Core Viewpoint - The company maintains its credit ratings for both its main entity and the "Jingneng Convertible Bond" at "AA+" with a stable outlook, as confirmed by the recent tracking credit rating report from Dongfang Jincheng International Credit Assessment Co., Ltd [1][3]. Summary by Sections Credit Rating Results - The previous credit rating for the company was "AA+" with a stable outlook, and the same rating applies to the "Jingneng Convertible Bond" [1][3]. - The recent tracking credit rating report confirms that the company's main entity credit rating remains "AA+" and the outlook is stable, with the "Jingneng Convertible Bond" also rated "AA+" [1][2][3].

上海起帆电缆股份有限公司 编号：信评委函字2025跟踪 0803 号 上海起帆电缆股份有限公司 声 明 方、评级对象和其他第三方的干预和影响。 ? 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质 性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依 据。 ? 中诚信国际不对任何投资者使用本报告所述的评级结果而出现的任何损失负责，亦不对评级委托方、评级 对象使用 ? 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行 为独立、 客观、公正的关联关系。 ? 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际 按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完 整性、准 确性不作任何保证。 ? 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的 原则。 ? 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受 ...

中诚信国际认为，海尔消费金融有限公司信用水平在未来12~18个月内将保持稳定。 本文源自：金融界 2025年5月30日，中诚信国际公布评级报告，海尔消费金融有限公司2025年金融债券(第一期) 获"AAA"评级。 中诚信国际肯定了海尔消费金融有限公司（以下简称"海尔消费金融"、"公司"或"发行人"）股东支持力 度较强、自营业务占比较高、业务规模快速增长、盈利水平不断提升等正面因素对公司整体经营和信用 水平的支撑作用；同时，中诚信国际关注到，政策及竞争环境存在不确定性，国内经济复苏不及预期对 公司资产质量形成挑战，业务规模快速扩张对资本、人才、技术、风险控制带来压力等因素对公司经营 及信用状况形成的影响。 资料显示，海尔消费金融由海尔集团作为主要出资人于2014年12月发起设立，初始注册资本为人民币 5.00亿元，其中海尔集团持股30.00%、北京红星美凯龙持股25.00%、海尔集团财务有限责任公司持股 19.00%、逸荣投资持股16.00%、天同赛伯科技持股10.00%。经过两次股东同比例增资，截至2023年 末，公司注册资本达人民币15.00亿元。2024年9月，股东同意将未分配利润转增资本，公司注册资本增 ...

Core Viewpoint - The credit rating agency maintains the long-term credit rating of China National Inspection Testing Holding Group Co., Ltd. at AA+ with a stable outlook, indicating the company's strong market position and financial stability [1][4]. Company Overview - China National Inspection Testing Holding Group Co., Ltd. is a leading comprehensive inspection and testing certification service provider in China, under the China National Building Material Group Corporation [4][10]. - The company has a strong brand influence and service capability in the inspection industry, with a focus on construction materials and engineering quality testing [4][19]. Financial Performance - In 2024, the company reported a total revenue of 26.17 billion yuan, with a profit of 3.21 billion yuan, indicating stable financial performance despite a slight decline in the number of inspection reports issued [11][25]. - The company's gross profit margin remains high, around 44.95% in 2024, although it experienced a slight decrease compared to the previous year [25][26]. Business Segments - The main revenue source is inspection and testing services, accounting for approximately 70% of total revenue, followed by certification services and smart manufacturing [25][27]. - The company issued over 1.12 million inspection reports in 2024, with a significant portion of revenue coming from engineering and material testing [19][25]. Industry Context - The inspection and testing industry in China is expanding, with over 53,834 inspection and testing institutions reported in 2023, reflecting a growth of about 2% year-on-year [16][17]. - The industry achieved a total revenue of approximately 470 billion yuan in 2023, with a year-on-year growth exceeding 9% [16][17]. Competitive Advantages - The company benefits from strong support from its parent group, which enhances its financing capabilities and market competitiveness [6][19]. - It has established a significant number of national and industry-level testing centers, contributing to its strong brand reputation and credibility in the market [19][20]. Risks and Challenges - The company faces challenges related to accounts receivable, with a notable increase in long-term receivables that may affect cash flow [5][7]. - There is a risk of goodwill impairment due to acquisitions, with goodwill amounting to 689 million yuan, representing 12.22% of total assets as of 2024 [7][19].

