Group 1 - The core point of the report is the issuance of convertible bonds by China Testing & Certification International Group Co., Ltd. (国检集团) to unspecified investors, with a total issuance scale of 800 million yuan [3][10] - The bonds have a maturity period of 6 years, with an annual interest rate of 0.2% in the first year, 0.4% in the second year, 0.6% in the third year, and a final payment of principal and interest in the last year [2][3] - The funds raised will be used for various projects, including laboratory construction and acquisitions, with a total of 107.9 million yuan allocated for the Hunan Huake Testing Laboratory project and 238.5 million yuan for repaying bank loans [10][11] Group 2 - The company has a solid financial standing, with total assets of 563,623.99 million yuan and total liabilities of 286,485.50 million yuan, resulting in a debt-to-asset ratio of 50.83% [8][10] - The company's operating income for 2024 is reported at 261,696.12 million yuan, showing a slight decrease of 1.63% compared to the previous year [10][14] - The company has maintained a stable cash flow, with net cash flow from operating activities of 27,631.99 million yuan in 2022, 28,572.23 million yuan in 2023, and 27,614.53 million yuan in 2024 [14][15] Group 3 - The company operates in various sectors, including inspection and testing services, certification, and technical services, with a comprehensive business platform established over 70 years [7][8] - The company has obtained multiple qualifications and certifications, including CMA and CNAS, positioning itself as a leading third-party inspection and certification institution in China [7][8] - The company has a strong commitment to maintaining investor interests through effective management of funds and compliance with regulatory requirements [11][13]

（住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年六月 重要声明 证券代码：603060 证券简称：国检集团 债券代码：113688 债券简称：国检转债 中国国检测试控股集团股份有限公司 （住所：北京市朝阳区管庄东里 1 号科研生产区南楼） 中国国检测试控股集团股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、证券交 易所公司债券上市规则（以下简称"上市规则"）、发行人与中国国际金融股份 有限公司（以下简称"中金公司"或"受托管理人"）签订的债券受托管理协议 （以下简称"受托管理协议"）及其它相关信息披露文件以及中国国检测试控股 集团股份有限公司（以下简称"发行人"或"公司"）出具的相关说明文件和提 供的相关资料等，由受托管理人中金公司编制。中金公司编制本报告的内容及信 息均来源于中国国检测试控股集团股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者 ...

Core Viewpoint - The ultrasonic non-destructive testing (NDT) industry in China has developed rapidly, covering various industrial sectors, with a projected market size of 5.772 billion yuan in 2024, reflecting a year-on-year growth of 6.81% [1][17]. Overview - Non-destructive testing refers to methods that assess the properties and integrity of materials without causing damage, utilizing physical or chemical techniques to detect internal and surface defects [1]. - The main non-destructive testing methods include ultrasonic testing (UT), radiographic testing (RT), magnetic particle testing (MT), penetrant testing (PT), and eddy current testing (ET) [3]. Market Policy - Recent policies in China emphasize product quality and safety, mandating non-destructive testing across various industries to ensure compliance with standards [8][10]. - A series of regulations and action plans have been introduced to promote high-quality development in manufacturing and enhance the capabilities of inspection and testing services [8][10]. Industry Chain - The ultrasonic NDT industry comprises equipment manufacturers and service providers, with upstream suppliers including raw materials and components, and downstream markets spanning various sectors such as special equipment, rail transportation, and aerospace [11][13]. Market Demand - The special equipment sector represents the largest demand for non-destructive testing, accounting for approximately 30% of the market, followed by rail transportation at around 25% [13]. - The growth in infrastructure and manufacturing automation in the Asia-Pacific region, particularly in China, India, Japan, and South Korea, is driving market expansion [15]. Competitive Landscape - The ultrasonic NDT equipment market has high entry barriers, resulting in fewer participants and relatively mild competition, with key players including Shantou Ultrasonic Instrument Research Institute and Guangzhou Duopule Electronic Technology [19][22]. - The service market is more fragmented, with numerous small players, while larger institutions like China National Inspection Testing Group and Huace Testing hold significant market recognition [19][23]. Development Trends - The industry is expected to see increased demand from advanced manufacturing sectors such as electric vehicles and electronics, with ultrasonic testing technology expanding into non-metal and composite materials [26]. - There is a trend towards domestic substitution of high-end ultrasonic NDT equipment, driven by advancements in local research and development and government policies promoting self-sufficiency [26].

