Credit Brief — Co.,Ltd (北方稀土)
600111.SH · Shanghai Main Board · Data window: 2017–2026 Q1 · 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: 赵殿清
- Registered address: 河大街83号
- Office address: 河大街83号
- Actual controller: 内蒙古自治区人民政府
- Employees: 9,127
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
| 2017 | 2018 | 2019 | 2026 Q1 | |
|---|---|---|---|---|
| Cash and bank balances | 5,033.5 | 3,235.9 | 2,466.9 | 4,623.2 |
| Trading financial assets | — | 0.0 | 142.1 | 660.3 |
| Accounts receivable | 1,438.7 | 1,292.7 | 1,934.2 | 5,321.0 |
| Other receivables | 50.2 | 45.6 | 44.6 | 66.1 |
| Inventories | 7,505.2 | 9,565.8 | 9,334.8 | 16,068.6 |
| Long-term equity investments | 67.8 | 60.0 | 62.3 | 689.6 |
| Fixed assets | 2,734.8 | 3,503.4 | 3,624.3 | 9,086.2 |
| Construction in progress | 124.5 | 383.6 | 224.5 | 674.9 |
| Intangible assets | 600.5 | 741.7 | 795.5 | 1,113.4 |
| Total assets | 20,600.9 | 23,732.6 | 23,160.9 | 50,525.6 |
Liabilities
| 2017 | 2018 | 2019 | 2026 Q1 | |
|---|---|---|---|---|
| Short-term borrowings | 4,309.7 | 4,026.3 | 3,507.1 | 2,755.1 |
| Notes payable | 124.3 | 329.1 | 806.3 | 495.1 |
| Accounts payable | 864.7 | 658.8 | 642.8 | 3,268.0 |
| Contract liabilities | — | — | — | 1,260.8 |
| Other payables | 293.7 | 468.7 | 268.8 | 289.9 |
| Current portion of non-current liabilities | 0.5 | 30.5 | 30.5 | 2,577.2 |
| Long-term borrowings | 0.0 | 1,191.2 | 463.5 | 3,804.2 |
| Bonds payable | 3,587.8 | 3,590.3 | 3,694.7 | 0.0 |
| Total liabilities | 9,952.4 | 11,270.5 | 10,270.2 | 18,609.2 |
Equity
| 2017 | 2018 | 2019 | 2026 Q1 | |
|---|---|---|---|---|
| Paid-in capital | 3,633.1 | 3,633.1 | 3,633.1 | 3,615.1 |
| Capital reserve | 156.0 | 154.9 | 171.8 | 148.5 |
| Retained earnings | 3,594.3 | 3,945.2 | 4,335.4 | 18,494.8 |
| Equity attributable to owners of the parent | 8,845.6 | 11,540.7 | 11,677.9 | — |
| Minority interests | 1,802.9 | 3,236.8 | 3,306.0 | 6,332.9 |
| Total equity | 10,648.5 | 12,462.1 | 0.0 | 0.0 |
Income statement
| 2017 | 2018 | 2019 | 2026 Q1 | |
|---|---|---|---|---|
| Revenue | 10,204.0 | 13,954.7 | 18,091.8 | 11,858.9 |
| Cost of sales | 8,332.3 | 11,931.9 | 16,029.3 | 10,290.7 |
| Selling expenses | 77.6 | 81.5 | 113.8 | 10.2 |
| Administrative expenses | 608.5 | 650.8 | 728.4 | 223.0 |
| Finance costs | 214.2 | 338.9 | 360.1 | 54.8 |
| Investment income | 26.4 | 39.5 | 32.8 | 0.0 |
| Operating profit | 819.6 | 832.5 | 832.2 | 1,264.7 |
| Profit before tax | 800.5 | 837.9 | 843.6 | 1,252.2 |
| Net profit | 696.7 | 579.0 | 640.3 | 1,047.1 |
5. Ratios
| Ratio | 2017 | 2018 | 2019 | 2026 Q1 |
|---|---|---|---|---|
| Current ratio | 2.54x | 2.82x | 2.94x | 2.57x |
| Quick ratio | 1.29x | 1.26x | 1.30x | 1.41x |
| Debt-to-asset ratio | 48.3% | 47.5% | 44.3% | 36.8% |
| Total debt / EBITDA | 6.39x | 5.84x | 5.04x | 4.54x |
| EBITDA interest coverage | 5.77x | 3.86x | 3.92x | 36.70x |
| Gross margin | 18.3% | 14.5% | 11.4% | 13.2% |
| Net margin | 6.8% | 4.1% | 3.5% | 8.8% |
