Credit Brief — China Shenhua Energy Company Limited (中国神华)
601088.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: 吕志韧
- Registered address: 北京市东城区安定门西滨河路22号
- Office address: 北京市东城区安定门西滨河路22号
- Actual controller: 国务院国有资产监督管理委员会
- Employees: 91,392
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 | 147,914.0 | 135,273.0 | 143,845.0 | 96,772.0 | 135,592.0 |
| Trading financial assets | — | 0.0 | 17,302.0 | — | 6,701.0 |
| Accounts receivable | 8,318.0 | 7,906.0 | 12,569.0 | 13,225.0 | 18,756.0 |
| Other receivables | 12,464.0 | 12,681.0 | 2,302.0 | 2,910.0 | 3,867.0 |
| Inventories | 2,860.0 | 2,030.0 | 12,666.0 | 11,850.0 | 17,810.0 |
| Long-term equity investments | 194,908.0 | 206,098.0 | 59,842.0 | 62,044.0 | 83,135.0 |
| Fixed assets | 34,944.0 | 34,927.0 | 261,820.0 | 272,172.0 | 0.0 |
| Construction in progress | 3,657.0 | 5,029.0 | 28,721.0 | 33,262.0 | 52,881.0 |
| Intangible assets | 11,117.0 | 16,863.0 | 66,663.0 | 69,857.0 | — |
| Total assets | 484,582.0 | 502,412.0 | 668,022.0 | 627,761.0 | — |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 5,216.0 | 2,927.0 | 4,812.0 | 409.0 | 67,549.0 |
| Notes payable | 1,101.0 | 581.0 | 146.0 | 337.0 | 1,316.0 |
| Accounts payable | 37,871.0 | 38,320.0 | 38,059.0 | 41,176.0 | 52,168.0 |
| Contract liabilities | 5,597.0 | 7,208.0 | 4,045.0 | 3,810.0 | 8,502.0 |
| Other payables | 16,886.0 | 16,979.0 | 16,490.0 | 12,948.0 | 50,024.0 |
| Current portion of non-current liabilities | 8,385.0 | 7,179.0 | 18,519.0 | 9,364.0 | — |
| Long-term borrowings | 38,438.0 | 29,636.0 | 31,682.0 | 28,268.0 | — |
| Bonds payable | 3,453.0 | 2,972.0 | 0.0 | — | — |
| Total liabilities | 162,524.0 | 151,761.0 | 171,377.0 | 146,310.0 | — |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 19,869.0 | 19,869.0 | 19,869.0 | 19,869.0 | 21,689.0 |
| Capital reserve | 68,014.0 | 68,182.0 | 81,276.0 | 81,319.0 | 154,887.0 |
| Retained earnings | 279,507.0 | 288,491.0 | 281,506.0 | 269,981.0 | — |
| Equity attributable to owners of the parent | 393,900.0 | 408,692.0 | 426,866.0 | 409,107.0 | — |
| Minority interests | 65,419.0 | 69,678.0 | 77,086.0 | 72,344.0 | — |
| Total equity | 459,319.0 | 478,370.0 | 503,952.0 | 481,451.0 | — |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 344,533.0 | 343,074.0 | 338,375.0 | 294,916.0 | 189,338.0 |
| Cost of sales | 210,059.0 | 219,922.0 | 223,192.0 | 191,465.0 | 122,153.0 |
| Selling expenses | 410.0 | 425.0 | 491.0 | 0.0 | — |
| Administrative expenses | 9,930.0 | 9,812.0 | 10,924.0 | 11,380.0 | 7,063.0 |
| Finance costs | 877.0 | 501.0 | 129.0 | 0.0 | 1,641.0 |
| Investment income | 2,420.0 | 3,815.0 | 4,871.0 | 4,155.0 | 0.0 |
| Operating profit | 98,138.0 | 91,367.0 | 88,362.0 | 75,532.0 | — |
| Profit before tax | 96,247.0 | 87,176.0 | 85,793.0 | 79,339.0 | 0.0 |
| Net profit | 81,696.0 | 69,598.0 | 68,865.0 | 62,783.0 | — |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | — | — | — | — | — |
| Quick ratio | — | — | — | — | — |
| Debt-to-asset ratio | 33.5% | 30.2% | 25.7% | 23.3% | — |
| Total debt / EBITDA | 0.54x | 0.46x | 0.50x | 0.36x | 41.16x |
| EBITDA interest coverage | 31.69x | 32.65x | 37.39x | 43.72x | 1.00x |
| Gross margin | 39.0% | 35.9% | 34.0% | 35.1% | 35.5% |
| Net margin | 23.7% | 20.3% | 20.4% | 21.3% | — |
| Return on equity (ROE) | 17.8% | 14.5% | 13.7% | 13.0% | — |
| Revenue growth | — | -0.4% | -1.4% | -12.8% | -35.8% |
| Net profit growth | — | -14.8% | -1.1% | -8.8% | — |
| Receivable days | 9 | 8 | 14 | 16 | 36 |
| Operating CF / net profit | 0.00x | 0.00x | 0.00x | 0.00x | — |
| Free cash flow | 0.0 | 0.0 | 0.0 | 0.0 | 54,664.0 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.23 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- Same item across different source documents — 27 flags (high×18, mid×9); first 3 shown:
- 2024 · Same item across different source documents: 143,845.0 vs 129,133.0 CNY mn (deviation 10.23%, severity mid)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 14,712.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 3,036.0 vs 474.0 CNY mn (deviation 84.39%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 2,562.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 12,569.0 vs 7,021.0 CNY mn (deviation 44.14%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 5,548.0 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review.
- 2024 · Same item across different source documents: 143,845.0 vs 129,133.0 CNY mn (deviation 10.23%, severity mid)
5 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; 现金及现金等价物净增加额 vs 货币资金变动; 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 | 96,772.0 | 2025年年度报告.pdf | 147 | 货币资金 | 96772.0 (百万元) |
| Total assets | 2025 | 627,761.0 | 2025年年度报告.pdf | 148 | 资产总计 | 627761.0 (百万元) |
| Accounts receivable | 2025 | 13,225.0 | 2025年年度报告.pdf | 147 | 应收账款 | 13225.0 (百万元) |
| Fixed assets | 2025 | 272,172.0 | 2025年年度报告.pdf | 148 | 固定资产 | 272172.0 (百万元) |
| Short-term borrowings | 2025 | 409.0 | 2025年年度报告.pdf | 149 | 短期借款 | 409.0 (百万元) |
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.