联合资信评估股份有限公司通过对中信泰富特钢集团股份有限 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 中信泰富特钢集团股份有限公司主体长期信用等级为 AAA，维持 "中特转债"信用等级为 AAA，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： 二〇二五年五月十六日 中信泰富特钢集团股份有限公司 公开发行可转换公司债券 www.lhratings.com 联合〔2025〕2515 号 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中信泰富特钢集团股份有限公司（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、 ...

Core Viewpoint - The company maintains stable steel sales in 2024, with a slight decline in revenue but an expected improvement in 2025, driven by growth in high-end steel products and exports [1][2][3]. Sales Performance - In 2024, the company sold 18.89 million tons of steel, remaining flat year-on-year, with exports accounting for 2.202 million tons [1]. - By product category, sales distribution includes 33.8% for the energy sector, 28.2% for the automotive sector, 19.0% for machinery, 10.3% for bearings, 2.1% for high-end special materials, and 6.6% for other industries [1]. - Notable growth in specific segments includes a 6% increase in bearing steel sales, a record high in energy steel sales, and a 29% increase in steel for new energy vehicles [1]. Revenue and Profitability - The company's revenue for 2024 was 109.203 billion yuan, a decrease of 4.22% year-on-year, with various product lines experiencing declines [1][2]. - The average steel price in 2024 was 5,781 yuan per ton, also down by 4.22%, leading to a gross profit margin of 743 yuan per ton, a decrease of 6.35% [1]. - The net profit attributable to shareholders for 2024 was 5.126 billion yuan, down 10.41%, while Q1 2025 showed a net profit of 1.384 billion yuan, an increase of 1.76% year-on-year and 7.31% quarter-on-quarter [2]. Cost and Expenses - The decline in gross margin is attributed to increased depreciation and amortization, leading to higher operating costs [2]. - The company’s expense ratio for 2024 was 7.36%, up 0.45 percentage points, with increases in sales, management, and R&D expenses [2]. - Total impairment losses for 2024 amounted to 766 million yuan, an increase due to rising bad debt losses and inventory write-downs [2]. Cash Flow and Financial Health - The company reported an improved cash flow situation, with a cash collection ratio of 0.8459, up 4.43 percentage points, and a cash payment ratio of 0.7494, up 4.67 percentage points [2]. - The net operating cash flow was 10.741 billion yuan, showing a year-on-year increase, while investment cash flow showed a reduced outflow of 302 million yuan [2]. - The asset-liability ratio stood at 60.53%, a decrease of 3.73 percentage points, indicating improved financial stability [2]. Investment Outlook - The company is actively expanding its high-end steel product offerings and optimizing its product mix, with projected net profits of 5.476 billion yuan, 6.057 billion yuan, and 6.722 billion yuan for 2025-2027 [3].