Fuyao glass shop management slogan daquan

In this issue, the Anti-Short-Selling Research Center observed that six domestic rating companies issued credit rating reports of 19 companies. In these reports, except for Xu Dong Optoelectronics, the ratings of other companies are the same as last time, but from the risk warnings given by rating companies, the risk warnings of listed companies last week can be described as treading on thin ice. Some enterprises with overseas business income, or enterprises with raw materials from overseas, such as Fuyao Glass, Ordnance Industry Group and Liugang Group, have outstanding risks.

Judging from these rating reports, due to the epidemic, the operating income and profits of China-based enterprises are declining, but accounts receivable, inventory and debts are rising, giving people a heavy sense of crisis. However, the income and profits of some enterprises are rising, which is undoubtedly a good phenomenon.

Sino-Singapore: Fuyao Glass's overseas business expansion is uncertain.

On July 27th, China Chengxin International Credit Rating Co., Ltd. (hereinafter referred to as "China Chengxin") issued a rating report on Fuyao Glass Industry Group Co., Ltd. (hereinafter referred to as "Fuyao Glass"). The credit rating of this entity is AAA, and the debt credit rating of "20 Fuyao Glass MTN002" is also AAA, both of which are consistent with the last rating (April 2020 17), and the rating outlook is stable. The credit rating of "20 Fuyao (epidemic prevention and control debt) MTN00 1" is AAA, which is consistent with the previous rating (20 1 July 91).

Fuyao Glass is a listed company engaged in glass production and sales. As the largest supplier of automobile glass in China, Fuyao Glass plays an important role in the industry. The data shows that the operating income of Fuyao Glass in 20 19 was 2110.04 million yuan, an increase of 879 million yuan compared with 20 18 years; The income from overseas business in 20 19 was10/88 million yuan, an increase of 22.57% compared with 20 18. In terms of market net profit, it was 28.98 yuan in 20 19, a decrease of12.09 million yuan compared with 20 18. In terms of market share, in 20 19, the company's domestic automotive glass market share exceeded 65%, and the global market share was about 23%. In terms of liabilities, by the end of March 2020, its asset-liability ratio was 4.76 1%, the total bank credit was 39.673 billion yuan, and the balance of unused credit was 26.905438+0 billion yuan.

China Cheng Xin pointed out that the expansion of Fuyao Glass's overseas business is uncertain. The reason is that since 20 19, global trade protectionism has intensified, the RMB exchange rate has continued to fluctuate, and the trade conflict between China and the United States has intensified, which has led to the deterioration of the overseas investment environment. In China, automobile sales have been declining since 20 19, which leads to a decline in the demand for automobile glass. This year, all aspects of the automobile industry have been greatly affected by the epidemic, which has aggravated the sales difficulty of automobile glass and affected the operating income, and its market net profit needs to be improved.

China Cheng Xin: Zhen Shi Group's asset liquidity is tight, and it faces repayment pressure and overseas operation risks.

On July 27th, China Chengxin released the rating report of Zhen Shi Group Co., Ltd. (Zhen Shi Group for short). The credit rating of this course and the latest rating (2065438+July 26th, 2009) are AA, and the rating outlook is stable.

Zhen Shi Group is a listed company which mainly produces and sells stainless steel, and has a strong regional competitive advantage. According to the data, Zhen Shi Group's operating income of 20131590,000 yuan is more than 20 1081000,000 yuan; Net profit101800 million yuan, more than 20 181.1100 million yuan. The 3 10S and 309 heat-resistant steels produced by the company account for about 50% of the hot-rolled market in Wuxi, and 3 16L accounts for 20% of the market in Wuxi.

Zhen Shi Group is the second largest shareholder of China Jushi Co., Ltd. (known as "China Jushi"), while China Jushi is the world's leading manufacturer of glass fiber yarn, which has brought huge investment income to Zhen Shi Group.

In terms of debt, by the end of March 2020, Zhen Shi * * * had obtained a bank credit line of 9.023 billion yuan, with an unused line of 744 million yuan. However, its total debt is 9.858 billion yuan and its short-term debt is 7.583 billion yuan. China Cheng Xin pointed out that Zhen Shi Group will face certain repayment pressure and its debt structure needs to be optimized.

