Credit Brief — Guangzhou Automobile Group Co.,Ltd. (广汽集团)
601238.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: 冯兴亚
- Registered address: 广州市越秀区东风中路448号-458号成悦大厦23楼
- Office address: 广州市番禺区金山大道东668号
- Controlling shareholder: 广州汽车工业集团有限公司
- Actual controller: 广州市人民政府国有资产监督管理委员会
- Employees: 82,067
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 | 39,524.4 | 48,895.2 | 51,623.7 | 38,775.7 | 48,816.5 |
| Trading financial assets | 4,219.7 | 2,790.8 | 2,558.8 | 2,007.7 | 2,480.3 |
| Accounts receivable | 8,094.2 | 5,304.0 | 3,352.9 | 4,596.1 | 5,446.7 |
| Other receivables | 5,433.0 | 1,848.1 | 2,779.7 | 1,911.6 | 4,035.8 |
| Inventories | 12,361.8 | 16,720.3 | 15,688.5 | 16,445.6 | 23,920.0 |
| Long-term equity investments | 37,788.4 | 37,137.4 | 30,099.8 | 35,533.2 | 31,778.9 |
| Fixed assets | 19,283.5 | 21,927.2 | 25,251.6 | 25,208.4 | 24,672.9 |
| Construction in progress | 1,233.6 | 2,621.4 | 2,766.2 | 1,420.1 | 1,839.6 |
| Intangible assets | 16,122.0 | 19,872.7 | 19,352.3 | 20,541.3 | 22,168.8 |
| Total assets | 189,831.6 | 218,394.7 | 232,458.3 | 214,943.4 | 231,595.6 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 6,309.0 | 11,673.7 | 16,577.5 | 24,378.8 | 21,513.7 |
| Notes payable | 964.6 | 7,237.3 | 14,066.8 | 8,766.5 | 11,264.9 |
| Accounts payable | 16,781.9 | 20,346.6 | 21,429.0 | 19,865.1 | 27,157.5 |
| Contract liabilities | 1,943.2 | 2,520.6 | 2,573.1 | 2,965.9 | 3,728.8 |
| Other payables | 9,696.7 | 12,320.6 | 13,201.8 | 12,714.7 | 13,245.5 |
| Current portion of non-current liabilities | 8,148.8 | 7,054.7 | 7,986.8 | 5,015.5 | 4,626.0 |
| Long-term borrowings | 4,853.6 | 8,902.7 | 11,514.2 | 6,873.5 | 8,033.7 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 2,507.2 | 16,000.5 |
| Total liabilities | 67,554.2 | 93,995.0 | 110,681.8 | 105,259.7 | 127,321.1 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 10,487.2 | 10,490.2 | 10,341.5 | 10,197.1 | 10,197.1 |
| Capital reserve | 41,240.6 | 41,393.7 | 41,158.8 | 40,719.7 | 40,974.5 |
| Retained earnings | 55,726.8 | 57,626.7 | 57,078.7 | 48,088.0 | 43,623.3 |
| Equity attributable to owners of the parent | 113,250.3 | 115,720.2 | 114,354.1 | 105,231.5 | — |
| Minority interests | 9,027.1 | 8,679.6 | 7,422.5 | 4,452.2 | 3,870.3 |
| Total equity | — | — | — | — | 104,274.6 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 110,271.9 | 129,706.2 | 107,783.8 | 96,542.4 | 46,500.3 |
| Cost of sales | 102,653.7 | 119,825.9 | 100,599.9 | 96,935.0 | 46,634.2 |
| Selling expenses | 3,922.9 | 6,195.7 | 5,416.7 | 5,890.8 | 3,056.0 |
| Administrative expenses | 3,795.6 | 4,300.7 | 4,396.8 | 4,159.6 | 2,148.8 |
| Finance costs | -180.2 | -306.9 | 166.6 | -272.8 | 575.7 |
| Investment income | 14,317.3 | 8,659.7 | 7,318.8 | 3,267.1 | 2,564.0 |
| Operating profit | 7,447.1 | 3,282.8 | -819.5 | -12,186.2 | -5,558.1 |
| Profit before tax | 7,454.1 | 3,524.8 | -727.0 | -12,060.2 | -5,570.6 |
| Net profit | 7,989.6 | 3,740.2 | -494.0 | -11,481.7 | -5,919.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.62x | 1.31x | 1.24x | 1.14x | 1.28x |
| Quick ratio | 1.40x | 1.09x | 1.07x | 0.95x | 1.02x |
| Debt-to-asset ratio | 35.6% | 43.0% | 47.6% | 49.0% | 55.0% |
| Total debt / EBITDA | 1.99x | 4.47x | 16.78x | -4.24x | -18.68x |
| EBITDA interest coverage | 95.77x | 49.94x | 15.17x | -78.24x | -55.46x |
| Gross margin | 6.9% | 7.6% | 6.7% | -0.4% | -0.3% |
| Net margin | 7.2% | 2.9% | -0.5% | -11.9% | -12.7% |
| Return on equity (ROE) | — | — | — | — | -5.7% |
| Revenue growth | — | 17.6% | -16.9% | -10.4% | -51.8% |
| Net profit growth | — | -53.2% | -113.2% | -2224.0% | 48.4% |
| Receivable days | 27 | 15 | 11 | 17 | 43 |
| Cash received / revenue | 117.4% | 124.7% | 130.8% | 112.0% | 123.1% |
| Operating CF / net profit | -0.67x | 1.80x | -22.10x | 1.31x | 1.20x |
| Free cash flow | -9,182.7 | 4,256.7 | 18,226.9 | -13,900.9 | -2,886.0 |
Mechanical risk flags
- ⚠ Current ratio: 1.14 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.95 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.49 (level: high, reference threshold: <0.65)
- ⚠ EBITDA interest coverage: -78.24 (level: high, reference threshold: <2.0)
- ⚠ Gross margin: -0.00 (level: high, reference threshold: <0.05)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 8,386.2 vs 9,370.7 CNY mn (deviation 10.51%, severity mid)
Sources: 2023年年度报告.pdf p.160 「五、现金及现金等价物净增」 vs 2023年年度报告.pdf p.151 「货币资金」. CF-statement figure below the balance-sheet movement by 984.5 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: 1,419.4 vs 2,728.5 CNY mn (deviation 47.98%, severity mid)
Sources: 2025年年度报告.pdf p.109 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.100 「货币资金」. CF-statement figure below the balance-sheet movement by 1,309.1 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: -15,132.9 vs -12,848.0 CNY mn (deviation 15.1%, severity mid)
Sources: 2025年年度报告.pdf p.109 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.100 「货币资金」. CF-statement figure below the balance-sheet movement by 2,284.9 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: 11,231.4 vs 10,040.8 CNY mn (deviation 10.6%, severity mid)
Sources: 2026年半年度报告.pdf p.61 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.52 「货币资金」. CF-statement figure above the balance-sheet movement by 1,190.5 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 | 38,775.7 | 2025年年度报告.pdf | 100 | 货币资金 | 38775657921.0 (元) |
| Total assets | 2025 | 214,943.4 | 2025年年度报告.pdf | 100 | 资产总计 | 214943407093.0 (元) |
| Accounts receivable | 2025 | 4,596.1 | 2025年年度报告.pdf | 100 | 应收账款 | 4596087426.0 (元) |
| Fixed assets | 2025 | 25,208.4 | 2025年年度报告.pdf | 100 | 固定资产 | 25208369729.0 (元) |
| Short-term borrowings | 2025 | 24,378.8 | 2025年年度报告.pdf | 100 | 短期借款 | 24378832426.0 (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.