| 证券代码：603060 | 证券简称：国检集团 | 公告编号：2025-035 | | --- | --- | --- | | 转债代码：113688 | 转债简称：国检转债 | | 中国国检测试控股集团股份有限公司 关于控股股东减持公司可转换公司债券的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可〔2024〕1227 号文核准，中国国检测试控股集团股份有限公司（以下简称"公司"）于2024年10 月17日公开发行8,000,000张可转换公司债券，每张面值100元，发行总额为人民 币80,000.00万元，本次发行的可转债期限为发行之日起6年。公司本次发行的 80,000.00万元可转换公司债券于2024年11月12日起在上海证券交易所上市交易， 债券简称"国检转债"，债券代码"113688"。 公司控股股东中国建筑材料科学研究总院有限公司（以下简称"中国建材总 院"）和一致行动人秦皇岛玻璃工业研究设计院有限公司（以下简称"秦皇岛院"）、 咸阳陶瓷研究设计 ...

Core Viewpoint - The credit rating agency maintains the long-term credit rating of China National Inspection Testing Holding Group Co., Ltd. at AA+ with a stable outlook, indicating the company's strong market position and financial stability [1][4]. Company Overview - China National Inspection Testing Holding Group Co., Ltd. is a leading comprehensive inspection and testing certification service provider in China, under the China National Building Material Group Corporation [4][10]. - The company has a strong brand influence and service capability in the inspection industry, with a focus on construction materials and engineering quality testing [4][19]. Financial Performance - In 2024, the company reported a total revenue of 26.17 billion yuan, with a profit of 3.21 billion yuan, indicating stable financial performance despite a slight decline in the number of inspection reports issued [11][25]. - The company's gross profit margin remains high, around 44.95% in 2024, although it experienced a slight decrease compared to the previous year [25][26]. Business Segments - The main revenue source is inspection and testing services, accounting for approximately 70% of total revenue, followed by certification services and smart manufacturing [25][27]. - The company issued over 1.12 million inspection reports in 2024, with a significant portion of revenue coming from engineering and material testing [19][25]. Industry Context - The inspection and testing industry in China is expanding, with over 53,834 inspection and testing institutions reported in 2023, reflecting a growth of about 2% year-on-year [16][17]. - The industry achieved a total revenue of approximately 470 billion yuan in 2023, with a year-on-year growth exceeding 9% [16][17]. Competitive Advantages - The company benefits from strong support from its parent group, which enhances its financing capabilities and market competitiveness [6][19]. - It has established a significant number of national and industry-level testing centers, contributing to its strong brand reputation and credibility in the market [19][20]. Risks and Challenges - The company faces challenges related to accounts receivable, with a notable increase in long-term receivables that may affect cash flow [5][7]. - There is a risk of goodwill impairment due to acquisitions, with goodwill amounting to 689 million yuan, representing 12.22% of total assets as of 2024 [7][19].

