声迅转债被列入信用评级观察名单，今年以来16只转债评级遭下调

Core Viewpoint - Zhongzheng Pengyuan has placed Beijing Sound Communication Electronics Co., Ltd. on a credit rating watch list due to significant losses and declining financial indicators, maintaining its credit rating at A+ [1] Group 1: Company Performance - In 2024, Sound Communication reported revenue of 302 million yuan, a year-on-year increase of 7.85%, but incurred a net loss of 51.2 million yuan, a decline of 304.23% compared to the previous year [1] - The company continued to experience losses in Q1 2025, with a net loss of 14.21 million yuan [1] - The decline in gross profit, increased expenses, and poor receivables collection have contributed to the company's financial struggles [1] Group 2: Credit Rating and Market Position - Zhongzheng Pengyuan has maintained the company's credit rating at A+ while placing it on a watch list due to the aforementioned financial issues [1] - Sound Communication has one outstanding bond, the Sound Convertible Bond, with a remaining scale of 279 million yuan and a maturity of 3.63 years [2] - The company, founded in 1994, provides comprehensive security solutions and services across various sectors, including rail transportation and finance [2] Group 3: Industry Context - In 2023, over 10 convertible bonds have had their ratings downgraded, with 4 bonds placed on a watch list, indicating a trend of increasing credit risk in the market [3] - The primary reasons for rating downgrades include operational losses, liquidity issues, and deteriorating credit conditions [7][9]