Credit Brief — Seres Group Co., Ltd. (赛力斯)
601127.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: 张正萍
- Registered address: 重庆市沙坪坝区五云湖路7号
- Office address: 重庆市沙坪坝区五云湖路7号
- Controlling shareholder: 重庆小康控股有限公司
- Actual controller: 张兴海
- Employees: 21,955
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 | 16,364.8 | 13,161.1 | 45,955.4 | 87,286.7 | 51,930.4 |
| Trading financial assets | 1,751.5 | 1,133.6 | 4,048.7 | 258.0 | 3,945.5 |
| Accounts receivable | 1,780.8 | 2,445.9 | 2,361.9 | 1,735.7 | 1,311.7 |
| Other receivables | 1,002.1 | 2,237.3 | 686.7 | 479.8 | 767.2 |
| Inventories | 3,992.9 | 3,529.2 | 2,552.4 | 2,446.8 | 2,250.2 |
| Long-term equity investments | 41.3 | 2,042.4 | 1,978.8 | 13,571.2 | 13,420.8 |
| Fixed assets | 9,140.5 | 8,747.6 | 9,256.0 | 14,689.0 | 14,280.2 |
| Construction in progress | 345.7 | 195.0 | 212.9 | 582.9 | 788.4 |
| Intangible assets | 6,910.3 | 9,544.5 | 9,276.5 | 11,711.2 | 10,930.5 |
| Total assets | 47,047.6 | 51,244.7 | 94,364.0 | 143,905.9 | 128,354.2 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 2,078.7 | 786.2 | 0.0 | 0.0 | 0.0 |
| Notes payable | 16,111.7 | 10,184.0 | 41,144.6 | 38,696.0 | 38,142.7 |
| Accounts payable | 9,558.6 | 19,966.1 | 27,306.8 | 40,903.0 | 19,780.5 |
| Contract liabilities | 962.9 | 3,270.3 | 2,991.5 | 6,850.7 | 6,918.4 |
| Other payables | 1,285.6 | 638.4 | 1,030.5 | 1,431.9 | 10,621.0 |
| Current portion of non-current liabilities | 1,032.1 | 1,144.8 | 759.3 | 1,119.3 | 1,054.5 |
| Long-term borrowings | 1,191.8 | 1,374.8 | 687.0 | 3,858.4 | 3,674.8 |
| Bonds payable | 147.3 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 37,245.1 | 44,044.7 | 82,458.4 | 102,047.5 | 87,709.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,497.3 | 1,509.8 | 1,509.8 | 1,742.0 | 1,742.0 |
| Capital reserve | 15,294.9 | 17,873.6 | 13,045.0 | 37,413.4 | 37,393.7 |
| Retained earnings | -5,606.3 | -8,068.4 | 1,022.8 | — | -2,086.4 |
| Equity attributable to owners of the parent | 11,419.7 | 11,405.8 | — | — | 37,474.6 |
| Minority interests | -1,617.2 | -4,205.9 | 940.2 | — | 3,169.8 |
| Total equity | — | 7,199.9 | 11,905.6 | 41,858.3 | — |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 34,105.0 | 35,842.0 | 145,175.8 | 165,053.6 | 57,493.1 |
| Cost of sales | 30,243.6 | 32,119.3 | 107,209.7 | 116,953.8 | 44,096.6 |
| Selling expenses | 4,819.6 | 5,465.1 | 19,184.3 | 24,194.3 | 8,470.8 |
| Administrative expenses | 1,775.3 | 1,653.3 | 3,546.9 | 4,786.9 | 1,521.2 |
| Finance costs | 172.2 | -15.8 | 20.7 | — | 153.0 |
| Investment income | -37.4 | 0.0 | 10.3 | 294.1 | 93.2 |
| Operating profit | -4,926.9 | -3,993.5 | 4,942.2 | 7,517.9 | -2,386.9 |
| Profit before tax | -4,930.4 | -4,080.9 | 4,951.3 | 7,469.5 | -2,353.2 |
| Net profit | -5,220.6 | -4,156.7 | 4,740.1 | 6,146.7 | -2,192.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.83x | 0.70x | 0.87x | 1.05x | 1.05x |
| Quick ratio | 0.71x | 0.60x | 0.83x | 1.03x | 1.02x |
| Debt-to-asset ratio | 79.2% | 85.9% | 87.4% | 70.9% | 68.3% |
| Total debt / EBITDA | -1.24x | -1.23x | 0.22x | 0.50x | -23.65x |
| EBITDA interest coverage | -20.82x | -169.57x | 319.59x | — | -1.31x |
| Gross margin | 11.3% | 10.4% | 26.2% | 29.1% | 23.3% |
| Net margin | -15.3% | -11.6% | 3.3% | 3.7% | -3.8% |
| Return on equity (ROE) | — | -57.7% | 39.8% | 14.7% | — |
| Revenue growth | — | 5.1% | 305.0% | 13.7% | -65.2% |
| Net profit growth | — | 20.4% | 214.0% | 29.7% | -135.7% |
| Receivable days | 19 | 25 | 6 | 4 | 8 |
| Cash received / revenue | 107.7% | 115.4% | 110.3% | 112.8% | 108.3% |
| Operating CF / net profit | 0.22x | -1.54x | 4.75x | 4.70x | 5.65x |
| Free cash flow | -1,814.4 | 7,304.2 | 24,062.1 | 28,913.7 | -20,486.2 |
Mechanical risk flags
- ⚠ Current ratio: 1.05 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.71 (level: medium, reference threshold: <0.75)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 10 flags (high×10); first 3 shown:
- 2023 · Same item across different source documents: 51,244.7 vs 7,199.9 CNY mn (deviation 85.95%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 44,044.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 0.0 vs 1,789.1 CNY mn (deviation 100.0%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 1,789.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 1,022.8 vs -2,669.8 CNY mn (deviation 138.31%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 3,692.6 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 51,244.7 vs 7,199.9 CNY mn (deviation 85.95%, severity high)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 2,152.3 vs -3,203.7 CNY mn (deviation 167.18%, severity mid)
Sources: 2023年年度报告.pdf p.106 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.97 「货币资金」. CF-statement figure above the balance-sheet movement by 5,356.0 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: 1,854.0 vs 32,794.3 CNY mn (deviation 94.35%, severity mid)
Sources: 2024年年度报告.pdf p.102 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.93 「货币资金」. CF-statement figure below the balance-sheet movement by 30,940.3 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: 42,029.6 vs 41,331.3 CNY mn (deviation 1.66%, severity mid)
Sources: 2025年年度报告.pdf p.88 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.80 「货币资金」. CF-statement figure above the balance-sheet movement by 698.3 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: -33,925.7 vs -35,356.3 CNY mn (deviation 4.05%, severity mid)
Sources: 2026年半年度报告.pdf p.49 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.40 「货币资金」. CF-statement figure above the balance-sheet movement by 1,430.7 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 | 87,286.7 | 2025年年度报告.pdf | 80 | 货币资金 | 87286711951.55 (元) |
| Total assets | 2025 | 143,905.9 | 2025年年度报告.pdf | 81 | 资产总计 | 143905863420.75 (元) |
| Accounts receivable | 2025 | 1,735.7 | 2025年年度报告.pdf | 80 | 应收账款 | 1735698480.44 (元) |
| Fixed assets | 2025 | 14,689.0 | 2025年年度报告.pdf | 80 | 固定资产 | 14688993739.25 (元) |
| Short-term borrowings | 2025 | 0.0 | 2025年年度报告.pdf | 81 | 短期借款 | 0.0 (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.