盛泰智造集团股份有限公司 www.lhratings.com 联合〔2025〕4948 号 联合资信评估股份有限公司通过对盛泰智造集团股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持盛泰 智造集团股份有限公司主体长期信用等级为 AA，维持"盛泰转债" 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盛泰智造集团股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级 委托关系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、 客观、公正的关联关系。 三、本报告引用的 ...

Core Viewpoint - Ningbo Peacebird Fashion Co., Ltd. maintains a long-term credit rating of AA with a stable outlook, reflecting its competitive advantages in brand recognition, supply chain management, and digital transformation despite recent revenue declines due to intensified market competition and climate impacts [1][3][4]. Company Overview - The company, established in 2001, operates in the fashion retail sector with four main product lines: PB Women's, PB Men's, LEDiN, and mini peace [11]. - As of March 2025, the company has a registered capital of 477 million yuan and is publicly listed on the Shanghai Stock Exchange [11]. Financial Performance - For 2024, the company reported total revenue of 6.802 billion yuan, a decrease of 12.70% year-on-year, and a profit of 379 million yuan, down 34.74% [12][18]. - As of the end of 2024, the company's total assets were 8.424 billion yuan, with cash assets amounting to 2.515 billion yuan, representing 29.86% of total assets [5][12]. - The company’s gross profit margin remained stable despite revenue declines, with a slight increase in gross margins for certain product lines [18]. Market Environment - The fashion retail industry is experiencing heightened competition, exacerbated by climate changes affecting sales, particularly in winter apparel [5][15]. - The company has been optimizing its sales channels, resulting in a reduction of physical store numbers while facing challenges in online sales [5][18]. Operational Strategy - The company employs a multi-brand strategy and leverages data-driven approaches to enhance supply chain efficiency and product design accuracy [4][15]. - Digital transformation initiatives, including the implementation of SAP, have improved operational efficiency and data management [15][16]. Debt and Credit Rating - The company’s debt levels are manageable, with a total debt of 1.565 billion yuan as of 2024, and it has maintained a good debt repayment record [4][12]. - The "Taiping Convertible Bonds" have a credit rating of AA, with provisions that may enhance the company's ability to manage its debt load in the future [4][12]. Future Outlook - The company is expected to improve its operational performance through further optimization of sales channels and potential increases in product sales volume [4][5]. - Sensitivity factors that could lead to rating adjustments include significant improvements in sales volume and effective channel optimization [4].