Credit Brief — Shanghai Electric Group Company Limited (上海电气)
601727.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: 吴磊
- Registered address: 上海市华山路 1100 弄 16 号
- Office address: 上海市黄浦区四川中路 110 号
- Controlling shareholder: 上海电气控股集团有限公司
- Actual controller: 上海市国有资产监督管理委员会
- Employees: 43,074
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 | 26,344.5 | 30,164.9 | 32,569.0 | 37,308.2 | 43,576.7 |
| Trading financial assets | 7,657.4 | 7,492.4 | 7,779.6 | 8,387.5 | 6,688.9 |
| Accounts receivable | 38,280.0 | 40,477.9 | 37,547.4 | 37,032.6 | 36,335.4 |
| Other receivables | 6,156.5 | 5,984.2 | 5,047.0 | 3,526.8 | 3,771.4 |
| Inventories | 30,871.9 | 32,423.7 | 34,549.8 | 47,296.4 | 53,789.3 |
| Long-term equity investments | 11,183.8 | 13,812.3 | 13,816.6 | 14,664.3 | 14,977.8 |
| Fixed assets | 20,282.3 | 20,427.3 | 20,896.6 | 23,337.0 | 21,883.3 |
| Construction in progress | 3,428.0 | 1,934.1 | 3,777.7 | 5,449.9 | 6,483.5 |
| Intangible assets | 12,583.0 | 12,256.8 | 12,020.5 | 10,910.0 | 10,527.4 |
| Total assets | 288,020.9 | 283,266.6 | 302,505.0 | 325,370.8 | 331,631.5 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 8,660.9 | 8,272.4 | 9,548.2 | 10,066.8 | 12,174.8 |
| Notes payable | 16,069.6 | 12,074.2 | 15,124.1 | 16,702.8 | 16,399.6 |
| Accounts payable | 57,396.9 | 59,610.5 | 60,569.9 | 70,637.3 | 75,538.5 |
| Contract liabilities | 38,742.8 | 44,207.1 | 57,928.5 | 69,000.1 | 72,217.8 |
| Other payables | 7,859.5 | 8,144.5 | 9,704.4 | 8,355.8 | 8,412.0 |
| Current portion of non-current liabilities | 9,120.4 | 6,898.7 | 10,188.2 | 7,033.0 | 5,576.4 |
| Long-term borrowings | 21,647.7 | 30,893.9 | 27,682.1 | 25,835.7 | 19,509.6 |
| Bonds payable | 748.7 | 749.3 | 0.0 | 2,997.5 | 6,994.2 |
| Total liabilities | 193,826.7 | 206,339.9 | 225,124.7 | 245,464.0 | 251,169.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 15,579.8 | 15,579.8 | 15,579.8 | 15,540.1 | 15,540.1 |
| Capital reserve | 21,837.8 | 21,833.7 | 18,727.4 | 18,998.9 | 19,079.9 |
| Retained earnings | 11,419.3 | 11,679.0 | 12,723.5 | 13,849.3 | 14,597.8 |
| Minority interests | 39,331.9 | 24,128.8 | 24,190.4 | 25,212.0 | 25,112.4 |
| Total equity | 94,194.2 | 76,926.6 | 77,380.3 | 79,906.8 | 80,462.1 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 117,623.1 | 114,797.1 | 116,186.1 | 126,678.6 | 63,332.0 |
| Cost of sales | 98,496.9 | 93,117.3 | 94,525.1 | 103,888.3 | 51,512.8 |
| Selling expenses | 3,853.3 | 2,798.4 | 2,900.7 | 3,299.3 | 1,553.8 |
| Administrative expenses | 8,167.9 | 7,995.3 | 7,963.8 | 8,445.9 | 3,785.7 |
| Finance costs | 1,301.0 | 1,081.9 | 554.3 | 830.2 | 644.6 |
| Investment income | 1,113.6 | 3,091.3 | 2,155.4 | 2,469.1 | 1,403.8 |
| Operating profit | -2,024.5 | 3,873.3 | 3,701.8 | 4,947.4 | 2,568.4 |
| Profit before tax | -1,975.3 | 3,813.0 | 3,739.7 | 5,021.9 | 2,570.9 |
| Net profit | -2,313.0 | 2,673.1 | 2,695.4 | 3,085.6 | 1,672.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.23x | 1.14x | 1.07x | 1.06x | 1.06x |
| Quick ratio | 1.04x | 0.95x | 0.89x | 0.83x | 0.81x |
| Debt-to-asset ratio | 67.3% | 72.8% | 74.4% | 75.4% | 75.7% |
