In the last week of the year, 16 companies were rated, and 5 were downgraded or included in the watch list.

Author | Wei Xinquan

This issue is the last issue of rating observation before the Spring Festival in 2021. In this issue, we paid attention to the credit ratings of 16 companies. However, unlike in the past, where credit ratings were basically AAA, the biggest highlight of this rating is that five companies have had their ratings downgraded or been included in the credit rating watch list. For the remaining 11 companies, we believe that these companies all have their own difficulties. For example, receivables and other receivables account for a large proportion of current assets. Some have affected the company's operations, but the company is still supporting it.

Lianhe Credit Rating Co., Ltd.: Creditors applied for reorganization and downgraded Lucky Air’s credit rating to BB

On February 1, Lianhe Credit Rating Co., Ltd. (referred to as "Lianhe Credit Rating") released An announcement regarding the credit rating of Yunnan Lucky Air Co., Ltd. (referred to as "Lucky Air") lowered the credit rating of Lucky Air from AA- to BB.

The announcement stated that it was affected by the application for reorganization by creditors of the controlling shareholder Hainan Airlines Holding Co., Ltd. ("HNA Holding"). The creditor, Kunming Fei'an Aviation Training Co., Ltd., applied to the court for reorganization due to its lack of solvency and inability to repay due debts. There is uncertainty as to whether it will enter the reorganization process. Affected by the above factors, Lianhe Credit Rating lowered the main credit rating of Xiangpeng Airlines from AA- to BB from the last rating (July 30, 2020), with a negative rating outlook, "17 Xiangpeng MTN001", "17 Xiangpeng MTN001" and "17 Xiangpeng MTN001". The debt credit rating of "Peng 01" was also lowered to BB from the last rating (July 30, 2020) of AA-.

Lianhe Credit: The occupied assets exceed 77%, the project under construction has just begun, and Taizhou Binjiang is under payment pressure

On February 1, Lianhe Credit announced its investment in Taizhou New Binjiang Development Co., Ltd. The latest rating report of the responsible company (referred to as "Taizhou Binjiang"). This time, Taizhou Binjiang's main credit rating is AA, which is consistent with the last rating (July 1, 2020). The debt credit rating of "20 Taizhou Binjiang CP001" is A-1, which is consistent with the last rating (July 1, 2020). July 1) The results are consistent, and the rating outlook is stable.

The actual controller of Taizhou Binjiang is Taizhou State-owned Assets Supervision and Administration Commission. From 2019 to the end of 2020, the company received a financial subsidy of 460 million yuan from the government. The operating income from 2017 to 2019 was 1.283 billion yuan, 1.426 billion yuan, and 1.658 billion yuan respectively, and the total profits were 652 million yuan, 367 million yuan, and 325 million yuan respectively. In the past three years, its operating conditions have been poor, with operating income and total profits showing fluctuating growth. Subsidies are an important supplement to profits and need to improve profitability.

As of September 2020, Taizhou Binjiang’s current assets were 32.547 billion yuan, of which monetary funds were 4.261 billion yuan, and inventories and other receivables*** totaled 25.148 billion yuan, accounting for 7.727% of current assets. , restricted assets were 4.723 billion yuan. At the end of the same period, its planned investment in urban construction infrastructure projects under construction and proposed was 5.2 billion yuan, 400 million yuan had been invested, and 4.8 billion yuan needed to be invested.

In terms of debt, as of January 12, 2021, Taizhou Binjiang's debt due within the next year totals 2.95 billion yuan, which will cause greater repayment pressure. In addition, as of the end of September 2020, its external guarantee amount was 8.981 billion yuan, with a guarantee ratio of 76.81, and it may face certain liability risks.

Lianhe Credit: Poor business conditions, huge investment scale, Tianjin Metro needs to face financing pressure

On February 1, Lianhe Credit announced its investment in Tianjin Metro Group Co., Ltd. (referred to as "Tianjin Metro")'s latest rating report.

This time, Tianjin Metro's main credit rating is AAA, and the debt credit rating of "20jin Metro CP001" is A-1, which are consistent with the results of the last rating (June 23, 2020), and the rating outlook is stable. .

Tianjin Metro’s main business is subway operation and subway resource development. From 2017 to 2019, its operating income was 1.366 billion yuan, 1.170 billion yuan, and 1.193 billion yuan respectively, and its total profits were 814 million yuan, 846 million yuan, and 180 million yuan respectively. In the past three years, its operating conditions have been poor, and its operating income and profits have always shown fluctuating growth. The financial subsidies provided by the government are an effective supplement to profits. From January to September 2020, it received government subsidies of 1.244 billion yuan, accounting for 93.22% of the total profits for the current period.

