Core Viewpoint - The credit rating agency has assigned a stable outlook to Zhejiang Zhenyang Development Co., Ltd. (stock code: 603213.SH), considering its competitive cost structure due to location advantages and energy consumption control, despite facing challenges such as declining profitability and increasing leverage [3][4]. Company Overview - Zhejiang Zhenyang is the only chlor-alkali enterprise in the Ningbo Petrochemical Economic and Technological Development Zone, benefiting from rich customer resources and convenient transportation [3][4]. - The company has a total asset value of 33.48 billion yuan as of March 2025, with total debt at 4.64 billion yuan and equity attributable to shareholders at 19.60 billion yuan [3]. Financial Performance - The company reported a significant increase in operating income, reaching 28.99 billion yuan in 2023, but net profit decreased by 23.42% year-on-year due to declining sales margins [3][4]. - The EBITDA interest coverage ratio was 13.77 in 2023, indicating strong ability to cover interest expenses [3]. Industry Environment - The chlor-alkali industry is experiencing a mixed demand scenario, with the production of caustic soda expected to grow, but prices may remain volatile due to supply and demand dynamics [7][8]. - The overall production capacity of caustic soda in China is projected to increase by approximately 447,000 tons in 2025, with a growth rate of about 8.9% [8][9]. Market Dynamics - The company faces pressure from increased competition in the PVC market, with a projected decline in profitability due to high inventory levels and weak downstream demand [10][11]. - The price of liquid chlorine has been fluctuating, and the market for PVC remains under pressure due to low demand from the real estate sector [10][11]. Operational Challenges - The company is under pressure from rising capital expenditure due to ongoing projects, including a 939 million yuan investment in a new caustic soda production line [4][5]. - Environmental regulations are tightening, increasing the company's operational risks related to safety and compliance [4][10]. Sales and Distribution - The company maintains a strong regional sales presence, with a significant portion of its products sold in the East China region, benefiting from lower transportation costs [13][14]. - The sales model combines direct sales and distribution, with a focus on maintaining strong relationships with key customers [17][18].

Core Viewpoint - The company maintains its credit rating of AA- for both its corporate entity and the convertible bonds, with a stable outlook, indicating consistent financial health and creditworthiness [1][2]. Group 1: Credit Rating Information - Previous credit rating results indicated a corporate credit rating of AA- and a credit rating for the convertible bonds also at AA-, with a stable outlook [2]. - The recent tracking rating report issued by Zhongzheng Pengyuan on June 24, 2025, confirms the maintenance of the AA- credit rating for both the company and the "Zhenyang Convertible Bonds" [2]. - There has been no change in the credit rating results compared to the previous assessment conducted on June 21, 2024 [2]. Group 2: Regulatory Compliance - The company has complied with the regulations set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange regarding the issuance of securities [1]. - The tracking rating was conducted in accordance with the relevant guidelines for listed companies and bond issuance [1].

跟踪评级结果的公告 浙江镇洋发展股份有限公司 关于向不特定对象发行可转换公司债券 重要内容提示： 前次评级结果：公司主体信用等级为 AA-；公司向不特定对象 发行的可转换公司债券信用等级为 AA-；评级展望为"稳定"。 本次评级结果：公司主体信用等级为 AA-； "镇洋转债"信用 等级为 AA-；评级展望为"稳定"。 证券代码：603213 证券简称：镇洋发展 公告编号：2025-032 转债代码：113681 转债简称：镇洋转债 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。 公司前次评级结果：公司主体信用等级为 AA-；公司向不特定对 象发行的可转换公司债券信用等级为 AA-；评级展望为"稳定"。评 级机构为中证鹏元，评级时间为 2024 年 6 月 21 日。 中证鹏元在对公司经营状况及相关行业进行综合分析与评估的 基础上，于 2025 年 6 月 24 日出具了《2023 年浙江镇洋发展股份有 限公司相关债券 2025 年跟踪评级报告》，维持公司主体信用等级为 AA-；维持"镇洋转债"的信用等级为 AA-，评级展望为 ...

中鹏信评【2025】跟踪第【195】号 01 信用评级报告声明 2023 年浙江镇洋发展股份有限公 司相关债券2025年跟踪评级报告 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有， ...

