Credit Brief — AVIC XI'AN AIRCRAFT INDUSTRY GROUP COMPANY LTD. (中航西飞)
000768.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: 韩小军
- Registered address: 陕西省西安市阎良区西飞大道一号
- Office address: 陕西省西安市阎良区西飞大道一号
- Employees: 24,751
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 | 26,351.8 | 19,300.5 | 17,888.0 | 10,632.4 | 10,110.6 |
| Trading financial assets | 131.7 | 144.2 | 180.8 | 199.2 | 174.2 |
| Accounts receivable | 7,769.5 | 17,772.8 | 12,465.1 | 18,539.7 | 18,629.7 |
| Other receivables | 9.5 | 7.2 | 3.9 | 3,468.4 | 3,477.0 |
| Inventories | 26,249.2 | 23,433.3 | 22,692.4 | 19,593.6 | 19,705.1 |
| Long-term equity investments | 1,688.3 | 1,693.5 | 1,604.0 | 1,618.6 | 1,602.1 |
| Fixed assets | 8,297.1 | 8,196.7 | 7,523.6 | 7,929.6 | 7,541.3 |
| Construction in progress | 646.9 | 808.8 | 1,829.3 | 1,476.1 | 1,587.7 |
| Intangible assets | 1,814.1 | 1,749.1 | 1,783.7 | 1,742.8 | 1,705.6 |
| Total assets | 82,185.6 | 80,920.8 | 73,810.7 | 77,846.6 | 78,592.1 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,849.3 | 1,326.7 | 680.4 | 2,108.0 | 2,954.5 |
| Notes payable | 7,851.6 | 11,514.2 | 8,289.5 | 5,328.8 | 1,290.9 |
| Accounts payable | 27,076.3 | 26,310.3 | 33,315.4 | 38,786.1 | 41,745.1 |
| Contract liabilities | 22,862.5 | 18,802.7 | 7,805.0 | 3,705.7 | 2,677.3 |
| Other payables | 340.3 | 511.8 | 826.0 | 3,934.2 | 3,871.2 |
| Current portion of non-current liabilities | 176.6 | 202.0 | 75.0 | 360.2 | 360.8 |
| Long-term borrowings | 224.1 | 62.4 | 495.8 | 1,557.5 | 1,537.5 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 66,050.9 | 61,376.0 | 52,786.5 | 55,638.3 | 55,835.8 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 2,768.6 | 2,781.7 | 2,781.7 | 2,781.1 | 2,780.6 |
| Capital reserve | 8,332.3 | 11,192.7 | 11,764.5 | 11,954.3 | 11,988.9 |
| Retained earnings | 3,036.2 | 3,574.8 | 4,256.0 | 4,953.8 | 5,026.6 |
| Equity attributable to owners of the parent | 16,134.6 | 19,544.8 | 21,024.2 | 22,208.3 | 22,399.2 |
| Minority interests | 0.0 | 0.0 | 0.0 | 0.0 | 357.0 |
| Total equity | 16,134.6 | 19,544.8 | 21,024.2 | 22,208.3 | 22,756.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 37,660.0 | 40,301.2 | 43,215.8 | 41,013.7 | 14,186.1 |
| Cost of sales | 35,003.7 | 37,531.7 | 40,685.8 | 38,234.1 | 13,032.8 |
| Selling expenses | 436.5 | 474.4 | 56.0 | 52.6 | 23.1 |
| Administrative expenses | 895.0 | 910.1 | 1,294.0 | 1,051.6 | 383.9 |
| Finance costs | -121.1 | -253.9 | -132.2 | -92.2 | 50.4 |
| Investment income | -85.9 | 43.5 | -9.8 | 57.4 | 4.6 |
| Operating profit | 582.9 | 1,022.8 | 1,184.8 | 1,333.3 | 594.6 |
| Profit before tax | 607.9 | 1,021.3 | 1,195.2 | 1,332.8 | 597.3 |
| Net profit | 523.7 | 861.0 | 1,023.4 | 1,151.2 | 492.9 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.05x | 1.04x | 1.05x | 1.10x | 1.13x |
| Quick ratio | 0.64x | 0.67x | 0.63x | 0.75x | 0.78x |
| Debt-to-asset ratio | 80.4% | 75.8% | 71.5% | 71.5% | 71.0% |
| Total debt / EBITDA | 1.61x | 0.82x | 0.64x | 1.95x | 3.85x |
| EBITDA interest coverage | 11.57x | 7.63x | 14.70x | 22.42x | 25.02x |
| Gross margin | 7.1% | 6.9% | 5.9% | 6.8% | 8.1% |
| Net margin | 1.4% | 2.1% | 2.4% | 2.8% | 3.5% |
| Return on equity (ROE) | 3.2% | 4.4% | 4.9% | 5.2% | 2.2% |
| Revenue growth | — | 7.0% | 7.2% | -5.1% | -65.4% |
| Net profit growth | — | 64.4% | 18.9% | 12.5% | -57.2% |
| Receivable days | 75 | 161 | 105 | 165 | 479 |
| Cash received / revenue | 199.5% | 86.8% | 94.0% | 75.9% | 95.5% |
| Operating CF / net profit | 55.93x | -6.41x | -0.06x | -7.26x | -1.30x |
| Free cash flow | 29,353.5 | -5,462.4 | -768.3 | -8,815.8 | -779.1 |
Mechanical risk flags
- ⚠ Current ratio: 1.10 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.75 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.71 (level: medium, reference threshold: <0.75)
- ⚠ Gross margin: 0.07 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -7,051.3 vs -7,051.3 CNY mn (deviation 0.0%, severity low)
Sources: 2023年年度报告.pdf p.103 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.93 「货币资金」. CF-statement figure above the balance-sheet movement by 0.0 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: -1,412.4 vs -1,412.4 CNY mn (deviation 0.0%, severity low)
Sources: 2024年年度报告.pdf p.103 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.90 「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: -7,256.7 vs -7,255.6 CNY mn (deviation 0.02%, severity low)
Sources: 2025年年度报告.pdf p.98 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.86 「货币资金」. CF-statement figure below the balance-sheet movement by 1.1 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: -520.7 vs -521.8 CNY mn (deviation 0.21%, severity low)
Sources: 2026年半年度报告.pdf p.54 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.41 「货币资金」. CF-statement figure above the balance-sheet movement by 1.1 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 | 10,632.4 | 2025年年度报告.pdf | 86 | 货币资金 | 10632413072.86 (元) |
| Total assets | 2025 | 77,846.6 | 2025年年度报告.pdf | 87 | 资产总计 | 77846648435.6 (元) |
| Accounts receivable | 2025 | 18,539.7 | 2025年年度报告.pdf | 86 | 应收账款 | 18539717865.97 (元) |
| Fixed assets | 2025 | 7,929.6 | 2025年年度报告.pdf | 87 | 固定资产 | 7929602059.72 (元) |
| Short-term borrowings | 2025 | 2,108.0 | 2025年年度报告.pdf | 87 | 短期借款 | 2108045614.11 (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.