As of September 2020, its restricted assets are 1.151 billion yuan. The planned investment in subway construction projects under construction is 170.324 billion yuan. 47.522 billion yuan has been invested, and 122.802 billion yuan needs to be invested. The real estate under construction The project plans to invest 3.284 billion yuan, 1.029 billion yuan has been invested, and 2.255 billion yuan needs to be invested. Its investment scale is large and it faces certain financing pressure.

Lianhe Credit: With stable operations and large fluctuations in profits and a high proportion of short-term debt, Weihai Industrial Investment may be under repayment pressure

On February 3, Lianhe Credit released an article about Weihai Industrial Investment The latest rating report of Weihai Industrial Investment Group Co., Ltd. (referred to as "Weihai Industrial Investment"). This time, the main credit rating of Weihai Industrial Investment is AA, and the debt credit rating of "20 Weihai Industrial Investment CP001" is A-1, which are consistent with the last rating results, and the rating outlook is stable.

The actual controller of Weihai Industrial Investment is Weihai State-owned Assets Supervision and Administration Commission. From 2017 to 2019, its operating income was 4.570 billion yuan, 8.144 billion yuan, and 8.737 billion yuan respectively, and its total profits were 471 million yuan, 238 million yuan, and 437 million yuan respectively. In the past three years, its operating conditions have been good, with operating income growing steadily, but total profits have shown fluctuating growth.

In terms of government subsidies and credit lines, it received a financial subsidy of 103 million yuan from the government in 2019. As of the end of September 2020, the credit line it obtained was 13.354 billion yuan, and the unused credit line was 5.164 billion yuan.

As of September 2020, its restricted assets were 2.284 billion yuan, accounting for 6.51% of total assets. The total debt is 15.904 billion yuan, of which short-term debt is 8.017 billion yuan, accounting for 50.41% of the total debt. It is reported that from 2021 to 2023, its debt maturity totals 9.589 billion yuan. Its debts are mainly short-term debts, and the debt structure needs to be optimized. In the short term, it faces greater repayment pressure. In addition, its external guarantee amount is 1.505 billion yuan.

Lianhe Credit Rating: Poor operating conditions and large short-term debt, Chinalco International was included in the credit watch list

On February 3, Lianhe Credit Rating issued an announcement that Chinalco International International Engineering Co., Ltd. ("Chinalco International") was included in the credit watch list.

The announcement stated that due to the impact of the epidemic, Chinalco International’s main business revenue has declined significantly and it is also facing downward pressure on profitability. From January to September 2020, its profit was -50 million yuan, a decrease of 119.67% from the same period in 2019. As of the end of September 2020, its total debt was 16.052 billion yuan, of which short-term debt was 9.717 billion yuan, accounting for 6.053% of the total debt. Short-term debt accounts for a large proportion and faces greater repayment pressure. Because some customers face difficulties in their ability to pay, it needs to make larger capital reserves, which has a certain impact on asset liquidity. Chinalco Group Co., Ltd. (hereinafter referred to as "Chinalco Group") provides a full, unconditional and irrevocable joint liability guarantee for "19 Zhonggong Y1", effectively guaranteeing the redemption of this bond.

Lianhe Credit Rating has included its main credit rating in the credit rating watch list, and the credit rating of the "19 Zhonggong Y1" debt is AAA.

Lianhe Credit: Asset liquidity is weak, investment scale is large, and Chang Gaoxin is under concentrated payment pressure

On February 3, Lianhe Credit announced its investment in Chang Gaoxin Group Co., Ltd. ( (referred to as "Chang Gaoxin")'s latest rating report. This time, Chang Gaoxin's main credit rating is AAA, which is consistent with the last rating (September 25, 2020). The debt credit rating of "20 Chang Gaoxin CP001" is A-1, which is consistent with the last rating (September 25, 2020). August 3) The result is consistent. The debt credit rating of "20 Changgaoxin CP002" is A-1, which is consistent with the result of the last rating (September 25, 2020), and the rating outlook is stable.