In terms of liquidity, due to the increasing scale of accounts receivable, by the end of March 2020, the total limited assets of Zhen Shi Group were 6.944 billion yuan, accounting for 28.95% of the total assets. China Cheng Xin pointed out that the accounts receivable of Zhen Shi Group mainly came from the current accounts of related parties, which occupied a certain amount of funds.

In terms of overseas projects, as of the end of March 2020, the main overseas projects under construction include the Asian Games Indonesia Nickel Iron Production Project and the Weidabei Industrial Park Project. Its overseas projects will face the related risks brought by overseas political, legal and exchange rate fluctuations and the spread of COVID-19 epidemic abroad.

Sino-Singapore: If the overseas M&A performance is not up to standard, China Mengniu will have the risk of goodwill impairment.

On July 28th, China Chengxin released the rating report of China Mengniu Dairy Co., Ltd. (hereinafter referred to as "China Mengniu"). The main credit rating of China Mengniu is AAA, and the credit rating of "19 Mengniu MTN00 1" debt is AAA, which is consistent with the last rating (20191.4), and the rating outlook is stable.

The data shows that in 20 19, the annual output of China Mengniu dairy products reached 9.5 million tons/year, ranking among the top ten in the world for three consecutive years; Operating income was 79.03 billion yuan, an increase of 65.438+04.57% compared with 2065.438+08; The annual profit was 4.296 billion yuan, an increase of 365.438+0.90% compared with 2065.438+08; In terms of product share, the domestic market share of normal temperature and low temperature products in its liquid milk products is 27.2% and 23.5% respectively.

As a listed company, China Mengniu has relatively smooth financing channels. In 20 19, the total amount of credit granted was 50.448 billion yuan, and the unused credit line was 34.787 billion yuan. China Cheng Xin believes that China Mengniu's debts are borrowed in foreign currencies such as US dollars and Hong Kong dollars on a large scale, or it faces certain exchange rate fluctuation risks.

China Cheng Xin pointed out that China Mengniu completed the acquisition of the entire equity of Australian dairy company Bellamy'sAustralia Limited (hereinafter referred to as "Bellamy") at the end of October/October/September, and intends to accept Lion-Dairy &; 100% equity of drinks pty ltd (hereinafter referred to as "LDD company"). Due to its large acquisition scale, if its operating performance fails to meet expectations, it will face impairment of goodwill.

Sino-Singapore: Some products cannot be sold due to policy reasons, and China Heavy Duty Truck has too many short-term liabilities to be optimized.

On July 28th, China Chengxin released the rating report of China National Heavy Duty Truck Group Co., Ltd. ("China National Heavy Duty Truck"). The credit rating of this subject is AAA, and the credit rating of "19 National Heavy Duty Truck CP00 1" is A- 1, which are consistent with the previous rating (March 9, 2020), and the rating outlook is stable.

China Heavy Truck Co., Ltd. is one of the leading heavy truck manufacturers in China, and its position in the industry is remarkable. 20 19 years accounted for 16.26% of the heavy truck market above 4 tons/kloc-0, ranking third in the industry. Its business also involves real estate development and finance, and its business fields are diversified, which enhances the overall ability to resist risks. In terms of financing, it has strong cash flow ability. The net cash flow from operating activities in 20 19 was102.44 million yuan, an increase of 37.82% over that in 20 18. In terms of bank credit, by the end of March 2020, the total credit was 70.626 billion yuan, and the unused line was 53.899 billion yuan.

In terms of debt, by the end of March 2020, its short-term debt was 20188 million yuan, accounting for 84.30% of the total debt. Its debt repayment pressure is great, and its debt structure needs to be optimized. Affected by the national rectification of "big tons and small standards", some light truck models produced by it stopped production and sales, which led to a decline in light truck sales and also affected its operating income.

Honesty: the increase in expenses during the period erodes profits and new categories increase. The good days of Tsingtao Brewery Group are gone.

