CCX 1-202022970-0 I
i}7f~f"T 2020 ~i}fi.li!~
mw&~~
(
I.WEl~~A: ~~J~~ ychliu@ccxi.com.cn ~~~ i'f
r_w El mm93.: ::EI.f*t.W Ibwang@ccxi.com.cnJ ~;f-f.~
Iti!: (0 10)66428877
1~~: (010)66426100
2020 fF. 01 ~ 02 B
f~l\'\ co~l§CooCnXmI China Chcnh"' in Internati onal Credit Ra ting Co ,Ltd
? *~wm~~~A~nwm.~~*~wm?~~~~~~~~w?~?~~~n~~*' ~~~~~
~w?~-~~ae~~~~~*~w?~~~~.~~.0~~~-~~; *~Will~§m~~&~m
w?~~~A~~w?~?~oo~~~ae~~~~~*~w?~~~~. ~~.0~~~-~*·
? *~w?*?w?~?·~~a~fr~~*0~~m~, ffi~m~~*~tt. ?~tt.~?tt.m~tt
~wm~a~M. ~~m~~~~ffi~tt.&~tt.~3tt~~~~w?~~*~*m*~' m~~wm
?~?*?*~i,fm#.&~~~,*~~t~t1.~~?~~ffti&:tr]f.f §~A~?Jtl~tf\.t§m~~?ttit~,~~¥te~Jl~l&l~li~i: r.g:g:~ 1'1 ;f§~~-*, ~~~ ~~1~ IE l'ffi s"WH.&
~~&wm~m, ~*?~T~~~M?~~~%,~~*~~~~*~wmmMT?~.~~.0~~
?JliJ .
~~~tt?~e~~mA?t~i~*~Nm.m~w~~~~, ili~~~~~mA~~. ili~~~~ffi~
~;1ltz: £ B~1:&* .
· ~~m~E~~~ff~Nm*c§mm~N?*?~ANm*)~ffl**~**~~~~moo~~*~~
*Wili~~e~m~~-,~~~~~A~m**~~~**~·~~-=~mtz:~~e~~*~ffiftff.
? *~Will~*~~~ffl~ill~*WillW~iliA~B~~~,~~M~~Wffl~~~-M.m~~-M~,
~-i~{~~~ffi~~~~~ ?JE~~W#.&ict4f)), 5EM~~Jl::Mx1W#.&~aill1H~~Will, :t~1mR~~W#1Hw6GiJc5Etf~N
~*?~.~~. -~~~~w?~?~m~m, #&~~*0~.
www.ccxi.com.cn 2 l:tPI
China Chengx in Internati onal Cred it Rating Co .Ltd
f§if~~* [2020] 2297D -5-
0 aJ1~~1rs"J"i=IPI~P~J~~~1Jffi~*~x17fff~~0 aJ 0:3f~1r 2020 i¥0 aJ
1!Jr~ C1if~~~3)t: :8£~ ) "8'-J f§ffl i7U5GJtl:1r7 ~ffiir7}~JT o ~ 9=' iJft1§ 00 ~IF
~fflW~~~~?m*~' M0aJ~~~ffl~~~AA, W~*m~
~; -*flJj0 §'j{~~B"J{§ffl~~,&~ AAAo
~~~r\J:!:f<:ljj\\IRWJ~Bili;t;J::i\:ili~t'rffm!EJ 2 -5~~)0] SOH06 -5f~
------ - ili~!Jiii : 100010 ft\15 :( 8610 ) 6642 8877 f~l'l; :( 8610) 6642 6100
Building 6, Galaxy SOHO, No.2 Nanzhuganhutong,Chaoyangmenne1Avenue ,
Dongcheng District,Beijing, 100010
China (h~n g.'\; in ilu ern ational Credi t Rat ing Co .Ltd
i.lll*ijJ!2: 'Pi!iXfi'iOO P~ i!f-;;Etrfi!lEt!.tiri~i}jj!:ftJlUJ1:f)}:(H~0F.i1 Cij, "ff;ij~··trfi!l Et!.ti".eJG"0W) .±:14>1J§ffl~~Jt:l9 AA , i'H-&.1&~79
~;;E ; W;;E I:!'FI~~OO#liiF :t.l:!:l~JI~:ffifH~0 'ii'J ( lj, -Ff,lj~"i:l'FI'IOOH/:") IY-J±i*1J§ffl~W.79 AAA , iH~Ii~79~;;E: i,f;;E"·I:J' Jil.l Et!.