Chang Gaoxin is an important infrastructure construction entity in Changzhou City and Changzhou High-tech Zone. From 2017 to 2019, its operating income was 10.554 billion yuan, 11.160 billion yuan, and 11.653 billion yuan respectively, and the total profits were respectively 630 million yuan, 872 million yuan, 1.261 billion yuan. As of the end of September 2020, its total assets were 93.624 billion yuan, monetary funds were 9.454 billion yuan, and inventories, accounts receivable and other receivables totaled 60.819 billion yuan, accounting for 81.54% of current assets; it has obtained a credit line The credit limit is 47.007 billion yuan, and the unused credit line is 18.606 billion yuan.

As of the end of September 2020, it has participated in 4 PPP model projects with a total investment of 4.210 billion yuan. It has invested 1.923 billion yuan and needs to invest 2.287 billion yuan; the total investment in resettlement housing projects under construction is 39 billion, 948 million yuan has been invested, and 2.952 billion yuan needs to be invested; the total investment in real estate projects under construction is 13.875 billion yuan, 8.716 billion yuan has been invested, and 5.159 billion yuan needs to be invested.

In addition, Lianhe Credit pointed out that from October to December 2020, the scale of bonds due from 2021 to 2022 totaled 29.885 billion yuan, and it faced greater centralized redemption pressure.

Lianhe Credit: Large investment scale, environmental protection policies put pressure on cost control, Tianfu Group may face liability risks

On February 5, Lianhe Credit released its investment in Xinjiang Tianfu Group Co., Ltd. (referred to as "Tianfu Group")'s latest rating report. This time, the main credit rating of Tianfu Group is AA, and the debt credit ratings of its "20 Tianfu CP001" and "20 Tianfu CP002" are both A-1, which is the same as the last rating (July 31, 2020) ) results are consistent, and the rating outlook is stable.

Tianfu Group is an important infrastructure operator in Shihezi City. In 2019, it replaced its hydropower equity with waste-to-energy generation to increase its hydropower capacity and effectively adjust the power structure. As of the end of September 2020, its cash assets were 6.296 billion yuan, which was 6.30 times the duration of short-term financing bonds, effectively ensuring the payment of its short-term financing bonds.

From 2017 to 2019, Tianfu Group’s operating income was 8.448 billion yuan, 11.705 billion yuan, and 21.307 billion yuan respectively, and its total profits were 253 million yuan, 216 million yuan, and -168 million yuan respectively. In the past three years, its operating income has grown steadily, but its profits have continued to decline and its profitability needs to be improved. Lianhe Credit pointed out that due to the impact of environmental protection policies for the coal industry in Xinjiang, coal and transportation prices in the region have increased, and it is facing greater cost control pressure.

As of the end of September 2020, Tianfu Group’s restricted assets were 4.389 billion yuan, accounting for 9.45% of the total assets, and all debts were 28.064 billion yuan, of which short-term debt was 13.975 billion yuan, accounting for 4.980% of the total debts. . It needs to optimize its debt structure and faces certain centralized repayment pressure; its projects under construction plan to invest 7.199 billion yuan, 4.917 billion yuan has been invested, and 2.282 billion yuan is still needed, so it will face certain investment pressure.

As of the end of 2019, Tianfu Group’s other receivables were 2.168 billion yuan, mainly related to related party accounts and deposits. The scale of other receivables was large, occupying funds, and there were certain asset management and control risks. As of the end of September 2020, its external guarantee amount was 2.321 billion yuan, and it may face certain compensation risks.

China Chengxin: The proportion of short-term debt is large, land reserves are insufficient, and Blu-ray development has greater concentrated repayment pressure

On January 29, China Chengxin International Credit Rating Co., Ltd. (referred to as "China Chengxin") released its latest rating report on Sichuan Blu-ray Development Co., Ltd. ("Blu-ray Development"). This time, Blu-ray Development's main credit rating is AA, and the debt credit rating of "20 Blu-ray CP001" is A-1, which are consistent with the results of the last rating (June 22, 2020), and the rating outlook is stable.

Blu-ray Development is an early enterprise engaged in real estate development in my country. Its business can be divided into five aspects: real estate development, pharmaceutical manufacturing, modern service industry and others. From 2017 to 2019, its operating income was 24.553 billion yuan, 30.821 billion yuan, and 39.194 billion yuan respectively, and its net profits were 1.251 billion yuan, 2.496 billion yuan, and 4.159 billion yuan respectively. In the past three years, it has been in a growth period, with sales performance on the rise and operating income and net profit growing steadily.

