江苏国泰国际集团股份有限公司 五、本报告所含评级结论和相关分析不构成任何投资或财务建议，并且 不应当被视为购买、出售或持有任何金融产品的推荐意见或保证。 www.lhratings.com 联合〔2025〕4698 号 联合资信评估股份有限公司通过对江苏国泰国际集团股份有限 公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持 江苏国泰国际集团股份有限公司主体长期信用等级为 AA+，维持 "国泰转债"信用等级为 AA+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受江苏国泰国际集团股份有限公司（以下简称 "该公司"）委托所出具，除因本次 ...

Core Viewpoint - Jiangsu Guotai announced a performance briefing on April 29, 2025, highlighting the company's ongoing growth in revenue and addressing challenges in its business segments [1]. Group 1: Financial Performance - In Q1 2025, Jiangsu Guotai reported a main revenue of 8.875 billion, an increase of 9.63% year-on-year [3]. - The net profit attributable to shareholders was 242 million, reflecting a year-on-year increase of 13.81% [3]. - The company's non-recurring net profit was 237 million, up 8.13% year-on-year [3]. - The debt ratio stood at 49.31%, with investment income of 54.465 million and financial expenses of 43.8403 million [3]. - The gross profit margin was recorded at 15.63% [3]. Group 2: Business Strategy and Operations - The company has seen its clothing exports surpass domestic sales, with sufficient orders in overseas factories [2]. - The management plans to focus on high-quality sustainable development, enhancing supply chain services and chemical new energy as core business areas [2]. - Strategies include deepening the integration of trade, manufacturing, and technology, expanding market reach, and innovating business models [2]. - The company aims to optimize product types and improve technical services while expanding both domestic and international operations [2]. - Jiangsu Guotai is also investing in a design center in Shanghai, which will support innovation and research for its subsidiaries [2]. Group 3: Competitive Landscape - Jiangsu Guotai identifies its direct competitor as Shenzhou International, noting differences in product positioning and customer categories [2]. - The company plans to mitigate tariff impacts by diversifying its market presence and enhancing its global supply chain [2]. - Emphasis is placed on product innovation, green production standards, and establishing a robust risk management system [2]. Group 4: Market Sentiment and Analyst Ratings - Over the past 90 days, two institutions have rated the stock as a buy, with an average target price of 10.21 [4]. - Recent financing data indicates a net outflow of 52.821 million in financing over the last three months, with a decrease in financing balance [5].