金发科技：公司正通过多元化举措系统推进降负债工作

Core Viewpoint - The company has experienced a phase of rising debt-to-asset ratio from 2021 to 2023 due to strategic investments in petrochemical projects, but is actively working to reduce this ratio through various measures [2] Group 1: Financial Performance - The company's debt-to-asset ratio is projected to decrease from approximately 70% at the end of 2023 to 66% by the end of September 2025 [2] - Operating cash flow for the first three quarters of 2025 reached 2.32 billion, representing a year-on-year increase of 58.21%, providing stable support for capital structure optimization [2] Group 2: Strategic Initiatives - The company is implementing diversified measures to systematically reduce its debt, including debt replacement, early repayment, and interest rate negotiations to lower overall financing costs [2] - The company has issued 1 billion in medium-term notes by 2025, effectively optimizing the debt maturity structure [2] Group 3: Industry Outlook - As the production capacity of petrochemical projects ramps up and industry conditions gradually improve, the losses in this sector have narrowed, with expectations of positive cash flow contributions in the future [2]