On July 28th, China Chengxin released the rating report of Tsingtao Brewery Group Co., Ltd. (referred to as Tsingtao Brewery Group). The main credit rating of Tsingtao Brewery Group this time is AAA, which is consistent with the last rating result, and the rating outlook is stable.

Tsingtao Brewery Group has a market share of over 50% in Shandong, Shanxi and other provinces. By the end of 20 19, it had 15850 dealers in China. Operating income was 28.665 billion yuan, up 4.85% compared with 20 18; The net profit was 65.438+99.4 million yuan, an increase of 28.63% compared with 2065.438+08. The net cash flow from operating activities is 56,543.8+0.02 billion yuan.

From 20 18 to 4.672 billion yuan. By the end of March 2020, the accumulated credit was 22.45 billion yuan, of which 21.41.90 billion yuan was unused. As its holding subsidiary Tsingtao Brewery Co., Ltd. (hereinafter referred to as "Tsingtao Brewery") is an A+H-share listed company, it can raise funds through its subsidiaries.

The data shows that the cost of Tsingtao Brewery Group during 20 19 is 6.633 billion yuan; In the first quarter of 2020, both revenue and profit were in a downward phase. China Cheng Xin pointed out that Tsingtao Brewery Group's high expenses during the period eroded its profits to some extent. However, with imported beer and refined beer entering the market, the competition in the beer industry is further intensified.

Zhongxin: The performance will be affected by the policy of speeding up and reducing fees, and 5G will increase the pressure on China Unicom's expenditure.

On July 29th, China Chengxin released the rating report of China United Network Communication Co., Ltd. (referred to as "China Unicom"). The credit rating of China Unicom this time is AAA, and the credit rating of "19 Unicom MTN00 1" is also AAA, which is consistent with the previous rating (20191.7), and the rating outlook is stable.

In 20 19, the net profit of China Unicom was102.6 billion yuan, an increase of 21.22% compared with 20 18; The net cash flow from operating activities was 9.51.1.20 billion yuan, an increase of 390 million yuan compared with 20 18. Since 20 19, the state and relevant ministries and commissions have repeatedly proposed to speed up the construction of new infrastructure such as 5G networks and data centers, which has provided a good external environment for the development of Unicom's operating companies.

China Cheng Xin pointed out that the competition scope of the three major service operators in China has expanded, which has intensified the competition in this industry. The performance of China Unicom will be affected by the relevant policies of the communication industry and the policies of speeding up and reducing fees. With the increasing investment in infrastructure network construction and 5G business layout, China Unicom will face certain capital expenditure pressure.

Zhongxin: The shares held by the controlling shareholder were frozen by the judiciary, and the credit rating of Xu Dong Optoelectronics was downgraded.

On July 30th, Zhongxin released the rating report of Xu Dong Optoelectronic Technology Co., Ltd. ("Xu Dong Optoelectronic" for short). The credit rating of Xu Dong Optoelectronic Company this time is C, and the debt credit ratings of "16 Xu Dong Optoelectronic MTN00 1A" and "16 Xu Dong Optoelectronic MTN002" are also consistent with the last rating result (20 19 12), but ".

By the end of 20 19, the book value of Xu Dong optoelectronics' restricted assets was 241.1500 million yuan, and its controlling shareholder, Xu Dong group, pledged 799.6 million shares of the company, accounting for 87.39% of its shareholding ratio, which has been frozen by the judiciary; Since June 20 1 19, Xu Dong optoelectronics has defaulted on several bonds. At present, the total amount of bond default and capital litigation is 5 1.5 1 100 million yuan.

In terms of operating income, the total operating income of Xu Dong Optoelectronics is 2017.529 billion yuan, which is 10683 billion yuan lower than that of 20 18, and its net profit is-15.58 million yuan, which is 3.827 billion yuan lower than that of 20 18.

