Credit Brief — CHINA VANKE CO., LTD. (万科A)
000002.SZ · Shenzhen 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
- Employees: 131,429
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 | 137,207.6 | 99,813.8 | 88,162.9 | 59,049.3 |
| Trading financial assets | 18.1 | 13.6 | 176.7 | 18.0 |
| Accounts receivable | 7,504.7 | 7,293.6 | 8,110.8 | 11,067.8 |
| Other receivables | 272,694.7 | 254,840.5 | 221,425.3 | 170,595.7 |
| Inventories | 907,056.9 | 701,695.8 | 519,009.4 | 345,957.9 |
| Long-term equity investments | 129,511.5 | 130,562.5 | 115,568.6 | 102,920.7 |
| Fixed assets | 16,420.3 | 19,233.0 | 20,610.5 | 18,119.8 |
| Construction in progress | 1,849.7 | 2,920.4 | 1,539.0 | 950.2 |
| Intangible assets | 11,547.5 | 10,956.5 | 8,297.5 | 7,084.5 |
| Total assets | 1,757,804.9 | 1,504,850.2 | 1,286,259.9 | 959,761.5 |
Liabilities
| 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|
| Short-term borrowings | 4,133.3 | 1,063.6 | 15,973.1 | 28,892.0 |
| Notes payable | 25.1 | 8.0 | 0.0 | — |
| Accounts payable | 289,216.4 | 221,688.1 | 160,033.0 | 116,306.6 |
| Contract liabilities | 465,581.0 | 308,638.3 | 192,361.1 | 77,553.2 |
| Other payables | 173,904.9 | 161,777.8 | 152,317.1 | 133,773.9 |
| Current portion of non-current liabilities | 63,922.1 | 64,926.8 | 146,045.6 | 154,012.3 |
| Long-term borrowings | 180,773.3 | 197,764.1 | 178,886.2 | 130,002.2 |
| Bonds payable | 68,815.6 | 59,871.0 | 24,113.1 | 9,504.1 |
| Total liabilities | 1,352,168.1 | 1,101,916.6 | 947,405.2 | 743,955.3 |
Equity
| 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|
| Paid-in capital | 11,630.7 | 11,930.7 | 11,930.7 | 11,930.7 |
| Capital reserve | 22,867.6 | 25,052.3 | 26,097.7 | 26,958.4 |
| Retained earnings | 98,013.9 | 93,616.3 | 44,137.9 | 0.0 |
| Equity attributable to owners of the parent | 243,325.4 | 250,784.6 | 202,666.5 | 102,181.2 |
| Minority interests | 162,311.5 | 152,148.9 | 136,188.2 | 113,625.0 |
| Total equity | 405,636.8 | 402,933.5 | 338,854.7 | 215,806.2 |
Income statement
| 2022 | 2023 | 2024 | 2026 H1 | |
|---|---|---|---|---|
| Revenue | 503,838.4 | 465,739.1 | 343,176.4 | 70,169.1 |
| Cost of sales | 405,319.3 | 394,783.9 | 308,264.9 | 64,599.9 |
| Selling expenses | 12,412.4 | 12,272.1 | 10,383.6 | 1,741.6 |
| Administrative expenses | 9,584.1 | 5,766.9 | 6,394.2 | 2,500.1 |
| Finance costs | 2,615.2 | 3,714.8 | 5,938.7 | 4,062.2 |
| Investment income | 4,115.8 | 2,687.8 | — | 0.0 |
| Operating profit | 52,029.0 | 29,251.7 | — | 0.0 |
| Profit before tax | 52,408.3 | 29,805.4 | — | 0.0 |
| Net profit | 37,612.6 | 20,455.6 | — | 0.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2026 H1 |
|---|---|---|---|---|
| Current ratio | 1.31x | 1.40x | 1.28x | 1.18x |
| Quick ratio | 0.47x | 0.55x | 0.55x | 0.55x |
| Debt-to-asset ratio | 76.9% | 73.2% | 73.7% | 77.5% |
| Total debt / EBITDA | 5.29x | 8.64x | 33.73x | 38.44x |
| EBITDA interest coverage | 10.20x | 6.53x | 1.45x | 1.98x |
| Gross margin | 19.6% | 15.2% | 10.2% | 7.9% |
| Net margin | 7.5% | 4.4% | — | 0.0% |
| Return on equity (ROE) | 9.3% | 5.1% | — | 0.0% |
| Revenue growth | — | -7.6% | -26.3% | -79.6% |
| Net profit growth | — | -45.6% | — | — |
| Receivable days | 5 | 6 | 9 | 58 |
| Cash received / revenue | 64.2% | 63.7% | 58.6% | 68.3% |
| Operating CF / net profit | 0.00x | 0.00x | — | — |
| Free cash flow | 0.0 | 0.0 | 0.0 | 1,665.2 |
Mechanical risk flags
- ⚠ Current ratio: 1.28 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.55 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.74 (level: medium, reference threshold: <0.75)
- ⚠ EBITDA interest coverage: 1.45 (level: high, reference threshold: <2.0)
- ⚠ Gross margin: 0.10 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
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 | 2024 | 88,162.9 | 2024年年度报告.pdf | 151 | 货币资金 | 88162865022.03 (元) |
| Total assets | 2024 | 1,286,259.9 | 2024年年度报告.pdf | 151 | 资产总计 | 1286259859765.82 (元) |
| Accounts receivable | 2024 | 8,110.8 | 2024年年度报告.pdf | 151 | 应收账款 | 8110758258.05 (元) |
| Fixed assets | 2024 | 20,610.5 | 2024年年度报告.pdf | 151 | 固定资产 | 20610539756.61 (元) |
| Short-term borrowings | 2024 | 15,973.1 | 2024年年度报告.pdf | 152 | 短期借款 | 15973061991.55 (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.