Credit Brief — AVIC SHENYANG AIRCRAFT COMPANY LIMITED (中航沈飞)
600760.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: 纪瑞东
- Registered address: 山东省威海市文登区世纪大道甲82号1502室
- Office address: 沈阳市皇姑区陵北街1号
- Controlling shareholder: 中国航空工业集团有限公司
- Actual controller: 中国航空工业集团有限公司
- Employees: 16,444
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 | 22,498.2 | 15,572.3 | 9,892.1 | 9,660.4 | 7,895.1 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 3,473.9 | 7,123.7 | 19,225.0 | 29,841.3 | 22,627.4 |
| Other receivables | 15.2 | 75.7 | 21.1 | 97.5 | 163.3 |
| Inventories | 12,172.5 | 11,649.7 | 13,600.8 | 11,331.9 | 15,808.6 |
| Long-term equity investments | 76.3 | 236.3 | 237.3 | 287.6 | 349.7 |
| Fixed assets | 4,084.4 | 4,535.1 | 5,641.0 | 5,401.5 | 6,834.4 |
| Construction in progress | 1,267.7 | 1,355.2 | 1,743.2 | 3,891.5 | 2,618.8 |
| Intangible assets | 1,030.7 | 974.7 | 1,652.8 | 1,676.0 | 2,407.4 |
| Total assets | 58,794.3 | 55,466.4 | 61,589.8 | 77,486.2 | 69,151.1 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 10.0 | 0.0 | 0.0 | 480.1 | — |
| Notes payable | 4,457.0 | 6,527.1 | 7,049.6 | 1,278.6 | 135.9 |
| Accounts payable | 14,770.3 | 20,544.2 | 25,344.4 | 36,637.0 | 33,376.2 |
| Contract liabilities | 22,109.0 | 6,705.9 | 3,528.2 | 4,432.9 | 2,970.0 |
| Other payables | 152.2 | 460.0 | 938.3 | 854.9 | 383.3 |
| Current portion of non-current liabilities | 5.3 | 111.0 | 17.3 | 105.1 | 50.6 |
| Long-term borrowings | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 44,980.9 | 39,208.8 | 42,539.0 | 51,819.2 | 43,641.5 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,960.5 | 2,755.7 | 2,755.7 | 2,835.1 | 2,834.9 |
| Capital reserve | 5,548.6 | 5,049.2 | 5,197.2 | 9,084.4 | 9,152.4 |
| Retained earnings | 5,169.1 | 7,252.3 | 9,022.0 | 11,290.4 | 11,012.4 |
| Equity attributable to owners of the parent | 12,837.4 | 15,095.0 | 17,076.5 | 23,552.2 | 23,405.3 |
| Minority interests | 976.0 | 1,162.6 | 1,974.3 | 2,114.7 | 2,104.3 |
| Total equity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 41,597.7 | 46,247.8 | 42,837.2 | 44,655.8 | 6,191.1 |
| Cost of sales | 37,459.7 | 41,184.2 | 37,497.3 | 38,539.8 | 5,535.2 |
| Selling expenses | 17.6 | 12.9 | 5.8 | 10.8 | 1.5 |
| Administrative expenses | 894.1 | 1,004.8 | 937.2 | 1,073.4 | 375.7 |
| Finance costs | -288.9 | -284.9 | -281.8 | -51.9 | -200.2 |
| Investment income | -1.1 | 16.1 | 2.6 | 11.1 | 0.7 |
| Operating profit | 2,598.8 | 3,397.1 | 3,920.7 | 4,027.0 | 564.8 |
| Profit before tax | 2,610.6 | 3,394.6 | 3,914.8 | 4,019.1 | 565.4 |
| Net profit | 2,312.8 | 3,009.2 | 3,412.9 | 3,543.0 | 468.1 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.17x | 1.31x | 1.31x | 1.37x | 1.36x |
| Quick ratio | 0.89x | 0.98x | 0.95x | 1.12x | 0.95x |
| Debt-to-asset ratio | 76.5% | 70.7% | 69.1% | 66.9% | 63.1% |
| Total debt / EBITDA | 0.04x | 0.03x | 0.00x | 0.13x | 0.04x |
| EBITDA interest coverage | 11.20x | 14.20x | 16.59x | 87.35x | 6.82x |
| Gross margin | 9.9% | 10.9% | 12.5% | 13.7% | 10.6% |
| Net margin | 5.6% | 6.5% | 8.0% | 7.9% | 7.6% |
| Return on equity (ROE) | — | — | — | — | — |
| Revenue growth | — | 11.2% | -7.4% | 4.2% | -86.1% |
| Net profit growth | — | 30.1% | 13.4% | 3.8% | -86.8% |
| Receivable days | 30 | 56 | 164 | 244 | 1334 |
| Cash received / revenue | 70.6% | 56.4% | 65.1% | 83.0% | 255.9% |
| Operating CF / net profit | 1.16x | -1.46x | -1.10x | -0.65x | 1.22x |
| Free cash flow | 2,475.7 | -3,471.5 | -2,560.5 | -4,534.7 | 440.3 |
Mechanical risk flags
- ⚠ Current ratio: 1.37 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.67 (level: medium, reference threshold: <0.75)
- ⚠ Gross margin: 0.14 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -6,923.7 vs -6,925.9 CNY mn (deviation 0.03%, severity low)
Sources: 2023年年度报告.pdf p.99 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.90 「货币资金」. CF-statement figure above the balance-sheet movement by 2.2 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: -5,680.2 vs -5,680.2 CNY mn (deviation 0.0%, severity low)
Sources: 2024年年度报告.pdf p.98 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.89 「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. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -231.6 vs -231.6 CNY mn (deviation 0.0%, severity low)
Sources: 2025年年度报告.pdf p.96 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.87 「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. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -1,765.4 vs -1,765.4 CNY mn (deviation 0.0%, severity low)
Sources: 2026年半年度报告.pdf p.51 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.42 「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 | 2025 | 9,660.4 | 2025年年度报告.pdf | 87 | 货币资金 | 9660448723.16 (元) |
| Total assets | 2025 | 77,486.2 | 2025年年度报告.pdf | 88 | 资产总计 | 77486151790.18 (元) |
| Accounts receivable | 2025 | 29,841.3 | 2025年年度报告.pdf | 87 | 应收账款 | 29841251213.55 (元) |
| Fixed assets | 2025 | 5,401.5 | 2025年年度报告.pdf | 87 | 固定资产 | 5401508206.36 (元) |
| Short-term borrowings | 2025 | 480.1 | 2025年年度报告.pdf | 88 | 短期借款 | 480055495.89 (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.