Core Viewpoint - The tracking rating report indicates that Jiangsu Baichuan High-tech New Materials Co., Ltd. maintains a credit rating of A+ with a stable outlook, reflecting no substantial changes in credit quality during the tracking period [6][7]. Company Overview - Jiangsu Baichuan High-tech New Materials Co., Ltd. issued convertible bonds amounting to 978 million yuan with a six-year term, aimed at funding projects in the lithium battery materials sector [9]. - The company has established a comprehensive industrial chain from raw materials to lithium-ion batteries, enhancing its competitive edge in the new materials sector [6][9]. Financial Performance - The company's total assets increased from 100.70 billion yuan in 2022 to 116.61 billion yuan in 2024, while total liabilities rose from 70.83 billion yuan to 93.54 billion yuan during the same period [7]. - The operating income for 2024 is projected to reach 55.56 billion yuan, a significant increase from 41.31 billion yuan in 2022, driven primarily by the fine chemical segment [20][21]. - The gross profit margin improved by 8.36 percentage points, recovering to 10.14% in 2024, largely due to price increases in certain chemical products [21][26]. Business Segments - The company operates in three main segments: fine chemicals, new materials, and renewable energy, with fine chemicals contributing the largest share of revenue [20][21]. - The fine chemicals segment includes products such as acetate esters and polyols, while the new materials segment focuses on needle coke and negative electrode materials for lithium batteries [20][21][27]. Market Conditions - The global lithium-ion battery market is expected to see significant growth, with projected shipments reaching 1,899.3 GWh by 2025, driven by demand in electric vehicles and energy storage [18][19]. - The fine chemical products, particularly acetate esters, are facing price pressures due to declining demand in the real estate sector, impacting overall profitability [16][21]. Risks and Challenges - The company faces liquidity pressures as its rigid debt continues to rise, with a declining current ratio indicating potential challenges in meeting short-term obligations [6][7]. - The performance of the new materials and renewable energy segments is subject to market competition and price volatility, which could affect revenue and profitability [6][7][21].

Group 1 - The core viewpoint of the news is that Jiangsu Baichuan High-Tech New Materials Co., Ltd. has maintained its credit rating of A+ with a stable outlook for both its corporate and bond ratings [1][2] - The previous credit rating was also A+ with a stable outlook, indicating no changes in the company's creditworthiness [1][2] - The credit rating was conducted by Shanghai New Century Credit Rating Co., Ltd. based on a comprehensive analysis of the company's business, management, and financial situation [2] Group 2 - The tracking rating report for the company's publicly issued convertible bonds "Baichuan Zuan 2" was issued on May 14, 2025, confirming the same A+ rating [2] - The rating report is available on the official website of the China Securities Regulatory Commission [2]

江苏百川高科新材料股份有限公司 关于可转换公司债券定期跟踪评级结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 重要内容提示： 前次主体评级：A+；评级展望：稳定；债项评级：A+。 证券代码:002455 证券简称:百川股份 公告编号:2025-035 债券代码:127075 债券简称:百川转 2 本次主体评级：A+；评级展望：稳定；债项评级：A+；本次评级结果较前次未发生调整。 根据中国证券监督管理委员会《公司债券发行与交易管理办法》和《深圳证券交易所公司债 券上市规则》等相关规定，江苏百川高科新材料股份有限公司（以下简称"公司"）委托信用评 级机构上海新世纪资信评估投资服务有限公司（以下简称"上海新世纪"）对公司 2022 年度公 开发行的可转换公司债券"百川转 2"进行了定期跟踪评级。 公司前次主体信用评级结果为：A+，评级展望为：稳定，"百川转 2"前次信用评级结果为： A+。评级机构为上海新世纪，评级时间为 2024 年 6 月 20 日。 上海新世纪在对公司的业务、管理、财务等情况进行综合分析与评估的基础上，于 2025 年 5 月 14 ...

2022 年江苏百川高科新材料股份有限公司 公开发行可转换公司债券 定期跟踪评级报告 分析师： 评级总监： 联系电话： (021) 63501349 联系地址：上海市黄浦区汉口路 398 号华盛大厦 14 层 公司网站：www.shxsj.com 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 声明 除因本次评级事项使本评级机构与评级对象构成委托关系外，本评级机构、评级人员与评级对象不存在任何影响 评级行为独立、客观、公正的关联关系。 本评级机构与评级人员履行了调查和诚信义务，所出具的评级报告遵循了真实、客观、公正的原则。 本报告的评级结论是本评级机构依据合理的内部信用评级标准和程序做出的独立判断，未因评级对象和其他任 何组织或个人的不当影响改变评级意见。 本次跟踪评级依据评级对象及其相关方提供或已经正式对外公布的信息，相关信息的真实性、准确性和完整性由 资料提供方或发布方负责。本评级机构合理采信其他专业机构出具的专业意见，但不对专业机构出具的专业意见 承担任何责任。 1 跟踪评级概要 编号：【 ...