tifi~iJ)l!1t.l&lll1:flt#f.~0F.i107f1t~T 2020 1f:0'F.i11!Jr~ CiiiJili~ .illcti ffi*) ' " IY-l 1*ffl~W.79 AAA , ~1*ffl~ti.B'E?t~m7trfi!l00 :t'i!:
m~~Y-J~?~*#~~-~~*~u?~m?~*??~~*MA!Y-l§~~m. r:p~~oo~~~70'F.i1R:fif:fifh~Y-llll1:*~~?
~~,~~~1t~-~~~~-@~~~IY-J~··0'ii'J~~~h~-~~:M~trff*~~~r~ . ~AA~fi$~ Wffh~*~
ttW. ~~. 'f'~~OO~&~~~M~#~~ij,HEt!.Mm~~~-~0'F.fJ~§~·i*~ffl~~IY-J-~.
MeliMM!itMMIIMMIAIN M:V~HO~O-~;;EW8'..1 ili0U~'.F.i1~mnh~~R£~-!f:~W. 79M*OO~~
.~ 11i1" ({Z,j[;) I98 .33 I91.40 I89.80 I91.85 ? M*tr~*~~~r~.m~~~*~~ffih~*· ili~*
lkff~t:ll.ildiht <1Z.iG) 60. I9 61.97 71.34 70.98 0~ffi§~··i*£~~~M. ~~-ft~~~~~M·~~
.~ffli# ({Z,JG ) I3 1.27 I24.2 I II4 .52 II 7.40 ?0'F.i1~:fif*?~???*· M4trH*~?~£r-?~~ .
fl' 'l ~.bl-'i!x:A 1 1Z.iGJ I9.87 23 .06 22.68 3.26
iq,fl) i ft) ( {Z,JG ) 2.68 5.08 4.85 -0.36 ~m0'F.i1a~~~B~ili~~ . ~M~~*x~ffih~* ·
EB ITDA ( fZ.JG) I6.6 I I9 . I3 I8.46 ? ?·~~~. 0'F.i1~-~~~*tr?oo~~79tr?~~WM
li£fl'~i~J ~JJ\I.~yfl[ ifZ.JG) I2.00 I3.7I I5.3 I 2.23 F~fiill?am?IY-l~i*. ~~--OO:fif~m:&R'f'A#m?
11i 1"~ f!Ji ~(%) MII6C9 .M65 MII6I7:.6M2 MI6I2M.4 IMifJ63I.0N0 ~ffl, ~~~hm~, ~U79*MM~~-~-~~#h~§
.~ !ri: 1" ({Z,JG) 2,5 I8.87 2,668.74 2,758.65 2,827.80 ~~~.
~li 11~ tJZ ildiht (iZ.Ji;) 945.6 I I ,O I4.58 I,051.33 I,063 .83 ~ )t
.~ i.lli'* ({Z.)G ) I,204 .2 I I,202 .22 I,254.50 I,290.45 ? m-13f'MkfH!{79f$:~. 0FiJ.(£~tflJil'f'7.klt! Ci bl'.!i&:*, !=LA
fl'~Uti. 1 ) 1;(.A liZ.icl 2,295 .50 2,4 I0 .36 2,651.79 658.08 #~~~~hoommmn?~ · X~fi~~?**?~~~~
H?'f'l ifil cfZ.JG l II .05 I8.72 25 .30 5.88
EB ITDA ( {Z.j(,) IOI.40 I23 .2 I I45.37 ~o(rij !fl( * , 'i:l?'l·, 0 i'iJ JXI,ft~I~}EJ(*~~ § f'MJdtj:~o(rij tl!. W* ,
~£1! ~z;i)~JJII.~Yiii: ({Z.j(,) I64 .08 I46.Q4 III.49 23.23 ? *tMMM~. ~~-Et!.h~W~¥W.~ft~~~~~~
11i1"~ !~'!~(%) 62.46 6 1.98 61.89 62 .38 w~~%00~~. trmm~ rtamMMBti79~?· ~rt~~
i':t : rpiJ,J: fl§JlilJl;J; :IJHs 2017 1:f:-2019 1:f: 'ifi l)':!Jl;'.fbt 2020 ~-$J3UI< t':'>'ifii J · !l
iii ij,&*~~mmF~~~M0Filrt?m~IY-l~~ .iE? ~h~-*~~. 0'ii'J~IIl1:11l1:*it*~~h~lii·W#~~ w???1H~'ii'J W rfffif$"itfi!lEt!.ti:!tW"'l 7¥(JE!JI;i;i:'§Et!.~:(rJ! § &~ *'f'*i!i12Xf-f1i8O1O~-~.Fhl,~~t~r-rm.Ett~!;.;~E~.-.1tR~IDW~0FiJ~ffi7.k~~
~-*~§IY-JNM·H·R~n, ~tr·~~~~:ttlt!?IL.
