苏博特: 江苏苏博特新材料股份有限公司2025年度跟踪评级报告

Core Viewpoint - Jiangsu Subote New Materials Co., Ltd. maintains a stable credit rating of AA- with a stable outlook, reflecting its strong industry position and diversified production base, despite facing challenges such as declining sales performance and increased accounts receivable [3][8]. Company Overview - Jiangsu Subote is a leading company in the concrete admixture industry, with a continuous increase in production capacity and a stable product structure [8][9]. - The company has a strong research and development capability, holding 1,038 national patents and 40 international invention patents, contributing to its competitive product performance [13]. Financial Performance - Total assets increased from 77.51 billion yuan in 2022 to 83.00 billion yuan in 2025, while total liabilities rose from 31.57 billion yuan to 34.68 billion yuan during the same period [5][14]. - The company's net profit has shown a downward trend, with significant impacts from sales price declines and increased accounts receivable, which requires close monitoring [14]. Market Conditions - The concrete admixture industry is experiencing low demand from downstream sectors such as real estate and construction, leading to lower capacity utilization rates [9][10]. - The company is expanding into infrastructure projects, which has resulted in increased sales of high-performance water-reducing agents, although other product lines have seen declines [9][10]. Risk Factors - The company faces risks related to high accounts receivable, which occupied a significant portion of its funds, necessitating improved management of working capital [14]. - The competitive landscape in the industry is intensifying, with pricing pressures affecting profit margins [9][10]. Future Outlook - The company aims to enhance its market position through product innovation and expansion into new markets, while also focusing on improving its accounts receivable management [8][9].