图说财报系列（一）：解码产业债发行人财务表现

Report Overview - The report, part of the "Financial Performance Analysis Series - Pictorial Financial Reports (I): Decoding the Financial Performance of Industrial Bond Issuers," is launched by CCXI based on continuous research from 2018. It uses visual data to present the overall financial performance of industrial bond issuers, laying a foundation for in - depth industry research [1] Investment Rating - Not provided in the report Core Views - The profitability of industrial bond issuers shows a weak recovery trend with increasing stability, while cash flow is generally stable but shows structural differentiation. Leverage is basically stable, but short - term debt is expanding, and short - term solvency is weakening [2][6][8] Detailed Summaries Profitability - Since 2024, the overall profitability of issuers has shown a weak recovery. The total net profit is still shrinking, dragged down by the deteriorating profits of tail - end entities. However, the number of issuers with year - on - year improved net profit has been increasing quarter by quarter since Q3 last year, and nearly 30% of issuers have a net profit increase in the 0 - 20% range, with increasing profit stability [2] Cash Flow and Capital Level - Benefiting from profit recovery, the operating cash flow of most issuers has improved, with the proportion of issuers with year - on - year improved operating cash flow increasing quarter by quarter to over half since H2 last year. Although over half of the issuers' net cash flow from financing activities decreased year - on - year this year, 65% of issuers still had positive financing cash flow. The overall performance of issuers' monetary funds is relatively stable, but half of the issuers saw an increase and half a decrease in monetary funds, and some enterprises face capital contraction pressure [6] Leverage Ratio - The leverage ratio of industrial issuers has been stable. Since 2024, the average asset - liability ratio has remained stable at around 60%. The proportion of high - leverage (asset - liability ratio > 70%) issuers increased slightly by 1 percentage point to 26%. The short - term debt scale has been continuously expanding, with over 60% of issuers having a year - on - year increase in short - term debt at the end of 2024 and in Q1 2025. As a result, the debt maturity structure of 60% of issuers shows a short - term trend, and most issuers face increased short - term debt pressure [8][9] Short - term Solvency - The short - term solvency of industrial issuers has further weakened. The average coverage ratio of monetary funds to short - term debt has shown a weakening trend, and the median has continued to decline, reaching 68.63% at the end of Q1. Nearly 60% of issuers' short - term solvency indicators have declined. Notably, the short - term solvency pressure of tail - end issuers remains high, with about 20% of issuers having a monetary funds/short - term debt coverage ratio of less than 30% [11]