*IY-llt!htifi~.illc. A#-;;E.Ctt~: 0F.i1~79Xij,M~n l·\'!i~-lf~:R~J'J~,:fwil'i?lfti~f.tw'.:l~: .?. 0~?mw?a??* · ~~*?
?~719J.i:iti!fY~-J¥~1J -7 ~f#ih*0~{~]~5f[t~,. att*· fi~.M~ttM~Mfi · ~~ti~W·~~~-. ~fr.illc~~. Et!.hmMM~*·~
· -~~-~~~. 0'F.i1~Et!.mm~s79rn~??mm, REt!. *BS·~1~t~~r.tm*?~rr. a~l.k¥r.t?a?~~. mmm~~
·~~~79~~~.ili?*· oo?~?~ft~~~·~?~?
?m~. tr?~~&ffi~~???~??tt~~~mM, ~~
f~ , 0'F.i1#~.#~-~~r~.~* · 0'F.i1~$:fif~mm
ttM;~~if)(-~j=;f,
? ~:FJi1.8~h~Wi-:tJtfr. ili1f:*~~~~Et!.:ltl:a(]~-!f:*ilEt!.~@lt&
FcJn~tt:?
tt.*~t:t:l!: 263 .97 89.66 I89.8o I 62.4I 22 .68 46.04
it : "1~ ~tij!fiT7.1<~" 'h " 1i\Jl ~tii1iii'I7.l<~*i.lt1H~:!ltif0'if.J" fol'j;ft, :J;I;m2:~#l!&::!ii: ? .i.lt~:li~:JJ.5:i:'il'h 20 I8 1f.~, J';#.:'h 20I91f.~:JJ.5o
!r:i*'f*l£~ ,
www.ccxi.com.cn 4 l:t.*~f:l!:~gl!Jl.i.ltlftiNtHH~0'if.J0*bt1T 2020 :lf..Z~'if.Jf~~ CilifiPJ~
~~Cf!JiT)j~(@i~[~;Jn;iii~ ----------------------@-x-t-~-.~-*-,~-~h=;~~ne=~'=l~n tc;=='~'"~~Cr~~dit~:~i~c~:L~d
tt rn- J:§. N ~ms ~!i ~£ fu1.1f ~~0 i"f.l mr~ 7'1 ?~ t ~0~0~~~~M~~m~~dm~iBl~i.~-I*.~?NM~~~mMiol3l~~~~--~7)dJT1t.I ~9:17t1f~~0i'r.J (~~fajfi\ "?~t1ti ")I2012 :if 3 ~ttiilit1!it'A~l&Jff001fMtz:~'/i?~l!~ -*¥~"f~~fm!~",m3m~~~O~O~*?~tg1tJJ?*Y?£o1E~:'t1i~9<~~J~f~J~m~i~l-i!l!!~ c~ ~fl'lH$ "tt Piit1!it'OO M~"> ~~1 ?~-T? ~N~~~oo~~~~M~§*~*~ I~m~m.~t 7i<1JT 1ti~xffi'1f ~~ 0i"f.l 15t?mm~~~tU:? ? I Nm.mm. mo~~~m~~~~~~~~?o?~t1ti~ttPiitttN~ffi~1r 533,157,900 ~£15t9!t.J ~*~ mm~~~@·~~~*~ ?*?£~*~~~ ;rIz:U&JT~~i5w~*72J0(1f2tJ:f::rR: ;tfoJ~~F~~ £#:.k'.~iiFliI?:f~!tR1:tiY:£im:J$N *t.Hiitl~i;t[ CPI ~f_ft~1T I I~~?1fb~ PPI .¥Jit2i1?-tDI%1:g:ic.-¥~3t; 2012 :if 12 ~I ~:3.3~J!Xl iBHlili~:JC~ I im~*IE~7Htno niJJ 0~ - 0i"f.l~~~?m~~sttn~?.m~o ?~ JI:Jiifft&M-: $1~~ 1W 00 i*J ~9J~j~~~1~~~ill2020 :if 3 Yi*0i'r.J~~ey~~tfl~:!i 7'J 263 .97 75 ~~ffi~*~M~1E:OO·~~~T~OO~m~ff~+E: ~~~ *tt.~J:§.~&ft~~m~?#~l'J ~71-JXl~§:~ ~~~~i1fOOrl{bs~:M5~1W?JT*1fo JA7Hf!l170.02 7J+E. 80.35 7J+E.to 13.60 7J+E o ~~*?~ mm?~~~~1E:~~m?ill~ ~~m
