Credit Brief — SHENZHEN TRANSSION HOLDINGS CO., LTD. (传音控股)
688036.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: 竺兆江
- Registered address: 深圳市南山区西丽街道西丽社区仙元路 8 号传音大厦 24 楼一单元
- Office address: 深圳市南山区西丽街道西丽社区仙元路 8 号传音大厦
- Controlling shareholder: 深圳市传音投资有限公司
- Actual controller: 竺兆江
- Employees: 24,025
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 | 9,214.9 | 12,598.7 | 12,216.2 | 11,740.4 | 12,772.6 |
| Trading financial assets | 7,622.2 | 13,518.9 | 12,599.1 | 10,735.5 | 3,907.1 |
| Accounts receivable | 1,287.4 | 1,965.1 | 3,376.5 | 3,726.3 | 4,974.0 |
| Other receivables | 597.9 | 901.2 | 1,218.6 | 548.8 | 563.3 |
| Inventories | 6,083.9 | 10,443.4 | 8,663.4 | 8,902.9 | 18,935.3 |
| Long-term equity investments | 448.2 | 430.0 | 773.8 | 870.9 | 961.6 |
| Fixed assets | 822.2 | 3,065.1 | 3,129.7 | 3,131.2 | 3,120.7 |
| Construction in progress | 1,585.6 | 0.6 | 32.1 | 41.3 | 64.4 |
| Intangible assets | 470.5 | 508.5 | 476.7 | 1,084.7 | 1,054.1 |
| Total assets | 30,847.0 | 46,121.0 | 45,062.4 | 44,382.3 | 50,187.7 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,234.7 | 1,511.6 | 2,194.2 | 1,862.3 | 3,393.1 |
| Notes payable | 2,271.5 | 5,068.1 | 3,926.8 | 4,979.7 | 3,802.6 |
| Accounts payable | 5,786.7 | 14,073.7 | 13,286.1 | 11,819.0 | 15,901.7 |
| Contract liabilities | 880.0 | 930.2 | 1,117.4 | 1,062.4 | 1,311.7 |
| Other payables | 45.2 | 43.3 | 76.2 | 171.5 | 138.6 |
| Current portion of non-current liabilities | 69.5 | 324.2 | 326.2 | 93.3 | 635.0 |
| Long-term borrowings | 250.2 | 247.1 | 247.2 | 276.6 | 53.5 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 14,982.0 | 27,944.1 | 24,716.9 | 23,733.6 | 28,818.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 804.0 | 806.6 | 1,140.4 | 1,151.2 | 1,151.2 |
| Capital reserve | 6,026.0 | 6,583.4 | 6,976.0 | 7,304.3 | 7,367.7 |
| Retained earnings | 8,455.7 | 10,125.9 | 11,419.3 | 11,371.7 | 12,109.0 |
| Minority interests | 46.1 | 121.7 | 115.2 | 123.8 | 204.7 |
| Total equity | 15,865.1 | 18,176.9 | 20,345.5 | 20,648.7 | 21,369.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 46,595.9 | 62,294.9 | 68,715.3 | 65,591.2 | 35,431.4 |
| Cost of sales | 36,659.4 | 47,063.3 | 54,091.2 | 53,029.8 | 27,412.7 |
| Selling expenses | 3,622.2 | 4,328.5 | 4,835.9 | 5,204.0 | 2,871.0 |
| Administrative expenses | 1,268.4 | 1,507.0 | 1,733.0 | 1,677.5 | 853.7 |
| Finance costs | -127.7 | -176.0 | -106.7 | 133.2 | 353.6 |
| Investment income | -84.6 | 194.8 | 795.8 | 650.0 | 193.9 |
| Operating profit | 3,032.2 | 6,746.6 | 6,573.8 | 3,181.3 | 2,244.2 |
| Profit before tax | 2,993.5 | 6,714.4 | 6,677.6 | 3,182.8 | 2,235.7 |
| Net profit | 2,466.8 | 5,587.1 | 5,597.3 | 2,605.2 | 1,832.8 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.23x | 1.68x | 1.62x | 1.64x | 1.52x |
| Quick ratio | 1.70x | 1.24x | 1.26x | 1.25x | 0.85x |
| Debt-to-asset ratio | 48.6% | 60.6% | 54.9% | 53.5% | 57.4% |
| Total debt / EBITDA | 0.46x | 0.28x | 0.38x | 0.57x | 1.38x |
| EBITDA interest coverage | 26.32x | 42.25x | 68.83x | 29.15x | 8.38x |
| Gross margin | 21.3% | 24.5% | 21.3% | 19.2% | 22.6% |
| Net margin | 5.3% | 9.0% | 8.1% | 4.0% | 5.2% |
| Return on equity (ROE) | 15.5% | 30.7% | 27.5% | 12.6% | 8.6% |
| Revenue growth | — | 33.7% | 10.3% | -4.5% | -46.0% |
| Net profit growth | — | 126.5% | 0.2% | -53.5% | -29.7% |
| Receivable days | 10 | 12 | 18 | 21 | 51 |
| Cash received / revenue | 103.4% | 102.0% | 98.7% | 101.8% | 100.6% |
| Operating CF / net profit | 0.80x | 2.13x | 0.51x | 0.55x | -3.20x |
| Free cash flow | 3,684.8 | 10,717.2 | 8,188.6 | 10,307.3 | -5,249.0 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.53 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 18,176.9 vs 46,121.0 CNY mn (deviation 60.59%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 27,944.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 4,328.5 vs 4,892.7 CNY mn (deviation 11.53%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 564.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 11,029.1 vs 8,646.4 CNY mn (deviation 21.6%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 2,382.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 45,062.4 vs 20,345.5 CNY mn (deviation 54.85%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 24,716.9 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 2,382.7 vs 3,383.8 CNY mn (deviation 29.58%, severity mid)
Sources: 2023年年度报告.pdf p.134 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.125 「货币资金」. CF-statement figure below the balance-sheet movement by 1,001.0 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: 281.0 vs -382.5 CNY mn (deviation 173.46%, severity mid)
Sources: 2024年年度报告.pdf p.126 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.117 「货币资金」. CF-statement figure above the balance-sheet movement by 663.5 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: -187.5 vs -475.8 CNY mn (deviation 60.59%, severity mid)
Sources: 2025年年度报告.pdf p.115 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.105 「货币资金」. CF-statement figure above the balance-sheet movement by 288.3 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: 518.8 vs 1,032.2 CNY mn (deviation 49.75%, severity mid)
Sources: 2026年半年度报告.pdf p.72 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.63 「货币资金」. CF-statement figure below the balance-sheet movement by 513.5 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 | 11,740.4 | 2025年年度报告.pdf | 105 | 货币资金 | 11740361350.5 (元) |
| Total assets | 2025 | 44,382.3 | 2025年年度报告.pdf | 106 | 资产总计 | 44382261831.55 (元) |
| Accounts receivable | 2025 | 3,726.3 | 2025年年度报告.pdf | 105 | 应收账款 | 3726267327.36 (元) |
| Fixed assets | 2025 | 3,131.2 | 2025年年度报告.pdf | 106 | 固定资产 | 3131168702.47 (元) |
| Short-term borrowings | 2025 | 1,862.3 | 2025年年度报告.pdf | 106 | 短期借款 | 1862348255.37 (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.