Credit Brief — Hygon Information Technology Co., Ltd. (海光信息)
688041.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: 沙超群
- Registered address: 天津华苑产业区海泰西路18号北2-204工业孵化-3-8
- Office address: 北京市海淀区东北旺西路8号中关村软件园27号楼C座4-5层
- Controlling shareholder: None (stated in the filed report)
- Actual controller: None (stated in the filed report)
- Employees: 3,333
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 | 11,207.9 | 10,321.5 | 8,797.4 | 8,873.7 | 7,329.0 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 970.7 | 1,490.8 | 2,275.3 | 4,033.8 | 3,596.9 |
| Other receivables | 10.8 | 17.4 | 26.8 | 33.2 | 35.0 |
| Inventories | 1,095.3 | 1,074.1 | 5,425.3 | 6,406.1 | 7,518.2 |
| Long-term equity investments | 2,389.4 | 2,836.7 | 3,327.2 | 3,563.8 | 4,179.9 |
| Fixed assets | 271.9 | 347.4 | 537.1 | 784.9 | 1,090.9 |
| Construction in progress | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Intangible assets | 4,245.9 | 4,443.4 | 4,123.0 | 3,089.9 | 2,543.0 |
| Total assets | 21,934.5 | 22,902.5 | 28,559.5 | 35,638.2 | 36,034.3 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 200.0 | 350.0 | 1,800.0 | 3,450.0 | 3,395.4 |
| Notes payable | 0.0 | 0.0 | 900.0 | 2,550.0 | 1,200.0 |
| Accounts payable | 342.4 | 321.8 | 735.4 | 1,114.6 | 895.1 |
| Contract liabilities | — | 2.8 | 903.5 | 2,018.5 | 19.4 |
| Other payables | 6.2 | 12.5 | 13.6 | 243.5 | 30.2 |
| Current portion of non-current liabilities | 386.7 | 44.9 | 122.1 | 434.5 | 535.9 |
| Long-term borrowings | 479.8 | 858.9 | 898.9 | 500.0 | 398.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 3,704.3 | 2,582.4 | 5,907.5 | 9,669.8 | 6,920.2 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,324.3 | 2,324.3 | 2,324.3 | 2,324.3 | 2,324.3 |
| Capital reserve | 13,839.2 | 14,351.0 | 14,523.9 | 14,813.9 | 15,448.0 |
| Retained earnings | 878.8 | 2,007.0 | 3,633.2 | 5,507.2 | 6,957.8 |
| Equity attributable to owners of the parent | 17,053.1 | 18,705.1 | 20,251.0 | 22,493.2 | — |
| Minority interests | 1,177.0 | 1,615.0 | 2,401.0 | 3,475.2 | 3,740.9 |
| Total equity | — | — | — | — | 29,114.1 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 5,125.3 | 6,012.0 | 9,162.1 | 14,376.9 | 9,099.0 |
| Cost of sales | 2,438.8 | 2,424.7 | 3,324.0 | 6,063.0 | 4,075.5 |
| Selling expenses | 80.7 | 111.0 | 175.5 | 633.0 | 422.3 |
| Administrative expenses | 134.8 | 134.3 | 141.8 | 134.3 | 63.0 |
| Finance costs | -88.6 | -266.6 | -182.0 | -174.9 | -66.7 |
| Investment income | -6.6 | — | 6.8 | -3.9 | 0.3 |
| Operating profit | 1,135.5 | 1,679.6 | 2,788.8 | 3,604.9 | 2,162.0 |
| Profit before tax | 1,136.5 | 1,680.2 | 2,784.4 | 3,596.2 | 2,162.6 |
| Net profit | 1,125.0 | 1,701.2 | 2,717.0 | 3,619.1 | 2,064.1 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 10.91x | 11.07x | 4.15x | 3.02x | 4.82x |
| Quick ratio | 10.11x | 10.30x | 2.91x | 2.25x | 3.49x |
| Debt-to-asset ratio | 16.9% | 11.3% | 20.7% | 27.1% | 19.2% |
| Total debt / EBITDA | 0.68x | 0.50x | 0.82x | 1.04x | 1.71x |
| EBITDA interest coverage | 17.80x | 9.37x | 18.90x | 24.09x | 37.98x |
| Gross margin | 52.4% | 59.7% | 63.7% | 57.8% | 55.2% |
| Net margin | 21.9% | 28.3% | 29.7% | 25.2% | 22.7% |
| Return on equity (ROE) | — | — | — | — | 7.1% |
| Revenue growth | — | 17.3% | 52.4% | 56.9% | -36.7% |
| Net profit growth | — | 51.2% | 59.7% | 33.2% | -43.0% |
| Receivable days | 69 | 91 | 91 | 102 | 144 |
| Cash received / revenue | 90.2% | 108.3% | 117.3% | 107.2% | 95.5% |
| Operating CF / net profit | -0.04x | -1.12x | 0.36x | 0.58x | -0.21x |
| Free cash flow | -886.3 | -2,622.6 | -3,931.0 | 225.7 | -1,865.9 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.27 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: -1,901.2 vs 813.7 CNY mn (deviation 142.8%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 2,714.9 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 977.1 vs 3,061.0 CNY mn (deviation 68.08%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 2,083.9 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -986.4 vs -886.4 CNY mn (deviation 10.14%, severity mid)
Sources: 2023年年度报告.pdf p.108 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.99 「货币资金」. CF-statement figure below the balance-sheet movement by 100.0 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: -2,079.3 vs -1,524.1 CNY mn (deviation 26.7%, severity mid)
Sources: 2024年年度报告.pdf p.110 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.101 「货币资金」. CF-statement figure below the balance-sheet movement by 555.2 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: -749.6 vs 76.3 CNY mn (deviation 110.18%, severity mid)
Sources: 2025年年度报告.pdf p.121 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.112 「货币资金」. CF-statement figure below the balance-sheet movement by 825.9 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: -895.6 vs -1,544.7 CNY mn (deviation 42.02%, severity mid)
Sources: 2026年半年度报告.pdf p.60 「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 649.1 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 | 8,873.7 | 2025年年度报告.pdf | 112 | 货币资金 | 8873660235.75 (元) |
| Total assets | 2025 | 35,638.2 | 2025年年度报告.pdf | 113 | 资产总计 | 35638165817.46 (元) |
| Accounts receivable | 2025 | 4,033.8 | 2025年年度报告.pdf | 112 | 应收账款 | 4033794964.38 (元) |
| Fixed assets | 2025 | 784.9 | 2025年年度报告.pdf | 112 | 固定资产 | 784868788.39 (元) |
| Short-term borrowings | 2025 | 3,450.0 | 2025年年度报告.pdf | 113 | 短期借款 | 3450000000.0 (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.