不特定对象发行可转换公司债券 中鹏信评【2025】跟踪第【94】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权不得修改、复制、转载和出售。除委托 ...

日赚近5000万元的"猪茅"牧原股份，在交出史上第二好的业绩关口，向港交所发起了冲击。但在被养殖户告上法庭、负债水平高企的压力之下，赴港上市 是否会一路通畅，我们拭目以待。 文｜杨 柳 河南首富秦英林家族，携"猪茅"牧原股份要去香港IPO了。 近日，牧原股份发布公告称，为推进国际化战略，打造国际化资本运作平台，公司拟发行H股股票并挂牌港交所主板，相关议案已通过审议。 「数智研究社」发现，在牧原股份赴港IPO之前，发布了亮眼的2024年年度业绩，归母净利润同比增长519.42%报178.8亿元。换算成单日看，牧原股份日 赚近5000万元。 不过，牧原股份这份光鲜靓丽的财报背后，高企的负债水平也牵动着投资者对其流动性的隐忧。2024年年报显示，牧原股份总负债超1100亿元，负债率 58.68%。 除了高企的负债水平外，牧原股份还吃了养殖户的官司。有报道称，牧原股份向内乡县养殖大户销售了149头携带病毒的怀孕母猪，致使其3000多头生猪 死亡事件发生后，被养殖户告上法庭，索赔损失近700万元。截至目前，该案件尚未宣判。 在赴港IPO的关键节点上，高企的负债水平、被养殖户起诉闹上法庭等事件，势必会影响投资者对其资本市 ...

Financial Overview - Company achieved total operating revenue of 952 million yuan in Q1 2025, a year-on-year increase of 23.68% [1] - Net profit attributable to shareholders reached 78.48 million yuan, up 2.04% year-on-year [1] - Deducted non-recurring profit reached 68.55 million yuan, showing a significant increase of 50.36% year-on-year [1] Profitability Analysis - Gross margin stood at 21.91%, reflecting a year-on-year increase of 14.04%, indicating improved cost control [2] - Net margin was 8.25%, down 17.5% year-on-year, potentially due to increased operational costs or other factors [2] - The ratio of operating expenses to revenue was 6.68%, a decrease of 4.33% year-on-year, demonstrating effective expense management [2] Asset and Liability Situation - Cash reserves amounted to 1.419 billion yuan, a year-on-year increase of 63.99%, indicating strong liquidity [3] - Accounts receivable reached 948 million yuan, up 22.64% year-on-year, with a concerning ratio of accounts receivable to net profit attributable to shareholders at 368.44%, suggesting potential bad debt risks [3] - Interest-bearing liabilities increased significantly to 1.441 billion yuan, a year-on-year rise of 261.04%, necessitating careful monitoring of the debt level [3] Per Share Metrics - Earnings per share (EPS) remained stable at 0.02 yuan, unchanged from the same period last year [4] - Net asset value per share was 1.0 yuan, reflecting a year-on-year growth of 6.81% [4] - Operating cash flow per share was 0.05 yuan, an increase of 18.26% year-on-year [4] Business Model and Financing Dividends - Company’s performance is primarily driven by R&D and capital expenditures, with cumulative financing of 2.711 billion yuan over 35 years and cumulative dividends of 298 million yuan, resulting in a low dividend-to-financing ratio of 0.11, indicating a preference for reinvestment over dividends [5]