中证鹏元国际授予淄博市临淄区九合财金控股有限公司“BBB”国际评级，并授予其发行的三笔境外债券“BBB”的债项评级;展望稳定

Group 1: Ratings and Outlook - Zhuhai Jiuhe Financial Holdings Co., Ltd. received a "BB" long-term issuer rating and "BBB" ratings for three offshore bonds, with a stable outlook[1] - The bonds include a RMB 12.05 billion bond maturing on September 4, 2027, with a coupon rate of 6.9%, a RMB 1.0 billion bond maturing on January 22, 2028, and a RMB 8.747 billion bond maturing on February 18, 2028, both with a coupon rate of 7.0%[1] Group 2: Company Overview - Jiuhe Financial is the primary entity for infrastructure construction and state-owned asset management in Linzi District, with 100% ownership by the Linzi District State-owned Assets Supervision and Administration Bureau[2] - The company has a diverse business portfolio, including infrastructure construction, mining, heating, and water supply services[2] Group 3: Positive Factors - The company holds a strong market position in Linzi District, with plans to expand into water and energy sectors, enhancing its competitive edge[3] - The Linzi District government has a history of providing substantial support, including government subsidies of RMB 8.7 billion, RMB 6.9 billion, and RMB 8.8 billion from 2022 to 2024[4] Group 4: Economic Context - Zibo City, where Linzi District is located, had a GDP of RMB 508.89 billion in 2025, growing by 5.6% year-on-year, indicating strong economic momentum[5] - Linzi District's GDP reached RMB 936.2 billion in 2024, ranking first among Zibo's districts, with a growth rate of 6.2% in the first half of 2025[5] Group 5: Negative Factors - The company's interest-bearing debt increased from RMB 218.2 billion at the end of 2024 to RMB 228.8 billion by September 2025, indicating rising leverage[6] - The company faces operational inefficiencies, with accounts receivable turnover days at 485 and inventory turnover days at 3.032, reflecting a lengthy cash conversion cycle[7]