证券代码:002455 证券简称:百川股份 公告编号:2025-034 债券代码:127075 债券简称:百川转 2 3、修正后"百川转 2"转股价格：7.53 元/股 4、修正后转股价格生效日期：2025 年 5 月 15 日 一、可转换公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会于 2022 年 9 月 26 日出具的《关于核准江苏百川高科新材料股 份有限公司公开发行可转换公司债券的批复》（证监许可〔2022〕2255 号）核准，江苏百川 高科新材料股份有限公司（以下简称"公司"）于 2022 年 10 月 19 日向社会公开发行了面值 总额 97,800 万元可转换公司债券，每张面值为 100 元，发行数量为 978 万张，期限 6 年。公 司本次募集资金总额978,000,000.00元，扣除各项发行费用15,994,028.27元（不含增值税）， 实际募集资金净额为人民币 962,005,971.73 元（以下简称"募集资金"）。截至 2022 年 10 月 25 日，上述募集资金已全部到账，募集资金业经公证天业会计师事务所（特殊普通合伙） 予以验证并出具苏公 W[2022]B1 ...

江苏世纪同仁律师事务所关于 江苏百川高科新材料股份有限公司 2025 年第一次临时股东会的法律意见书 致：江苏百川高科新材料股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》和中国证监会 《上市公司股东会规则》等法律、法规和规范性文件以及公司《章程》的规定， 本所受贵公司董事会的委托，指派本律师出席贵公司 2025 年第一次临时股东会， 并就本次股东会的召集、召开程序、出席会议人员资格、召集人资格、表决程序 以及表决结果的合法有效性等事项出具法律意见。 江苏世纪同仁律师事务所 法律意见书 为出具本法律意见书，本律师对本次股东会所涉及的有关事项进行了审查， 查阅了本律师认为出具法律意见所必须查阅的文件，并对有关问题进行了必要的 核查和验证。 本律师同意将本法律意见书随贵公司本次股东会决议一并公告，并依法对本 法律意见书承担相应的责任。 本律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业务 标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东会的召集、召开程序 1、本次股东会由董事会召集，2025 年 4 月 28 日，贵公司召开第七届董事 会第三次会议，决定于 20 ...

债券代码:127075 债券简称:百川转2 证券代码:002455 证券简称:百川股份 公告编号:2025—032 江苏百川高科新材料股份有限公司 2025 年第一次临时股东会决议公告 ①现场会议召开时间：2025年5月14日（星期三）下午2：30。 ②网络投票的具体时间为：通过深圳证券交易所交易系统进行网络投票的具 体时间为2025年5月14日交易时间，即9:15—9:25,9:30-11:30和13:00—15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为2025年5月14日上午9:15 至下午3:00期间任意时间。 2、会议地点：江苏省江阴市云亭街道建设路 55 号公司会议室 3、会议方式：现场表决与网络投票相结合的方式 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会未涉及变更以往股东会已通过决议的情形。 一、会议召开和出席情况 （一）召开情况 1、会议召开时间： 通过网络投票的股东 535 人，代表股份 6,615,858 股，占公司有表决权股份 总数的 1.1133％。 4 ...

第七届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 证券代码：002455 证券简称：百川股份 公告编号：2025-033 债券代码：127075 债券简称：百川转 2 江苏百川高科新材料股份有限公司 1、公司第七届董事会第五次会议决议。 一、董事会会议召开情况 根据《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》《江苏百川 高科新材料股份有限公司 2022 年度公开发行可转换公司债券募集说明书》等相关条款的规定 及公司 2025 年第一次临时股东会的授权，公司董事会决定将"百川转 2"转股价格修正为 7.53 元/股，修正后的转股价格自 2025 年 5 月 15 日起生效。 具体内容详见公司 2025 年 5 月 15 日刊登在"巨潮资讯网"（http://www.cninfo.com.cn）、 《证券时报》和《中国证券报》上《关于向下修正"百川转 2"转股价格的公告》（公告编号： 2025-034）。 三、备查文件 江苏百川高科新材料股份有限公司（以下简称"公司"）第七届董事会第五次会议于 2025 年 5 ...

