Credit Brief — China National Chemical Engineering co., Ltd (中国化学)
601117.SH · Shanghai Main Board · Data window: 2023–2026 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: 莫鼎革
- Registered address: 北京市东城区东直门内大街2号
- Office address: 北京市东城区东直门内大街2号
- Controlling shareholder: 中国化学工程集团有限公司
- Actual controller: 国务院国有资产监督管理委员会
- Employees: 50,598
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
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Cash and bank balances | 48,638.7 | 50,066.6 | 42,984.5 | 36,763.8 |
| Trading financial assets | 1,020.2 | 1,184.6 | 590.2 | 672.6 |
| Accounts receivable | 26,254.6 | 36,251.5 | 40,310.3 | 40,325.0 |
| Other receivables | 5,161.4 | 5,096.8 | 4,380.9 | 5,086.8 |
| Inventories | 5,511.6 | 5,848.5 | 5,406.4 | 5,109.4 |
| Long-term equity investments | 2,433.6 | 2,499.3 | 2,619.8 | 2,680.5 |
| Fixed assets | 13,784.2 | 13,806.6 | 19,970.1 | 19,527.4 |
| Construction in progress | 7,021.6 | 9,427.1 | 4,700.3 | 4,992.4 |
| Intangible assets | 4,541.0 | 4,726.6 | 5,000.1 | 4,943.2 |
| Total assets | 219,115.3 | 233,421.4 | 247,353.2 | 253,883.0 |
Liabilities
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Short-term borrowings | 875.1 | 2,754.2 | 4,934.8 | 5,029.9 |
| Notes payable | 11,459.1 | 11,997.2 | 12,069.8 | 9,869.6 |
| Accounts payable | 75,995.5 | 88,840.5 | 84,384.9 | 94,158.3 |
| Contract liabilities | 32,626.2 | 30,265.9 | 35,979.1 | 28,817.6 |
| Other payables | 8,276.3 | 8,261.3 | 9,050.9 | 9,614.9 |
| Current portion of non-current liabilities | 1,119.0 | 1,110.3 | 1,807.0 | 1,861.5 |
| Long-term borrowings | 7,158.3 | 5,308.0 | 6,883.9 | 6,786.7 |
| Bonds payable | 500.0 | 599.5 | — | 1,199.7 |
| Total liabilities | 155,043.2 | 164,523.6 | 172,811.9 | 175,945.2 |
Equity
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Paid-in capital | 6,109.5 | 6,109.1 | 6,106.9 | 6,106.7 |
| Capital reserve | 16,066.5 | 15,322.6 | 15,312.2 | 15,320.2 |
| Retained earnings | 33,575.9 | 37,916.6 | 42,335.0 | 45,475.9 |
| Equity attributable to owners of the parent | 57,495.3 | 62,275.6 | 67,190.9 | 70,414.1 |
| Minority interests | 6,576.8 | 6,622.2 | 7,350.5 | 7,523.7 |
| Total equity | 64,072.2 | 68,897.8 | 74,541.3 | 77,937.8 |
Income statement
| 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|
| Revenue | 179,195.8 | 186,613.0 | 190,124.6 | 91,708.5 |
| Cost of sales | 161,574.9 | 167,054.7 | 169,202.4 | 82,238.6 |
| Selling expenses | 493.2 | 500.7 | 553.4 | 235.5 |
| Administrative expenses | 2,976.6 | 3,548.1 | 3,679.7 | 1,731.2 |
| Finance costs | -168.6 | 221.7 | 229.1 | 158.5 |
| Investment income | -106.6 | 51.6 | -15.7 | -12.3 |
| Operating profit | 6,819.5 | 7,426.1 | 8,429.1 | 4,070.4 |
| Profit before tax | 6,905.5 | 7,359.3 | 8,434.9 | 4,046.8 |
| Net profit | 5,971.4 | 6,241.9 | 7,077.0 | 3,390.2 |
5. Ratios
| Ratio | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|
| Current ratio | 1.18x | 1.13x | 1.12x | 1.12x |
| Quick ratio | 1.14x | 1.09x | 1.09x | 1.09x |
| Debt-to-asset ratio | 70.8% | 70.5% | 69.9% | 69.3% |
| Total debt / EBITDA | 1.18x | 1.13x | 1.35x | 2.62x |
| EBITDA interest coverage | 79.30x | 113.84x | 432.57x | 317.97x |
| Gross margin | 9.8% | 10.5% | 11.0% | 10.3% |
| Net margin | 3.3% | 3.3% | 3.7% | 3.7% |
| Return on equity (ROE) | 9.3% | 9.1% | 9.5% | 4.3% |
| Revenue growth | — | 4.1% | 1.9% | -51.8% |
| Net profit growth | — | 4.5% | 13.4% | -52.1% |
| Receivable days | 53 | 71 | 77 | 160 |
| Cash received / revenue | 88.7% | 91.3% | 105.0% | 97.1% |
| Operating CF / net profit | 1.53x | 1.40x | 0.20x | 0.02x |
| Free cash flow | 5,769.1 | 4,962.6 | 1,443.4 | 79.9 |
Mechanical risk flags
- ⚠ Current ratio: 1.12 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.70 (level: medium, reference threshold: <0.75)
- ⚠ Gross margin: 0.11 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 27 flags (high×26, mid×1); first 3 shown:
- 2023 · Same item across different source documents: 48,638.7 vs 3,350.8 CNY mn (deviation 93.11%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 45,287.9 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 17,825.9 vs 463.8 CNY mn (deviation 97.4%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 17,362.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 46,206.2 vs 135.1 CNY mn (deviation 99.71%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 46,071.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 48,638.7 vs 3,350.8 CNY mn (deviation 93.11%, severity high)
- 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -557.6 vs 1,427.9 CNY mn (deviation 139.05%, severity mid)
Sources: 2024年年度报告.pdf p.127 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.124 「货币资金」. CF-statement figure below the balance-sheet movement by 1,985.5 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: -6,726.8 vs -7,082.1 CNY mn (deviation 5.02%, severity mid)
Sources: 2025年年度报告.pdf p.116 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.113 「货币资金」. CF-statement figure above the balance-sheet movement by 355.3 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
5 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; 现金及现金等价物净增加额 vs 货币资金变动; 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 | 42,984.5 | 2025年年度报告.pdf | 113 | 货币资金 | 42984543907.21 (元) |
| Total assets | 2025 | 247,353.2 | 2025年年度报告.pdf | 113 | 资产总计 | 247353213805.61 (元) |
| Accounts receivable | 2025 | 40,310.3 | 2025年年度报告.pdf | 113 | 应收账款 | 40310318135.74 (元) |
| Fixed assets | 2025 | 19,970.1 | 2025年年度报告.pdf | 113 | 固定资产 | 19970117511.12 (元) |
| Short-term borrowings | 2025 | 4,934.8 | 2025年年度报告.pdf | 114 | 短期借款 | 4934830278.36 (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.