Henan Ancai Hi-Tech 安彩高科
3 significant filings since 31 May 2026: 2 on acquisition or disposal and 1 on earnings pre-announcement. The latest, on 19 Sep 2026: 安彩高科关于出售贵金属资产的进展公告. On 11 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to fall by 29.94% to 53.14% from the same period a year earlier.
自 31 May 2026 起有 3 份重大公告：acquisition or disposal 2 份、earnings pre-announcement 1 份。最新一份（19 Sep 2026）：安彩高科关于出售贵金属资产的进展公告。11 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期下降 29.94% 至 53.14%。
As of 25 Sep 2026 截至2026年9月25日
Henan Ancai Hi-Tech is a solar power equipment company listed in 1999. The company reported a wider net loss in 2025 at -RMB727.2m, compared to -RMB354.7m in 2024. Revenue fell sharply by -32.7% to RMB2.92bn. Operating cash flow per share was negative at -RMB0.23 in 2025, showing continued cash outflows. Gross margin was negative at -4.6%, and ROE was -30.4%. At 30 Jun 2026, liabilities made up 70.1% of assets, and the current ratio was below 1 at 0.78, indicating financial strain. The first half of 2026 showed a further widened loss of -RMB327.7m. Shareholding is concentrated with河南投资集团有限公司 as the controlling shareholder. The stock has shown high volatility, with 8 large daily moves in the past year.
安彩高科是一家1999年上市的光伏设备公司。2025年归母净利润亏损扩大至-7.27亿元，较2024年-3.55亿元亏损扩大。营业收入同比下降32.7%至29.19亿元。2025年每股经营现金流为-0.23元，持续为负。毛利率为-4.6%，净资产收益率为-30.4%。截至2026年6月30日，资产负债率为70.1%，流动比率0.78，低于1，显示财务压力。2026年上半年归母净利润亏损扩大至-3.28亿元。河南投资集团有限公司为控股股东。过去一年股价波动较大，共8个交易日涨跌幅达9%及以上。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Attributable net loss in 2025 2025年归母净利润亏损 | The company reported a wider attributable net loss in 2025. 公司2025年归母净利润亏损扩大。 | A widening loss indicates deteriorating profitability and may weaken the company's ability to sustain operations without external support. The 2025 loss was -RMB727.2m, compared to -RMB354.7m in 2024. 亏损扩大显示盈利能力恶化，可能削弱公司持续经营能力。2025年亏损为-7.27亿元，较2024年-3.55亿元亏损扩大。 |
| Operating cash outflow 经营现金净流出 | Operating cash flow per share was negative in 2025. 2025年每股经营现金流为负。 | Negative operating cash flow suggests the company is not generating enough cash from core operations, increasing reliance on financing. It was -RMB0.23 per share in 2025, compared to -RMB0.20 in 2024. 经营现金流为负表明主业未能产生足够现金，需依赖外部融资。2025年为-0.23元/股，较2024年-0.20元亏损扩大。 |
| Revenue down 20% or more on the year before 营业收入同比下降20%或以上 | Revenue declined by more than 20% year-on-year in 2025. 2025年营业收入同比下滑超20%。 | A revenue drop of 32.7% to RMB2.92bn in 2025 reflects weakening demand or competitive pressures, reducing the base for profit and cash generation. 2025年营业收入同比下降32.7%至29.19亿元，反映需求疲软或竞争压力，削弱盈利和现金流基础。 |
| Liabilities at 70% of assets or more 资产负债率达70%或以上 | Liabilities account for 70.1% of assets as of 30 Jun 2026. 截至2026年6月30日，资产负债率达70.1%。 | A high liabilities-to-assets ratio limits financial flexibility and increases refinancing risk. At 70.1%, the company has limited room to absorb further losses. 高资产负债率限制财务弹性，增加再融资风险。70.1%的水平使公司抗风险能力下降。 |
| Current ratio below 1: current liabilities exceed current assets 流动比率低于1：流动负债超过流动资产 | The current ratio is below 1, at 0.78 as of 30 Jun 2026. 截至2026年6月30日，流动比率低于1，为0.78。 | A current ratio below 1 means current liabilities exceed current assets, indicating potential short-term liquidity stress. The ratio was 0.78, with quick ratio at 0.65. 流动比率低于1表示流动负债超过流动资产，存在短期流动性压力。2026年6月30日为0.78，速动比率0.65。 |
- Next reported attributable net profit for full year 2026, to see if the loss continues to widen or begins to narrow.
关注2026全年归母净利润，观察亏损是否继续扩大或开始收窄。 - Operating cash flow per share in the 2026 annual report, to assess if cash outflows persist.
