Core Viewpoint - Shenzhen Tianjian (Group) Co., Ltd. has issued two bonds, 21 Tianjian Y1 and 23 Tianjian Y1, with a total issuance scale of RMB 32 billion, aimed at repaying maturing debts and improving financial stability [2][4][9]. Group 1: Bond Overview - The 21 Tianjian Y1 bond has an issuance scale of RMB 25 billion with an interest rate of 4.15%, and it is guaranteed by Shenzhen Special Zone Construction Group Co., Ltd. [3][4] - The 23 Tianjian Y1 bond has an issuance scale of RMB 7 billion with an interest rate of 3.98%, also guaranteed by Shenzhen Special Zone Construction Group Co., Ltd. [4][5] Group 2: Financial Performance - For the year 2024, the company's total assets are projected to be RMB 6,390.29 million, a decrease of 8.02% from 2023 [7][8] - The company's total liabilities are expected to be RMB 4,887.82 million, down 10.10% from the previous year [8] - The net profit attributable to the parent company's shareholders is forecasted to be RMB 62.06 million, reflecting a significant decline of 59.09% compared to 2023 [8] Group 3: Revenue Breakdown - The construction business is expected to generate RMB 1,152.49 million, accounting for 48.51% of total revenue [7] - The real estate sector is projected to contribute RMB 1,030.97 million, representing 43.40% of total revenue [7] - Other urban services are anticipated to generate RMB 146.39 million, making up 6.16% of total revenue [7] Group 4: Debt Repayment and Management - The company has successfully utilized the funds from both bond issuances to repay maturing debts, with no remaining balance in the bond accounts as of December 31, 2024 [10][11] - The company has established special accounts at China Merchants Bank for the management of bond proceeds and debt repayment [11] Group 5: Creditworthiness and Debt Servicing - The company maintains a strong credit profile, with a loan repayment rate and interest coverage ratio both at 100% [12] - The current ratio is projected to be 1.44, indicating strong short-term debt servicing capability [12] - The debt-to-asset ratio stands at 76.49%, reflecting a reasonable level of long-term debt sustainability [12]