YUEXIU PROPERTY(HK:00123) Zhong Guo Jing Ji Wang·2025-08-27 02:09Core Viewpoint - S&P has granted Yuexiu Property (00123.HK) an investment-grade rating with a "stable" outlook, following a similar upgrade from Fitch two months prior, indicating strong institutional recognition of the company's financial health [1][2]. Financial Performance - In the first half of 2025, Yuexiu Property maintained a "green" status under the "three red lines" policy, with a debt-to-asset ratio of 64.6% and a net debt ratio of 53.2%, both significantly below regulatory thresholds [1]. - The company reported cash reserves of 44.64 billion yuan, with a coverage ratio of 1.7 times for short-term debts due within one year, enhancing its financial safety cushion [1]. - Operating cash flow remained positive, with a net inflow of 4.1 billion yuan in the first half of 2025, demonstrating the company's robust cash-generating capabilities [1]. Debt Management - Yuexiu Property optimized its debt maturity structure, reducing total interest-bearing liabilities to 103.86 billion yuan, with only 24% due within one year and 76% classified as long-term debt, indicating manageable maturity risk [1]. - The average borrowing cost decreased to 3.16%, down 41 basis points year-on-year, positioning the company among the top five in terms of lowest financing costs within the state-owned enterprise tier [2]. Strategic Positioning - Amid ongoing industry challenges of deleveraging and inventory reduction, Yuexiu Property has established a solid financial foundation characterized by "green" status under the three red lines, low interest rates, and positive cash flow, setting the stage for high-quality growth in the second half of the year [2].