-~ 2020 :if 3~*I 0-irJ~£*7'1 13.60 il.ltl -~~*C~ffley~~ iliDffi~M~~~~ ~**1~~9:~9:*7'1i:tFI\rttN~ffi~ ;~ttif'ff0i"f.l 62.54% ~~9: ~N~~~?~OO~~*~*: ~M. ~-~~±i!ll!!l~~0i0"f..lI~t~2~02~0A:~ift3t~i*iIli0ti'~r.OJ1OJf~l1mf~?JN~-=-f0~i"~f.~J B~J00~~?~!::!XONO~II\ii~.:ti: ttlJ Ii1Mf~e~y~~g~~~~~oo*~~~~i~f~~~t~HW~*
26 ~c ~~~~£0? 3 *· ~**~A*Am~~~~.~~M-OO~~t~to~o~?-~~~~~m~?1J~J*1f~i~l~l~-
~~~ill-:Wnoi§IJ: §7t ~ ~ 'tw~iJtmtrA . ~iJ&5!fffi7J
0i'r.J*Mm#~fr~-~/fMii1 10~~C~ 1JJ~~*~~OO~~I~?~~-M~~~:~~ ~10 1Z 7t) ~ ~1r1JJ~~~~mct 5 :::r: c~' 5:tf:) o * x!Xl~ iif~1-rif:~~g ;17U5UHHt I f~mJX\.~t!1:r 110it
*Mffl#l'J~~~-ffl#~?:tr:M~-~ ~ ~ ~~ey~~ ~M~~~~m~~~ffi~~B~* :M-~~*11 .~, N~~~m**~?u~~A*?~mmu~~mo
*:!t~fw#*~m~~~mr1~iE0i"f.lfw:%~ ~rYE no*~ ~Jff?fl.7t!t~~~~Jff~~5cX::if~JX±7Jill¥ffi:iJ.J~~ -:W8B: ·~~~1WROO*~trff$1JJ~~-~~0
TiillJlUU~~N;JJo ::k!:!X1JDJ§IJ1w~~~o
JI:Jiifi!kJ/l: ~~mJ!~M"?JT*1f~*~1=Y-J:~ I
.!J:J!IJA2/ff: 1'£ifJTJI't~$~~'t-~{!P*~ I ~:::r:- %x!Xl~~.!J£MJfHlU!~.~1L 4~ 17 Bil&¥E1Ja:i~i.:X.1'£.!J£~N GDP !OJ bt~ffl 6.8%1 ~~:tf:Ti£*~~@1~ 12.9 MITM-*~.!J£~.~::k"A."I~7J~~~~~1'8#£~ § 1992 $01!1~~ GDP ~1m~*~(}( Jlt-:W-ili"~g~~~.~¥*~~·**~~m~~**o~~*?~ ??~~mM@~~~~ ~.~m*~?*1E:.~?~?~@?a~.~~~t!:W:E:tu I aa±~*TI&~wu~~~ .=.-t~ll~m~ ~g~"~"A~~~~~oMTI&il&~~~~1f~~§I?.JXW~ ~~f~OO~~fflitf£~'t':Hw:lji~{E::if GDP ElJ(; ~**1fmill-~?*~~*~~me~~*-:W~ rt±~* 2.5%ft::tl I 1fi.1JJ~iH~~5'r~'tw!!~~~ r* ~ ~~~~oom&am~B~~ **??*?oo~~~if**~~liftl~·tio %Y} B~i]&~,to i*J $ffi7J B~ill-~~l!Xl~ /f~~~1f£www.ccxi.com.cn 5 lfm
China C'heng.x in Int ernational Cred it Rating Co ,Ltd
*h~~~?~?·?*?~-~~oo~mrn~? -~~*:&*~*~~§ff:&~#~~Hftt~~ .
