湖北省发债城投企业财务表现观察：债务化解稳步推进，投融资结构持续改善

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Hubei Province's debt resolution work is progressing steadily. The investment growth rate of urban investment companies has slowed down, the investment structure has been continuously adjusted, the growth rate of debt scale has slowed down, and new financing has mainly shifted to bank loans, with the combined proportion of bonds and other financing continuously decreasing. Most regions of urban investment companies in the province have seen an expansion in accounts receivable, and the repayment pressure needs to be alleviated. The net cash inflow from financing activities of urban investment companies has been shrinking year by year, and some regional urban investment companies still face liquidity pressure. Urban investment companies need to improve their operational efficiency through "Three Capitals and Three Transformations" and substantial transformation, and promote debt resolution and development in a coordinated manner by enhancing their self - hematopoietic ability [2][40] Summary by Directory I. Hubei Province's Debt Control Situation - Overall Debt Control: Hubei Province strictly implements the debt resolution plan. It actively resolves debts through measures such as the "Three Capitals" reform and strives for replacement bond quotas. It also strengthens supervision through digital platforms, achieving the goal of exiting financing platforms ahead of schedule and keeping local debt risks generally under control [4][6] - "Three Capitals and Three Transformations": Since 2023, Hubei has promoted the construction of a large - fiscal system with debt resolution as the entry - point. By the end of 2024, the province basically completed the inventory of "Three Capitals". In May 2025, it deepened the reform of state - owned "Three Capitals" management. Provincial - owned enterprises aim to revitalize 150 billion yuan of inefficient and idle assets in three years [5] - Replacement Bonds: In November 2024, after the National People's Congress Standing Committee approved the local debt - resolution "combination punch", Hubei Province received 294.6 billion yuan, with an annual issuance quota of 98.2 billion yuan from 2024 to 2026 for special bonds to replace implicit debts [6] - Regional Debt Control: In 2025, various cities in Hubei Province actively carried out debt - control and debt - resolution work, including revitalizing state - owned "Three Capitals", formulating debt - resolution plans, and strengthening debt supervision. For example, Wuhan revitalized assets worth 142.6 billion yuan, and Xiangyang completed the replacement of 7.75 billion yuan of implicit debts ahead of schedule [7] II. Changes in Financial Indicators of Urban Investment Enterprises in Hubei Province 1. Investment - Overall Situation: From 2022 to June 2025, the scale of three types of investments (urban construction assets, self - operating assets, equity and fund investment assets) of urban investment companies in Hubei Province continued to rise, but the growth rate has been slowing down since 2023. Since 2023, the growth rates of self - operating assets, equity and fund investment assets have exceeded that of urban construction assets. The proportion of urban construction assets has continued to decline slightly, but it remains the main asset composition [13] - Regional Differences: In 2024, most regions in Hubei Province saw an overall increase in the three types of investments, with a median growth rate of 3.81%. The combined growth rate of the three types of investments in provincial - level, Shiyan, Jingmen, Xianning and Xiaogan was relatively high. The proportion of urban construction assets in most regions was relatively high, except for Wuhan where the proportion of self - operating assets was relatively large [14][15] 2. Collection - Overall Situation: Since 2022, the accounts receivable of urban investment companies in Hubei Province have been increasing year by year, with fluctuating growth rates. The cash - income ratio has declined slightly since 2023 [18][20] - Regional Differences: In 2024, the accounts receivable of Wuhan's urban investment companies were significantly higher than those in other regions. The growth rates of accounts receivable in Qianjiang, Tianmen and Jingzhou were relatively fast. In 2024, the cash - income ratios of Huangshi, Shiyan, Jingmen, Xiantao and Enshi were high, while those of Tianmen and Ezhou were relatively low [21] 3. Financing - Overall Situation: From 2022 to 2024, the net cash inflow from financing activities of urban investment companies in Hubei Province continued but shrank year by year. In 2024, the net cash flow from financing activities decreased significantly. In the first half of 2025, the net cash inflow from financing activities increased by 45.16% year - on - year [23][25][26] - Regional Differences: In 2024, the financing activities of Wuhan's urban investment companies accounted for nearly 40% of the province. The financing activities of various cities in Hubei Province showed significant differences. The financing activities of urban investment companies in Jingzhou, Qianjiang, Huanggang, Ezhou, Enshi and Xiantao showed net outflows, while those of other cities showed net inflows [26] 4. Interest - Bearing Debt - Debt Scale: From 2022 to June 2025, the debt scale of urban investment companies in Hubei Province continued to grow, but the growth rate slowed down. In 2024, the growth rate decreased by 7.15 percentage points to 3.50%. In 2024, the debt scale of Wuhan's urban investment companies accounted for nearly 50% of the province [31] - Debt Maturity: The overall debt maturity structure of urban investment companies in Hubei Province is still dominated by long - term debt, but the proportion of short - term debt has shown a slight upward trend. As of June 2025, short - term debt accounted for about 20%. The proportion of short - term debt in provincial - level and Huangshi exceeded 30% [31] - Debt Structure: As of the end of 2024, bank loans were the main financing channel for urban investment companies in Hubei Province (about 56%), followed by bond financing (about 28%) and other financing (about 16%). Since 2022, the combined proportion of bond financing and other financing has continued to decline, while the scale and proportion of bank financing have continued to increase [32] - Bond Financing: From 2024 to January - September 2025, the overall bond financing of urban investment companies in Hubei Province showed a net outflow. In 2024 and January - September 2025, most regions' urban investment bond financing showed net outflows [32] 5. Solvency - Overall Situation: From 2022 to June 2025, the overall debt scale of urban investment companies in Hubei Province continued to expand, the asset - liability ratio and the overall debt capitalization ratio showed an upward trend. From 2022 to the end of 2024, the cash - to - short - term - debt ratio decreased year by year and rebounded to the level at the end of 2023 in June 2025 [37] - Regional Differences: In 2024, the debt burdens of provincial - level, Ezhou, Wuhan, Jingzhou and Xiangyang were relatively heavy. The debt burdens of Shiyan and Suizhou were relatively light. Most cities in Hubei Province faced relatively large short - term solvency pressure, while Wuhan, Huanggang and Tianmen faced relatively small short - term solvency pressure [37][38] III. Conclusion - Hubei Province's debt resolution work has been progressing steadily, but urban investment companies still face challenges such as slow investment growth, accounts receivable pressure, and liquidity pressure. They need to improve operational efficiency and self - hematopoietic ability through "Three Capitals and Three Transformations" and substantial transformation to promote debt resolution and development [40]