PJRC(SH:600395) Zheng Quan Zhi Xing·2025-07-21 10:34Core Viewpoint - Guizhou Panjiang Coal Industry Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to provide detailed responses about its financial status, including cash reserves, interest-bearing liabilities, and risk management measures [1]. Financial Status - As of the end of the reporting period, the company's cash balance was 1.71 billion yuan, accounting for 27.22% of current assets, with an average cash balance of 2.26 billion yuan throughout the year [1]. - The interest income for the reporting period was 8 million yuan, representing only 0.35% of the average cash balance, indicating a low yield on cash reserves [1]. - The company's debt-to-asset ratio was 73.56%, an increase of 8.99 percentage points from the previous year, with interest-bearing liabilities totaling 20.968 billion yuan, a year-on-year increase of 73% [1]. Cash Management - The average deposit balance in the group financial company for 2024 was 469 million yuan, with the company maintaining certain funds to enhance cash flow efficiency and expedite fund turnover [2][10]. - The interest rate for deposits in the group financial company was 0.405%, which is higher than the average rates of 0.1%-0.2% offered by commercial banks [3][10]. Debt Situation - As of the end of 2024, the total loan balance was 20.288 billion yuan, with short-term loans of 5.406 billion yuan and long-term loans of 13.791 billion yuan [11]. - The company has implemented a "coal-electricity-new energy integration" development strategy, leading to significant investments in power generation projects, which have increased the loan balance substantially [11][12]. Risk Management - The group financial company has established a robust risk management framework, with all regulatory indicators meeting the required standards, including a capital adequacy ratio of 33.10% and a non-performing loan ratio of 0% [4]. - The company has a comprehensive debt risk monitoring mechanism in place, ensuring early identification and response to potential risks [13]. Construction Projects - The company reported that the book value of construction in progress was 8.051 billion yuan, accounting for 21.66% of non-current assets, with some projects experiencing delays and budget adjustments [14]. - The budget for the Panjiang New Energy Agricultural Photovoltaic Power Station project increased from 740 million yuan to 2.437 billion yuan, with the project completion rate decreasing from 66.96% to 41.91% [17].