关注2026年报每股经营现金流，判断经营现金流出是否持续。 - Revenue change in the 2026 full-year report, to determine if the decline slows or accelerates.
关注2026全年营业收入变动，判断收入下滑趋势是否放缓或加剧。 - Liabilities to assets ratio at year-end 2026, to monitor financial leverage.
关注2026年末资产负债率，监测财务杠杆水平。 - Current ratio as of 31 Dec 2026, to assess short-term liquidity improvement or deterioration.
关注2026年12月31日流动比率，评估短期流动性改善或恶化。 - Announcement of any dividend or distribution for 2026, as none has been recorded since 2026.
关注是否发布2026年度分红或分配公告，因2026年以来未有记录。
- Company: Henan Ancai Hi-Tech 安彩高科, Shanghai Stock Exchange 600207; industry Solar Power Equipment; listed 14 Jul 1999.
公司：安彩高科，上海证券交易所 600207；行业：光伏设备；上市日期：1999年7月14日。 - Close on 24 Sep 2026 RMB5.16; close on 24 Sep 2025 RMB5.50; one-year change -6.2%.
2026年9月24日收盘价5.16元；2025年9月24日收盘价5.50元；一年涨跌幅-6.2%。 - 52-week range RMB3.88 to RMB8.08.
52周区间3.88元至8.08元。 - In the last 12 months 8 trading days closed 9% or more above or below the day before (all days, not only this year). The 5 most recent of them: 7 Apr 2026 -10.0%; 7 May 2026 +10.1%; 5 Jun 2026 +9.9%; 18 Jun 2026 -9.4%; 11 Sep 2026 +10.0%. The longest run of them on consecutive trading days: 2 days.
近12个月共有8个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近5个：2026年4月7日 -10.0%；2026年5月7日 +10.1%；2026年6月5日 +9.9%；2026年6月18日 -9.4%；2026年9月11日 +10.0%。其中最长连续2个交易日。 - Market capitalisation RMB5.62bn; P/E TTM not meaningful (loss-making); price to book 3.31x.
总市值56.21亿元；市盈率（TTM）不适用（亏损）；市净率3.31倍。 - Revenue 2025 RMB2.92bn; 2024 RMB4.34bn; change -32.7%.
营业收入2025年29.19亿元；2024年43.39亿元；同比-32.7%。 - Attributable net profit 2025 -RMB727.2m; 2024 -RMB354.7m; change -105.0% (the loss widened).
归属于母公司股东的净利润2025年-7.27亿元；2024年-3.55亿元；同比-105.0%（亏损扩大）。 - Net profit excluding non-recurring items, 2025 change -75.3%.
2025年扣除非经常性损益后的净利润同比-75.3%。 - Basic EPS 2025 -RMB0.67; 2024 -RMB0.33.
基本每股收益2025年-0.67元；2024年-0.33元。 - Operating cash flow per share 2025 -RMB0.23; 2024 -RMB0.20.
每股经营现金流2025年-0.23元；2024年-0.20元。 - 2025 gross margin -4.6%; net margin -27.2%; ROE -30.4%.
2025年毛利率-4.6%；净利率-27.2%；净资产收益率-30.4%。 - At 30 Jun 2026: liabilities to assets 70.1%; current ratio 0.78; quick ratio 0.65; receivable days 128; inventory days 54.
截至2026年6月30日：资产负债率70.1%；流动比率0.78；速动比率0.65；应收账款周转天数128；存货周转天数54。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB1.08bn, change -38.2%; attributable net profit -RMB327.7m, change -52.1% (the loss widened); operating cash flow per share -RMB0.21.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入10.77亿元，同比-38.2%；归母净利润-3.28亿元，同比-52.1%（亏损扩大）；每股经营现金流-0.21元。 - Pre-announcement of 11 Jul 2026 for the period to 30 Jun 2026: attributable net profit change -53% to -30%.
2026年7月11日发布的截至2026年6月30日业绩预告：归母净利润同比-53%至-30%。 - Ownership: actual controller 河南省财政厅; controlling shareholder 河南投资集团有限公司; largest holder at 30 Jun 2026: 河南投资集团有限公司, 41.00%.
股权：实际控制人：河南省财政厅；控股股东：河南投资集团有限公司；2026年6月30日第一大股东：河南投资集团有限公司，持股41.00%。 - No distribution is held in this database, which begins on 1 Jan 2026; earlier distributions are not shown.
本数据库自2026年1月1日起记录，其中无该公司的分配记录；此前的分配未予显示。 - Aurelian Grade E, score 21.5 of 100, graded within a peer group of 69 companies in its industry; no rank among peers is given.
金源评级E，得分21.5（满分100），于行业同业69家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。