债务规模整体压降，融资结构有所改善，短期流 动性仍承压 ——贵州省发债城投企业财务表现观察 联合资信 公用评级四部 刘嫱 摘要 www.lhratings.com 研究报告 1 受益于化债政策倾斜重点省份，特殊再融资债券和特殊新增专项债额度释放，加上融资平台债 务展期、降息、置换等化债措施有序推进，贵州省整体债务风险得到进一步缓释，发债城投企 业债务规模持续下降，融资结构有所改善，但短期偿债及流动性仍面临较大压力，净融资额区 域分化明显，部分区域发债城投企业投资端负增长、新增融资受限叠加回款压力，内生偿债能 力及外部流动性均未得到实质改善。 整体看，贵州省发债城投企业短期化债仍靠化债政策"组合拳"以降低债务风险，且区域分化 明显，尾部区域财务基本面改善难度较大；长期发展则需城投企业"在化债中发展，在发展中 化债"通过优化投资结构、扩大内需等方式推动经济高质量发展，为化债创造条件。 注：政府债务率=政府债务余额/综合财力*100%；广义政府债务率=（政府债务余额+城投债务余额）/综合财 力*100%；城投债务余额为联合资信城投企业分类口径中发债城投企业债务之和（已剔除子公司数据）；综合 财力=一般公共预算收入+ ...

Core Insights - The core viewpoint emphasizes that technology empowerment is the key driver for the transformation and upgrading of listed companies in China as the economy enters a stock development phase [1][2] Group 1: Technology Empowerment and Market Dynamics - Technology innovation and industry integration are essential for establishing industrial value ecosystems, driven by rapid technological advancements [1] - The importance of market capitalization management is highlighted, focusing on maintaining a healthy capital structure and maximizing shareholder value through reasonable operational investments and strategic adjustments [1] - Cash dividends are identified as a crucial method for returning value to investors, helping to stabilize the capital market and enhance investor confidence [1] Group 2: Financing Structure and Asset Management - China's financing structure is undergoing positive changes, with an overall increase in social financing scale and an optimization trend in its structure, where direct financing is gradually rising [1] - The asset management market is projected to exceed 32 trillion yuan by 2025 and reach 45 trillion yuan by 2026, providing significant funding sources for capital markets and supporting technological innovation [2] - The implementation of the "merger and acquisition six guidelines" by the CSRC facilitates cross-industry mergers, enabling technology companies to integrate resources and achieve rapid development [2] Group 3: Future Development Suggestions - Recommendations for future capital market development include enhancing inclusivity and adaptability for technology innovation companies, steadily developing the derivatives market, and emphasizing the role of mergers and acquisitions in industrial integration [2] - The new paradigm of technology empowerment and value return to patient capital is seen as a reflection of market maturity and a vital mission for promoting high-quality economic development in China [2]

Core Insights - The company reported a significant decline in revenue and net profit for Q1-Q3 2025, with total revenue of 34.37 billion yuan, down 33.3% year-on-year, and a net profit of 970 million yuan, also down 33.0% [1] - Despite the overall decline, the commercial operations segment showed strong performance, with total commercial revenue reaching approximately 10.51 billion yuan, up 10.8% year-on-year [1] Group 1 - The company achieved a total revenue of 12.27 billion yuan in Q3 2025, a decrease of 30.5% year-on-year, with a net profit of 79.01 million yuan, down 42.1% [1] - The commercial operations segment maintained robust growth, with September revenue of approximately 1.17 billion yuan, reflecting a 10.1% increase compared to the same month last year [1] - The company reported a total of 177 leased properties by the end of Q3 2025, an increase of 10 properties from 2024, with a rental income of 9.81 billion yuan, up 10.8% year-on-year [1] Group 2 - The company recorded a total contract sales amount of approximately 15.05 billion yuan and a sales area of about 1.959 million square meters for Q1-Q3 2025 [2] - The company successfully issued a total of 160 million USD in unsecured fixed-rate bonds in the overseas market, enhancing its financing structure [2] - The company forecasts a compound annual growth rate (CAGR) of 19.4% for net profit from 2025 to 2027, supported by strong resilience and operational efficiency in its commercial segment [2]

