Credit Brief — WULIANGYE YIBIN CO.,LTD. (五粮液)
000858.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
- Legal representative: 华涛（代）
- Registered address: 四川省宜宾市翠屏区岷江西路 150 号
- Office address: 四川省宜宾市翠屏区岷江西路 150 号
- Controlling shareholder: 宜宾发展控股集团有限公司
- Employees: 25,216
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 | 92,358.4 | 115,456.3 | 127,398.9 | 127,014.4 | 119,088.9 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 35.7 | 42.6 | 37.3 | 37.7 | 67.1 |
| Other receivables | 30.9 | 39.6 | 47.3 | 64.4 | 77.3 |
| Inventories | 15,980.7 | 17,387.8 | 18,233.7 | 20,065.3 | 22,658.3 |
| Long-term equity investments | 1,986.4 | 2,020.4 | 2,081.6 | 2,233.5 | 2,305.5 |
| Fixed assets | 5,313.0 | 5,189.9 | 7,264.7 | 7,641.2 | 8,496.8 |
| Construction in progress | 3,773.2 | 5,623.4 | 5,795.2 | 7,034.1 | 6,548.3 |
| Intangible assets | 518.5 | 2,056.9 | 2,671.3 | 2,674.3 | 2,605.4 |
| Total assets | 152,811.9 | 165,433.0 | 188,252.2 | 189,984.3 | 184,999.4 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Notes payable | 888.0 | 732.4 | 416.5 | 1,352.0 | 2,023.9 |
| Accounts payable | 7,246.8 | 8,864.2 | 9,076.6 | 8,534.8 | 7,934.7 |
| Contract liabilities | 12,379.1 | 6,864.4 | 11,689.9 | 13,459.6 | 10,441.5 |
| Other payables | 4,631.4 | 5,385.8 | 16,507.1 | 10,185.8 | 14,667.1 |
| Current portion of non-current liabilities | 375.7 | 14.5 | 408.7 | 364.1 | 257.7 |
| Long-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 36,124.9 | 33,083.6 | 51,857.4 | 67,803.6 | 64,055.0 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 3,881.6 | 3,881.6 | 3,881.6 | 3,881.6 | 3,881.6 |
| Capital reserve | 2,682.6 | 2,682.6 | 2,682.6 | 2,683.0 | 2,684.6 |
| Retained earnings | 79,031.2 | 89,405.4 | 87,656.8 | 70,418.9 | 69,165.0 |
| Equity attributable to owners of the parent | 114,027.9 | 129,558.2 | 133,285.3 | 119,932.3 | 118,480.0 |
| Minority interests | 2,659.1 | 2,791.1 | 3,109.5 | 2,248.4 | 2,464.3 |
| Total equity | 116,687.0 | 132,349.4 | 136,394.8 | 122,180.7 | 120,944.4 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 73,968.6 | 83,272.1 | 89,175.2 | 40,528.5 | 28,416.7 |
| Cost of sales | 18,178.4 | 20,157.1 | 20,461.4 | 9,102.0 | 5,599.5 |
| Selling expenses | 6,844.2 | 7,796.3 | 10,692.4 | 7,628.6 | 6,322.2 |
| Administrative expenses | 3,068.1 | 3,319.4 | 3,555.2 | 3,096.5 | 1,503.3 |
| Finance costs | -2,026.4 | -2,473.2 | -2,833.5 | -2,661.6 | -1,033.9 |
| Investment income | 92.6 | 57.6 | 75.2 | 111.6 | 76.0 |
| Operating profit | 37,174.4 | 42,003.7 | 23,446.2 | 12,251.2 | 11,993.3 |
| Profit before tax | 37,103.5 | 41,912.7 | 44,163.3 | 12,198.9 | 11,996.8 |
| Net profit | 27,969.8 | 31,520.8 | 33,193.5 | 9,317.1 | 8,996.1 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 3.85x | 4.50x | 3.25x | 2.45x | 2.47x |
| Quick ratio | 3.40x | 3.97x | 2.89x | 2.15x | 2.11x |
| Debt-to-asset ratio | 23.6% | 20.0% | 27.5% | 35.7% | 34.6% |
| Total debt / EBITDA | 0.01x | 0.00x | 0.01x | 0.02x | 0.02x |
| EBITDA interest coverage | 19.51x | 18.14x | 16.81x | 5.83x | 13.31x |
| Gross margin | 75.4% | 75.8% | 77.1% | 77.5% | 80.3% |
| Net margin | 37.8% | 37.9% | 37.2% | 23.0% | 31.7% |
| Return on equity (ROE) | 24.0% | 23.8% | 24.3% | 7.6% | 7.4% |
| Revenue growth | — | 12.6% | 7.1% | -54.6% | -29.9% |
| Net profit growth | — | 12.7% | 5.3% | -71.9% | -3.4% |
| Receivable days | 0 | 0 | 0 | 0 | 1 |
| Cash received / revenue | 110.5% | 126.5% | 114.2% | 225.5% | 89.7% |
| Operating CF / net profit | 0.87x | 1.32x | 1.02x | 3.19x | -0.24x |
| Free cash flow | 22,714.7 | 38,810.6 | 31,297.5 | 27,735.7 | -2,588.0 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.36 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 22,511.0 vs 23,097.9 CNY mn (deviation 2.54%, severity mid)
Sources: 2023年年度报告.pdf p.57 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.53 「货币资金」. CF-statement figure below the balance-sheet movement by 586.8 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: 11,675.6 vs 11,942.6 CNY mn (deviation 2.24%, severity mid)
Sources: 2024年年度报告.pdf p.60 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.56 「货币资金」. CF-statement figure below the balance-sheet movement by 267.0 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: -656.6 vs -384.5 CNY mn (deviation 41.44%, severity mid)
Sources: 2025年年度报告.pdf p.56 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.51 「货币资金」. CF-statement figure below the balance-sheet movement by 272.1 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: -8,450.9 vs -7,925.6 CNY mn (deviation 6.22%, severity mid)
Sources: 2026年半年度报告.pdf p.38 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.33 「货币资金」. CF-statement figure below the balance-sheet movement by 525.4 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 | 127,014.4 | 2025年年度报告.pdf | 51 | 货币资金 | 127014443016.86 (元) |
| Total assets | 2025 | 189,984.3 | 2025年年度报告.pdf | 51 | 资产总计 | 189984270815.47 (元) |
| Accounts receivable | 2025 | 37.7 | 2025年年度报告.pdf | 51 | 应收账款 | 37745419.51 (元) |
| Fixed assets | 2025 | 7,641.2 | 2025年年度报告.pdf | 51 | 固定资产 | 7641231013.35 (元) |
| Short-term borrowings | 2025 | 0.0 | 2025年年度报告.pdf | 51 | 短期借款 | 0.0 (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.