Credit Brief — Wanhua Chemical Group Co.,Ltd. (万华化学)
600309.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: 廖增太
- Registered address: 山东省烟台市开发区重庆大街59号
- Office address: 烟台市经济技术开发区三亚路3号
- Controlling shareholder: 国丰集团
- Actual controller: 烟台市人民政府国有资产监督管理委员会
- Employees: 30,772
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 | 18,988.8 | 23,710.0 | 24,533.2 | 27,662.0 | 44,405.6 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | — |
| Accounts receivable | 9,060.3 | 9,144.3 | 12,319.0 | 15,873.0 | 19,605.2 |
| Other receivables | 999.0 | 985.7 | 1,315.8 | 1,135.0 | 1,072.7 |
| Inventories | 18,185.3 | 20,650.1 | 24,107.3 | 26,014.2 | 32,935.6 |
| Long-term equity investments | 6,228.7 | 7,045.8 | 9,651.4 | 12,884.8 | 12,232.3 |
| Fixed assets | 78,558.1 | 98,763.8 | 118,828.4 | 156,906.2 | 157,685.3 |
| Construction in progress | 37,063.7 | 50,454.6 | 63,158.5 | 34,624.7 | 33,460.5 |
| Intangible assets | 9,980.4 | 10,785.9 | 11,970.9 | 12,771.5 | 12,562.3 |
| Total assets | 200,843.2 | 253,040.4 | 293,333.3 | 323,009.0 | 354,151.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 44,019.5 | 43,526.4 | 35,557.1 | 27,788.7 | 60,487.0 |
| Notes payable | 11,138.7 | 30,613.6 | 42,523.7 | 51,776.2 | 43,176.5 |
| Accounts payable | 13,066.5 | 14,980.1 | 26,612.5 | 24,547.8 | 24,427.5 |
| Contract liabilities | 5,391.9 | 5,674.1 | 5,193.9 | 5,723.2 | 6,766.6 |
| Other payables | 1,399.8 | 1,700.0 | 2,291.2 | 1,970.2 | 2,635.7 |
| Current portion of non-current liabilities | 3,198.2 | 8,533.5 | 11,181.7 | 16,816.3 | 14,372.9 |
| Long-term borrowings | 15,968.3 | 39,810.8 | 48,176.2 | 45,829.1 | 43,208.2 |
| Bonds payable | 200.0 | — | 3,400.0 | 7,500.0 | 9,950.0 |
| Total liabilities | 119,506.2 | 158,586.2 | 189,833.2 | 202,880.3 | 227,622.5 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 3,139.7 | 3,139.7 | 3,139.7 | 3,130.5 | 3,130.5 |
| Capital reserve | 2,160.0 | 1,816.4 | 1,806.2 | 3,725.7 | 3,760.8 |
| Retained earnings | 69,232.1 | 81,025.2 | 87,323.5 | 97,558.7 | 103,708.6 |
| Equity attributable to owners of the parent | 0.0 | 88,656.2 | 94,625.9 | 108,305.5 | 113,596.2 |
| Minority interests | 4,492.5 | 5,798.0 | 8,874.3 | 11,823.3 | 12,933.1 |
| Total equity | 81,337.0 | 94,454.2 | 0.0 | 0.0 | 0.0 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 165,565.5 | 175,360.9 | 182,069.1 | 203,234.6 | 119,315.9 |
| Cost of sales | 138,132.2 | 145,926.4 | 152,642.6 | 175,569.6 | 98,931.7 |
| Selling expenses | 1,152.9 | 1,346.4 | 1,618.9 | 1,630.5 | 835.0 |
| Administrative expenses | 1,966.1 | 2,450.1 | 3,022.8 | 2,802.0 | 1,397.9 |
| Finance costs | 1,234.9 | 1,676.5 | 2,094.5 | 2,080.0 | 1,425.1 |
| Investment income | 408.0 | 620.9 | 0.0 | 0.0 | 542.2 |
| Operating profit | 19,838.6 | 20,389.2 | 17,965.7 | 16,666.0 | 14,095.2 |
| Profit before tax | 19,540.6 | 20,009.9 | 16,924.1 | 16,268.2 | 13,967.6 |
| Net profit | 17,041.9 | 18,299.8 | 14,791.3 | 14,039.9 | 11,561.3 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 0.54x | 0.57x | 0.56x | 0.62x | 0.72x |
| Quick ratio | 0.35x | 0.38x | 0.36x | 0.42x | 0.52x |
| Debt-to-asset ratio | 59.5% | 62.7% | 64.7% | 62.8% | 64.3% |
| Total debt / EBITDA | 2.37x | 3.15x | 3.52x | 3.27x | 4.73x |
| EBITDA interest coverage | 21.68x | 17.38x | 13.34x | 14.41x | 18.99x |
| Gross margin | 16.6% | 16.8% | 16.2% | 13.6% | 17.1% |
| Net margin | 10.3% | 10.4% | 8.1% | 6.9% | 9.7% |
| Return on equity (ROE) | 21.0% | 19.4% | — | — | — |
| Revenue growth | — | 5.9% | 3.8% | 11.6% | -41.3% |
| Net profit growth | — | 7.4% | -19.2% | -5.1% | -17.7% |
| Receivable days | 20 | 19 | 25 | 29 | 60 |
| Cash received / revenue | 112.3% | 116.9% | 117.1% | 102.7% | 99.8% |
| Operating CF / net profit | 2.13x | 1.46x | 2.03x | 2.36x | 1.02x |
| Free cash flow | 31,454.4 | -252.6 | -1,694.5 | 25,687.1 | 3,991.9 |
Mechanical risk flags
- ⚠ Current ratio: 0.62 (level: high, reference threshold: <1.0)
- ⚠ Quick ratio: 0.42 (level: high, reference threshold: <0.5)
- ⚠ Debt-to-asset ratio: 0.63 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.14 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 94,454.2 vs 253,040.4 CNY mn (deviation 62.67%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 158,586.2 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 4,684.1 vs 4,721.1 CNY mn (deviation 0.78%, severity low)
Sources: 2023年年度报告.pdf p.80 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.72 「货币资金」. CF-statement figure below the balance-sheet movement by 37.0 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: -821.1 vs 823.3 CNY mn (deviation 199.74%, severity mid)
Sources: 2024年年度报告.pdf p.88 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.79 「货币资金」. CF-statement figure below the balance-sheet movement by 1,644.4 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: 2,309.1 vs 3,128.8 CNY mn (deviation 26.2%, severity mid)
Sources: 2025年年度报告.pdf p.88 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.79 「货币资金」. CF-statement figure below the balance-sheet movement by 819.8 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 16,743.6 CNY mn (deviation 100.0%, severity mid)
Sources: 2026年半年度报告.pdf p.46 「五、现金及现金等价物净增加」 vs 2026年半年度报告.pdf p.37 「货币资金」. CF-statement figure below the balance-sheet movement by 16,743.6 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 | 27,662.0 | 2025年年度报告.pdf | 79 | 货币资金 | 27662042570.54 (元) |
| Total assets | 2025 | 323,009.0 | 2025年年度报告.pdf | 80 | 资产总计 | 323009018441.98 (元) |
| Accounts receivable | 2025 | 15,873.0 | 2025年年度报告.pdf | 79 | 应收账款 | 15872973091.27 (元) |
| Fixed assets | 2025 | 156,906.2 | 2025年年度报告.pdf | 79 | 固定资产 | 156906243687.35 (元) |
| Short-term borrowings | 2025 | 27,788.7 | 2025年年度报告.pdf | 80 | 短期借款 | 27788702920.99 (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.