As of the end of September 2020, its monetary funds were 24.933 billion yuan, and its total debt was 74.679 billion yuan, of which short-term debt was 34.905 billion yuan, accounting for 46.74% of the total debt. Its debt maturity structure needs to be optimized and it faces There is a certain amount of concentrated repayment pressure. It is reported that the scale of its stored land is slightly insufficient, and it may face certain capital expenditure pressure when adding new land in the future. Affected by the regulatory policies of the real estate industry such as city-specific policies, the profit margin of the industry continues to narrow, and its profitability will be affected.

CCXI: The scale of receivables is too large, 3/4 of the credit limit has been used, and Xining Urban Investment is under payment pressure

On February 3, CCXI announced its investment in Xining City The latest announcement on the credit rating of Investment Management Co., Ltd. (referred to as "Xining Urban Investment"). This time, the main credit rating of Xining Urban Investment is AA, which is consistent with the result of the last rating (July 28, 2020). The debt credit rating of "20 Xining Urban Investment CP002" is A-1, which is consistent with the last rating (July 28, 2020) July 28, 2020) The results are consistent, and the rating outlook is stable.

Xining Urban Investment’s business sectors involve water supply, finance, real estate and property leasing, public transportation and supporting services, municipal facility maintenance, tourism and catering services, etc. The amount of government debt included in its debt is 20.967 billion yuan.

From 2017 to 2019, Xining Urban Investment’s operating income was 1.152 billion yuan, 1.200 billion yuan, and 1.647 billion yuan respectively, and the net profits were 102 million yuan, 98 million yuan, and 89 million yuan respectively. Its operating conditions are relatively good, but profits continue to decline and profitability needs to be improved. As of the end of September 2020, he and his subsidiary *** had obtained a total credit of 40.310 billion yuan, of which the unused credit balance was 13.442 billion yuan, and the reserve liquidity was relatively sufficient.

As of the end of September 2020, current assets accounted for 36.81% of total assets, and other receivables were 22.335 billion yuan, accounting for 77.18% of current assets. The scale of other receivables is large, which has a significant impact on current assets. Occupied, its assets appear to be less liquid overall. Monetary cash was 3.793 billion yuan, and short-term debt was 5.585 billion yuan. Its monetary cash cannot fully cover short-term debt, and it has certain repayment pressure. In addition, its external guarantee amount was 991 million yuan, accounting for 392% of its net assets at the end of the same period.

Oriental Jincheng: Poor operating conditions, high debt pressure, China Land Development’s rating outlook was adjusted to negative

On January 29, Oriental Jincheng International Credit Rating Co., Ltd. (referred to as "Oriental Jincheng") issued an announcement on the credit rating of China Fortune Land Development Co., Ltd. ("China Land Development"), and the rating outlook of China Fortune Land Development was adjusted to negative.

According to the announcement, China Fortune Land Development was affected by sales collections and business expenses. From January to September 2020, its operating income and net profit fell by 11.79 and 18.59 respectively year-on-year. As of September 2020, its monetary capital coverage ratio for short-term debt was 0.37 times, and its domestic credit bonds due and resold from March to December 2021 totaled 18.625 billion yuan. It faces greater debt pressure. Oriental Jincheng adjusted China Fortune Land Development's rating outlook from stable to negative.

Oriental Jincheng: Poor operating conditions, creditors applied for reorganization, and Phoenix Airport’s credit rating was downgraded

On February 3, Oriental Jincheng released an article about Sanya Phoenix International The credit rating of Airport Co., Ltd. (referred to as "Phoenix Airport") was announced, and the rating of Phoenix Airport was downgraded.

According to the announcement, in the first three quarters of 2020, Phoenix Airport's operating conditions were poor, with operating income and profits declining significantly. "19 Phoenix Airport CP001" will mature on March 21, 2021, and it will face greater debt pressure. Affected by the bankruptcy of its shareholder HNA Group Co., Ltd. ("HNA Group"), its creditors applied to the court for reorganization. Affected by the above factors, Oriental Jincheng lowered the main credit rating of Phoenix Airport to A- from the last rating (July 29, 2020) of AA, and the debt credit rating of "19 Phoenix Airport CP001" was lowered from the last rating (July 29, 2020). (July 29, 2020) was downgraded from A-1 to A-2, and the rating outlook was adjusted from stable to negative.

New Century: Due to the influence of HNA Holdings, Tianjin Airlines’ credit rating was downgraded

On February 2, Shanghai New Century Credit Rating Co., Ltd. (referred to as “New Century”) issued a Announcement regarding the credit rating of Tianjin Airlines Co., Ltd. ("Tianjin Airlines") has been lowered.