Zhongxin pointed out that ZTE Caiguanghua Certified Public Accountants (special general partnership) (referred to as "ZTE Finance") issued a negative opinion on its internal control in 20 19 due to the tight liquidity of Xu Dong Optoelectronics assets, the decline in profitability, the failure to effectively implement the internal fund management control system and major defects, as well as the large external guarantee of its subsidiaries and the failure to perform decision-making procedures in accordance with the relevant regulations of the company. In addition, due to the failure to accurately disclose important information, it failed to reply to the Shenzhen Stock Exchange's inquiry within the prescribed time limit and received a supervision letter from the Exchange.

Zhongxin: The control right of Kangmei Pharmaceutical may change, and the related party funds may not be recovered.

On July 3rd, Kloc-0, China Chengxin released the rating report of Kangmei Pharmaceutical Co., Ltd. (hereinafter referred to as "Kangmei Pharmaceutical"). This time, the main credit ratings of Kangmei Pharmaceutical are C, "17 Kangmei MTN00 1", "17 Kangmei MTN002", "17 Kangmei MTN003" and "18 Kangmei MTN00/" China Cheng Xin said that the above bonds of Kangmei Pharmaceutical were included in the watch list for possible downgrade.

Kangmei Pharmaceutical Co., Ltd. is a listed company engaged in the production and sales of traditional Chinese medicine, and has formed an integrated operation mode and business system of the whole industrial chain of traditional Chinese medicine. The market awareness of Chinese herbal pieces produced by it is high, and the business of Chinese herbal pieces is in the leading position in the industry. There are 1 1 production bases in China, which can produce 1, 000 kinds of products and more than 20,000 specifications. At the end of 20 19, a stock loan syndicated contract was signed with 13 banks, with a loan of 10048 billion yuan, which effectively eased the short-term debt repayment pressure.

China Cheng Xin pointed out that due to the imperfect internal governance and major defects in internal control of Kangmei Pharmaceutical, Lixin Certified Public Accountants (special general partnership) (hereinafter referred to as "Lixin Firm") issued a negative audit report on the internal control of its 20 19 financial statements. In addition, related parties account for a relatively large proportion, accounting for 94,865,438+0 billion yuan in 2065,438+09, and there is a risk that they cannot be recovered in time.

Joint credit investigation: There are more undistributed profits, and the operating pressure of Lingyun shares has increased.

On July 27th, United Credit Rating Co., Ltd. (referred to as "United Credit Rating") announced the rating report of Lingyun Industrial Co., Ltd. (referred to as "Lingyun Shares"). The credit rating of Lingyun shares this time is AA+, and the debt credit rating of "18 Gong Ling MTN00 1" is also AA+, which is consistent with the previous rating (20 19, 18), and the rating outlook is stable.

Lingyun Co., Ltd. is a listed company engaged in the production and sales of auto parts and plastic piping systems, and China Ordnance Industry Group Co., Ltd. is its actual controller. In terms of credit, by the end of March 2020, the credit line had reached 6.494 billion yuan, of which 46.5438+0./kloc-0.80 billion yuan was unused; In 20 19, its total debt was 4.344 billion yuan, of which short-term debt accounted for 7 1.38%.

United Credit pointed out that due to the decline in domestic automobile sales and the decline in demand for auto parts, Lingyun shares will face certain operating pressure and heavy repayment pressure, and the debt structure needs to be optimized.

Joint credit: accounts receivable and inventory occupy a lot of money, and Gaowei Group has a heavy debt burden.

On July 30th, United Credit released a rating report on Gaowei Group Co., Ltd. (hereinafter referred to as "Gaowei Group"). The main credit rating of Gaowei Group this time is AA+, in which the credit rating of "20 Gaowei (epidemic prevention and control debt) MTN00 1" is AA+, which is consistent with the last rating (April 2, 2020); The debt credit rating of "19 Gaowei MTN00 1" is AA+, which is consistent with the previous rating (2065438+June 2, 2009), and the rating outlook is stable.

Gao Wei Group is a company mainly engaged in the production and sales of disposable medical devices and drugs, and its business involves medical care and real estate. Is the largest importer and syringe manufacturer in China, and its market share of irradiated syringe products is 100%. TPE infusion set products occupy 85% of the high-end infusion set market. The company's operating income in 20 19 was 200.4 1 100 million yuan, a year-on-year increase of11.03%; Net profit was 2.472 billion yuan, a year-on-year decrease of 65.438+0.48 billion yuan; Operating cash flow was 4.653 billion yuan, up 145438+0% year-on-year.

