CBG(SZ:000009) Zheng Quan Zhi Xing·2025-06-13 13:29Core Viewpoint - The report provides an overview of China Baoan Group Co., Ltd.'s bond issuance and management, highlighting the company's financial performance and operational status for the year 2024, along with the management of bond proceeds and compliance with disclosure obligations [1][4][5]. Group 1: Company Overview - Company Name: China Baoan Group Co., Ltd. [4] - Registered Capital: 2,579,213,965 Yuan [7] - Main Business Areas: High-tech industries, biomedicine, and real estate development [7]. Group 2: Financial Performance - Total Revenue for 2024: 20,227,883,804.41 Yuan, a decrease of 34.10% compared to 30,697,118,102.02 Yuan in 2023 [9]. - Net Profit for 2024: 17,262.52 Yuan, down 77.18% from 75,645.93 Yuan in 2023 [11]. - Total Assets at the end of 2024: 5,377,480.26 Yuan, an increase of 7.33% from 5,010,002.58 Yuan in 2023 [11]. Group 3: Revenue Breakdown - High-tech Industry Revenue: 15,888,614,913.81 Yuan, accounting for 78.55% of total revenue, down 40.78% year-on-year [9]. - Biomedicine Industry Revenue: 3,794,120,716.53 Yuan, representing 18.76% of total revenue, up 13.81% year-on-year [9]. - Real Estate Industry Revenue: 226,755,868.16 Yuan, making up 1.12% of total revenue, down 15.12% year-on-year [9]. Group 4: Bond Management - Bond Codes: 21 Baoan 01 (149600) and 22 Baoan 01 (148037) [5]. - Proceeds from the bonds were used to repay bank loans, consistent with the terms outlined in the bond issuance documents [12][13]. - The issuer has maintained compliance with the management and disclosure obligations related to the bonds [14][15]. Group 5: Debt Servicing Capability - The company has a strong debt repayment willingness, with a loan repayment rate and interest coverage ratio both at 100% [15]. - Current Ratio: 1.81 and Quick Ratio: 0.95, indicating reasonable liquidity [11][15]. - Debt-to-Asset Ratio: 59.62%, reflecting a manageable level of leverage [15].