Credit Brief — Poly Developments and Holdings Group Co.,Ltd. (保利发展)
600048.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: 刘平
- Registered address: 广州市海珠区阅江中路832号保利发展广场53-59层
- Office address: 上海市黄浦区南京东路 61 号 4 楼
- Controlling shareholder: 保利南方集团有限公司
- Actual controller: 中国保利集团有限公司
- Employees: 44,445
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 | 2026 H1 | |
|---|---|---|---|---|
| Cash and bank balances | 176,537.1 | 147,982.2 | 0.0 | 0.0 |
| Trading financial assets | 149.6 | 409.3 | 0.0 | 0.0 |
| Accounts receivable | 4,043.6 | 3,821.4 | 0.0 | 0.0 |
| Other receivables | 157,425.7 | 150,388.0 | 0.0 | 0.0 |
| Inventories | 877,893.2 | 869,508.5 | 0.0 | 0.0 |
| Long-term equity investments | 106,249.6 | 104,296.5 | 0.0 | 0.0 |
| Fixed assets | 10,146.8 | 8,362.4 | 0.0 | 0.0 |
| Construction in progress | 571.1 | 590.2 | 0.0 | 0.0 |
| Intangible assets | 371.0 | 373.5 | 0.0 | 0.0 |
| Total assets | — | — | 1,335,108.0 | 1,165,229.5 |
Liabilities
| 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|
| Short-term borrowings | 1,197.3 | 5,213.2 | 0.0 | 0.0 |
| Notes payable | 656.6 | 295.4 | 0.0 | 0.0 |
| Accounts payable | 162,047.4 | 173,438.5 | 0.0 | 0.0 |
| Contract liabilities | 412,019.3 | 377,215.0 | 0.0 | 0.0 |
| Other payables | 135,235.2 | 130,494.4 | 0.0 | 0.0 |
| Current portion of non-current liabilities | 79,947.3 | 68,526.7 | 0.0 | 0.0 |
| Long-term borrowings | 242,482.5 | 235,251.4 | 0.0 | 0.0 |
| Bonds payable | 57,716.3 | 45,265.0 | 0.0 | 0.0 |
| Total liabilities | — | — | 992,578.2 | 836,488.1 |
Equity
| 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|
| Paid-in capital | 11,970.4 | 11,970.4 | 0.0 | 0.0 |
| Capital reserve | 17,626.2 | 17,488.2 | 0.0 | 0.0 |
| Retained earnings | 151,507.0 | 157,919.0 | 0.0 | 0.0 |
| Equity attributable to owners of the parent | 196,227.6 | 198,543.1 | 197,596.5 | 194,574.6 |
| Minority interests | 125,921.5 | 138,483.5 | 144,933.3 | 134,166.8 |
| Total equity | 322,149.1 | 337,026.6 | 342,529.8 | 328,741.4 |
Income statement
| 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|
| Revenue | 281,108.2 | 346,893.5 | 311,666.3 | 102,860.3 |
| Cost of sales | 219,228.0 | 291,308.0 | 0.0 | 89,458.3 |
| Selling expenses | 7,529.7 | 8,876.0 | 8,892.6 | 3,153.9 |
| Administrative expenses | 4,744.4 | 5,159.5 | 5,081.4 | 1,526.5 |
| Finance costs | 3,686.5 | 4,391.3 | 4,642.6 | 1,489.1 |
| Investment income | 4,201.0 | 2,211.9 | 0.0 | -29.2 |
| Operating profit | 34,693.2 | 24,318.0 | 15,141.1 | 5,556.5 |
| Profit before tax | 35,300.6 | 24,626.1 | 15,581.0 | 5,629.8 |
| Net profit | 26,987.4 | 17,899.2 | 9,737.9 | 3,234.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2026 H1 |
|---|---|---|---|---|
| Current ratio | — | — | 1.62x | 1.72x |
| Quick ratio | — | — | 1.62x | 1.72x |
| Debt-to-asset ratio | — | — | 74.3% | 71.8% |
| Total debt / EBITDA | 9.59x | 11.95x | 0.00x | 0.00x |
| EBITDA interest coverage | 10.79x | 6.75x | 3.10x | 4.78x |
| Gross margin | 22.0% | 16.0% | 100.0% | 13.0% |
| Net margin | 9.6% | 5.2% | 3.1% | 3.1% |
| Return on equity (ROE) | 8.4% | 5.3% | 2.8% | 1.0% |
| Revenue growth | — | 23.4% | -10.2% | -67.0% |
| Net profit growth | — | -33.7% | -45.6% | -66.8% |
| Receivable days | 5 | 4 | — | — |
| Cash received / revenue | 105.7% | 97.6% | 93.5% | 103.3% |
| Operating CF / net profit | 0.28x | 0.78x | 0.00x | 0.00x |
| Free cash flow | 8,059.7 | 21,195.7 | 0.0 | 0.0 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.74 (level: medium, reference threshold: <0.75)
- ⚠ EBITDA interest coverage: 3.10 (level: medium, reference threshold: <5.0)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -28,826.4 vs -28,554.9 CNY mn (deviation 0.94%, severity low)
Sources: 2023年年度报告.pdf p.92 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.92 「货币资金」. CF-statement figure below the balance-sheet movement by 271.5 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: 0.0 vs -147,982.2 CNY mn (deviation 100.0%, 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.122 「货币资金」. CF-statement figure above the balance-sheet movement by 147,982.2 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: 0.0 vs 0.0 CNY mn (deviation 0.0%, severity low)
Sources: 2026年半年度报告.pdf p.77 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.73 「货币资金」. CF-statement figure below the balance-sheet movement by 0.0 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 | 2024 | 0.0 | 2024年年度报告.pdf | 122 | 货币资金 | 0.0 (元) |
| Total assets | 2024 | 1,335,108.0 | 2024年年度报告.pdf | 122 | 资产总计 | 1335108015599.69 (元) |
| Accounts receivable | 2024 | 0.0 | 2024年年度报告.pdf | 122 | 应收账款 | 0.0 (元) |
| Fixed assets | 2024 | 0.0 | 2024年年度报告.pdf | 122 | 固定资产 | 0.0 (元) |
| Short-term borrowings | 2024 | 0.0 | 2024年年度报告.pdf | 122 | 短期借款 | 0.0 (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.