In 20 19, the accounts receivable and inventory of gaowei group reached153.4 billion yuan, which occupied its funds to some extent; During the period, the cost was 8.063 billion yuan, a year-on-year increase of 23.70%; Its total debt was 2.41.27 billion yuan, up 9.3 1% year-on-year. By the end of March 2020, its interest-bearing debt was 25.429 billion yuan, an increase of 5.40% compared with the end of 20 19; In addition, its external guarantee involves 436 million yuan, and the guarantee targets are mostly private enterprises in Shandong.

UniCredit pointed out that the accounts receivable and inventory of Gaowei Group are large, the debt scale continues to increase, and the debt burden is heavy. Due to the problem of external guarantee, there is a risk of contingent liabilities.

Joint credit granting: The political situation in overseas strategic areas is turbulent, and the Ordnance Industry Group has overseas business risks.

On July 3 1, United Credit released the rating report of China Ordnance Industry Group Co., Ltd. (hereinafter referred to as "Ordnance Industry Group"). The main credit rating of this ordnance group is AAA, and the debt credit ratings of "16 ordnance MTN00 1" and "15 ordnance MTN00 1" are AAA, which is consistent with the last rating (July 20 19).

Ordnance Industry Group's operating income in 20 19 was 4747 10/0 billion yuan, up 4.34% year-on-year; Total profit 178 1 100 million yuan, an increase of 7.03% over 20 18; The net operating cash flow was 28.669 billion yuan, an increase of 53.74% over 20 18. However, United Credit pointed out that Ordnance Industry Group will face certain overseas operation risks.

It is reported that the overseas strategic resources business income of Ordnance Industry Group in 20 19 was 200.557 billion yuan, accounting for 42.25% of the business income of that year. Its overseas strategic resources business is mainly concentrated in the Middle East, Africa and other regions, where political and economic stability is poor, and related businesses have certain operational risks. In addition, its subordinate civilian products enterprises involve many fields, and the adjustment of enterprise product structure will lead to more intense market competition in related businesses.

Joint credit: The cash flow of Xinhua Group III is good, but there is operating pressure.

On July 28th, United Credit Rating Co., Ltd. (hereinafter referred to as "United Credit Rating") announced the rating report of Xinxing Jihua Group Co., Ltd. (hereinafter referred to as "Xinxing Jihua Group"). The main credit rating of Xinjihua Group is AAA, and the credit rating of "20 Xinjihua Y2" is also AAA, which is consistent with the last rating (March 2020 10). The credit rating of "20 Xinji Y 1" is consistent with the last rating (February 25th, 2020), and both are AAA; ; 18 new era Y5 ",18 new era Y3", 18 new era Y3 ",18 new era Y2", 18 new era Y 1 ","

Xinhua Group's main business includes metallurgical casting, textile, equipment manufacturing, trade logistics and so on. By the end of 20 19, the company had consolidated assets of 654.38+30.934 billion yuan, total liabilities of 76.965 billion yuan, and owners' equity (including minority shareholders' equity) of 53.969 billion yuan, of which the owners' equity attributable to the parent company was 33.440 billion yuan. In 20 19, the company realized operating income of140.267 billion yuan and net profit (including minority shareholders' gains and losses) of 2.257 billion yuan, of which the net profit attributable to the owners of the parent company was1370 million yuan; The net cash flow from operating activities was 8.077 billion yuan, and the net increase of cash and cash equivalents was 4.383 billion yuan.

According to United Credit, the operating cash flow of Xinhua Group III is in good condition, with unlimited funds of RMB 2,2761billion at the end of 20 19 and unused credit line of RMB103010.8 billion. Due to the intensification of market competition, there is a certain operating pressure in the textile business, and the metallurgical casting business will be affected by the periodic changes in the steel industry.

In the new century, the risk of overseas raw materials is great, the pressure of projects under construction is great, and the expenditure pressure of Liugang Group is great.

