Credit Brief — Metallurgical Corporation of China Ltd. (中国中冶)
601618.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: 陈建光
- Registered address: 北京市朝阳区曙光西里28号
- Office address: 中国北京市朝阳区曙光西里28号中冶大厦
- Controlling shareholder: 中国五矿集团有限公司
- Actual controller: 国务院国有资产监督管理委员会
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 | 45,485.4 | 44,440.3 | 52,558.9 | 77,764.9 | 68,081.5 |
| Trading financial assets | 178.0 | 2.0 | 2.8 | 2.0 | 1.8 |
| Accounts receivable | 93,439.7 | 130,037.3 | 213,513.7 | 243,437.0 | 238,598.5 |
| Other receivables | 48,071.7 | 40,436.3 | 42,197.1 | 59,373.4 | 30,479.4 |
| Inventories | 79,948.6 | 80,075.5 | 75,593.1 | 15,687.5 | 16,275.1 |
| Long-term equity investments | 31,863.7 | 36,236.4 | 38,078.8 | 40,731.5 | 41,323.0 |
| Fixed assets | 25,411.1 | 27,725.9 | 27,423.3 | 16,615.2 | 16,331.8 |
| Construction in progress | 4,077.3 | 3,830.6 | 5,494.0 | 4,747.7 | 4,664.2 |
| Intangible assets | 22,026.3 | 22,849.9 | 33,639.6 | 26,597.6 | 27,664.5 |
| Total assets | 585,392.8 | 661,602.2 | 808,015.8 | 839,488.7 | 806,794.4 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 20,192.9 | 28,220.3 | 33,853.8 | 22,127.2 | 20,476.4 |
| Notes payable | 37,186.4 | 31,717.1 | 30,147.4 | 25,608.3 | 26,470.8 |
| Accounts payable | 187,160.1 | 240,394.1 | 335,085.0 | 396,600.9 | 376,271.7 |
| Contract liabilities | 74,016.2 | 64,819.4 | 61,190.6 | 56,137.0 | 51,101.7 |
| Other payables | 28,228.9 | 40,269.7 | 55,797.7 | 50,256.2 | 46,134.5 |
| Current portion of non-current liabilities | 11,981.7 | 8,044.6 | 15,163.3 | 14,539.0 | 11,598.4 |
| Long-term borrowings | 28,840.7 | 34,168.8 | 40,311.5 | 41,446.7 | 45,993.6 |
| Bonds payable | 1,300.0 | 3,300.0 | 4,000.0 | 2,000.0 | 2,000.0 |
| Total liabilities | 423,475.3 | 493,611.1 | 625,679.9 | 655,929.2 | 621,922.3 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 20,723.6 | 20,723.6 | 20,723.6 | 20,723.6 | 20,691.6 |
| Capital reserve | 22,601.6 | 22,582.2 | 23,460.7 | 23,549.2 | 23,557.0 |
| Retained earnings | 45,110.3 | 49,859.8 | 52,700.3 | 51,289.4 | 52,247.4 |
| Equity attributable to owners of the parent | 121,116.3 | 145,480.2 | 153,043.1 | 155,762.7 | 156,679.8 |
| Minority interests | 40,801.3 | 22,511.0 | 29,292.8 | 27,796.7 | 28,192.2 |
| Total equity | 161,917.6 | 167,991.2 | 182,335.9 | 183,559.4 | 184,872.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 592,669.1 | 633,870.4 | 552,024.6 | 455,380.4 | 175,906.6 |
| Cost of sales | 535,516.9 | 572,456.8 | 498,543.6 | 409,445.8 | 158,664.4 |
| Selling expenses | 2,883.1 | 3,169.3 | 3,063.3 | 3,024.2 | 1,101.2 |
| Administrative expenses | 11,274.0 | 12,360.3 | 11,830.6 | 11,482.6 | 4,782.0 |
| Finance costs | 940.8 | 989.1 | 1,078.7 | 989.2 | 629.4 |
| Investment income | 177.7 | 506.1 | 137.3 | 18,189.2 | 5,982.6 |
| Operating profit | 15,384.9 | 13,715.8 | 9,082.9 | 5,194.8 | 3,932.4 |
| Profit before tax | 15,392.1 | 13,764.8 | 9,254.5 | 5,009.3 | 4,019.4 |
| Net profit | 12,931.6 | 11,406.1 | 7,904.3 | 2,522.0 | 3,077.2 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.14x | 1.08x | 1.05x | 1.05x | 1.07x |
| Quick ratio | 0.93x | 0.90x | 0.91x | 1.03x | 1.04x |
| Debt-to-asset ratio | 72.3% | 74.6% | 77.4% | 78.1% | 77.1% |
| Total debt / EBITDA | 2.98x | 3.78x | 5.75x | 7.18x | 10.45x |
| EBITDA interest coverage | 7.94x | 7.37x | 4.82x | 3.05x | 6.85x |
| Gross margin | 9.6% | 9.7% | 9.7% | 10.1% | 9.8% |
| Net margin | 2.2% | 1.8% | 1.4% | 0.6% | 1.7% |
| Return on equity (ROE) | 8.0% | 6.8% | 4.3% | 1.4% | 1.7% |
| Revenue growth | — | 7.0% | -12.9% | -17.5% | -61.4% |
| Net profit growth | — | -11.8% | -30.7% | -68.1% | 22.0% |
| Receivable days | 58 | 75 | 141 | 195 | 495 |
| Cash received / revenue | 88.0% | 76.8% | 77.7% | 92.6% | 101.0% |
| Operating CF / net profit | 1.40x | 0.52x | 0.33x | 1.47x | 0.00x |
| Free cash flow | 18,153.1 | 5,891.8 | 2,593.9 | 3,709.7 | 0.0 |
Mechanical risk flags
- ⚠ Current ratio: 1.05 (level: medium, reference threshold: <1.5)
- ⚠ EBITDA interest coverage: 3.05 (level: medium, reference threshold: <5.0)
- ⚠ Gross margin: 0.10 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2024 · Same item across different source documents: 2,593.9 vs 7,847.7 CNY mn (deviation 66.95%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 5,253.8 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 381.9 vs -1,045.1 CNY mn (deviation 136.54%, severity mid)
Sources: 2023年年度报告.pdf p.140 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.133 「货币资金」. CF-statement figure above the balance-sheet movement by 1,427.0 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: 9,340.5 vs 8,118.6 CNY mn (deviation 13.08%, severity mid)
Sources: 2024年年度报告.pdf p.149 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.142 「货币资金」. CF-statement figure above the balance-sheet movement by 1,221.9 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: 26,295.7 vs 25,206.0 CNY mn (deviation 4.14%, severity mid)
Sources: 2025年年度报告.pdf p.132 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.125 「货币资金」. CF-statement figure above the balance-sheet movement by 1,089.6 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 | 77,764.9 | 2025年年度报告.pdf | 125 | 货币资金 | 77764883.0 (千元) |
| Total assets | 2025 | 839,488.7 | 2025年年度报告.pdf | 125 | 资产总计 | 839488682.0 (千元) |
| Accounts receivable | 2025 | 243,437.0 | 2025年年度报告.pdf | 125 | 应收账款 | 243437020.0 (千元) |
| Fixed assets | 2025 | 16,615.2 | 2025年年度报告.pdf | 125 | 固定资产 | 16615171.0 (千元) |
| Short-term borrowings | 2025 | 22,127.2 | 2025年年度报告.pdf | 126 | 短期借款 | 22127213.0 (千元) |
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.