大公国际：2025 年以来 平台公司债券首发融资特征分析 王燕 舒蕴泽 2025 年 8 月 22 日 摘要 一揽子化债方案实施以来，传统城投公司融资受限，各地纷纷组建产业类公司以 应对新形势的变化。本文通过研究 2025 年以来1实现首发融资的平台公司2，分析其较 2024 年的变动情况，并总结信用状况、业务构成及财务表现等方面的特征，以期为产 业类公司债券首发融资提供借鉴。 正文 一、债券首发融资主体特征 1、总体概况 2025 年 1-7 月实现债券首发融资的平台公司共 149 家，已达到 2024 年全年的 84%，同时 1-7 月首发平台公司中只有 7 家公司的收入构成中基础设施代建、土地一 级开发等公益性业务收入占比超过 30%，具有较为明显的城投公司属性，其他公司产 业类特征较为明显，表明城投公司产业化转型进程及产业类公司的组建已经取得积极 效果，符合债券新增融资标准的平台公司日益增多。 图 1 2024-2025 年债券首发融资的平台公司月份分布（单位：家数） 数据来源：Wind 数据库，大公国际整理 23 4 22 18 8 14 10 7 12 15 20 24 26 8 13 33 20 ...

截至2025年8月22日收盘，鑫科材料（600255）报收于4.48元，较上周的4.74元下跌5.49%。本周，鑫科 材料8月19日盘中最高价报5.04元，股价触及近一年最高点。8月19日盘中最低价报4.39元。鑫科材料当 前最新总市值80.92亿元，在金属新材料板块市值排名19/30，在两市A股市值排名2268/5152。 公司公告汇总：鑫科材料为控股子公司提供5000万元担保，担保余额达139626万元 公司公告汇总 鑫科材料关于为控股子公司提供担保的公告 本周关注点 担保情况概述：- 2025年8月18日，鑫科材料与杭州银行股份有限公司安徽自贸试验区合肥片区支行签 署了《最高额保证合同》，为控股子公司鑫科铜业提供连带责任保证担保，担保最高融资余额为人民币 5000万元，保证期间为三年- 截至本公告日，鑫科材料实际为鑫科铜业提供的担保余额为139626万元， 鑫科铜业其他股东未提供担保- 上述担保事宜已通过公司2025年3月28日召开的九届二十八次董事会和 2025年4月29日召开的2024年年度股东大会审议 被担保人基本情况：- 安徽鑫科铜业有限公司，注册资本45000万元- 主要股东及持股比例为鑫科材 ...

Group 1 - The company's total operating revenue for the first half of 2025 reached 2.169 billion yuan, an increase of 17.17% year-on-year, while the net profit attributable to shareholders was only 19.73 million yuan, a decrease of 42.16% year-on-year [2] - The gross profit margin decreased to 6.99%, down 19.03% year-on-year, and the net profit margin fell to 1.15%, down 53.2% year-on-year, indicating pressure on cost control and reduced profitability [3] - The company reported a negative operating cash flow per share of -0.07 yuan, a decrease of 249.55% year-on-year, and accounts receivable accounted for 1081.48% of the latest annual net profit, posing potential cash flow risks [4] Group 2 - The main business revenue primarily comes from copper-based alloy materials, generating 2.029 billion yuan, accounting for 93.52% of total revenue, with a gross profit margin of 6.69% [6] - The copper strip processing industry faces multiple challenges, including increased global economic downturn pressure, insufficient domestic and foreign market demand, intense industry competition, copper price fluctuations, and policy adjustments [7] - Despite the challenges, the company continues to strengthen technological research and development and industrial upgrades to enhance its core competitiveness [7]

Core Viewpoint - The successful issuance of a 5 billion yuan bond by Sichuan Zifa Industrial Investment Group marks a significant step in promoting high-quality regional economic development through innovative capital strategies, particularly in the context of mergers and acquisitions [1][2][5]. Group 1: Bond Issuance Details - Sichuan Zifa Industrial Investment Group issued a non-public company bond of 5 billion yuan, with a maturity of 5 years and a coupon rate of 2.60%, achieving a subscription multiple of 2.34 [2][5]. - This bond issuance is the first new corporate bond from a county-level state-owned enterprise in Sichuan since the release of the State Council's "Document No. 35" [2][5]. Group 2: Company Overview - Zifa Industrial Investment Group is the primary industrial investment and operation entity in Mianyang's Santai County, fully owned by the Santai County State-owned Assets Supervision and Administration Office [4]. - The company has diversified its operations into seven sectors, including health, new energy, equity investment, engineering construction, park operation, agricultural investment, and forestry investment [4]. Group 3: Strategic Mergers and Acquisitions - The bond issuance is part of a broader strategy to enhance capital operation capabilities and support industrial investment and operational expansion [5][10]. - Santai County has adopted a new approach to attract "hard technology" projects through mergers and acquisitions, transforming local government roles from "land operators" to "capital strategists" [1][7][12]. Group 4: Economic Impact - The acquisition of a 9.98% stake in a copper industry company by the local platform company is expected to leverage significant economic benefits, potentially generating nearly 100 billion yuan in industrial value [6][10]. - The successful acquisition and subsequent projects are anticipated to create substantial economic output, with estimates suggesting a combined production value of 7.22 billion yuan from new initiatives [10][12]. Group 5: Regional Economic Development - The shift from traditional land and tax-based investment strategies to capital-based approaches is seen as essential for the sustainable economic growth of county-level regions [21][22]. - The model of mergers and acquisitions is being recognized as a more efficient method for local governments to enhance their economic capabilities compared to traditional investment methods [21][22].

鑫科材料为控股子公司鑫科铜业提供担保人民币5,000万元，为鑫鸿电缆提供担保人民币1,000万元。截 至公告日，鑫科材料实际为鑫科铜业提供的担保余额为132,226万元，为鑫鸿电缆提供的担保余额为 4,000万元。本次担保无反担保，公司不存在逾期担保事项。截至公告日，公司及控股子公司对外担保 总额为216,676万元，占公司2024年度经审计归属于母公司所有者净资产的151.45%。2025年6月11日， 公司分别与平安银行合肥分行和华夏银行芜湖分行签署了担保合同，为控股子公司提供连带责任保证担 保，担保期限均为三年。上述担保事宜已经公司九届二十八次董事会和2024年年度股东大会审议通过。 鑫科铜业注册资本肆亿伍仟万圆整，经营范围涉及铜基合金材料等开发、生产、销售。鑫鸿电缆注册资 本肆仟伍佰万圆整，经营范围涉及电线电缆等开发、生产、销售。 本周关注点 公司公告汇总：鑫科材料为控股子公司提供总计6000万元担保 截至2025年6月13日收盘，鑫科材料（600255）报收于3.25元，较上周的3.32元下跌2.11%。本周，鑫科 材料6月10日盘中最高价报3.42元。6月13日盘中最低价报3.25元。鑫科材料当前 ...