Core Points - Zhejiang Zhenyang Development Co., Ltd. has recently obtained a new safety production license from the Zhejiang Provincial Emergency Management Department, ensuring compliance with safety regulations [1][2] - The license is valid from June 6, 2025, to June 5, 2028, and covers various production capacities for chemicals including sodium hydroxide, liquid chlorine, hydrochloric acid, hydrogen, sodium hypochlorite, sulfuric acid, methyl isobutyl ketone, and others [1][2] - The renewal of the safety production license is a routine process as the previous certificate was nearing expiration, and it will not affect the company's normal production operations [2] Summary by Categories - **Company Information** - Company Name: Zhejiang Zhenyang Development Co., Ltd. [1] - Main Responsible Person: Shen Shuguang [1] - Address: Ningbo Petrochemical Economic and Technological Development Zone, Zhejiang Province [1] - Economic Type: Other Joint Stock Company (Listed) [1] - **License Details** - Issuing Authority: Zhejiang Provincial Emergency Management Department [2] - Issuance Date: May 29, 2025 [2] - Validity Period: June 6, 2025, to June 5, 2028 [2] - **Production Capacity** - Annual Production: - Sodium Hydroxide Solution (≥30%): 350,000 tons (including 15,000 tons of high-concentration caustic soda 48%-50%) [1] - Liquid Chlorine: 306,800 tons [1] - Hydrochloric Acid: 60,000 tons [1] - Hydrogen: 8,750 tons [1] - Sodium Hypochlorite Solution (≥10% active chlorine): 200,000 tons [1] - Sulfuric Acid (75%): 9,080 tons [1] - Methyl Isobutyl Ketone: 19,250 tons [1] - Epichlorohydrin: 40,000 tons [1] - 1,2-Dichloroethane (intermediate product): 480,000 tons [1] - Vinyl Chloride (intermediate product): 280,600 tons [1] - Vinyl Chloride: 20,000 tons [1] - Annual By-products: - Hydrochloric Acid (≥31%): 121,800 tons [1] - Hydrochloric Acid (≥20%): 46,500 tons [1] - Diisobutyl Ketone: 492 tons [1] - KB-3 (mixture of high-boiling ketones and hydroxy ketones): 544 tons [1] - Isopropanol: 750 tons [1]

证券代码：603213 证券简称：镇洋发展 公告编号：2025-031 转债代码：113681 转债简称：镇洋转债 浙江镇洋发展股份有限公司 关于换发安全生产许可证的公告 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。 浙江镇洋发展股份有限公司（以下简称"公司"）于近日取得由浙 江省应急管理厅换发的《安全生产许可证》，具体内容如下： 企业名称：浙江镇洋发展股份有限公司 主要负责人：沈曙光 发证日期：2025年5月29日 公司本次换发安全生产许可证系原证书即将到期的正常续期换证， 本次安全生产许可证换发不会影响公司正常生产经营。公司安全生产许 可证连续有效，公司生产经营符合相关法律法规的规定。 特此公告。 浙江镇洋发展股份有限公司董事会 经济类型：其他股份有限公司（上市） 有效期：2025年6月6日至2028年6月5日 许可范围： 年产：氢氧化钠溶液（含量≥30%，其中48%—50%高浓度烧碱15万 吨）35万吨（折百）、液氯30.68万吨、盐酸6万吨、氢气8750吨、次氯 酸钠溶液（含有效氯≥10%）20万吨、硫酸（75%）9 ...

Core Viewpoint - Company aims to achieve high-quality development through industry chain extension and transformation, focusing on basic chemicals and new chemical materials, while integrating technological and industrial innovation [2][4][7] Financial Performance - In 2024, the company reported revenue of 2.899 billion yuan, an increase of 37.10% year-on-year [3][5] - The net profit attributable to shareholders was 191 million yuan, a decrease of 23.21% year-on-year [3][5] - The decline in net profit was attributed to macroeconomic slowdown affecting industrial enterprises and a decrease in product prices leading to lower gross margins, as well as increased financial expenses from convertible bond interest [5][6] Production Capacity and Utilization - The company’s 300,000-ton PVC project commenced production in May 2024, achieving an output of 208,200 tons with a weighted capacity utilization rate of 94.42% [3][5] Dividend Distribution - For the 2024 fiscal year, the company plans to distribute a cash dividend of 2.65 yuan per 10 shares, totaling approximately 115.22 million yuan, which represents 60.30% of the net profit attributable to shareholders [2][5] Industry Context - The chlor-alkali industry is closely linked to macroeconomic conditions, with overall profitability declining due to insufficient downstream demand [6][10] - The company is actively monitoring market dynamics to adjust pricing strategies in response to raw material costs and market supply-demand relationships [5][6]

证券代码：603213 证券简称：镇洋发展 公告编号：2025-030 转债代码：113681 转债简称：镇洋转债 浙江镇洋发展股份有限公司 关于召开 2024 年度业绩说明会的公告 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： 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对2024年度 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点及方式 （一）会议召开时间：2025年6月3日(星期二)下午13:00-14:30 （二）会议召开地点：上证路演中心 ?会议召开时间：2025年6月3日(星期二)下午13:00-14:30 ? 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） ?会议召开方式：上证路演中心视频结合网络互动 ?投资者可于2025年5月26日（星期一）至5月30日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集" ...

证券代码：603213 证券简称：镇洋发展 公告编号：2025-030 转债代码：113681 转债简称：镇洋转债 浙江镇洋发展股份有限公司 关于召开 2024 年度业绩说明会的公告 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： 会议召开时间：2025年6月3日(星期二)下午13:00-14:30 二、说明会召开的时间、地点及方式 （一）会议召开时间：2025年6月3日(星期二)下午13:00-14:30 （二）会议召开地点：上证路演中心 （http://roadshow.sseinfo.com/） 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频结合网络互动 投资者可于2025年5月26日（星期一）至5月30日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （zqh@nbocc.com）进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 浙江镇洋发展股份有限公司（以下 ...

证券代码：603213 证券简称：镇洋发展 公告编号：2025-028 转债代码：113681 转债简称：镇洋转债 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： ? 每股分配比例 A 股每股现金红利0.265元（含税） ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/27 | － | 2025/5/28 | 2025/5/28 | | ? 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经浙江镇洋发展股份有限公司（以下简称"公司"）2025 年 5 月 9 日 的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本 434,805,755 股为基数， ...