贵州省发债城投企业财务表现观察：债务规模整体压降，融资结构有所改善，短期流动性仍承压

1. Report Industry Investment Rating No relevant information provided in the report. 2. Core Viewpoints of the Report - Benefiting from the debt - resolution policy tilt towards key provinces, the release of special refinancing bonds and special new special bond quotas, and the orderly progress of debt - resolution measures such as debt extension, interest rate cuts, and replacement of financing platforms, the overall debt risk in Guizhou Province has been further mitigated. The debt scale of bond - issuing urban investment enterprises has continued to decline, and the financing structure has improved, but short - term solvency and liquidity still face significant pressure, and the net financing amount shows obvious regional differentiation. - In the short term, the debt resolution of bond - issuing urban investment enterprises in Guizhou Province still relies on the "combination punch" of debt - resolution policies to reduce debt risks, with obvious regional differentiation and greater difficulty in improving the financial fundamentals of tail - end regions. In the long run, urban investment enterprises need to "develop while resolving debts and resolve debts while developing", promoting high - quality economic development through optimizing the investment structure and expanding domestic demand to create conditions for debt resolution [4]. 3. Summary by Relevant Catalogs 3.1 Guizhou Province's Debt Control Situation - In 2024, Guizhou's debt ratio continued to rise, with Guiyang, Zunyi, and Liupanshui exceeding the provincial average. The overall debt risk was further mitigated due to policy support and debt - resolution measures [5]. - From the end of 2022 to 2024, Guizhou's comprehensive financial resources continued to grow, but the growth rate dropped significantly in 2024. Government debt balance increased, while the debt balance of bond - issuing urban investment enterprises decreased. Both the government debt ratio and the broad - sense government debt ratio continued to rise [5]. - By the end of 2024, government debt in Guizhou was mainly concentrated in the provincial - level, Guiyang, and Zunyi, accounting for 50.43% of the total. Liupanshui, Tongren, and Qianxinan had relatively fast - growing government debt balances. Most prefecture - level cities' government debt ratios exceeded 160%, and some cities' broad - sense government debt ratios were above the provincial average [6]. - In 2024, a series of debt - resolution policies were introduced. Guizhou received 352.8 billion yuan of the new local government debt quota from the central government for debt replacement, and 800 billion yuan was allocated annually from new local government special bonds for five years starting from 2024. From 2024 to September 2025, Guizhou issued 226.843 billion yuan of special refinancing bonds and 64.99 billion yuan of special new special bonds [8]. - The provincial and local governments actively promoted debt - resolution work. Various cities and counties achieved certain results, such as some areas changing their debt risk levels and reducing debt ratios [9][10][11]. 3.2 Changes in Financial Indicators of Urban Investment Enterprises in Guizhou Province Investment - From 2024 to the first half of 2025, the investment growth of Guizhou's urban investment enterprises further slowed down, and the investment structure continued to be adjusted, but the proportion of urban - construction assets was still much higher than the national average. The investment scale of provincial - level and Guiyang's urban investment enterprises increased, and most prefecture - level cities still mainly invested in urban - construction assets, while Anshun and Tongren had relatively high proportions of self - operated assets, equity, and fund - type investments [12][13]. - From 2022 to the end of June 2025, the overall investment scale of urban investment enterprises continued to grow, but the growth rate slowed down from 2.29% at the end of 2022 to 0.11% at the end of June 2025. The scale of urban - construction assets fluctuated and decreased, while self - operated assets and equity and fund - type investments fluctuated and increased. As of the end of June 2025, urban - construction assets accounted for 72.73%, self - operated assets 19.34%, and equity and fund - type assets 7.94% [15]. - Regionally, provincial - level, Guiyang, Tongren, and Qianxinan's urban - construction asset investments increased, while Bijie and Zunyi had significant declines. In terms of self - operated asset investment, provincial - level, Anshun, Qiannan, and Qianxinan had growth rates exceeding 5%. In terms of equity and fund - type investment, except for Zunyi, provincial - level, Guiyang, and Liupanshui had growth, and Qiannan's total investment decreased the most at the end of June 2025 [16]. 