Core Viewpoint - The credit rating agency, China Chengxin International, has assigned a rating of "--" to Fujian Jinjiang Urban Construction Investment and Development Group Co., Ltd. (hereinafter referred to as "Jinjiang Urban Investment"), highlighting its significant role in urban development and strong economic position, while also noting concerns regarding short-term debt and operational risks [1][2]. Group 1 - Jinjiang Urban Investment is recognized as a key urban development entity in Jinjiang City, playing a crucial role in the city's construction and maintaining a close relationship with the local government [1][2]. - The company was established in 2009 with an initial registered capital of 300 million yuan, and as of March 2025, its registered and paid-in capital stands at 2 billion yuan [2]. - The sole shareholder of Jinjiang Urban Investment is Fujian Jinjiang Construction Investment Holding Group Co., Ltd., with actual control held by the Jinjiang Municipal Finance Bureau [2]. Group 2 - The company is involved in various urban construction activities, including land development, road construction, affordable housing, and other infrastructure projects, as well as property management and commodity trading [2]. - China Chengxin International anticipates that the credit level of Jinjiang Urban Investment will remain stable over the next 12 to 18 months [2].

Financial Performance - In 2024, the company reported total operating revenue of 7.37 billion yuan, a year-on-year decrease of 37.28% from 11.74 billion yuan in 2023 [2] - The net profit for 2024 was -2.01 billion yuan, compared to a loss of 533.54 million yuan in the previous year, indicating an expanded loss [2] - Total operating costs decreased to 8.84 billion yuan in 2024 from 12.18 billion yuan in 2023 [2] Revenue Breakdown - Revenue from housing sales was 7.09 billion yuan, down 38.31% year-on-year [3] - Rental income increased to 1.33 million yuan, reflecting a growth of 56.47% [3] - Hotel revenue was 1.29 million yuan, a decrease of 4.44% compared to the previous year [3] Cash Flow and Liquidity - The cash and cash equivalents at the end of 2024 amounted to 7.21 billion yuan, a decrease of 21.58% from 9.20 billion yuan in 2023 [4] - The net increase in cash and cash equivalents for 2024 was -1.99 billion yuan, compared to an increase of 4.33 billion yuan in the previous year [4] - The cash short-term debt ratio for 2024 was calculated at 1.5 [7] Debt Structure - As of the end of 2024, the company had short-term interest-bearing liabilities totaling 4.83 billion yuan, including short-term loans of 1.40 billion yuan and bonds due within one year of 700 million yuan [6] - The company had long-term borrowings due within one year amounting to 3.80 billion yuan [7] Management Changes - In November 2024, Li Ke was appointed as the new General Manager, succeeding Wang Lei, who left the position [9] - In December 2024, Kang Ying took over as Chairman of the Board, also succeeding Wang Lei [9] - A total of six senior management members, including the former Chairman and General Manager, left their positions in 2024 [8]