CREC(SZ:000736) Zheng Quan Zhi Xing·2025-06-27 16:32Core Viewpoint - The report provides an overview of the bond issuance and management activities of China Communications Real Estate Company Limited, highlighting the company's financial performance and ongoing legal matters affecting its operations [2][18][20]. Section 1: Company Bond Overview - The issuer is China Communications Real Estate Company Limited, with various bonds issued including "21 Zhongjiao Bond" with a total face value of up to 1.1 billion yuan and "23 Zhongjiao Bond" series with a total face value of up to 3 billion yuan each [2][3]. - The company has issued multiple bonds in 2023, including "23 Zhongjiao 01" (1 billion yuan), "23 Zhongjiao 02" (700 million yuan), "23 Zhongjiao 04" (700 million yuan), and "23 Zhongjiao 06" (300 million yuan) [3][4][5]. Section 2: Financial Performance - As of December 31, 2024, the company reported total assets of 107.70 billion yuan, a decrease from 123.27 billion yuan in 2023, indicating a downward trend in asset scale due to reduced business operations [24][26]. - The company achieved an operating income of 18.30 billion yuan in 2024, a significant decrease of 49.65% compared to the previous year, reflecting the challenging real estate market conditions [24][26]. - The net profit attributable to shareholders was -5.18 billion yuan, a decline of 356.79% from the previous year, highlighting severe financial distress [24][26]. Section 3: Legal Matters - The company is involved in significant legal disputes, including a case against Beijing Maokang for loan repayment, with a total claim of approximately 700 million yuan [20][21]. - The company has also faced litigation related to loan agreements with Yunnan Country Garden, indicating ongoing financial and operational challenges [20][22]. Section 4: Management and Governance - The company has undergone changes in its board of directors, with the resignation of the chairman and other key executives, which may impact governance and strategic direction [21][22]. - The trustee management has been actively monitoring the issuer's credit risk and compliance with bond obligations, ensuring that interest payments are made on time [18][19].