Credit Brief — Limited (中国通号)
688009.SH · Shanghai STAR Market · 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: 楼齐良
- Registered address: 北京市丰台区汽车博物馆南路1号院中国通号大厦A座
- Office address: 北京市丰台区汽车博物馆南路1号院中国通号大厦
- Controlling shareholder: 中国铁路通信信号集团有限公司
- Actual controller: None (stated in the filed report)
- Employees: 19,199
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 | 22,215.4 | 22,574.0 | 22,577.0 | 22,386.1 | 21,130.5 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 22,672.1 | 22,875.5 | 26,973.4 | 25,001.5 | 23,812.8 |
| Other receivables | 1,579.4 | 1,536.6 | 1,612.7 | 1,527.9 | 1,666.6 |
| Inventories | 2,378.8 | 3,206.2 | 3,453.9 | 3,351.5 | 3,784.0 |
| Long-term equity investments | 1,505.0 | 1,532.2 | 1,806.7 | 2,181.7 | 2,220.9 |
| Fixed assets | 4,581.0 | 5,122.7 | 4,957.3 | 4,901.0 | 4,759.4 |
| Construction in progress | 891.5 | 400.2 | 809.3 | 974.7 | 1,043.5 |
| Intangible assets | 2,563.7 | 2,587.6 | 2,626.9 | 2,572.0 | 2,439.3 |
| Total assets | 116,806.5 | 118,990.5 | 117,890.9 | 118,321.7 | 117,268.5 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 261.2 | 2,451.6 | 143.5 | 170.5 | 40.9 |
| Notes payable | 2,260.2 | 1,416.4 | 1,775.6 | 1,691.3 | 1,140.3 |
| Accounts payable | 49,888.1 | 49,669.5 | 42,735.7 | 39,220.1 | 37,788.1 |
| Contract liabilities | 7,704.7 | 7,825.7 | 10,260.7 | 9,651.8 | 10,046.5 |
| Other payables | 1,485.1 | 1,735.5 | 1,974.0 | 2,199.9 | 3,601.5 |
| Current portion of non-current liabilities | 1,237.1 | 438.6 | 189.5 | 489.8 | 484.7 |
| Long-term borrowings | 3,290.8 | 2,979.9 | 3,334.0 | 7,515.8 | 7,551.9 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 69,528.8 | 70,115.7 | 67,455.1 | 65,850.8 | 64,825.8 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 10,589.8 | 10,589.8 | 10,589.8 | 10,589.8 | 10,589.8 |
| Capital reserve | 15,964.1 | 15,964.2 | 15,959.7 | 15,960.4 | 15,960.8 |
| Retained earnings | 13,785.5 | 15,044.4 | 16,342.7 | 17,893.8 | 17,555.0 |
| Equity attributable to owners of the parent | 45,323.9 | 46,812.1 | — | — | 49,495.7 |
| Minority interests | 1,953.8 | 2,062.8 | 2,410.8 | 2,627.8 | 2,947.0 |
| Total equity | — | 46,812.1 | 48,025.0 | 52,470.9 | — |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 40,219.6 | 37,087.4 | 32,643.6 | 34,677.3 | 14,141.5 |
| Cost of sales | 30,680.7 | 27,472.3 | 22,985.4 | 24,573.3 | 9,918.0 |
| Selling expenses | 812.1 | 844.0 | 851.6 | 865.5 | 339.0 |
| Administrative expenses | 2,290.0 | 2,335.8 | 2,388.9 | 2,427.1 | 981.5 |
| Finance costs | -238.0 | -300.2 | -236.4 | -56.0 | 46.7 |
| Investment income | 121.6 | 119.0 | 35.4 | 52.1 | 10.6 |
| Operating profit | 4,704.3 | 2,460.6 | 4,687.5 | 4,821.3 | 2,121.9 |
| Profit before tax | 4,742.7 | 4,690.3 | 4,730.8 | 4,908.2 | 2,108.7 |
| Net profit | 4,100.6 | 2,380.3 | 4,068.9 | 4,246.9 | 1,699.7 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.42x | 1.40x | 1.44x | 1.56x | 1.58x |
| Quick ratio | 1.38x | 1.35x | 1.39x | 1.50x | 1.51x |
| Debt-to-asset ratio | 59.5% | 58.9% | 57.2% | 55.7% | 55.3% |
| Total debt / EBITDA | 0.88x | 1.66x | 0.70x | 1.52x | 3.15x |
| EBITDA interest coverage | 22.88x | 4841.03x | 354.82x | 1321.08x | 1121.86x |
| Gross margin | 23.7% | 25.9% | 29.6% | 29.1% | 29.9% |
| Net margin | 10.2% | 6.4% | 12.5% | 12.2% | 12.0% |
| Return on equity (ROE) | — | 5.1% | 8.5% | 8.1% | — |
| Revenue growth | — | -7.8% | -12.0% | 6.2% | -59.2% |
| Net profit growth | — | -42.0% | 70.9% | 4.4% | -60.0% |
| Receivable days | 206 | 225 | 302 | 263 | 615 |
| Cash received / revenue | 87.3% | 8.8% | 8.0% | 4.6% | 105.6% |
| Operating CF / net profit | 0.51x | -0.26x | -0.06x | -0.15x | -0.08x |
| Free cash flow | 2,082.2 | -628.3 | -247.8 | -617.3 | 55.8 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.56 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 15 flags (high×13, mid×2); first 3 shown:
- 2023 · Same item across different source documents: 118,990.5 vs 48,874.8 CNY mn (deviation 58.93%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 70,115.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 844.0 vs 893.0 CNY mn (deviation 5.49%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 49.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 119.0 vs 145.0 CNY mn (deviation 17.91%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 26.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 118,990.5 vs 48,874.8 CNY mn (deviation 58.93%, severity high)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -1,221.5 vs 358.7 CNY mn (deviation 129.36%, severity mid)
Sources: 2023年年度报告.pdf p.146 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.137 「货币资金」. CF-statement figure below the balance-sheet movement by 1,580.2 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: -1,575.1 vs 3.0 CNY mn (deviation 100.19%, severity mid)
Sources: 2025年年度报告.pdf p.150 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.154 「货币资金」. CF-statement figure below the balance-sheet movement by 1,578.1 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: 964.3 vs -190.9 CNY mn (deviation 119.8%, severity mid)
Sources: 2025年年度报告.pdf p.150 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.137 「货币资金」. CF-statement figure above the balance-sheet movement by 1,155.2 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: -3,004.8 vs -1,255.6 CNY mn (deviation 58.21%, severity mid)
Sources: 2026年半年度报告.pdf p.106 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.97 「货币资金」. CF-statement figure below the balance-sheet movement by 1,749.2 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 | 22,386.1 | 2025年年度报告.pdf | 137 | 货币资金 | 22386114359.53 (元) |
| Total assets | 2025 | 118,321.7 | 2025年年度报告.pdf | 138 | 资产总计 | 118321690651.9 (元) |
| Accounts receivable | 2025 | 25,001.5 | 2025年年度报告.pdf | 137 | 应收账款 | 25001461400.76 (元) |
| Fixed assets | 2025 | 4,901.0 | 2025年年度报告.pdf | 137 | 固定资产 | 4901045878.62 (元) |
| Short-term borrowings | 2025 | 170.5 | 2025年年度报告.pdf | 138 | 短期借款 | 170476451.5 (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.