1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report comprehensively assesses the liquidity risk of non - financial enterprises in 2024 from three dimensions: the profit basis of liquidity creation, financial flexibility, and short - term liquidity. Overall, the liquidity risk of non - financial enterprise - class public bond issuers has increased, with significant differences at the enterprise, industry, and regional levels [3][6][8]. - At the enterprise level, in 2024, although the financial flexibility of enterprises has marginally improved, overall profitability has continued to weaken, short - term liquidity is under pressure, and the liquidity risk has further increased, with intensified pressure on tail enterprises [6]. - At the industry level, in 2024, against the backdrop of shrinking terminal demand and continuous pressure on the entire real - estate chain, liquidity risks have significantly accumulated in industries related to the upstream and downstream of real estate and urban investment platforms deeply tied to land finance. Industries such as building decoration, urban investment, steel, commerce and retail, basic chemicals, and real estate have relatively high liquidity risks, and the risks in basic chemicals, steel, coal, and real estate have risen rapidly compared to 2023 [6]. - At the regional level, in 2024, Guangxi, Henan, Shaanxi, Fujian, Zhejiang, and Xinjiang have relatively high liquidity risks. Compared to 2023, the liquidity risks in Tianjin, Yunnan, Shandong, Hunan, Guangdong, Sichuan, Guangxi, and Shaanxi have improved, with Tianjin showing a significant improvement [6]. 3. Summary by Relevant Catalogs 3.1. Construction of the Liquidity Risk Measurement System from the Perspective of Debt Repayment Credit - The assessment of liquidity risk from the perspective of debt - repayment credit is mainly based on the analysis of liquidity sources and applications. Enterprises with good profitability, high financial flexibility, and strong short - term solvency generally face lower liquidity and default risks. The report selects several quantitative financial indicators from three dimensions (profit basis of liquidity creation, financial flexibility, and short - term liquidity) for basic evaluation and maps the scores to a five - level classification of liquidity risk evaluation results (L1 - L5) [4][9][12]. - The basic evaluation indicators include total asset return rate, asset - liability ratio, short - term debt ratio, EBIT/interest expense, (EBITDA - capital expenditure)/interest expense, operating cash flow net amount to current liability ratio, cash - to - short - term debt ratio, current ratio, and cash - to - current liability ratio [11]. 3.2. Sample Overview - Considering data availability, the report selects bond - issuing entities with outstanding public bonds (enterprise bonds, corporate bonds, medium - term notes, commercial paper, project revenue notes) as of May 26, 2025, excluding those that have experienced material defaults or have unavailable financial data. A total of 3,061 issuing entities are used as sample data, and their annual reports from 2021 - 2024 are used for analysis. Currently, the issuing entities of outstanding public bonds in China are mainly urban investment and state - owned enterprises [5][13]. 3.3. Analysis of the Liquidity Risk of Non - Financial Enterprise - Class Public Bond Issuers in 2024 3.3.1. Enterprise - Level Analysis - In 2024, the risk center of public bond - issuing entities has further deteriorated, and the proportion of tail enterprises has reached a new high. The overall profitability of enterprises has weakened, with the total profit of industrial enterprises above designated size decreasing by 3.3% compared to the previous year. The proportion of entities with liquidity risk evaluation results of L4 and L5 has increased from 49.0% and 5.4% in 2023 to 52.3% and 7.4% in 2024, respectively [14]. - From the perspective of each indicator dimension, in 2024, the profitability of public bond issuers in China has continued to decline, and the coverage ability of operating cash flow has weakened. Although the financial flexibility has marginally improved, the short - term debt pressure remains high, and the short - term liquidity has generally tightened [20][21]. 3.3.2. Industry - Level Analysis - In 2024, industries such as building decoration, urban investment, steel, commerce and retail, basic chemicals, and real estate have relatively high liquidity risks, with the proportion of L4 and L5 enterprises in each industry exceeding 60%. Compared to 2023, the liquidity risks in basic chemicals, steel, coal, and real estate have risen rapidly, with the proportion of L4 and L5 enterprises increasing by more than 10 percentage points [23][24]. - The real - estate industry continues to adjust, with real - estate enterprises facing significant cash - flow pressure due to factors such as weakening demand, cautious development strategies, and high inventory [25]. - The steel industry has seen a decline in production and demand, with prices falling and enterprises facing significant performance pressure and increased liquidity risks [26]. - The basic chemicals industry is in a low - prosperity stage, facing challenges such as over - capacity and weak domestic demand, with the overall profitability under pressure [27]. - The building decoration industry is affected by weak downstream demand, with a decline in new contracts and increased pressure on construction funds, especially for weak - quality tail enterprises [28]. - The commerce and retail industry has been affected by weakening consumer demand, with profit pressure on enterprises [29]. - Urban investment platforms face continued pressure on local finance due to the adjustment of the land market, and although the asset and debt structure has been optimized, the internal operating pressure remains, and the liquidity risk of some weak - quality entities has increased [29]. 3.3.3. Regional - Level Analysis - In 2024, regions such as Guangxi, Henan, Shaanxi, Fujian, Zhejiang, and Xinjiang have relatively high liquidity risks, with the proportion of L4 and L5 enterprises exceeding 70%. Compared to 2023, the liquidity risks in Tianjin, Yunnan, Shandong, Hunan, Guangdong, Sichuan, Guangxi, and Shaanxi have improved, with Tianjin showing a significant improvement [33][36].