Core Viewpoint - Beijing Haohan Deep Information Technology Co., Ltd. maintains a stable credit rating of A+ for both the company and its convertible bonds, indicating strong financial health and competitive advantages in the network visualization and information security sectors [1][3]. Company Overview - The company is a leading provider of network visualization, information security protection, and big data solutions in China, with a strong competitive position in the market [3][4]. - As of March 2025, the company has total assets of 17.03 billion yuan and equity of 11.60 billion yuan [8][9]. Financial Performance - In 2024, the company experienced a 15.03% decline in revenue due to delayed orders from major clients, resulting in a total revenue of 4.42 billion yuan [5][6]. - The company's total profit decreased by 48.75% in the same period, reflecting challenges in maintaining profitability amid high customer concentration [5][6]. - The company issued convertible bonds in Q1 2025, raising 346 million yuan, which improved its cash position to 612 million yuan [5][9]. Debt and Liquidity - The company's debt burden is relatively light, with a debt-to-asset ratio of 31.90% as of March 2025 [5][6]. - The company has strong short-term and long-term debt repayment capabilities, with no current credit lines but access to direct financing channels [3][4]. Market Position and Risks - The company relies heavily on a few major clients, particularly China Mobile, which accounted for 72.17% of its revenue in 2024 [16][4]. - The company faces risks related to material cost fluctuations and seasonal revenue variations, with significant revenue concentration in the second and fourth quarters [5][6]. Industry Analysis - The network visualization market in China is expected to grow, driven by the increasing demand for data management and security solutions, particularly with the expansion of 5G technology [10][12]. - The market size for network visualization in China grew from 170.24 billion yuan in 2017 to 342.02 billion yuan in 2023, indicating a robust growth trajectory [10][12]. - The competitive landscape includes both traditional telecom equipment manufacturers and specialized network visualization firms, with high barriers to entry due to technical requirements and customer loyalty [10][12].

Group 1 - The company's subject credit rating is maintained at "A+" with a stable outlook, and the credit rating for "Haohan Convertible Bond" is also "A+" [1][2] - The credit rating was conducted by the credit rating agency United Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operating conditions and related industries [2] - The previous credit rating results were also "A+" for both the company and the bond, with the last rating conducted on October 29, 2024 [2] Group 2 - The tracking credit rating report was issued on June 24, 2025, and is available on the Shanghai Stock Exchange website [2] - The company ensures that the announcement content is truthful, accurate, and complete, and assumes legal responsibility for it [1][3]

Group 1 - The article discusses various corporate actions related to convertible bonds, including proposals for adjustments and redemptions [2] - Huati Convertible Bond's board proposed a down adjustment [2] - Puli Convertible Bond's adjustment details are highlighted [2] - Yachuang Convertible Bond is subject to forced redemption [2] - Yili Convertible Bond's last trading day is set for March 11 [2] - Wenke Co. has written off accounts payable amounting to 153 million [2] - Dazhong Mining's controlling shareholder plans to transfer 2% of shares to the general manager through a block trade [2] - Jinko Convertible Bond will not undergo a down adjustment [2] - Haohan Convertible Bond is set for subscription on March 13 [2] - Two new stocks are available for subscription on the Shanghai and Shenzhen exchanges [2]