On July 29th, New Century Credit Rating Investment Service Co., Ltd. (referred to as "New Century") published its latest rating report on Guangxi Liuzhou Iron and Steel Group Co., Ltd. (referred to as "Liugang Group"). The main credit rating of Liugang Group and the debt credit rating of "20 Liugang Group MTN00 1" are AAA, which is consistent with the previous rating (20 19 1 15), and the rating outlook is stable.

In addition, the debt credit rating of "19 Liugang MTN002" is AAA, which is consistent with the last rating (20 19 August 2 1), and the debt credit rating of "19 Liugang MTN00 1" is AAA, which is the same as the last rating.

Liugang Group is the only large-scale steel listed enterprise in Guangxi at present. Its core business is steel, and it also develops energy and chemical products, trade and real estate. Capital increase by shareholders in 20 191400 million yuan. Its operating cash flow is good. From 20 17 to 20 19, its operating cash flows were 7.682 billion yuan, 7.894 billion yuan and 7.522 billion yuan respectively. By the end of March 2020, the total bank credit was 60.589 billion yuan, and the unused line was 28.303 billion yuan.

In the new century, it is pointed out that because the iron ore needed by Liugang Group depends on outsourcing, mainly from imports, it is easily affected by the fluctuation of international iron ore prices. Since 20 19, the price of imported iron ore has risen sharply, which has led to the increase of operating costs of Liugang Group, and it will also face the risk of raw material price fluctuation in the future. In terms of projects under construction, the newly merged 11th Metallurgical Company did not complete the contract amount at the end of 2065438 106 1 1 100 million yuan. The company's construction business model needs to advance funds, which will occupy its funds to a certain extent; By the end of March 2020, the accumulated investment has reached13.642 billion yuan, and another 33.065 billion yuan will be invested in the next two years, which is facing greater capital expenditure pressure.

In terms of litigation, by the end of 20 19, there were many litigation cases involving 22 million yuan.

New century: most of the credit lines have been used, and general technology still needs a lot of money.

On July 30th, New Century Assessment released the rating report of China General Technology (Group) Holding Co., Ltd. (hereinafter referred to as "General Technology"). The credit rating of this general technology subject is AAA, and the debt credit ratings of "16 general 0 1", "16 general 02" and "18 general 0 1" are all AAA, which is the same as the previous rating (20 19)

General technology business can be divided into three major sectors: advanced manufacturing and technical services, medicine and health, trade and engineering contracting. There are a number of listed subsidiaries, with operating income of 2.0183276 billion yuan, an increase of 7.58% over 20 18; The net profit was 5.38 billion yuan, an increase of 9.39% over 20 18; Operating cash flow was-2.426 billion yuan, an increase of 267 million yuan compared with 20 18. From 20 17 to 20 19, the government subsidies for general technology were 390 million yuan, 277 million yuan and 354 million yuan respectively. By the end of 20 19, the company had obtained a credit line of1899.87 billion yuan, with an unused credit line of 87.42 billion yuan.

In the new century, it is pointed out that the commodity trade and international engineering contracting business of general technology are easily influenced by the international political, economic and trade situation; Because the construction business is affected by the slow progress of project funds, it occupies its funds and weakens its liquidity. With the growth of the company's financial leasing business, there is a great demand for funds in the future, and it will face certain financial pressure; The business cooperation between its sectors is not high, and it will also face certain management pressure.

Dagong International: The debt is nearly 55 billion, and there are 67.6 billion bills. Yitai Group is under great pressure to pay.

On July 27th, Dagong International Credit Rating Co., Ltd. (referred to as "Dagong International") released the latest rating report on Inner Mongolia Yitai Group Co., Ltd. (referred to as "Yitai Group"). The main credit rating of Yitai Group and the credit rating of "18 Yitai MTN00 1" debt are AA+, which is consistent with the previous rating (2065438+June 24, 2009), and the rating outlook is stable.