证券代码:002455 证券简称:百川股份 公告编号:2025-031 债券代码:127075 债券简称:百川转 2 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别风险提示： 江苏百川高科新材料股份有限公司 截至本公告日，公司除合并报表范围内母子孙公司之间互保外，未进行其他对外担保。无 逾期担保情况，无涉及诉讼的担保，未因担保被判决败诉而承担损失。 关于公司合并报表范围内提供担保的进展公告 公司母子孙公司之间担保余额超过最近一期经审计净资产100%、有对资产负债率超过70% 的被担保对象进行担保，敬请投资者注意担保风险。 一、担保情况概述 （一）担保审议情况 江苏百川高科新材料股份有限公司（以下简称"公司"）于 2024 年 9 月 25 日召开的第六 届董事会第二十九次会议和 2024 年 10 月 14 日召开的 2024 年第二次临时股东大会审议通过了 《关于为子公司新增担保额度预计的议案》，为进一步满足合并报表范围内母子孙公司日常生 产经营和业务发展资金需要，母子孙公司之间拟向相关金融机构申请的融资提供新增担保额度， 本次新增担保额度后，担保总额 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,450,054,365.15, representing a 23.07% increase compared to ¥1,178,260,156.42 in the same period last year[5] - Net profit attributable to shareholders was ¥42,215,953.13, up 17.88% from ¥35,811,766.47 year-on-year[5] - The net profit excluding non-recurring gains and losses increased by 45.73% to ¥40,884,828.49 from ¥28,054,576.51 in the previous year[5] - The company reported a significant increase in operating profit, which reached ¥19,691,208.53, compared to a loss of ¥2,985,217.33 in the same period last year, marking a 759.62% increase[8] - Total operating revenue for the current period reached ¥1,450,054,365.15, an increase of 23.06% compared to ¥1,178,260,156.42 in the previous period[16] - Net profit for the current period was ¥1,399,266.63, a significant recovery from a net loss of ¥5,098,654.87 in the previous period[17] - Total comprehensive income amounted to 1,398,432.31, a decrease from -5,097,790.83 in the previous period[18] - Comprehensive income attributable to the parent company was 42,215,118.81, compared to 35,812,630.51 in the prior period, reflecting an increase[18] - Basic earnings per share increased to 0.07 from 0.06, while diluted earnings per share rose to 0.06 from 0.05[18] Cash Flow - Operating cash flow net amount surged by 108.28% to ¥198,043,069.75, compared to ¥95,084,160.10 in the same period last year[5] - Net cash flow from operating activities was 198,043,069.75, up from 95,084,160.10 in the previous period, indicating strong operational performance[19] - Cash inflow from sales of goods and services reached 1,172,377,784.81, compared to 815,277,995.18 in the prior period, showing a significant increase[19] - Cash outflow for purchasing goods and services was 774,514,327.37, up from 596,815,150.43, reflecting increased operational costs[19] - Net cash flow from investing activities was -302,391,556.40, an improvement from -434,917,906.28 in the previous period[20] - Cash inflow from financing activities totaled 1,486,251,966.01, slightly down from 1,554,492,318.26 in the prior period[20] - The net increase in cash and cash equivalents was -24,261,418.58, compared to an increase of 144,013,405.34 in the previous period[20] - The ending balance of cash and cash equivalents was 440,538,461.98, down from 475,332,545.66 in the prior period[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,369,579,774.09, a 6.08% increase from ¥11,660,634,839.43 at the end of the previous year[5] - Current assets totaled ¥3,016,134,325.06, up 20.91% from ¥2,494,937,855.23 at the start of the period[13] - The total liabilities increased to ¥10,059,553,835.32, compared to ¥9,353,739,497.36 at the beginning of the period, marking a rise of 7.52%[14] - The company's long-term equity investments remained stable at ¥16,308,385.20, slightly down from ¥16,332,164.94 in the previous period[13] - The total owner's equity increased to ¥2,310,025,938.77, compared to ¥2,306,895,342.07 at the beginning of the period, showing a marginal growth[14] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 86,645[10] - The top shareholder, Zheng Tiejian, holds 14.19% of the shares, amounting to 84,330,000 shares, with 63,247,500 shares pledged[10] Inventory and Fixed Assets - The company's cash and cash equivalents increased by 47.15% to ¥1,139,647,158.81, primarily due to an increase in bill guarantees[8] - Fixed assets rose by 46.03% to ¥7,402,718,566.65, mainly due to the completion of the Ningxia negative electrode graphitization project[8] - The inventory balance increased to ¥1,149,856,077.34, reflecting a growth of 10.12% from ¥1,044,288,509.24[12]