m~~~. mrn~?~~~~~. ~~~~tt~~ aoo*~?m~~~-"f~;@$~~~m~*~
Jt.H~s~ IBJBtiJI-B<5fiJ -¥~~"F1r. 1£-~rt= {jz~~m * ~¥±mr.m§BHt~~-T-2020if:ff~ilillAN)Ew=J. i25:
~~~tt~m~~~.~~~m~-~~{jz~m~ ~~Mmaoo*~~m~m~?~*·
~~-~.~~~~~~=~~*·~~It*~~ m~?*noo . 20I9if~*· aoo~71fOO rlfiitx:
*·~-1:E~*~AA~8~1BJ~. ??**~~m~ *~ffffh. ~Hf~~~-~-.~~iWAA~-tx:{{,~1j'iJtt-:tl:7:Jtji!, (( $ ;tt "P :9c ' 00 9} fiJt -T tZJ}!~ ~~~-~~. ~tl~ffl~-~~IBJ~~B~~.
~%?~~-m~~~-~~m~~?£?~~# IBJ~. ~**Rml!~illrt~&~~-£~~~.
~ilit<~tl:l i!. 7l<.~&~*~~h~JE. tuZ..**-'tw<5t.~J5JT¥lt~JJ . iii~
!I:Jfl!lil!l!: ~1r3 mi oo ~~tw:&MJtJ:JdiitP :11~. **~~ffl~~-~~~~¥It~~~.@~~-TOO~F~~~~-~. mMm.mm~tl:lo%~~~ -~M~~-~~~~~~R**Rm~~~li~~~.~!:f:l. ~~$"Fffm~~A~?~mmtt PX;N~. 7K~¥itfWl'tw6LXV~~·· 2020~-~rt~~m~~-~~. Mm?*~~~~~~; ~w~ Mm~M~~. ~oom~~~~ffl.. H~~~~*1-:E~--5E~t9~:MMm¥.JA·A~. ~N~-Wi~:~:~1&~1hi.z:fiEf1ri; ~.&~H~!¥H-w~ill ~~m~~&1~:E~-~!£E~~~~--~~·.**IB*JM~~~~*-~t-*R*mw~~hm~~ft~~~~"POO~~M~001:E~~~~~~ Wfl~~. @M7J<.~M~~M·~-ill~~*ffh.~m~~mJt~:Amm~m~~.~~~*m?*~ ~~:iJOO.i!I~**~~~~ff~~~~~~~~tl:lo~?*·R*8H~M~~**~·· M ~~-~~~*.m?m~~~m~~~rttx:?~W~OO~~~I~F**~OO~~ . -~**· ~ &~h~~~~~~-~~ . *~~~~~~*~·'twi~-$-~$00~~Hf1£ 2020 ifi~OOIItJijtJ:-~"f1rff _r;'J;~{f~~*~~~tl:l£~;'§-t~. 201 9~~*· ~Jli·~h00.~fNiffiB~~ffHJ. 0f0~JJ-D~jn]-0 ~1£-!E~rt~~#~M~i:J:l a~~~~~~~r~t~~M%~~~~·&*~**m~~~~~-f~t~~J~t~l~:.-~*~
~~?m~~~. £~oo~mmw~~*B~ *· ~~*~*~*~~m~~~~$A~tx:*~~~m~?~?~:&h~M-T$OO~m1£m~~ '1'th. t.mit7J(~~11r~~~*·~·ct1Jt .
~~tl:l~~w.m?~m~?~~rtmn~-r~ ~~-~~~~·**??*m*~~~~§
M~*·~~M~~OO~~-~#~*·~M#ili ~~t~:7~PX;.mm~aoo*~?m?~m#~~?
