GUOYUAN SECURITIES(SZ:000728) Zheng Quan Zhi Xing·2025-08-01 16:10Core Viewpoint - The company, Guoyuan Securities Co., Ltd., is issuing a second tranche of technology innovation corporate bonds aimed at professional investors, with a total issuance amount not exceeding 800 million RMB, and has received a credit rating of AAA for both the issuer and the bonds [1][2][3]. Financial Situation - As of March 31, 2025, the company's net assets amounted to 37.15 billion RMB, with a consolidated asset-liability ratio of 73.19% and a parent company asset-liability ratio of 72.61% [1][2]. - The average annual distributable profit over the last three accounting years was 1.95 billion RMB [1]. Rating Situation - The credit rating report issued by Zhongzheng Pengyuan Credit Rating Co., Ltd. on July 28, 2025, confirmed the issuer's credit rating as AAA with a stable outlook [1][2]. Profitability - The company's consolidated operating revenues for the last three years were 5.34 billion RMB, 6.36 billion RMB, and 7.85 billion RMB, with net profits attributable to the parent company of 1.73 billion RMB, 1.87 billion RMB, and 2.24 billion RMB respectively [1][2][3]. Cash Flow - The net cash flow from operating activities showed significant fluctuations, with values of 3.83 billion RMB, -5.29 billion RMB, 3.25 billion RMB, and -0.40 billion RMB over the reporting period [1][2]. Restricted Assets - As of March 31, 2025, the company had restricted assets valued at 44.81 billion RMB, accounting for 26.18% of total assets and 120.62% of net assets [1][2]. Debt Situation - The total interest-bearing debt as of March 31, 2025, was 90.65 billion RMB, with short-term debt constituting 81.56% of the total [2][3]. Industry Risks - The company faces risks associated with the overall economic conditions, macroeconomic policies, and fluctuations in market interest rates, which can impact the investment value of the bonds [2][3]. Investor Protection - The company has established rules for bondholder meetings to protect the rights of bondholders, ensuring that decisions made during these meetings are binding on all bondholders [2][3]. Listing Situation - After the issuance, the company will apply for the bonds to be listed on the Shenzhen Stock Exchange, although there is no guarantee that the application will be approved [2][3]. Other Major Matters - The company has completed relevant rectifications for regulatory measures and does not foresee any substantial obstacles to the bond issuance [2][3].