Core Viewpoint - Shenzhen Metro Group Co., Ltd. has been rated "AAA" by China Chengxin International for its 2025 second phase medium-term notes, reflecting its strong financial and operational position in the rail transit sector [1][2]. Group 1: Economic and Strategic Position - Shenzhen's political and economic significance is highlighted, with its fiscal strength and growth capabilities being among the best in the country [2]. - The company plays a crucial role in Shenzhen's rail transit sector, demonstrating significant strategic importance and strong business competitiveness [2]. Group 2: Operational Performance - As of March 2025, the company has opened 15 metro lines with an operational mileage of 546.28 kilometers [2]. - In 2024, the total passenger volume reached 2.854 billion, marking a year-on-year increase of 14.5%, with a passenger intensity of 14,900 passengers per kilometer per day, placing it among the industry leaders [2]. Group 3: Financial Considerations - The company faces rapid debt growth and future capital expenditure pressures due to ongoing high-level infrastructure investments and increasing external financing needs [2]. - The integrated development of "rail + property" is a significant source of revenue and profit, but recent profitability has declined, making it susceptible to fluctuations in the real estate market and regulatory policies [2]. - In 2024, the company experienced a significant net profit loss, necessitating ongoing attention to the operational changes of Vanke Co., Ltd. and related transactions [2].