Core Viewpoint - The report outlines the management of the 2024 bond issuance by Shenzhen Hepalink Pharmaceutical Group Co., Ltd, detailing the bond's approval, issuance, financial performance, and compliance with regulations [1][2][5]. Section 1: Bond Overview - The bond, named "22 Hepalink," was approved on March 16, 2022, with a total issuance scale of 500 million yuan, and it was listed on the Shenzhen Stock Exchange on April 11, 2022 [2][3]. - The bond includes options for interest rate selection, issuer redemption, and investor repurchase [2][3]. Section 2: Management of Bond Issuance - The bond trustee, Guotou Securities, is responsible for monitoring the issuer's credit status, fund usage, and repayment of principal and interest [5]. - No bondholder meetings were held during the reporting period [5]. Section 3: Issuer's Business and Financial Status - Shenzhen Hepalink is a leading multinational pharmaceutical company with a registered capital of 1,467.30 million yuan, focusing on the heparin industry chain and CDMO services [6]. - For the first nine months of 2023, the company reported a gross margin of 33.04% and a net profit of 714.69 million yuan [6]. Section 4: Financial Data - As of September 30, 2023, total assets were 201.21 billion yuan, a decrease from the previous year, while total liabilities were 76.22 billion yuan, also down from the previous year [7]. - The net profit for the first nine months of 2023 was 141.89 million yuan, compared to 714.69 million yuan for the entire previous year [7]. - The cash flow from operating activities was negative at -233.99 million yuan, while cash flow from investing activities was positive at 1.31 billion yuan [7]. Section 5: Fund Usage and Disclosure - The bond's proceeds were used to repay the principal of the "19 Hepalink" bond, in line with the bond issuance agreement [8][9]. - The total amount raised after deducting underwriting fees was 496 million yuan [8]. Section 6: Debt Repayment and Guarantees - The bond was fully repaid on April 1, 2024, with no delays in principal or interest payments [10][11]. - The bond is backed by an unconditional and irrevocable guarantee from Shenzhen High-tech Investment and Financing Guarantee Co., Ltd, which has maintained a stable financial condition [10][11]. Section 7: Credit Rating - The issuer's long-term credit rating is AA+, and the bond's credit rating is AAA, with a stable outlook as of May 25, 2023 [12].