Core Viewpoint - The company has pledged 60% of its controlling subsidiary, Zhejiang Suote Material Technology Co., Ltd., to secure a bank loan of up to RMB 400 million, aimed at optimizing its financing structure and covering acquisition-related costs [1] Group 1: Company Actions - The pledged equity is part of the company's strategy to optimize its financing structure [1] - The loan will be used for payment or replacement of acquisition transaction costs [1] - The equity pledge aligns with the company's funding usage plan and long-term development strategy [1] Group 2: Subsidiary Information - Zhejiang Suote was established on November 27, 2020, with a registered capital of RMB 869.8 million [1] - The subsidiary focuses on research and development of new material technologies and electronic specialized materials [1] Group 3: Financial Impact - The equity pledge is not expected to have a significant impact on the company's financial condition or operating results [1]

Group 1 - The company plans to apply for the registration of a super short-term financing bond not exceeding RMB 2 billion, which will require approval from the shareholders' meeting and the China Interbank Market Dealers Association [1][2] - The proposed bond will have a maximum term of 270 days, with the specific issuance period determined by the company's funding needs and market conditions [1][2] - The funds raised will be used for repaying loans and supplementing working capital, in accordance with the regulations of the China Interbank Market Dealers Association [1][2] Group 2 - The board of directors seeks authorization from the shareholders' meeting to manage the issuance process, including adjusting the issuance terms based on market conditions [2][4] - The board will have the authority to decide on the issuance scale, timing, interest rates, and other related matters to maximize the company's interests [2][4] - The registration and issuance process will remain valid until the completion of the bond issuance [2][4] Group 3 - The registration of the super short-term financing bond is seen as a significant step for the company to optimize its financial structure, broaden financing channels, and reduce financing costs [4]

Core Viewpoint - The company has registered to issue short-term financing bonds amounting to a maximum of RMB 1 billion, with a maturity period not exceeding 270 days, but the registration has expired without issuance due to various assessments [1][2]. Group 1 - The company received approval from the China Interbank Market Dealers Association to register for issuing short-term financing bonds totaling RMB 1 billion, with the registration valid for two years starting from August 23, 2023 [1]. - The company has not implemented the issuance of the registered short-term financing bonds within the validity period due to a comprehensive evaluation of the issuance timing, actual funding needs, and the suitability of other financing channels [2]. - The expiration of the registration for the short-term financing bonds will not have a significant impact on the company's production and operational activities [2]. Group 2 - The company will plan its financing arrangements reasonably based on future operational development needs [2].

Core Viewpoint - Financial Street reported a narrowed loss in the first half of the year, demonstrating resilience in a challenging real estate market, with a net profit of -1.008 billion yuan, a 49.20% reduction in losses compared to the previous year [1] Group 1: Financial Performance - The company achieved operating revenue of 4.655 billion yuan, with a net profit attributable to shareholders of -1.008 billion yuan, reflecting a significant reduction in losses [1] - The net profit after excluding non-recurring gains and losses was -0.881 billion yuan, a 56.02% reduction in losses year-on-year [1] Group 2: Industry Environment - The real estate market is still in an adjustment phase, with national housing sales area down 3.5% and sales revenue down 5.5% year-on-year [1] - New residential sales prices in 70 major cities decreased by 0.9% year-on-year, indicating significant pressure on the industry [1] Group 3: Cash Flow Management - The company focused on cash flow safety, achieving a net cash inflow from operating activities of 1.606 billion yuan [2] - The financing balance reached 67.491 billion yuan, with financing costs controlled between 1.00% and 3.80%, ensuring a stable debt structure [2] Group 4: Strategic Transformation - Financial Street is advancing its strategic transformation, with a focus on "cultural tourism + urban renewal" as new growth drivers [4] - The cultural tourism business has shown significant operational success, with projects like the Mutianyu Great Wall and the Zunhua Ancient Spring Town achieving record visitor numbers and revenue [4] Group 5: Future Outlook - The company plans to deepen its transformation efforts, enhancing existing projects and exploring new business models to drive growth [5] - With a substantial land reserve of 11.61 million square meters in core cities, the company is well-positioned to capitalize on policy benefits and industry recovery [5][6]

