Credit Brief — SAIC Motor Corporation Limited (上汽集团)
600104.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: 王晓秋
- Registered address: 中国（上海）自由贸易试验区松涛路563号1号楼509室
- Office address: 中国上海市静安区威海路489号
- Controlling shareholder: 上海汽车工业（集团）有限公司
- Actual controller: None (stated in the filed report)
- Employees: 179,797
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 | 155,156.6 | 143,636.0 | 197,978.2 | 151,046.0 | 144,268.6 |
| Trading financial assets | 45,230.0 | 46,687.6 | 62,278.1 | 71,403.8 | 78,700.1 |
| Accounts receivable | 62,913.1 | 68,019.6 | 69,668.0 | 82,052.8 | 77,623.6 |
| Other receivables | 15,900.9 | 15,945.6 | 15,996.8 | 16,496.0 | 17,336.4 |
| Inventories | 88,535.0 | 98,603.7 | 77,277.2 | 79,639.9 | 88,823.5 |
| Long-term equity investments | 64,645.1 | 66,701.2 | 60,363.3 | 56,584.5 | 56,581.0 |
| Fixed assets | 79,239.7 | 83,891.4 | 84,311.8 | 82,632.1 | 81,947.6 |
| Construction in progress | 15,736.2 | 13,827.5 | 11,409.5 | 9,805.5 | 8,824.7 |
| Intangible assets | 18,922.9 | 20,838.2 | 19,403.1 | 20,390.6 | 20,397.2 |
| Total assets | 990,107.4 | 1,006,650.3 | 957,143.4 | 960,207.5 | 951,161.9 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 38,337.5 | 44,920.6 | 53,689.7 | 40,600.4 | 34,810.9 |
| Notes payable | 77,636.2 | 86,030.2 | 78,522.3 | 87,013.2 | 92,587.8 |
| Accounts payable | 166,644.9 | 178,672.6 | 162,621.6 | 173,742.2 | 187,055.9 |
| Contract liabilities | 25,343.9 | 21,844.5 | 22,094.9 | 30,289.8 | 25,842.0 |
| Other payables | 66,607.6 | 64,180.3 | 53,943.7 | 66,115.9 | 66,905.0 |
| Current portion of non-current liabilities | 39,543.7 | 27,365.2 | 39,267.2 | 29,754.0 | 17,666.4 |
| Long-term borrowings | 34,555.5 | 51,455.0 | 36,138.5 | 14,597.7 | 12,839.1 |
| Bonds payable | 15,122.4 | 11,424.4 | 4,660.8 | 4,900.0 | 8,200.3 |
| Total liabilities | 653,807.1 | 663,743.0 | 610,408.4 | 598,901.9 | 589,213.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 11,683.5 | 11,683.5 | 11,575.3 | 11,495.3 | 11,495.3 |
| Capital reserve | 57,896.4 | 57,444.9 | 56,647.9 | 55,635.8 | 55,651.2 |
| Retained earnings | 156,907.3 | 167,471.3 | 164,858.8 | 173,987.6 | 176,267.5 |
| Equity attributable to owners of the parent | 279,233.5 | 286,318.7 | 287,840.1 | 298,812.3 | 0.0 |
| Minority interests | 57,066.7 | 56,588.5 | 58,894.9 | 62,493.3 | 63,191.1 |
| Total equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 744,062.9 | 744,705.1 | 627,589.9 | 656,243.8 | 298,652.3 |
| Cost of sales | 651,700.8 | 652,206.8 | 556,450.0 | 580,944.0 | 260,412.8 |
| Selling expenses | 30,175.4 | 24,784.6 | 20,080.3 | 20,898.0 | 9,844.6 |
| Administrative expenses | 25,641.4 | 24,240.3 | 21,108.1 | 22,453.3 | 9,943.7 |
| Finance costs | -764.4 | -156.7 | 3,054.1 | -265.8 | 2,745.9 |
| Investment income | 14,702.8 | 14,949.3 | 7,177.6 | 13,432.6 | 4,659.8 |
| Operating profit | 26,022.2 | 25,937.1 | 10,376.3 | 25,432.3 | 10,125.9 |
| Profit before tax | 28,071.1 | 25,973.3 | 10,511.1 | 24,909.0 | 10,185.0 |
| Net profit | 22,842.7 | 20,060.4 | 5,833.3 | 17,443.9 | 7,974.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.07x | 1.13x | 1.18x | 1.20x | 1.20x |
