Fulai New Material(SH:605488) Zheng Quan Zhi Xing·2025-06-26 16:15Group 1 - The issuer, Zhejiang Fulai New Material Co., Ltd., has been approved by the China Securities Regulatory Commission to publicly issue convertible bonds totaling 429,018,000 yuan with a term of 6 years [2][4] - The bond, referred to as "Fuxin Convertible Bond" (code: 111012), has an interest rate structure that increases over the years, starting from 0.60% in the second year to 3.00% in the sixth year [2][4] - The report indicates that the bond trustee, CITIC Securities, has been actively monitoring the issuer's financial health, compliance with information disclosure, and the use of raised funds [3][4] Group 2 - The issuer's main business revenue for 2024 reached 254,057.17 million yuan, representing a 19.23% increase from 213,083.88 million yuan in 2023 [6] - The net profit attributable to shareholders for 2024 was 13,918.68 million yuan, a significant increase of 98.42% compared to 7,014.62 million yuan in 2023 [6] - The total assets of the issuer increased by 21.20% to 350,374.38 million yuan in 2024 from 289,097.78 million yuan in 2023 [6][7] Group 3 - The issuer has utilized the raised funds for specific projects, with a total planned investment of 51,923.52 million yuan, of which 42,901.80 million yuan was to be funded by the bond proceeds [8][9] - As of the report date, the issuer had a remaining balance of 14,519.82 million yuan in the special account for raised funds, confirming that the funds were used according to the agreed purposes [11][12] - The issuer's debt service capability remains stable, with an asset-liability ratio of 57.31% and an EBITDA interest coverage ratio of 14.10 times as of the end of 2024 [15][16] Group 4 - The credit rating agency maintained the issuer's credit rating at A+ with a stable outlook, indicating confidence in the issuer's financial stability [16] - The bond trustee has confirmed that the issuer has fulfilled its information disclosure obligations and has not encountered any significant adverse events affecting bond repayment [13][14] - The issuer's major shareholder, Xia Houjun, continues to provide guarantees for the bonds, ensuring the repayment of principal and interest [15][16]