Guangdong Fangyuan New Materials (SH:688148) Zheng Quan Zhi Xing·2025-07-28 16:13Core Viewpoint - The announcement details the completion of the board restructuring and changes in key management personnel at Guangdong Fangyuan New Materials Group Co., Ltd. The company maintains its credit ratings despite these changes, indicating stability in its operations and financial status [1][3]. Group 1: Company Board Changes - The company held its first extraordinary general meeting on July 21, 2025, to elect members of the fourth board of directors [1]. - New board members include He Biling, Zhang Bin, Zhong Changhong, and Zhu Zhijun, while independent directors Deng Wenbing and Liang Jianbang were also appointed [2]. - Former independent directors Yang Deming and Zou Yubing, along with several non-independent directors, have stepped down, although some remain in other roles within the company [2]. Group 2: Credit Rating and Financial Outlook - China Chengxin Credit Rating Co., Ltd. has decided to maintain the company's credit rating at BBB with a stable outlook, reflecting confidence in the company's management stability and operational performance [3]. - The credit rating for the "Fangyuan Convertible Bond" is also retained at BBB, valid until July 26, 2025 [3]. - The company’s management stability, operational performance, and debt repayment pressure will continue to be closely monitored by the rating agency [3]. Group 3: Rating Model and Financial Assessment - The rating model used for assessment includes various scoring factors, with the macro environment rated at 4/5 and industry risk at 4/7 [5][6]. - The financial condition is assessed with a score of 1/9, indicating significant concerns in this area, while liquidity is rated at 4/7 [6]. - Overall, the company's individual credit status is rated as bbb, with the main credit rating remaining at BBB [6].