Credit Brief — CSI Solar Co., Ltd. (阿特斯)
688472.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: Xiaohua Qu（瞿晓铧）
- Registered address: 苏州高新区鹿山路199号
- Office address: 苏州高新区鹿山路199号
- Controlling shareholder: Canadian Solar Inc.
- Actual controller: Xiaohua Qu（瞿晓铧）
- Employees: 11,347
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 | 11,940.3 | 18,950.0 | 11,688.8 | 11,469.1 | 8,654.0 |
| Trading financial assets | 127.7 | 107.6 | 2,034.9 | 1,789.9 | 1,288.5 |
| Accounts receivable | 5,718.3 | 5,584.7 | 9,155.2 | 7,669.7 | 7,491.5 |
| Other receivables | 655.5 | 790.0 | 914.9 | 3,276.5 | 2,813.3 |
| Inventories | 9,137.1 | 7,798.9 | 7,163.8 | 5,690.7 | 4,969.8 |
| Long-term equity investments | 294.9 | 344.4 | 396.0 | 520.2 | 744.6 |
| Fixed assets | 10,030.2 | 16,758.7 | 16,852.0 | 13,443.4 | 11,950.7 |
| Construction in progress | 2,502.6 | 4,266.4 | 4,145.4 | 6,670.2 | 7,564.9 |
| Intangible assets | 573.8 | 829.0 | 814.9 | 788.7 | 774.5 |
| Total assets | 48,300.2 | 65,775.4 | 65,358.7 | 64,378.1 | 60,082.7 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 5,273.4 | 6,887.0 | 7,963.3 | 6,399.6 | 5,836.1 |
| Notes payable | 10,400.9 | 6,220.6 | 4,582.7 | 6,603.9 | 4,523.8 |
| Accounts payable | 5,990.5 | 5,917.8 | 6,262.6 | 4,363.0 | 3,687.1 |
| Contract liabilities | 3,095.0 | 5,605.4 | 2,967.1 | 3,184.1 | 2,562.6 |
| Other payables | 5,172.5 | 8,994.7 | 6,457.9 | 4,766.0 | 5,703.8 |
| Current portion of non-current liabilities | 60.0 | 2,336.3 | 2,222.2 | 3,612.3 | 5,874.0 |
| Long-term borrowings | 2,395.8 | 3,422.6 | 6,368.8 | 7,189.3 | 4,964.9 |
| Total liabilities | 36,563.2 | 44,295.6 | 42,482.0 | 40,977.8 | 37,294.5 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 3,066.0 | 3,688.2 | 3,688.2 | 3,643.1 | 3,643.1 |
| Capital reserve | 1,513.2 | 7,621.8 | 7,851.2 | 7,452.7 | 7,460.0 |
| Retained earnings | 7,320.5 | 10,206.3 | 11,933.5 | 12,548.1 | 12,492.7 |
| Equity attributable to owners of the parent | — | — | 22,901.5 | 23,394.4 | — |
| Minority interests | 73.9 | 61.5 | -24.8 | 5.9 | 60.4 |
| Total equity | 11,663.1 | 21,418.3 | — | — | 22,788.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 47,536.1 | 51,309.6 | 46,165.0 | 40,255.7 | 12,784.4 |
| Cost of sales | 42,114.3 | 44,141.9 | 39,241.4 | 36,083.1 | 10,931.7 |
| Selling expenses | 1,136.0 | 903.1 | 1,106.6 | 1,049.6 | 347.3 |
| Administrative expenses | 1,120.4 | 1,533.6 | 1,561.9 | 1,923.1 | 638.8 |
| Finance costs | -264.2 | -118.3 | 38.7 | 550.0 | 540.5 |
| Investment income | -178.7 | -196.2 | -104.5 | -30.3 | 226.6 |
| Operating profit | 2,508.1 | 3,443.7 | 2,483.3 | 1,160.1 | 619.1 |
| Profit before tax | 2,618.7 | 3,192.7 | 2,579.7 | 1,122.7 | 650.1 |
| Net profit | 2,149.7 | 2,887.0 | 2,234.6 | 1,046.1 | 322.5 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.02x | 1.05x | 1.14x | 1.25x | 1.09x |
| Quick ratio | 0.73x | 0.84x | 0.92x | 1.06x | 0.92x |
| Debt-to-asset ratio | 75.7% | 67.3% | 65.0% | 63.7% | 62.1% |
| Total debt / EBITDA | 2.08x | 2.60x | 3.86x | 5.92x | 9.64x |
