Group 1: Report's Core View - The total asset growth of Hebei provincial urban investment companies is mainly driven by equity and fund investments and urban construction asset investments, with an adjusted investment structure; the issuance scale of urban investment bonds has increased year by year, and the financing activities have continued to show a net inflow, but the net inflow scale has decreased year by year; some cities have certain short - term debt repayment pressures. In the context of large fiscal revenue and expenditure pressures, the future resolution of operating debts depends on the urban investment companies accelerating their substantial transformation and enhancing their self -造血 ability to achieve a new balance between economic development and debt resolution [3] Group 2: Hebei Province's Debt Management Situation - Hebei Province has made it an important task to "resolutely curb the increase of hidden debts, accelerate the resolution of existing hidden debts, improve the monitoring mechanism, and strictly prohibit the increase of new hidden debts". It actively strives for the government debt quota, uses special bonds to replace existing hidden debts, and conducts a pilot project of the full - scale local debt monitoring system nationwide to dynamically monitor debt changes and resolutely curb the increase of new hidden debts. The overall government debt risk in the province is controllable [4] - Since 2022, all the principal and interest of the matured bonds in the province have been repaid on time. To systematically prevent debt risks, Hebei Province has urged high - risk areas of government debt to formulate the "Government Debt Repayment and Risk Resolution Plan" and revise the "Emergency Response Plan for Government - related Debt Risks". It has also carried out monthly reports on government - related debts, statistical monitoring of hidden debts, and asset inventory and registration of local government - related debt investment projects, improved the full - scale debt risk monitoring mechanism, strengthened the whole - process management of "borrowing, using, managing, and repaying", and enhanced debt risk assessment and early warning [4] - From 2023 to 2025, Hebei Province has issued government refinancing bonds of 1658.7 billion yuan, 2426 billion yuan, etc., to effectively relieve the financial operation pressure of cities and counties, support project construction, and promote debt resolution. It has also actively used national debt resolution policies to resolve existing hidden debts in an orderly manner [5][6] Group 3: Changes in Financial Indicators of Urban Investment Companies Investment - From 2022 to the end of June 2025, the total asset growth of Hebei provincial urban investment companies was mainly driven by equity and fund investments and urban construction asset investments. The proportion of urban construction assets was much lower than the national average, and the proportion of equity and fund investment assets increased rapidly in recent years, with an adjusted investment structure. Provincial and Tangshan urban investment companies mainly focused on equity and fund investments, while other prefecture - level cities mainly invested in urban construction assets [7] - From 2022 to the end of June 2025, the total asset scale of Hebei provincial urban investment companies continued to grow, with a compound growth rate of 12.83%. The scales of urban construction assets, self - operating assets, and equity and fund investment assets all increased year by year, with compound growth rates of 10.40%, 2.59%, and 38.88% respectively [9] - In 2024, due to the promotion of railway project investments, the growth rate of urban construction assets of provincial urban investment companies increased significantly, driving up the investment growth rates of the three types of assets. Except for Baoding, Tangshan, and Cangzhou, the urban construction asset investments of other prefecture - level cities increased [12] 回款 - From 2022 to the end of June 2025, the accounts receivable scale of Hebei provincial urban investment companies continued to grow, the cash - to - revenue ratio remained at a relatively high level overall, and the collection indicators performed well overall [14] - From 2022 - 2024, the accounts receivable scale of Hebei provincial urban investment companies increased continuously, with a compound growth rate of 18.67%, while the total operating income decreased fluctuantly, with an average annual compound growth rate of - 2.92%. The cash - to - revenue ratio increased fluctuantly and remained above 80% [14] - From 2022 - 2025, the accounts receivable scale of Hebei provincial urban investment companies fluctuated and increased; the accounts receivable scales of municipal urban investment companies generally showed an increasing trend. The cash - to - revenue ratios of most cities' urban investment companies could reach over 80% [15] Fund - raising - From 2022 - 2024, the cash flow from financing activities of Hebei provincial urban investment companies continued to show a net inflow, but the net inflow scale decreased year by year. In 2025, the cash inflow and outflow from financing activities both increased compared with the same period of the previous year, and the net inflow continued [15] - From 2022 - 2024, the cash flow from financing activities of Hebei provincial urban investment companies was in a continuous net inflow state, and the net inflow scale continued to increase. Among the cities under the jurisdiction of Hebei Province, except for Zhangjiakou, Chengde, and Langfang, the financing activities of other urban investment companies were in a continuous net inflow state [17] Interest - bearing debt - From the end of 2022 to 2024, the debt scale of Hebei provincial urban investment companies continued to grow, with the debt growth rate decreasing from 26.56% at the end of 2022 to 8.17% at the end of 2024. The debt term structure was mainly long - term debt, and the proportion of short - term debt fluctuated and increased [18] - In 2024, the financing channels of Hebei provincial urban investment companies were mainly bank loans (accounting for 70.05%), followed by bond financing (23.81%) and other financing (6.14%). The proportion of bank loans increased year by year, the proportion of bond financing increased fluctuantly, and the proportion of other financing decreased continuously [22] - From 2022 - 2024, the issuance scale of urban investment bonds in Hebei Province increased year by year and remained in a net inflow state. In 2024, Shijiazhuang, Handan, and the provincial platform ranked among the top three in terms of bond issuance scale, accounting for 52.50% of the total in the province [22] Debt - paying ability - From the end of 2022 to 2024, the overall debt burden of Hebei provincial urban investment companies increased slightly year by year. Except for the urban investment companies in Baoding, Langfang, and Hengshui, which had a relatively high cash - to - short - term - debt ratio, other cities had certain short - term debt - repayment pressures [24] - The overall asset - liability ratio and total debt capitalization ratio of Hebei provincial urban investment companies increased slightly year by year, and the cash - to - short - term - debt ratio decreased year by year [24] Group 4: Summary - The proportion of urban construction assets of Hebei provincial urban investment companies is much lower than the national average, and the proportion of equity and fund investment assets has increased rapidly in recent years, with an adjusted investment structure [25] - The debt burden has increased slightly year by year, the financing structure is mainly bank loans, and the proportion of other financing is relatively low [25] - The issuance scale of urban investment bonds has increased year by year and remained in a net inflow state. Except for Baoding, Langfang, and Hengshui, which have a relatively high cash - to - short - term - debt ratio, other prefecture - level cities have certain short - term debt - repayment pressures [25]