| Total debt / EBITDA | 249.89x | 7.88x | 8.03x | 6.31x | 9.51x |
| EBITDA interest coverage | 1.84x | 68.68x | 60.06x | 99.91x | 176.78x |
| Gross margin | 16.3% | 18.9% | 18.6% | 18.0% | 18.7% |
| Net margin | -2.0% | 2.3% | 2.3% | 2.4% | 2.6% |
| Return on equity (ROE) | -2.5% | 3.5% | 3.5% | 3.9% | 2.1% |
| Revenue growth | — | -2.4% | 1.2% | 9.0% | -50.0% |
| Net profit growth | — | 215.6% | 0.8% | 14.5% | -45.8% |
| Receivable days | 119 | 129 | 118 | 107 | 209 |
| Cash received / revenue | 99.9% | 111.4% | 121.2% | 112.0% | 109.3% |
| Operating CF / net profit | -3.67x | 2.92x | 6.54x | 3.41x | 1.95x |
| Free cash flow | 8,492.5 | 6,456.8 | 15,899.5 | 11,458.1 | 3,628.8 |
Mechanical risk flags
- ⚠ Current ratio: 1.06 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.83 (level: medium, reference threshold: <1.0)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 7 flags (high×2, mid×5); first 3 shown:
- 2023 · Same item across different source documents: 13,812.3 vs 11,001.4 CNY mn (deviation 20.35%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 2,810.9 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 21,833.7 vs 19,476.9 CNY mn (deviation 10.79%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 2,356.8 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 2,798.4 vs 4,209.7 CNY mn (deviation 33.53%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 1,411.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 13,812.3 vs 11,001.4 CNY mn (deviation 20.35%, severity high)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -5,511.4 vs 3,820.4 CNY mn (deviation 169.32%, severity mid)
Sources: 2023年年度报告.pdf p.94 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.86 「货币资金」. CF-statement figure below the balance-sheet movement by 9,331.8 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: -2,184.7 vs 2,404.1 CNY mn (deviation 190.87%, severity mid)
Sources: 2024年年度报告.pdf p.89 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.81 「货币资金」. CF-statement figure below the balance-sheet movement by 4,588.8 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: -6,841.3 vs 4,739.2 CNY mn (deviation 169.27%, severity mid)
Sources: 2025年年度报告.pdf p.91 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.83 「货币资金」. CF-statement figure below the balance-sheet movement by 11,580.5 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: 393.8 vs 6,268.5 CNY mn (deviation 93.72%, severity mid)
Sources: 2026年半年度报告.pdf p.53 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.45 「货币资金」. CF-statement figure below the balance-sheet movement by 5,874.7 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 | 37,308.2 | 2025年年度报告.pdf | 83 | 货币资金 | 37308176.0 (千元) |
| Total assets | 2025 | 325,370.8 | 2025年年度报告.pdf | 84 | 资产总计 | 325370766.0 (千元) |
| Accounts receivable | 2025 | 37,032.6 | 2025年年度报告.pdf | 83 | 应收账款 | 37032557.0 (千元) |
| Fixed assets | 2025 | 23,337.0 | 2025年年度报告.pdf | 83 | 固定资产 | 23336971.0 (千元) |
| Short-term borrowings | 2025 | 10,066.8 | 2025年年度报告.pdf | 84 | 短期借款 | 10066806.0 (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.