The announcement stated that Tianjin Airlines was affected by the application by creditors for reorganization by its controlling shareholder Hainan Airlines Holdings Co., Ltd. ("HNA Holdings"). New Century lowered Tianjin Airlines' main credit rating to BB from the last rating of AA-, and the debt credit ratings of "16 Tianjin Airlines MTN001", "16 Tianjin Airlines MTN004" and "17 Tianjin Airlines MTN001" were all lowered from AA- It is BB and the rating outlook is negative.

New Century: Asset liquidity is weak, and Shanxi Coal Group is under concentrated repayment pressure

On February 3, New Century announced its interest in Shanxi Coal Import and Export Group Co., Ltd. (referred to as " Shanxi Coal Group's latest rating report. This time, the main credit rating of Shanxi Coal Group is AA, which is consistent with the result of the last rating (August 17, 2020). The credit rating of "20 Shanmei CP002" is A-1, which is consistent with the result of the last rating (August 17, 2020). August 17) The results are consistent. The bond credit rating of "20 Shanmei CP003" and "20 Shanmei CP004" is A-1, which is consistent with the result of the last rating (August 3, 2020), and the rating outlook is stable.

Shanxi Coal Group is one of the important coal resource entities in Shanxi Province. From 2017 to 2019, its operating income was 54.540 billion yuan, 55.147 billion yuan, and 56.782 billion yuan respectively, and its net profits were 198 million yuan respectively. yuan, 1.949 billion yuan, 738 million yuan. In terms of credit lines, as of the end of September 2020, it had obtained a credit line of 62.568 billion yuan, of which 25.170 billion yuan had not yet been used, and it had a relatively sufficient reserve fund.

As of the end of September 2020, its rigid debt was 75.677 billion yuan. In 2021, it will need to pay 14.280 billion yuan of bond principal, and it will face greater centralized repayment pressure. At the end of the same period, its current assets were 38.426 billion yuan, and inventories, accounts receivable and other receivables totaled 22.348 billion yuan, accounting for 58.16% of current assets. The occupied funds account for a large proportion and the liquidity of its assets is weak.

Its external guarantee balance is 3.172 billion yuan, and the guarantee ratio is 13.56. From 2017 to 2019, its net operating cash inflows were 2.061 billion yuan, 7.314 billion yuan, and 3.157 billion yuan respectively. In addition, it is involved in multiple economic disputes involving an amount of 3.293 billion yuan, and it may face liability risks. The coal production industry it is mainly engaged in is a high-risk industry, and it will face certain coal mine production safety risks in the long term. In addition, as the downstream demand of the coal mining industry will gradually weaken, it will face certain operating pressure.

New Century: The scale of investment is large, and Shanxi Cultural Tourism Group is facing investment pressure

On February 5, New Century announced its investment in Shanxi Cultural Tourism Investment Holding Group Co., Ltd. (referred to as " Shanxi Cultural Tourism Group’s latest rating report. This time, the main credit rating of Shanxi Cultural Tourism Group is AA, which is consistent with the last rating (July 29, 2020). The debt credit rating of "20 Shanxi Cultural Tourism CP002" is A-1, which is consistent with the last rating. (July 29, 2020) The results are consistent and the rating outlook is stable.

Shanxi Cultural Tourism Group is the core entity in the development of cultural tourism industry in Shanxi Province. Its business involves trade, real estate, quasi-finance and cultural tourism. In the first three quarters of 2020, it obtained the Shanxi Provincial Department of Finance’s The paid-in capital is 200 million yuan. From 2017 to 2019, its operating income was 23.523 billion yuan, 22.287 billion yuan, and 16.639 billion yuan respectively, and its net profits were 106 million yuan, 110 million yuan, and 75 million yuan respectively.

As of the end of September 2020, its total assets were 61.861 billion yuan, restricted assets were 1.412 billion yuan, rigid debt was 32.864 billion yuan, and other receivables and inventories totaled 16.066 billion yuan. The total amount of credit obtained by *** is 29.912 billion yuan, of which 23.133 billion yuan has been used and 6.779 billion yuan has not been used.