| Quick ratio | 0.91x | 0.95x | 1.03x | 1.04x | 1.02x |
| Debt-to-asset ratio | 66.0% | 65.9% | 63.8% | 62.4% | 61.9% |
| Total debt / EBITDA | 3.36x | 3.80x | 6.91x | 2.74x | 4.22x |
| EBITDA interest coverage | 11.12x | 13.33x | 9.77x | 29.21x | 36.67x |
| Gross margin | 12.4% | 12.4% | 11.3% | 11.5% | 12.8% |
| Net margin | 3.1% | 2.7% | 0.9% | 2.7% | 2.7% |
| Return on equity (ROE) | — | — | — | — | — |
| Revenue growth | — | 0.1% | -15.7% | 4.6% | -54.5% |
| Net profit growth | — | -12.2% | -70.9% | 199.0% | -54.3% |
| Receivable days | 31 | 33 | 41 | 46 | 95 |
| Cash received / revenue | 71.7% | 73.3% | 80.4% | 77.8% | 87.7% |
| Operating CF / net profit | 0.42x | 2.11x | 11.87x | 1.97x | 6.81x |
| Free cash flow | -48,309.4 | 28,337.5 | 75,433.8 | 47,869.5 | 73,558.4 |
Mechanical risk flags
- ⚠ Current ratio: 1.20 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.62 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.11 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 1,006,650.3 vs 342,907.2 CNY mn (deviation 65.94%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 663,743.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Same item across different source documents: 24,784.6 vs 29,878.9 CNY mn (deviation 17.05%, severity mid)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 5,094.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 346,735.0 vs 957,143.4 CNY mn (deviation 63.77%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 610,408.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -9,254.1 vs -11,520.6 CNY mn (deviation 19.67%, severity mid)
Sources: 2023年年度报告.pdf p.79 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.70 「货币资金」. CF-statement figure above the balance-sheet movement by 2,266.6 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: 56,247.4 vs 54,342.2 CNY mn (deviation 3.39%, severity mid)
Sources: 2024年年度报告.pdf p.76 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.68 「货币资金」. CF-statement figure above the balance-sheet movement by 1,905.2 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: -46,138.6 vs -46,932.2 CNY mn (deviation 1.69%, severity mid)
Sources: 2025年年度报告.pdf p.73 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.65 「货币资金」. CF-statement figure above the balance-sheet movement by 793.6 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: -6,351.2 vs -6,777.4 CNY mn (deviation 6.29%, severity mid)
Sources: 2026年半年度报告.pdf p.39 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.31 「货币资金」. CF-statement figure above the balance-sheet movement by 426.1 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 | 151,046.0 | 2025年年度报告.pdf | 65 | 货币资金 | 151046006612.38 (元) |
| Total assets | 2025 | 960,207.5 | 2025年年度报告.pdf | 66 | 资产总计 | 960207461450.69 (元) |
| Accounts receivable | 2025 | 82,052.8 | 2025年年度报告.pdf | 65 | 应收账款 | 82052819101.23 (元) |
| Fixed assets | 2025 | 82,632.1 | 2025年年度报告.pdf | 65 | 固定资产 | 82632062910.76 (元) |
| Short-term borrowings | 2025 | 40,600.4 | 2025年年度报告.pdf | 66 | 短期借款 | 40600406435.85 (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.