Credit Brief — NARI Technology Co.,Ltd. (国电南瑞)
600406.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: 郑宗强
- Registered address: 南京市江宁经济技术开发区诚信大道19号2幢
- Office address: 南京市江宁经济技术开发区诚信大道19号
- Controlling shareholder: 国家电网公司
- Actual controller: 国务院国有资产监督管理委员会
- Employees: 12,781
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 | 14,743.6 | 16,750.2 | 9,010.4 | 7,323.3 | 4,463.7 |
| Trading financial assets | 1,747.4 | 5,600.2 | 15,745.8 | 17,170.4 | 14,563.3 |
| Accounts receivable | 22,739.2 | 26,406.7 | 30,843.7 | 31,249.9 | 29,263.7 |
| Other receivables | 188.8 | 326.4 | 346.3 | 178.3 | 266.5 |
| Inventories | 8,293.9 | 9,794.7 | 11,311.6 | 13,058.2 | 15,160.2 |
| Long-term equity investments | 174.4 | 64.2 | 63.8 | 49.0 | 50.1 |
| Fixed assets | 9,122.2 | 9,084.5 | 8,283.1 | 8,258.9 | 8,078.0 |
| Construction in progress | 2,531.2 | 1,314.4 | 1,039.0 | 483.7 | 661.4 |
| Intangible assets | 1,355.3 | 1,396.2 | 1,614.4 | 1,817.7 | 1,753.1 |
| Total assets | 76,701.2 | 86,087.4 | 92,705.3 | 98,585.7 | 93,527.5 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 196.3 | 385.5 | 485.2 | 520.8 | 445.8 |
| Notes payable | 1,626.2 | 1,620.9 | 2,234.2 | 1,906.9 | 1,329.7 |
| Accounts payable | 21,265.2 | 25,040.2 | 26,626.2 | 27,828.8 | 25,349.9 |
| Contract liabilities | 3,771.2 | 5,001.7 | 6,436.6 | 7,807.0 | 7,009.9 |
| Other payables | 1,158.4 | 1,155.8 | 1,123.9 | 1,066.0 | 1,056.1 |
| Current portion of non-current liabilities | 1,119.2 | 146.1 | 172.9 | 36.4 | 78.2 |
| Long-term borrowings | — | 27.0 | 21.1 | 21.1 | 7.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 31,342.9 | 35,708.7 | 39,969.4 | 42,126.2 | 37,805.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 6,694.8 | 8,033.0 | 8,032.8 | 8,031.8 | 8,031.8 |
| Capital reserve | 8,953.2 | 7,750.2 | 7,878.9 | 7,907.8 | 7,930.9 |
| Retained earnings | 25,904.5 | 30,221.9 | 32,007.9 | 35,061.3 | 34,340.3 |
| Equity attributable to owners of the parent | 42,466.1 | 47,190.8 | 49,224.4 | 52,646.4 | 52,074.0 |
| Minority interests | 2,892.3 | 3,187.9 | 3,511.5 | 3,813.0 | 3,647.9 |
| Total equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 46,829.0 | 51,573.3 | 57,417.3 | 66,229.0 | 27,767.2 |
| Cost of sales | 34,164.7 | 37,753.7 | 42,111.0 | 49,117.3 | 20,731.2 |
| Selling expenses | 1,758.5 | 2,085.3 | 2,261.4 | 2,426.0 | 1,049.0 |
| Administrative expenses | 1,143.6 | 1,266.9 | 1,451.2 | 1,569.3 | 641.8 |
| Finance costs | -466.5 | -475.6 | -475.9 | -169.4 | 92.6 |
| Investment income | 19.0 | 7.2 | 38.3 | 189.0 | 117.1 |
| Operating profit | 7,851.8 | 8,574.5 | 9,105.6 | 9,809.3 | 3,718.4 |
| Profit before tax | 7,885.1 | 8,599.7 | 9,128.1 | 9,818.9 | 3,715.4 |
| Net profit | 6,904.7 | 7,650.0 | 8,146.6 | 8,858.1 | 3,248.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.83x | 1.91x | 1.92x | 1.98x | 2.10x |
| Quick ratio | 1.56x | 1.63x | 1.63x | 1.67x | 1.69x |
| Debt-to-asset ratio | 40.9% | 41.5% | 43.1% | 42.7% | 40.4% |
| Total debt / EBITDA | 0.15x | 0.06x | 0.07x | 0.05x | 0.12x |
| EBITDA interest coverage | 19.42x | 20.57x | 21.57x | 62.90x | 48.17x |
| Gross margin | 27.0% | 26.8% | 26.7% | 25.8% | 25.3% |
| Net margin | 14.7% | 14.8% | 14.2% | 13.4% | 11.7% |
| Return on equity (ROE) | — | — | — | — | — |
| Revenue growth | — | 10.1% | 11.3% | 15.3% | -58.1% |
| Net profit growth | — | 10.8% | 6.5% | 8.7% | -63.3% |
| Receivable days | 177 | 187 | 196 | 172 | 385 |
| Cash received / revenue | 98.8% | 102.4% | 103.7% | 109.0% | 111.0% |
| Operating CF / net profit | 1.27x | 1.50x | 1.36x | 1.44x | 0.18x |
| Free cash flow | 11,483.9 | 13,101.2 | 7,017.0 | 15,808.3 | 3,232.4 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.43 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 9 flags (high×7, mid×2); first 3 shown:
- 2023 · Same item across different source documents: 326.4 vs 189.1 CNY mn (deviation 42.07%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 137.3 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 0.0 vs 0.0 CNY mn (deviation 66.67%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 0.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 64.2 vs 162.5 CNY mn (deviation 60.52%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 98.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2023 · Same item across different source documents: 326.4 vs 189.1 CNY mn (deviation 42.07%, severity high)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,830.4 vs 2,006.6 CNY mn (deviation 8.78%, severity mid)
Sources: 2024年年度报告.pdf p.135 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.115 「货币资金」. CF-statement figure below the balance-sheet movement by 176.2 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: -9,260.6 vs -7,739.8 CNY mn (deviation 16.42%, severity mid)
Sources: 2024年年度报告.pdf p.135 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.122 「货币资金」. CF-statement figure below the balance-sheet movement by 1,520.9 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: -259.7 vs -1,687.1 CNY mn (deviation 84.61%, severity mid)
Sources: 2025年年度报告.pdf p.135 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.121 「货币资金」. CF-statement figure above the balance-sheet movement by 1,427.4 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: -2,688.3 vs -2,859.6 CNY mn (deviation 5.99%, severity mid)
Sources: 2026年半年度报告.pdf p.71 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.58 「货币资金」. CF-statement figure above the balance-sheet movement by 171.2 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 | 7,323.3 | 2025年年度报告.pdf | 121 | 货币资金 | 7323259338.52 (元) |
| Total assets | 2025 | 98,585.7 | 2025年年度报告.pdf | 122 | 资产总计 | 98585657661.02 (元) |
| Accounts receivable | 2025 | 31,249.9 | 2025年年度报告.pdf | 121 | 应收账款 | 31249864276.02 (元) |
| Fixed assets | 2025 | 8,258.9 | 2025年年度报告.pdf | 122 | 固定资产 | 8258901817.43 (元) |
| Short-term borrowings | 2025 | 520.8 | 2025年年度报告.pdf | 122 | 短期借款 | 520837869.59 (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.