Core Points - The company, China National Inspection Testing Holding Group Co., Ltd., has maintained its credit rating for its convertible bonds and corporate entity at "AA+" with a stable outlook [1][2][3] - The tracking credit rating report was issued by the credit rating agency, United Credit Rating Co., Ltd., on June 19, 2025, confirming no changes from the previous rating [2][3] - The previous rating was also "AA+" for both the convertible bonds and the corporate entity, with a stable outlook, dated July 5, 2024 [1][3] Summary by Sections - **Company Overview** - China National Inspection Testing Holding Group Co., Ltd. is engaged in the testing and inspection industry [1] - **Credit Rating Details** - The company’s convertible bonds, referred to as "Guojian Convertible Bonds," were rated "AA+" [1][2] - The corporate entity's credit rating is also "AA+" with a stable outlook [2][3] - **Rating Agency Information** - The credit rating was conducted by United Credit Rating Co., Ltd., which performed a comprehensive analysis of the company's operational status and industry conditions [2]

| 证券代码：603060 | 证券简称：国检集团 公告编号：2025-034 | | --- | --- | | 转债代码：113688 | 转债简称：国检转债 | 中国国检测试控股集团股份有限公司 关于可转换公司债券 2025 年跟踪评级结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 根据《上市公司证券发行注册管理办法》及《上海证券交易所股票上市规则》 等有关规定，中国国检测试控股集团股份有限公司(以下简称"公司")委托信用评 级机构联合资信评估股份有限公司(以下简称"联合资信")对公司2024年10月发行 的可转换公司债券(债券简称"国检转债")进行了跟踪信用评级。 "国检转债"前次评级结果为"AA+"， 前次公司主体信用评级结果为"AA+"， 评级展望为"稳定"。评级机构为联合资信，评级时间为2024年7月5日。 2025 年 6 月 20 日 评级机构联合资信在对公司经营状况、行业等情况进行综合分析与评估的基 础上，于2025年6月19日出具了《中国国检测试控股集团股份有限公司2025年跟 ...

中国国检测试控股集团股份 有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕4819 号 联合资信评估股份有限公司通过对中国国检测试控股集团股份 有限公司主体及其相关债券的信用状况进行跟踪分析和评估，确定 维持中国国检测试控股集团股份有限公司主体长期信用等级为 AA+， 维持"国检转债"信用等级为 AA+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月十九日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受中国国检测试控股集团股份有限公司（以下 简称"该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评 级委托关系外，联合资信、评级人员 ...

股票代码: 603060 债券代码:113688 股票简称:国检集团 债券简称:国检转债 中国国检测试控股集团股份有限公司 向不特定对象发行可转换公司债券 第二次临时受托管理事务报告 (2025 年度) 债券受托管理人 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》《关于中国国检测试控股集团 股份有限公司向不特定对象发行可转换公司债券之债券受托管理协议》(以下简 称"《受托管理协议》")《中国国检测试控股集团股份有限公司向不特定对象发 行可转换公司债券募集说明书》(以下简称"《募集说明书》")等相关规定,由 本次债券受托管理人中国国际金融股份有限公司(以下简称"中金公司")编制。 中金公司编制本报告的内容及信息均来源于中国国检测试控股集团股份有限公 司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见,投资者应对相关 事宜做出独立判断,而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下,投资者依据本报告所进行的任何作为或不作为,中金公 司不承担任何责任。 1 中国国际金融股份有限公司(以下简称"中金公司")作为中国国检测试控 股集团股份有限公司( ...

Core Viewpoint - The announcement details the reduction of convertible bonds by the controlling shareholder of China National Inspection Testing Group Co., Ltd., indicating significant changes in ownership and potential impacts on the company's capital structure [1][2]. Group 1: Convertible Bond Issuance - The company issued 8,000,000 convertible bonds with a face value of 100 yuan each, totaling 800 million yuan, with a maturity of six years from the issuance date [1]. - The bonds are referred to as "Guojian Convertible Bonds" with the code "113688" [1]. Group 2: Shareholder Reduction Details - The controlling shareholder, China Building Materials Science Research Institute Co., Ltd., along with its associates, sold a total of 5,097,160 "Guojian Convertible Bonds," accounting for 63.715% of the total issuance [2]. - Prior to this reduction, the associated entities had already sold 947,160 bonds, representing 11.84% of the total issuance [2]. - After the recent reduction, China Building Materials Science Research Institute holds 4,150,000 bonds, down from 5,000,000, resulting in a new holding percentage of 41.875% [2].