Core Points - The company, Guoyuan Securities Co., Ltd., is issuing a technology innovation corporate bond (Phase II) aimed at professional investors, with a total issuance amount not exceeding 800 million RMB [1][2] - The bond has a credit rating of AAA for both the issuer and the bond itself, indicating a stable outlook [2][3] - The funds raised will primarily support technology innovation projects and supplement working capital, with at least 70% allocated for these purposes [9][11] Financial Overview - As of March 31, 2025, the company's net assets were 37.15 billion RMB, with a consolidated debt-to-asset ratio of 73.19% [1][2] - The average distributable profit over the last three fiscal years was 1.95 billion RMB [1][2] - The company reported operating revenues of 5.34 billion RMB, 6.36 billion RMB, and 7.44 billion RMB for the last three years, with net profits of 1.73 billion RMB, 1.87 billion RMB, and 2.24 billion RMB respectively [1][2] Cash Flow and Debt Situation - The company experienced significant fluctuations in operating cash flow, with net cash flows from operating activities of 3.83 billion RMB, -5.29 billion RMB, 3.25 billion RMB, and -403 million RMB over the last four periods [2][3] - As of March 31, 2025, the total interest-bearing debt was 90.65 billion RMB, with short-term debt comprising 81.56% of this total [2][3] Industry Context - The company operates in a sector sensitive to macroeconomic conditions, financial policies, and international economic changes, which can lead to fluctuations in market interest rates and overall market conditions [2][3] - The cyclical nature of the securities market can significantly impact the company's performance, necessitating ongoing optimization of its business structure and internal management [2][3] Regulatory and Compliance - The bond issuance is compliant with relevant regulations, and the company has established measures to ensure the protection of bondholders' rights [2][3] - The bond will be exclusively available to professional institutional investors, excluding individual investors [3][4]

Core Viewpoint - The company, Guoyuan Securities Co., Ltd., is issuing a second tranche of technology innovation corporate bonds aimed at professional investors, with a total issuance amount not exceeding 800 million RMB, and has received a credit rating of AAA for both the issuer and the bonds [1][2][3]. Financial Situation - As of March 31, 2025, the company's net assets amounted to 37.15 billion RMB, with a consolidated asset-liability ratio of 73.19% and a parent company asset-liability ratio of 72.61% [1][2]. - The average annual distributable profit over the last three accounting years was 1.95 billion RMB [1]. Rating Situation - The credit rating report issued by Zhongzheng Pengyuan Credit Rating Co., Ltd. on July 28, 2025, confirmed the issuer's credit rating as AAA with a stable outlook [1][2]. Profitability - The company's consolidated operating revenues for the last three years were 5.34 billion RMB, 6.36 billion RMB, and 7.85 billion RMB, with net profits attributable to the parent company of 1.73 billion RMB, 1.87 billion RMB, and 2.24 billion RMB respectively [1][2][3]. Cash Flow - The net cash flow from operating activities showed significant fluctuations, with values of 3.83 billion RMB, -5.29 billion RMB, 3.25 billion RMB, and -0.40 billion RMB over the reporting period [1][2]. Restricted Assets - As of March 31, 2025, the company had restricted assets valued at 44.81 billion RMB, accounting for 26.18% of total assets and 120.62% of net assets [1][2]. Debt Situation - The total interest-bearing debt as of March 31, 2025, was 90.65 billion RMB, with short-term debt constituting 81.56% of the total [2][3]. Industry Risks - The company faces risks associated with the overall economic conditions, macroeconomic policies, and fluctuations in market interest rates, which can impact the investment value of the bonds [2][3]. Investor Protection - The company has established rules for bondholder meetings to protect the rights of bondholders, ensuring that decisions made during these meetings are binding on all bondholders [2][3]. Listing Situation - After the issuance, the company will apply for the bonds to be listed on the Shenzhen Stock Exchange, although there is no guarantee that the application will be approved [2][3]. Other Major Matters - The company has completed relevant rectifications for regulatory measures and does not foresee any substantial obstacles to the bond issuance [2][3].

Group 1 - The company, Guoyuan Securities Co., Ltd., has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds with a total face value not exceeding 7.5 billion RMB [1] - The current bond issuance is the fifth phase under the public offering of technology innovation corporate bonds, with a scale of up to 800 million RMB [2][3] - The bonds are rated AAA, indicating a strong ability to repay debts with a stable outlook [3][10] Group 2 - The bonds will be issued only to professional institutional investors, excluding individual investors [2][19] - The final coupon rate will be determined based on the results of a rate inquiry conducted on August 4, 2025 [5][14] - The issuance price of the bonds is set at 100 RMB per bond, with a minimum subscription amount of 10 million RMB for each professional institutional investor [19][20] Group 3 - The company reported a net asset value of 37.15 billion RMB as of March 31, 2025, with a consolidated debt-to-asset ratio of 73.19% [3][10] - The average distributable profit over the last three fiscal years was 1.948 billion RMB, which is expected to cover at least one year's interest on the bonds [3][10] - The bond issuance is subject to the conditions of the Shenzhen Stock Exchange, and if it fails to list, investors have the right to sell the bonds back to the company [4][10]

Group 1 - The company, Guoyuan Securities Co., Ltd., has received approval from the China Securities Regulatory Commission to issue a total face value of no more than 7.5 billion yuan in bonds, with the current issuance scale being up to 800 million yuan [1] - The bonds will have a term of 2 years and are designated for investment in the technology innovation sector [1] - The name of the bonds has been changed to "Guoyuan Securities Co., Ltd. 2025 Public Offering of Technology Innovation Corporate Bonds (Second Phase)" to reflect the fundraising purpose and naming conventions [1] Group 2 - The name change does not affect the validity of the original legal documents related to the bond issuance, which include underwriting agreements and bondholder meeting rules [1]