~"POO~$mAA~ffffhill+~~tl:l.~ct. M$ @*.ffi~~-T~OOM~~*~ffl~R*~R~M
*AA**· !:f:lOOm~Mh§*, ~1i'i~~~~~~ $ffl~**?~Jti:N~~-. ~~*~M~~~~
m~~.~f!liJ J.ttr5fu . !:f:l oo~~1f!:f:l*AA?*iW~1:& Js~ a~~~m.~t*x*:~*~f*fh-.~*§~i~W~*~~~~t~t~t~x~:&~B. ~M
ffill!&!XjJ.l~~J.:Fjj 2019~~*' i.i})!f~~??M:It!!illfi~ilmm"Jm
2019~~*' J.I
~~~~~·~****~~m?~~~-~~. ~L~~m~m~~~mm~~~*?m?~~
m~~?*~m~?~~~~m·~~~~~? ~. m?~L~~~·~--~~
PR*~mm~Jm~?~~-~?:R-
www.ccxi.com.cn 6 ·t:tmttt:l:fi~Jw.:&:~JN:1MH~0~i~TF:&:1r 2020 :¥0~!~~ c?!PJ-'If
Chin
~:i: i!JifJT~g~~i&it)(.lj 1 B"Jlj}JU[Iij, 2019i:J::T' =Fif:~*~~m~ili~~*~?"*?m"~Mm~ 3500%~m~?*-~?*0~~. ~~fu~?-~fu~ 25 oo;
ooo;.-.
8~*-:Wm~~. 2019i:J::B~1ai~H& ~&3{f~1fL&~ 2016 2017 2018 20191-9
1ir:rm § llm~~T-2020{fmiE, f:9Ht**:i:007t~~HL
±!§!~~~if pJT@]* 0 __c~ ~1ir1.fiiD, ili~*~~~wrmjt~:2o2o~JX\.
20l9if:~*· ~ffl ~g**~T-m~~~J!JufliJ, ~&7t~~~OO~fu__t~. %~T-~~ff__t~~fu,:i:OO#~~~Rft~~~~ffl~~-ifm~~o@ #-t-mffft?J.f~~-~~:rm§o ~~.iii~*~~~T--*~~mAA~-B"J~~.:i:OO~~~~~ )J$~~~~B"J~~**~~~7~~&7t~__t~-~7t·~~~~~~N-r--~~~. x~oo~m ~~fuB"JT-~. ~~~fuB~~T-~*~~*~0~~~8~ lffi :1t1i~· !FJT~'~Ym ~ :i:¥~ ~~ ~ iiHH~ , illm -~·**~~&7t~~~__t~~fu~-~~T-?ilfii-!E¥~Mff:tJ o202o{f-*Jijl:ifJT7r't:J3'Hwl!JurliJ , ~~~Yio
~oom~*~~~.n~~oo~~~&7t~mm~ i!i{f* .~mili&*?~·~~-__t~~B"l~
ffl::t~?*-:W~tfff~JJX;~*ff/J 0 -o~llft__t~~__t~~ff~fullm~T-~8"1~-T-.
lilt: Ja~*~riW~~li~1tP
50()Q&t
45~ ~mm?~fu. ~~~~m~?§~R~~~-~
40 ()()'.,
3500> -__t~~~~-1~1t!;T1f/J.X1~o
3000%
25 ()0&.,
1000'> qt"il&ffimlw-1-A;Jg, ~~?J!J ufliJ , J:mit2o2o~JX\.
1500". ~&*~?m~?~~~*.m__c~~~~~~T-
5-
000"-. ~. ~~~i!i~~..t~o~*· ~ffi~M~&~m
2016 2017 2018 20191""'9
T-ffllitJ~~·~·~~~~~~m~H7t~~ .1..~
~~-¥s~~tf%JJx:tix*ffn0
20t9 ~ttjftilf~H~fA.lE:II~. ii~D)J!f~ra:Jii
~iff??· ~ni*lli1Ja11tli~flll!
2019i{f!~Jiil~;t*~'~OOm~~~~o,oe,~m~(~GD~Pm)~~~tt:Ja:i¥~1**6*.2·%,
x~m=~~±!§!1JQ1t~ ~t:t~* 4.7%, 1.§.m=~~m
~:i: ~~tT-~ 2.65%, f:tf~:i:~'~;f±~ffl ~fi~~t
I 20 19 '¥ 5 ~ 21 B. 00*1i<:&~1i<:1!i ((:!/C-'f7't~Ji
:*t'iJi'G(fJ.JJi)i(Jl!j:~In"?J.fi<;fJiJ, ;:xOHO*~2.0j1l8}:ff/FM,Z%.5i;ltrt230(f1l9li('J¥~IlIit~il:/IXlBEI~!.2J.09i2§,02f0fM20iii!fJJtt~Uilttfri!