As of the end of June 2020, its main urban village renovation project under construction planned to invest 9.616 billion yuan, and 8.454 billion yuan has been invested; the park projects under construction have a total planned investment of 20.684 billion yuan, and 12.298 billion yuan has been invested ; The total planned investment in cultural tourism project development projects under construction is 1.829 billion yuan, and 131 million yuan has been invested. Its investment scale projects are relatively large, and its investment scale is relatively large, so it faces certain investment pressure. As of the end of September 2020, its outstanding external guarantee balance was 2.797 billion yuan, and the guarantee ratio was 15.03.

Oriental Jincheng: The continued growth of expenses during the period has eroded profits, and Yantai Port Group will face greater repayment pressure

On February 3, Oriental Jincheng International Credit Rating Co., Ltd. (referred to as " Oriental Jincheng") released its latest rating report on Yantai Port Group Co., Ltd. ("Yantai Port Group"). This time, its main credit rating is AA, which is consistent with the last rating (June 23, 2020). The debt credit rating of "20 Yantai Port CP002" is A-1, which is consistent with the last rating (June 2020). On March 23), the results were consistent, and the rating outlook was stable.

Yantai Port Group is the most important operating entity of Yantai Port. Its business covers port services such as loading and unloading, storage and port management of Yantai Port, as well as transportation and agency.

From 2017 to 2019, its operating income was 6.447 billion yuan, 8.068 billion yuan, and 8.440 billion yuan respectively, and its total profits were 276 million yuan, 319 million yuan, and 575 million yuan respectively. As of the end of September 2020, the total amount of credit it received was 27.046 billion yuan, and the unused credit line was 13.366 billion yuan, which means it has a relatively sufficient reserve fund.

As of the end of September 2020, the book value of Yantai Port Group’s restricted assets was 1.383 billion yuan, accounting for 3.02% of total assets. It is reported that the total debt it needs to repay between October 2020 and 2021 is 11.676 billion yuan, so it faces greater concentrated repayment pressure in the short term.

As of the end of September 2020, its external guarantee amount was 603 million yuan, and its guarantee ratio was 4.57. It may have liability risks. From 2017 to 2019, the period expenses were 1.202 billion yuan, 1.473 billion yuan, and 1.817 billion yuan respectively. In the past three years, its period expenses have continued to increase, which has eroded profits to a certain extent.

Dongfang Jincheng: Liquid assets are limited to 80%, investment scale is large, Caofeidian State Holding has expenditure pressure

On February 3, Oriental Jincheng announced its investment in Caofeidian State Holding The latest rating report of Caofeidian Group Co., Ltd. (referred to as "Caofeidian State Control"). This time, the main credit rating of Caofeidian State Control is AA, which is consistent with the last rating (November 10, 2020). The debt credit rating of "20 Caofeidian State Control CP001" is A-1, which is consistent with the last rating result. (July 24, 2020) The results are consistent and the rating outlook is stable.

Caofeidian State Holdings is the most important entity in infrastructure construction, land development and port operations in Caofeidian District. Its business involves infrastructure construction, land reclamation and land development, and Caofeidian port operations. From January to September 2020, it received financial subsidies of 834 million yuan.

From 2017 to 2019, Caofeidian State-controlled operating income was 9.256 billion yuan, 9.523 billion yuan, and 12.042 billion yuan respectively, and the total profits were 1.311 billion yuan, 1.237 billion yuan, and 1.339 billion yuan respectively. Oriental Jincheng pointed out that Caofeidian State Holdings' operating income has grown steadily in the past three years, but its profits are volatile. Financial subsidies are an important supplement to profits. Its profitability is average and needs to be improved.

At the end of September 2020, its total assets were 147.102 billion yuan, and restricted assets were 6.906 billion yuan, accounting for 4.69 of the total assets. Non-current assets accounted for 5.821% of total assets, current assets were 61.471 billion yuan, accounts receivable, other receivables and inventory*** totaled 49.396 billion yuan, accounting for 80.36% of current assets. The size of the occupied funds is relatively large and the liquidity of the assets is weak.

At the end of the same period, Caofeidian State Holdings planned to invest 140 million yuan in the main land reclamation and land development projects under construction, 120 million yuan has been invested, and 20 million yuan is still needed; the total planned investment of the proposed project ***The total investment amount is 56 million yuan, the total investment in important infrastructure construction projects under construction is 21.6295 million yuan, and 12.186 million yuan has been invested; the total planned investment amount of the proposed project is 266 million yuan. Caofeidian has many state-controlled investment projects and large investment funds, so there is certain capital expenditure pressure.

As of the end of September 2020, its external guarantee balance was 11.417 billion yuan, and the guarantee ratio was 16.05. It has certain compensation risks.