| Return on equity (ROE) | 6.5% | 4.6% | — | — |
| Revenue growth | — | 36.8% | 29.6% | -34.5% |
| Net profit growth | — | -16.9% | 10.6% | 63.5% |
| Receivable days | 51 | 34 | 39 | 164 |
| Cash received / revenue | 76.6% | 83.7% | 92.6% | 76.0% |
| Operating CF / net profit | -2.60x | -1.21x | 1.39x | -0.26x |
| Free cash flow | -2,027.2 | -2,113.5 | 832.1 | -451.6 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.44 (level: high, reference threshold: <0.65)
- ⚠ EBITDA interest coverage: 3.92 (level: medium, reference threshold: <5.0)
- ⚠ Gross margin: 0.11 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2018 · Same item across different source documents: 1,698.9 vs 2,991.6 CNY mn (deviation 43.21%, severity high)
Sources:2019年年度报告.pdfvs2018年年度报告.pdf. Two source documents differ by 1,292.7 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2018 · Same item across different source documents: 329.1 vs 987.9 CNY mn (deviation 66.69%, severity high)
Sources:2019年年度报告.pdfvs2018年年度报告.pdf. Two source documents differ by 658.8 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2018 · Same item across different source documents: 11,540.7 vs 9,225.3 CNY mn (deviation 20.06%, severity high)
Sources:2019年年度报告.pdfvs2018年年度报告.pdf. Two source documents differ by 2,315.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2018 · Same item across different source documents: -148.3 vs 148.3 CNY mn (deviation 200.0%, severity high)
Sources:2019年年度报告.pdfvs2018年年度报告.pdf. Two source documents differ by 296.6 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2018 · Cash-flow statement net increase vs balance-sheet cash movement: -1,967.7 vs -1,797.6 CNY mn (deviation 8.64%, severity mid)
Sources: 2018年年度报告.pdf p.110 「五、现金及现金等价物净增加额」 vs 2018年年度报告.pdf p.103 「货币资金」. CF-statement figure below the balance-sheet movement by 170.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2019 · Cash-flow statement net increase vs balance-sheet cash movement: -738.8 vs -769.0 CNY mn (deviation 3.92%, severity mid)
Sources: 2019年年度报告.pdf p.111 「七、现金及现金等价物净增加额」 vs 2019年年度报告.pdf p.104 「货币资金」. CF-statement figure above the balance-sheet movement by 30.2 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q1 · Cash-flow statement net increase vs balance-sheet cash movement: 188.5 vs 2,156.3 CNY mn (deviation 91.26%, severity mid)
Sources: 2026年第一季度报告.pdf p.12 「五、现金及现金等价物净增加额」 vs 2026年第一季度报告.pdf p.8 「货币资金」. CF-statement figure below the balance-sheet movement by 1,967.8 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 | 2019 | 2,466.9 | 2019年年度报告.pdf | 104 | 货币资金 | 2466924718.01 (元) |
| Total assets | 2019 | 23,160.9 | 2019年年度报告.pdf | 104 | 资产总计 | 23160906959.34 (元) |
| Accounts receivable | 2019 | 1,934.2 | 2019年年度报告.pdf | 104 | 应收账款 | 1934150723.78 (元) |
| Fixed assets | 2019 | 3,624.3 | 2019年年度报告.pdf | 104 | 固定资产 | 3624296335.16 (元) |
| Short-term borrowings | 2019 | 3,507.1 | 2019年年度报告.pdf | 104 | 短期借款 | 3507078772.91 (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.