Core Points - The company, China National Inspection Testing Holding Group Co., Ltd., has maintained its credit rating for its convertible bonds and corporate entity at "AA+" with a stable outlook [1][2][3] - The tracking credit rating report was issued by the credit rating agency, United Credit Rating Co., Ltd., on June 19, 2025, confirming no changes from the previous rating [2][3] - The previous rating was also "AA+" for both the convertible bonds and the corporate entity, with a stable outlook, dated July 5, 2024 [1][3] Summary by Sections - **Company Overview** - China National Inspection Testing Holding Group Co., Ltd. is engaged in the testing and inspection industry [1] - **Credit Rating Details** - The company’s convertible bonds, referred to as "Guojian Convertible Bonds," were rated "AA+" [1][2] - The corporate entity's credit rating is also "AA+" with a stable outlook [2][3] - **Rating Agency Information** - The credit rating was conducted by United Credit Rating Co., Ltd., which performed a comprehensive analysis of the company's operational status and industry conditions [2]

Core Points - The company maintains its credit rating at "A" with a stable outlook for both its main entity and the convertible bond "宏微转债" [1][2] - The credit rating was conducted by 中证鹏元, which assessed the company's operational status and industry conditions [2] Summary by Sections - **Previous Rating**: The previous credit rating for the company was "A" with a stable outlook, and the same rating applies to "宏微转债" [1] - **Current Rating**: The current credit rating remains "A" for the company and "宏微转债," with a stable outlook confirmed by 中证鹏元 [2] - **Rating Report Disclosure**: The credit rating report was disclosed on the Shanghai Stock Exchange website on the same day it was issued [2]

Group 1 - The company's credit rating remains at "A+" with a stable outlook for both the company and the convertible bonds [1][2] - The tracking credit rating report was issued by Zhongceng Pengyuan on June 16, 2025, confirming the previous ratings [2] - The previous credit rating was conducted on June 24, 2024, with the same results [1][2] Group 2 - The company issued convertible bonds to unspecified investors in June 2022 [1] - The rating agency conducted a comprehensive analysis of the company's operational status and related industries [2]

证券代码：688219 证券简称：会通股份 公告编号：2025-031 ? 前次债券评级：会通新材料股份有限公司（以下简称"公司"）主体信用 等级为"AA-"，评级展望为"稳定"；"会通转债"的信用等级为"AA-"。 转债代码：118028 转债简称：会通转债 会通新材料股份有限公司 关于"会通转债"跟踪信用评级结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： ? 本次债券评级：公司主体信用等级为"AA-"，评级展望为"稳定"， "会 通转债"的信用等级为"AA-"。 公司前次主体信用评级结果为"AA-"，评级展望为"稳定"，"会通转债" 前次债券信用评级结果为"AA-"，评级机构为中证鹏元，评级时间为 2024 年 6 月 18 日。 评级机构中证鹏元在对公司经营状况及相关行业进行综合分析与评估的基 础上，于 2025 年 6 月 19 日出具了《2022 年会通新材料股份有限公司向不特定 对象发行可转换公司债券 2025 年跟踪评级报告》 （中鹏信评【2025】跟踪第【201】 号 01）， ...

Group 1 - The company's credit rating remains at "A+" with a stable outlook for both the company and the convertible bond "Yinwei Convertible Bond" [1][2] - The tracking credit rating was conducted by Dongfang Jincheng International Credit Assessment Co., Ltd. [1] - The previous credit rating was also "A+" with a stable outlook, assessed in April 2024 [1] Group 2 - The tracking rating report was published on the Shanghai Stock Exchange website on the same day [2]

Core Viewpoint - Jiangsu Tongguang Electronic Cable Co., Ltd. maintains a stable credit rating of A+ for its corporate bonds, reflecting its competitive position in the optical cable and cable manufacturing industry, despite facing challenges such as declining profit margins and management issues related to non-operating fund occupation by related parties [1][5][6]. Company Overview - Jiangsu Tongguang Electronic Cable Co., Ltd. is a major manufacturer in the optical cable and cable industry, with a high regional market recognition and competitive advantages in technology and customer quality [5][18]. - The company has a complete independent intellectual property system and has participated in drafting various industry standards [18]. Financial Performance - In 2024, the company reported a total operating revenue of 25.93 billion yuan, an increase of 4.27% year-on-year, while the total profit decreased to 0.59 billion yuan [7][21]. - The comprehensive gross profit margin declined due to rising raw material prices, with the operating profit margin for 2024 at 14.64% [21][22]. - As of March 2025, the company’s total assets were 34.05 billion yuan, with total liabilities of 5.57 billion yuan, indicating a slight decrease in asset scale [10][12]. Industry Analysis - The optical cable and cable industry is experiencing intense competition with low market concentration, and companies are significantly affected by fluctuations in raw material prices [15][16]. - The demand for optical fibers and cables is expected to grow globally, particularly driven by advancements in digital economy and network infrastructure [14][15]. - The industry is supported by substantial investments in power grid construction, with projected investments of approximately 350 billion USD and 670 billion yuan for national grid planning during the 14th Five-Year Plan [16][17]. Management and Governance - The company has faced regulatory scrutiny due to non-operating fund occupation by related parties, leading to administrative measures from regulatory bodies [7][21]. - The management structure remains stable, with a recent change in the financial director position, but overall management practices require improvement [20][21]. Future Outlook - The company is expected to benefit from ongoing investments in ultra-high voltage power grid construction and the rapid development of the offshore wind power market, which may enhance its competitive position [6][18]. - Potential factors for credit rating upgrades include improved sales volume, market share, and effective cost control [6][18].