Company Overview - Chengdu Xingrong Environment Co., Ltd. is a local state-owned enterprise with a registered capital of 2,984.43 million yuan, primarily engaged in water supply, sewage treatment, sludge treatment, and environmental project management [1][2]. Shareholding Structure - As of the end of 2024, the controlling shareholder is Chengdu Environmental Investment Group Co., Ltd., holding 42.21% of the shares, with the Chengdu State-owned Assets Supervision and Administration Commission as the actual controller [2]. Bond Information - The bond, referred to as "19 Xingrong Green Bond 01/19 Xingrong G1," has a coupon rate of 4.26% for the first three years, which will be adjusted to 3.20% for the fourth and fifth years [2][3]. Performance and Compliance - The issuer has successfully listed the bond on the exchange and has made timely interest payments and principal repayments, with no delays reported [4][5]. Financial Performance - As of the end of 2024, total assets reached 48,448.47 million yuan, a 11.24% increase from 2023, while total liabilities were 28,895.56 million yuan, reflecting a rise in the debt-to-asset ratio to 59.64% [6][7]. - The company reported total revenue of 904,866.98 million yuan in 2024, up 11.90% from 2023, with a net profit of 205,483.74 million yuan, an increase of 8.75% [7]. Cash Flow Analysis - The net cash flow from operating activities was positive, while cash flow from investing activities was negative at -458,551.75 million yuan, primarily due to bond repayments [7]. Outstanding Bonds - The company has several outstanding bonds, including medium-term notes and corporate bonds, with varying maturities and interest rates [8].