回款 - From 2024 to the first half of 2025, the accounts receivable scale of Guizhou's urban investment enterprises continued to expand, but the growth rate slowed down, and the cash - income ratio remained at a high level. Guiyang, Zunyi, Liupanshui, and Bijie had large accounts receivable scales, with Zunyi's decreasing and Guiyang's growing rapidly. In 2024, Bijie's回款 was poor, while provincial - level, Guiyang, Zunyi, and Qianxinan had relatively good回款 [18]. - From 2022 to the end of June 2025, the accounts receivable scale of urban investment enterprises continued to grow, but the growth rate slowed down. The cash - income ratio was above 85%. At the end of June 2025, Guiyang, Zunyi, Liupanshui, and Bijie had accounts receivable exceeding 20 billion yuan, accounting for 73.25% of the total. In 2024 - 2025, Zunyi's accounts receivable decreased, and Bijie's cash - income ratio was less than 30% [21][22]. Fund - raising - In 2024, the fund - raising activities of Guizhou's urban investment enterprises showed a net inflow, but the scale was much narrower than in 2022 due to restricted new financing. There was obvious regional differentiation, with provincial - level and Guiyang having large net inflows, while Zunyi, Liupanshui, Tongren, and Qiandongnan had continuous net outflows, and Zunyi's net outflow exceeded 10 billion yuan in 2024 [23]. - From 2022 - 2024, the cash inflow from fund - raising activities decreased significantly, and the cash outflow fluctuated and decreased. In 2024, provincial - level, Guiyang, and Zunyi had large inflows, and provincial - level, Bijie, Anshun, and Qiannan had growth rates exceeding 20%. Provincial - level, Guiyang, Bijie, Anshun, and Qiannan had net inflows, while others had net outflows. From January - June 2025, only provincial - level and Liupanshui had net inflows [26][27]. Interest - bearing Debt - From 2024 to the first half of 2025, the debt scale of Guizhou's urban investment enterprises continued to decline, with debt concentrated in provincial - level, Guiyang, Zunyi, and Liupanshui. Provincial - level debt increased, while Zunyi and Liupanshui had significant declines. The overall short - term debt ratio changed little, and the short - term debt ratios of provincial - level, Bijie, Liupanshui, and Tongren decreased to a low level. The financing structure was still dominated by bank loans, with bond financing decreasing and other financing increasing [28]. - From 2024 - June 2025, the debt scale of urban investment enterprises continued to decline. At the end of June 2025, provincial - level, Guiyang, Zunyi, and Liupanshui had high debt scales, accounting for 78.13% of the total. In 2024, provincial - level and Tongren's debt increased, while others decreased. At the end of June 2025, Liupanshui and Qianxinan's debt increased slightly, while others decreased [31]. - The debt term structure was mainly long - term debt, and the short - term debt ratio was 21.83% at the end of June 2025. Provincial - level, Bijie, Liupanshui, and Tongren's short - term debt ratios were below 20%, and Qiandongnan's was the highest at 28.88% [32]. - From 2022 - 2024, bank loans and bond financing decreased, while other financing increased. Bank loans and other financing accounted for 67.22% and 13.89% respectively, and bond financing accounted for 18.89%. Regionally, provincial - level and Guiyang's bank loans increased, and most cities' bond financing decreased. Tongren and Zunyi's other financing grew rapidly, while Zunyi and Anshun's decreased slightly [33]. Solvency - At the end of June 2025, the overall debt ratio of Guizhou's urban investment enterprises decreased, but the cash - to - short - term - debt ratio dropped to a low level. Regionally, Tongren's debt ratio was high, and Zunyi, Bijie, and Anshun faced great short - term solvency pressure [35]. - From 2022 - June 2025, the overall asset - liability ratio increased, the total debt capitalization ratio decreased, and the cash - to - short - term - debt ratio fluctuated and decreased to 0.24 times. At the end of June 2025, Tongren's total debt capitalization ratio exceeded 50%, and Zunyi, Bijie, and Anshun's cash - to - short - term - debt ratios were no more than 0.10 times [36]. 3.3 Summary - Since 2024, Guizhou's government debt ratio has continued to rise, with some cities exceeding the provincial average. The overall debt risk has been mitigated due to policy support. - The debt scale of bond - issuing urban investment enterprises has decreased, and the financing structure has improved, but there are still problems such as high short - term solvency pressure, unoptimized financing structure in some regions, obvious regional differentiation in net financing, and slow investment growth. - In the short term, debt - resolution relies on policies, and in the long term, urban investment enterprises need to promote economic development to resolve debts [37][39].