Group 1: Monetary Policy and Credit Structure - The central bank's second quarter monetary policy report emphasizes optimizing credit structure and supporting high-quality development of the real economy [1][2] - The report indicates a shift in loan allocation from real estate and infrastructure to sectors like technology, green finance, and inclusive finance, with these areas now accounting for 60-70% of new loans [2][3] - The proportion of medium to long-term loans has increased by nearly 11 percentage points over the past decade, with manufacturing sector loans growing faster than overall loan growth [2][3] Group 2: Financial Support for Innovation and Consumption - The report highlights the importance of inclusive finance and support for technological innovation, indicating that these will be key areas for future financial services [4][5] - There is a noted low percentage of service consumption in residents' expenditure, suggesting significant growth potential in this area [4][5] - The central bank has introduced new financial tools to support technology loans, aiming to enhance the financial ecosystem for technological self-reliance [4][5] Group 3: Supply Chain and Competitive Environment - The report discusses the need to address low-price competition among enterprises, which is crucial for balancing supply and demand and positively impacting prices [7][8] - Recent policies, such as the revision of the "Regulations on Payment of Funds to Small and Medium Enterprises," aim to stabilize supply chains and improve payment timelines [8] - The automotive industry, with over 1.5 million related enterprises, is highlighted as a critical sector where stable supply chain development is essential for economic and financial health [8]

Group 1 - The controlling shareholder, Fuyue Development Group Co., Ltd., holds 1,378,000,000 shares of the company, accounting for 61.09% of the total share capital [2] - After the release of the pledge, Fuyue Development has a total pledged amount of 278,055,500 shares, which is 20.18% of its holdings [2] - The company received notification on June 27, 2025, that Fuyue Development has released its pledged shares to China Securities Finance Corporation [2] Group 2 - The company’s overseas subsidiary, NEW METRO GLOBAL LIMITED, issued a total of $300 million in green unsecured fixed-rate bonds on July 16, 2021, with a coupon rate of 4.625% [4] - On June 27, 2025, the company redeemed $50 million of the bonds early, leaving a remaining principal of $250 million due on October 15, 2025 [5] - The early redemption aligns with the company's debt repayment plan and development strategy, ensuring no adverse impact on its operational and financial status [5]

Group 1 - The core viewpoint of the article highlights the positive trends in China's financial data for May, indicating a stable growth in money supply and social financing, primarily driven by government bond financing [1][2][4] - The broad money supply (M2) increased by 7.9% year-on-year, which, while slightly lower than April, is significantly higher than the first quarter and the same period last year [1] - The total social financing scale grew by 8.7% year-on-year, with a cumulative increase of 18.63 trillion yuan in the first five months, surpassing last year's figures by 3.83 trillion yuan, mainly due to a net increase in government bond financing [1][2] Group 2 - The issuance of government bonds has been accelerated this year, particularly for special refinancing bonds aimed at replacing local government hidden debts, which has positively impacted the stability of social financing [2] - In the first five months, local government special bonds issued totaled 1.63 trillion yuan, with May seeing the highest monthly issuance of 443.2 billion yuan [2] - The cumulative issuance of special refinancing bonds reached 1.6 trillion yuan, accounting for 80% of the annual quota of 2 trillion yuan for debt replacement, indicating active fiscal policy efforts to expand domestic demand and stabilize economic growth [2] Group 3 - New RMB loans totaled 10.68 trillion yuan in the first five months, although this is 460 billion yuan lower than the same period last year, the growth remains reasonable [3] - The efficiency of loan usage has improved, with the GDP generated per yuan of loan increasing from 3.22 yuan to 3.26 yuan year-on-year [3] - The structure of loans shows a high growth rate in inclusive small and micro loans and medium to long-term loans for the manufacturing sector, while short-term loans have increased significantly, particularly for enterprises [3] Group 4 - The financing structure is optimizing, with the proportion of loans in the total social financing scale decreasing to 62%, down 1.1 percentage points year-on-year, while bond financing's share increased to 28.2%, up 1.7 percentage points [4] - The changes in the scale and proportion of loans and bonds reflect the overall changes in social financing and the support for the real economy, indicating a reduction in financing costs due to lower bond financing rates compared to loans [4] Group 5 - A series of new financial policies have been introduced to support the economy, including interest rate cuts and increased lending for agriculture and small businesses [5] - The People's Bank of China has injected liquidity of 1.1196 trillion yuan through various tools in May, aiming to enhance market expectations and transparency [5] Group 6 - Future financial data is expected to maintain a positive trend, with low interest rates helping to reduce overall financing costs and encouraging both loan and bond financing [6] - The easing of Sino-US trade relations and ongoing domestic policies are anticipated to further support financing demand, particularly in June, which is typically a month of high financing needs [6]