EA(SZ:002183) Zheng Quan Zhi Xing·2025-06-10 09:18Core Viewpoint - The credit rating agency maintains Shenzhen Yiyaton Supply Chain Co., Ltd.'s credit rating at AA with a stable outlook, while the related debt instruments are rated AAA, indicating a strong credit profile and stable financial performance [1][3][5]. Company Overview - Shenzhen Yiyaton Supply Chain Co., Ltd. is a significant player in the domestic consumer goods supply chain industry, providing integrated services across distribution, marketing, brand operation, and cross-border logistics [4][8]. - The company operates in over 320 cities in China and serves well-known clients such as Procter & Gamble, Philips, and Samsung, showcasing its competitive advantage [4][5]. Financial Performance - As of March 2025, the company's total assets amounted to 575.47 billion yuan, with total liabilities at 356.53 billion yuan, reflecting a debt-to-asset ratio of approximately 61.9% [5][10]. - The company's operating revenue for 2024 was reported at 944.22 billion yuan, with a profit of 1.61 billion yuan, indicating a decline compared to previous years due to market conditions [5][10]. Risks and Challenges - The company faces risks related to foreign currency settlements in its cross-border logistics services, which may lead to exchange rate losses [4][6]. - There is a significant amount of accounts receivable and other receivables, which may affect asset liquidity, and the company has a high proportion of restricted assets [6][7]. - The company has substantial short-term debt, leading to concentrated repayment pressure within a year [7]. External Support - The company's major shareholder, Shenzhen Investment Holdings, is a state-owned capital investment company, providing strong financial backing and support for future financing and subsidies [4][5]. - The company benefits from guarantees provided by related financing guarantee companies, enhancing the creditworthiness of its debt instruments [5][10].