 473.6 | 329.8 |
| Current portion of non-current liabilities | 0.2 | 0.2 | 0.2 | 118.6 |
| Long-term borrowings | 0.4 | 0.2 | 0.1 | 871.3 |
| Bonds payable | 1,270.1 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 3,558.9 | 2,998.6 | 6,557.9 | 10,570.1 |
Equity
| 2018 | 2019 | 2020 | 2026 Q1 | |
|---|---|---|---|---|
| Paid-in capital | 877.3 | 1,140.4 | 1,155.4 | 2,870.8 |
| Capital reserve | 3,114.6 | 2,586.0 | 3,010.4 | 3,028.8 |
| Retained earnings | 2,534.6 | 2,884.1 | 2,903.1 | 4,182.4 |
| Equity attributable to owners of the parent | 6,614.1 | 7,064.6 | 7,282.5 | — |
| Minority interests | 205.7 | 204.5 | 230.0 | 903.0 |
| Total equity | 6,771.5 | — | — | 12,325.3 |
Income statement
| 2018 | 2019 | 2020 | 2026 Q1 | |
|---|---|---|---|---|
| Revenue | 5,819.5 | 6,849.0 | 9,517.8 | 2,643.9 |
| Cost of sales | 4,326.9 | 4,791.8 | 6,745.1 | 1,830.5 |
| Selling expenses | 159.6 | 173.5 | 167.5 | 53.2 |
| Administrative expenses | 235.3 | 246.2 | 208.7 | 78.0 |
| Finance costs | -16.9 | -38.2 | -60.3 | 4.0 |
| Investment income | 5.0 | 1.1 | 15.3 | 0.2 |
| Operating profit | 551.9 | 1,003.8 | 1,481.3 | 429.1 |
| Profit before tax | 535.7 | 1,002.5 | 1,481.9 | 428.3 |
| Net profit | 479.1 | 924.9 | 1,360.1 | 385.4 |
5. Ratios
| Ratio | 2018 | 2019 | 2020 | 2026 Q1 |
|---|---|---|---|---|
| Current ratio | 2.31x | 2.51x | 1.67x | 1.93x |
| Quick ratio | 2.12x | 2.24x | 1.21x | 1.45x |
| Debt-to-asset ratio | 33.4% | 29.2% | 46.6% | 46.2% |
| Total debt / EBITDA | 2.16x | 0.02x | 0.01x | 1.77x |
| EBITDA interest coverage | 39.03x | 31.29x | 28.61x | 87.92x |
| Gross margin | 25.6% | 30.0% | 29.1% | 30.8% |
| Net margin | 8.2% | 13.5% | 14.3% | 14.6% |
| Return on equity (ROE) | 7.1% | — | — | 3.1% |
| Revenue growth | — | 17.7% | 39.0% | -72.2% |
| Net profit growth | — | 93.0% | 47.1% | -71.7% |
| Receivable days | 130 | 119 | 55 | 519 |
| Cash received / revenue | 99.6% | 100.8% | 84.8% | 89.6% |
| Operating CF / net profit | 2.01x | 0.96x | 1.08x | 1.40x |
| Free cash flow | 356.1 | -323.6 | 741.8 | 539.2 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.47 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 45 flags (high×25, mid×20); first 3 shown:
- 2018 · Same item across different source documents: 545.7 vs 2,192.1 CNY mn (deviation 75.11%, severity high)
Sources:2019年年度报告.pdfvs2018年年度报告.pdf. Two source documents differ by 1,646.5 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2018 · Same item across different source documents: 2,071.9 vs 1,707.6 CNY mn (deviation 17.58%, severity mid)
Sources:2019年年度报告.pdfvs2018年年度报告.pdf. Two source documents differ by 364.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2018 · Same item across different source documents: 227.2 vs 206.7 CNY mn (deviation 9.04%, severity mid)
Sources:2019年年度报告.pdfvs2018年年度报告.pdf. Two source documents differ by 20.5 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2018 · Same item across different source documents: 545.7 vs 2,192.1 CNY mn (deviation 75.11%, severity high)
- 2019 · Cash-flow statement net increase vs balance-sheet cash movement: -782.8 vs -632.6 CNY mn (deviation 19.2%, severity mid)
Sources: 2019年年度报告.pdf p.58 「五、现金及现金等价物净增加额」 vs 2019年年度报告.pdf p.49 「货币资金」. CF-statement figure below the balance-sheet movement by 150.3 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2020 · Cash-flow statement net increase vs balance-sheet cash movement: 673.3 vs 683.2 CNY mn (deviation 1.44%, severity mid)
Sources: 2020年年度报告.pdf p.61 「五、现金及现金等价物净增加额」 vs 2020年年度报告.pdf p.52 「货币资金」. CF-statement figure below the balance-sheet movement by 9.8 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q1 · Cash-flow statement net increase vs balance-sheet cash movement: 457.4 vs 510.1 CNY mn (deviation 10.33%, severity mid)
Sources: 2026年第一季度报告.pdf p.11 「五、现金及现金等价物净增加额」 vs 2026年第一季度报告.pdf p.5 「货币资金」. CF-statement figure below the balance-sheet movement by 52.7 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 | 2020 | 3,822.8 | 2020年年度报告.pdf | 52 | 货币资金 | 3822786358.46 (元) |
| Total assets | 2020 | 14,070.4 | 2020年年度报告.pdf | 53 | 资产总计 | 14070448559.57 (元) |
| Accounts receivable | 2020 | 1,440.8 | 2020年年度报告.pdf | 52 | 应收账款 | 1440769918.77 (元) |
| Fixed assets | 2020 | 1,672.8 | 2020年年度报告.pdf | 52 | 固定资产 | 1672798060.47 (元) |
| Short-term borrowings | 2020 | 20.0 | 2020年年度报告.pdf | 53 | 短期借款 | 20020548.64 (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.