| EBITDA interest coverage | 10.19x | 10.80x | 8.81x | 3.63x | 8.48x |
| Gross margin | 11.4% | 14.0% | 15.0% | 10.4% | 14.5% |
| Net margin | 4.5% | 5.6% | 4.8% | 2.6% | 2.5% |
| Return on equity (ROE) | 18.4% | 13.5% | — | — | 1.4% |
| Revenue growth | — | 7.9% | -10.0% | -12.8% | -68.2% |
| Net profit growth | — | 34.3% | -22.6% | -53.2% | -69.2% |
| Receivable days | 44 | 40 | 72 | 70 | 214 |
| Cash received / revenue | 112.6% | 122.6% | 102.5% | 116.5% | 106.8% |
| Operating CF / net profit | 2.63x | 2.85x | 1.09x | 6.76x | -2.77x |
| Free cash flow | 1,643.5 | -476.3 | 2,453.6 | 7,015.5 | -790.5 |
Mechanical risk flags
- ⚠ Current ratio: 1.25 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.64 (level: high, reference threshold: <0.65)
- ⚠ EBITDA interest coverage: 3.63 (level: medium, reference threshold: <5.0)
- ⚠ Gross margin: 0.10 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 2,336.3 vs 170.0 CNY mn (deviation 92.72%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 2,166.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 903.1 vs 1,047.4 CNY mn (deviation 13.78%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 144.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 2,040.1 vs 11,855.2 CNY mn (deviation 82.79%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 9,815.1 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 7,806.6 vs 454.6 CNY mn (deviation 94.18%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 7,352.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 6,726.4 vs 7,009.7 CNY mn (deviation 4.04%, severity mid)
Sources: 2023年年度报告.pdf p.226 「五、现金及现金等价物净增加」 vs 2023年年度报告.pdf p.219 「货币资金」. CF-statement figure below the balance-sheet movement by 283.3 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: -4,048.6 vs -7,261.1 CNY mn (deviation 44.24%, severity mid)
Sources: 2025年年度报告.pdf p.187 「五、现金及现金等价物净增加」 vs 2024年年度报告.pdf p.183 「货币资金」. CF-statement figure above the balance-sheet movement by 3,212.6 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: 646.7 vs -219.8 CNY mn (deviation 133.98%, severity mid)
Sources: 2025年年度报告.pdf p.187 「五、现金及现金等价物净增加」 vs 2025年年度报告.pdf p.181 「货币资金」. CF-statement figure above the balance-sheet movement by 866.5 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: -1,198.6 vs -2,815.0 CNY mn (deviation 57.42%, severity mid)
Sources: 2026年半年度报告.pdf p.117 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.110 「货币资金」. CF-statement figure above the balance-sheet movement by 1,616.4 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 | 11,469.1 | 2025年年度报告.pdf | 181 | 货币资金 | 11469051585.43 (元) |
| Total assets | 2025 | 64,378.1 | 2025年年度报告.pdf | 181 | 资产总计 | 64378089598.43 (元) |
| Accounts receivable | 2025 | 7,669.7 | 2025年年度报告.pdf | 181 | 应收账款 | 7669723520.2 (元) |
| Fixed assets | 2025 | 13,443.4 | 2025年年度报告.pdf | 181 | 固定资产 | 13443445172.88 (元) |
| Short-term borrowings | 2025 | 6,399.6 | 2025年年度报告.pdf | 181 | 短期借款 | 6399613611.63 (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.