BXLQ(SZ:002307) Zheng Quan Zhi Xing·2025-06-26 16:16Group 1 - The issuer, Xinjiang Beixin Road and Bridge Group Co., Ltd., has been approved to publicly issue corporate bonds not exceeding RMB 600 million, with a term of up to 5 years [1][2] - The bond is rated AA, and the issuer will undergo regular tracking ratings during the bond's validity period [2][13] - The funds raised will be used for repaying interest-bearing debts, supplementing working capital, and project construction [1][2] Group 2 - The issuer reported a net profit attributable to shareholders of -RMB 423 million for 2024, indicating a significant decline of 1412.27% compared to the previous year [5][8] - The total revenue for 2024 was RMB 10.215 billion, a 20.37% increase year-on-year, primarily driven by engineering income [5][8] - The issuer's total assets at the end of 2024 were RMB 54.235 billion, a decrease of 3.98% from the previous year [8][11] Group 3 - The issuer's operating cash flow was -RMB 159 million, a decline of 127.45% compared to the previous year, attributed to increased cash guarantees and delayed payments from project owners [8][11] - The issuer's interest coverage ratio (EBITDA) was 0.88, down 38.60% year-on-year, reflecting operational losses during the initial phase of new highway projects [11][12] - The issuer maintained a current ratio of 1.00 and a quick ratio of 0.83, indicating stable short-term liquidity [10][11] Group 4 - The issuer has established special accounts at Industrial Bank and CITIC Bank for the management of raised funds, ensuring compliance with the usage outlined in the bond prospectus [9][10] - The issuer has fully utilized the funds from the previous bond issuance for the intended purposes as disclosed [9][10] - There were no significant changes in the management of the bond or the credit rating agency since the bond's issuance [12][13]