来源：金融界 2025年8月15日，中诚信国际公布评级报告，平安证券股份有限公司2025年面向专业投资者公开发行公 司债券(第九期)(品种三)获"AAA"评级。 中诚信国际肯定了平安证券股份有限公司（以下简称"平安证券"、"公司"或"发行人"）股东实力很强、 综合实力和市场竞争力较强、证券经纪业务具备优势等正面因素对公司整体经营及信用水平的支撑作 用；同时，中诚信国际关注到，证券行业日趋激烈的竞争、杠杆水平较高、短期债务占比较高、多元化 发展程度有待增强等因素对公司经营及信用状况形成的影响。 资料显示，平安证券股份有限公司前身为成立于1991年的平安保险证券业务部，并于1996年正式成立， 2016年公司整体改制为股份制公司并更名为现名。公司成立后历经多次增资及股权变更，截至2025年3 月末，公司注册资本及实收资本均为138.00亿元，其中，平安信托有限责任公司（以下简称"平安信 托"）持有公司55.66%的股权，为公司第一大股东，中国平安保险（集团）股份有限公司直接和间接合 计持有公司96.62%的股权，为公司控股股东；平安集团无控股股东和实际控制人，因此，公司无实际 控制人。 中诚信国际认为，平安证券股 ...

Core Viewpoint - The chairman of Baichuan Co., Zheng Tiejiang, is under investigation, causing stock price fluctuations and raising concerns about the company's governance and financial stability [2][3]. Company Situation - Baichuan Co. announced that its actual controller and chairman, Zheng Tiejiang, is being investigated by the Jiangyin Municipal Supervisory Committee, but the company claims that its production and operations remain normal [2][3]. - Zheng Tiejiang and his wife hold a combined 15.54% stake in Baichuan Co., making them the actual controllers of the company [2]. - Following the announcement, Baichuan Co.'s stock price dropped by 5.74% on July 2, closing at 7.06 CNY per share, with a market capitalization of 4.195 billion CNY [2]. Credit Rating and Regulatory Attention - New Century Rating, the credit rating agency for Baichuan Co., is closely monitoring the situation and has noted that the company's management team is still functioning normally and that control has not changed [3]. - Baichuan Co. has previously faced regulatory scrutiny, including a warning from the Shenzhen Stock Exchange in May for discrepancies in its financial reporting [3]. Financial Performance - Baichuan Co.'s financial performance has shown significant volatility, with net profit dropping from 226 million CNY in 2021 to a loss of 466 million CNY in 2023 [3]. - In 2024, the company reported a turnaround with total revenue of 5.556 billion CNY, a year-on-year increase of 35.10%, and a net profit of 109 million CNY, marking a 123.31% increase [4]. - The improvement in 2024 was attributed to rising prices of chemical products and the release of production capacity in Ningxia, leading to an increase in gross margin from 1.78% in 2023 to 10.14% [4]. - In the first quarter of 2025, Baichuan Co. continued its growth trend, achieving revenue of 1.45 billion CNY, a year-on-year increase of 23.07%, and a net profit of 42 million CNY, up 17.88% [4].