Yitai Group is the largest local coal enterprise in Inner Mongolia. Because Yitai Chemical-65438+200,000 tons fine chemicals project was put into production, the income of coal chemical business increased significantly. The revenue of coal chemical business in 20 19 increased by 98.69% compared with that in 20 18, but other receivables of the company were110.3 million yuan.

By March 2020, the company's interest-bearing debt was 54.753 billion yuan, accounting for 85.23% of all liabilities; The planned investment of major projects under construction is 83.342 billion yuan, of which the accumulated investment is 65.438+05.648 billion yuan, and another 67.694 billion yuan is needed, including 79.65438+0 billion yuan in 2020. The external guarantee amount is11690,000 yuan, and the guarantee object is local enterprises, and the guarantee area is relatively concentrated, or it faces certain guarantee risks. Dagong International pointed out that Yitai Group has a high debt and a large amount of expenditure in the future, and the company has certain expenditure risks.

Dagong International: Salt Lake industry turned losses into profits, and its credit rating was put on the watch list.

On July 28th, Dagong International issued a credit rating announcement on Qinghai Salt Lake Industry Co., Ltd. (referred to as "Salt Lake Industry"). The credit rating of salt lake industry and the debt credit rating of "15 salt lake MTN00 1" and "16 Qinghai salt lake MTN00 1" are BB, which is the same as the last rating result (20 19 12.4).

According to the announcement, Golmud Taishan Industrial Co., Ltd. (referred to as "Taishan Industry" for short) applied to Xining Intermediate People's Court on August 5, 20 19 for the restructuring of Salt Lake shares, with the debt that Salt Lake Industry could not repay due to 4.39 million yuan. Salt Lake shares were carried out in strict accordance with the restructuring plan. In the first half of 2020, the net profit attributable to the listed shareholders of Salt Lake Industry turned losses into profits. Dagong International maintains the credit rating of Salt Lake Industry and continues to include it in the credit rating watch list.

Dagong International: Shareholders occupy a lot of funds, and Jin Shiyuan Group has a heavy debt burden.

On July 30th, Dagong International released a rating report on Jin Shiyuan Group Co., Ltd. (referred to as "Jin Shiyuan Group"). This time, the main credit rating of Jin Shiyuan Group and the debt credit ratings of "16 Jin Shiyuan MTN00 1", 17 Jin Shiyuan MTN00 1 "and 17 Jin Shiyuan MTN002" are AA, which is the same as the previous rating (20654302

Jin Shiyuan Group is a listed company engaged in liquor production and sales. In 20 19, the operating income was 4.882 billion yuan, an increase of 30.22% over 20 18; The net profit was 65.438+37.6 million yuan, an increase of 28.47% over 2065.438+08. Operating cash flow is131700 million yuan, an increase of18.12% compared with 20 18; R&D investment was 4.882 billion yuan, accounting for 29% of operating income. As of March 2020, 24 invention patents have been authorized; Authorized 32 utility model patents.

Dagong International pointed out that the liquor sales area in this century is mainly in Jiangsu Province, with a large debt scale and a heavy debt burden. At the end of March 2020, its total debt was 4.809 billion yuan. Other accounts receivable are large in scale, among which the shareholder Jiangsu Anton Holding Group Co., Ltd. accounts for 265,438,300 yuan, accounting for 72. 10% of other accounts receivable, which occupies a certain amount of funds and weakens the liquidity of funds.

Dongfang Jincheng: Facing the pressure of repayment and investment expenditure, Gujia Group also faces the risk of impairment of goodwill.

On July 27th, Oriental Jincheng International Credit Rating Co., Ltd. (referred to as "Oriental Jincheng") issued a rating report on Gujia Group Co., Ltd. (referred to as "Gujia Group"). The main credit rating of Gujia Group and the credit rating of "19 Gujia MTN00 1" debt are both AA, which is consistent with the result of the last rating (July 29th, 2009, 2065438), and the rating outlook is stable.

