启迪环境: 启迪环境科技发展股份有限公司公司债券受托管理事务报告（2024年度）

Group 1 - The issuer, Tsinghua Environment Technology Development Co., Ltd., has adjusted the maturity date of the bond "19 Tsinghua G2" to 36 months starting from September 26, 2024, with the coupon rate reduced from 6.50% to 5% [2][7][20] - The bond's principal and interest payment method has changed to be handled directly by the issuer instead of through the China Securities Depository and Clearing Corporation [7][20] - The issuer has no effective credit rating as of the report date, following the termination of the credit rating by China Chengxin International Credit Rating Co., Ltd. [2][21] Group 2 - The issuer's total revenue for 2024 was 524,458.65 million yuan, a decrease of 2.92% compared to 540,243.14 million yuan in 2023 [11][12] - The main business segments include sanitation services, water supply and sewage treatment, and solid waste treatment, with sanitation services contributing 53.10% of total revenue [11][12] - The issuer reported a net loss of 308,275.14 million yuan for 2024, which is an increase in loss compared to 160,652.62 million yuan in 2023 [13][11] Group 3 - The issuer's total assets as of the end of 2024 were 207.22 billion yuan, a decrease of 12.95% from the previous year [13][11] - The issuer's total liabilities were 1,582,532.31 million yuan, with a debt-to-asset ratio of 76.37% [17][13] - The issuer's cash flow from operating activities for 2024 was 97,332.64 million yuan, showing an increase from 93,725.01 million yuan in 2023 [13][11] Group 4 - The issuer has established a special account for the bond proceeds, which has been used entirely for operational funding as per the bond prospectus [14][13] - The issuer has complied with information disclosure obligations, issuing 160 announcements in 2024 regarding various significant matters [15][13] - The issuer has faced significant legal challenges, with ongoing litigation and arbitration cases amounting to 43.83 billion yuan, which is 182.49% of the issuer's latest audited net assets [24][23]