四川省发债城投企业财务表现观察：投融资结构优化，局部流动性压力仍存

Report's Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Since 2024, with the rapid implementation of debt - resolution policies, Sichuan Province has achieved orderly resolution of implicit debts, a continuous decrease in the number of financing platforms, and optimization of the debt structure of urban investment companies. However, there are still some pressures on debt repayment and liquidity in some regions. The financial fundamentals of urban investment companies are difficult to improve significantly. In the future, the resolution of operating debts depends on the substantial transformation of urban investment companies and the enhancement of their self - hematopoietic ability to achieve a new balance between economic development and debt resolution [3][5]. Summary of Each Section I. Sichuan Province's Debt Management Situation - Overall situation: Since 2024, with the rapid implementation of debt - resolution policies, the number of local government financing platforms in Sichuan has been significantly reduced. The province has taken various measures to resolve implicit debts, and the debt - repayment pressure has been relieved to some extent. For example, in 2024, Sichuan issued 5079.2 billion yuan of local government bonds, of which 1982 billion yuan was used to replace existing debts [5][6]. - City - level situation: Different cities in Sichuan have different debt management measures and effects. For example, Chengdu issued 473.3 billion yuan of refinancing special bonds to replace existing implicit debts; Mianyang used 171.96 billion yuan of refinancing special bonds (issued in three years from 2024 - 2026) to replace existing implicit debts; Yibin established a risk - prevention and control mechanism and completed the annual debt - resolution task [6]. II. Changes in Financial Indicators of Urban Investment Companies Investment - Overall in Sichuan: From 2022 to June 2025, the scale of the three types of investments (urban - construction assets, self - operated assets, equity, and fund - investment assets) of urban investment companies in Sichuan increased year by year, but the growth rates declined. The proportion of urban - construction assets decreased, while the proportion of equity and fund - investment assets increased. In 2024, the growth rate of urban - construction assets, equity and fund - investment assets, and self - operated assets decreased to 5.56%, 18.23%, and 3.53% respectively from 15.32%, 26.00%, and 13.30% in 2022 [10][11]. - Regional differences: In 2024, the total asset scale of enterprises in Chengdu was much larger than that in other cities. The growth rates of the three types of investments in Yibin, Nanchong, Ya'an, and Leshan were relatively high, while the investment scale in Dazhou and Panzhihua decreased [12][13]. Receivables - Overall in Sichuan: From 2022 to the end of 2024, the accounts - receivable scale of urban investment companies in Sichuan continued to expand, but the growth rate slowed down. The cash - income ratio remained at a relatively high level [14]. - Regional differences: At the end of 2024, the accounts - receivable scale of urban investment companies in Chengdu accounted for more than half of the province, and the collection pressure needed to be relieved. The growth rates of accounts - receivable in Meishan, Bazhong, and Yibin were relatively fast, while those in Dazhou, Luzhou, Panzhihua, and Ya'an decreased. The cash - income ratios in Nanchong and Panzhihua were high, while those in Guang'an, Chengdu, and Yibin were relatively low [15][17]. Fundraising - Overall in Sichuan: From 2022 to 2024, the net cash inflow from fundraising activities of urban investment companies in Sichuan decreased year by year. In 2024, except for Ya'an, Dazhou, and Luzhou, the fundraising activities of urban investment companies in other cities had net cash inflows, and the net inflow scale of most cities decreased year - on - year [18]. - Regional differences: In 2024, the cash inflow and outflow of fundraising activities of urban investment companies in Chengdu accounted for more than 60% of the province. The fundraising activities of different cities varied significantly. The net cash inflow of fundraising activities in Yibin was relatively large [18]. Interest - bearing Debt - Overall in Sichuan: From 2022 to June 2025, the debt scale of urban investment companies in Sichuan continued to grow, but the growth rate slowed down. The debt - term structure was mainly long - term debt. After the implementation of the "package debt - resolution plan", bank - loan financing increased, and the proportion of bond and other financing decreased [20][21]. - Regional differences: At the end of 2024, the debt scale of Chengdu accounted for nearly 70% of the province. The debt - growth rates in Meishan, Zigong, Ziyang, and Yibin were relatively fast. The proportion of short - term debt in some regions was relatively high. The bank - financing growth rates in Yibin, Guang'an, and Zigong were relatively high in 2024, and most cities' bond financing showed a net outflow [20][23]. Debt - repayment Ability - Overall in Sichuan: From 2022 to June 2025, the asset - liability ratio and total - debt capitalization ratio of urban investment companies in Sichuan increased year by year. The cash - to - short - term - debt ratio decreased from 2022 to the end of 2024 and rebounded significantly at the end of June 2025 [25][26]. - Regional differences: The debt burdens of urban investment companies in Mianyang, Chengdu, Guangyuan, and Yibin were relatively heavy, while those in Ya'an, Guang'an, and Liangshan were relatively light. The short - term debt - repayment pressures in Zigong, Suining, Leshan, and Yibin were relatively large, while those in Chengdu and Guang'an were relatively small [26]. III. Summary - Since 2024, through debt monetization and market - oriented transformation, the investment growth rate of urban investment companies in Sichuan has gradually slowed down, and the investment structure has been continuously adjusted. The debt scale has continued to grow, but the growth rate has slowed down. The proportion of bank financing has increased year by year. However, the overall debt burden of urban investment companies in Sichuan has continued to increase, and regional differences are obvious. In the context of large fiscal revenue and expenditure pressures, it is still difficult to significantly improve the financial fundamentals of urban investment companies [28].