In 20 19, the output of household products of gujia group was 2,856,500 standard sets, which was 62.93% higher than that in 20 18. Operating income15.995 billion yuan, an increase of 56.97% over 2065.438+08; The total profit was 8,654,388+08,000 yuan, a decrease of 6,543,880,000 yuan compared with 2065,438+08; The company has more than 45 18 self-owned brand stores, 296 more than 20 18, covering more than 30 provinces and cities in China. The company also has 1059 R&D personnel, accounting for 7.75% of its total number; R&D investment was 654.38+0.98 billion yuan, an increase of 44.6 1% compared with 2065.438+08.

The data shows that at the end of 20 19, other accounts receivable of Gujia Group were 2.095 billion yuan, of which the related party involved in the top five other accounts receivable was 1042 billion yuan, which will face certain recovery pressure; Its total debt is 7.729 billion yuan, of which the short-term interest-bearing debt is 465.438+63 billion yuan, which will face certain repayment pressure; A number of acquisitions have been made since 20 18, and if the business of the acquired enterprises fails to meet the expected situation, they will face the risk of impairment of goodwill; Its main projects under construction are planned to have a total investment of 4.535 billion yuan, with a cumulative investment of1.21.40 billion yuan, and will invest 33.21billion yuan in the future, which is a great pressure on investment and expenditure.

Oriental Jincheng: Accounts receivable and prepayments account for 50%, and Jizhong Energy Group has a serious capital occupation.

On July 30th, Dongfang Jincheng released the rating report of Jizhong Energy Group Co., Ltd. (referred to as Jizhong Energy Group). The main credit rating of Jizhong Energy Group is AAA, which is consistent with the last rating (May 8, 2020), and the rating outlook is stable.

In addition, several debt ratings of CIMC Energy Group are consistent with the previous rating results, among which "20 Jizhong Energy CP005" has a credit rating of A- 1 and "20 Jizhong Energy CP004" has a credit rating of A-1; The credit rating of "20 Jizhong Energy MTN002" is AAA；; The credit rating of "20 Jizhong Energy CP003" is a-1; The credit rating of "20 Jizhong Energy CP002" is a-1; The credit rating of "20 Jizhong Energy MTN00 1" is AAA；; The credit rating of "20 Jizhong Energy CP00 1" is A-1; The credit rating of "19 Jizhong energy CP009" is a-1; The credit rating of "19 Jizhong Energy CP0 10" is A-1; The credit ratings of "19 Jizhong Energy MTN004B" and "19 Jizhong Energy MTN004A" are AAA；; The debt credit rating of "19 Jizhong Energy MTN003" is AAA；; The credit rating of "19 Jizhong Energy MTN002" is AAA.

Jizhong Energy is a large coal development group, whose business covers coal, logistics trade, chemical industry, medicine and other fields. In 20 19, the coal output of the group in the mining area of Hebei province was 28.3708 million tons, accounting for 55.90% of the raw coal output of Hebei province; By the end of 20 19, it had coal geological reserves of11970,000 tons (excluding local entrusted coal mines) and recoverable reserves of 4,245,438+0 million tons. Its subsidiary, Huabei Pharmaceutical, is one of the largest antibiotic production bases in China.

In 20 19, the operating income was 2118.55 million yuan, a decrease of10.35% compared with 20 18; The total profit was 2.003 billion yuan, up 26.05% compared with 20 18, and the net operating cash flow was 30.6 1 100 million yuan, up 49.43% compared with 20 18. Among them, due to the increase in coke and methanol sales, its chemical business income was118.65 million yuan, an increase of 9.90% over 20 18; With the transformation and adjustment of product structure to high-margin preparations and drugs, the profitability of pharmaceutical business has been rapidly improved, and the income of pharmaceutical business has reached 2013.465 billion yuan, an increase of 49. 18% over 20 18.

Dongfang Jincheng pointed out that at the end of 20 19, the receivables and prepayments of Jizhong Energy accounted for more than 50% of the company's current assets, and the receivables and prepayments were large, occupying its funds; The monetary fund is 23.389 billion yuan, and the short-term interest-bearing debt is 104384 billion yuan. Its monetary funds cannot completely cover short-term interest-bearing debts, and it will face certain pressure of centralized debt repayment. Affected by the epidemic, its overall profitability may decline in 2020.