J§:J]~~))fi.
Jli!iJ:.IXl ~J9i§, 2021 '¥Miltr1"*7'Gn!tJfi"Jfi·t!t:!C.tl.fOM!ftif'F . :xt!!¥.E0~B~
fmf lii.~IM2B0*1~8,ffffJi~MJ~lffJiE
ffi.'J'Gnx3fl".ifitJUfi'J'Gnx3f
www.ccxi.com.cn 7 ~-~m·?~a&&~M0~0H1i<:fi'WW'¥0~M#C@~~
Ch ina Chenbr.;i n In tern ational Credi t Rating C'o.,Ltd
r~ 0.11 %o20191:f:1tJ,Iq~'~Eti.ii/6J l::t±~* 3.61%, *2= ur&F**iil~m~f'll~
Eti. :JJ {,±trm m$XJ9mt~0 $.-t'l.:n-TK
- t.i-tF- - 2--01-7- -- - 201-8- - - 20- 19 2-0-20-.1---3
1tm~~1f*ili~7-~~M~~~~Eti.JJ~ :tE lli 1;t ff! ;l'Jl ffi1ffl~18 8{] t§~1J-~, ~, ~ WJT ~~VffiWHpg fQJ ?2~Jill~M, :!'31. :fuiJMJL '&:@: 266.88 275.09 265.30 265.3020191:f:~~,*~*7't¥i±l 20161:f:tll~B{] 43%51'0 30% i'lJ~~tJL'?= :!ii: 255 .67 263.97 263 .97 263 .97r~~¥U 7.6%51'0 4.3%o fE!~~~Eti.JJ{,:f:tflff::f->fifU, i!!ic f!; 'P ' Jl<.EI! 166.72 170.02 170.02 170.02?Eti.~~~::f~~~~-8{]~~. i:tm~~Eti.?m JX1. f@ 80.35 80.35 80.35 80.35M~@1J1$XJ9Fm, ~~M~~~~00.5f~*.5fo )'tift 8.60 13 .60 13 .60 13.60r:r ifi.H§ oo ~.tF~:lf:t~~*B:1tP!it~WJT~~¥JJi~ t~ ~&5'r-JE 1J< ff! M~ ( % l 65 .21 64.41 64.41 64.41?~N~~~-~0~Eti.aMMB{]~~ o JXI.EI:IM~ co;.) 31.43 30.44 30.44 3044
:J't{:kM~ l % ) 3.36 5.15 5.15 5.15
0~~-~~~ili. ~A~~*0l~~JJ~ ~~*§~T**?~?~,~~*~mm~m~~.ili1:f:*Eti.h~~m·~~~A~g~~~A~ ?~??~;§m~it~a&~~~~a?~~?J::tj71J~t(F.:j:~:(£ 99o/o~L o Ira), *~*~3¥-~J:.jq~ift~Jl11NIJJl~i5~
~~~*~±~~~~t&A. ({ZjG) -19.70-~~~~~- 0~BN~B{]A~~7](~?~~~~8{]~~22.89 22.59 *~MA~1:f:~~~JJ.~~7](Eti.M~~~~~~
-1999.08.1.7167-29039..0.12676-29029...606838 ~?M*mo*~M·w*~~*~*M~*~~*?*~W~.~~~0;~~~~~;~~,mm?m~~fm*t~~U~·,-*~f?i1~~:f:
0.84 0.74 0.37 *0~ 7]( ~t:Jl~JH1E±!!)Z*JJ('tilf1.5Vf§~$XPto
-&t-it 100 100 100r£ , 2017 ~'1&1/,HlUH 2018 lfEI3it11iEWlfn'l& , 2018 ~& 2019 ~'i&J!iii ~3=*~*~mm~~~~~**M~*F!lEI3it:tR~Ji!l>I
lli*~*¥rt,!, 0 "'HJHJ~, 'Pilidl1i?wi'lii'fl'll
~~**~=m??~,~-~-~~H, ~? Jt!il~y1iiliJJ 13571..4150 28526..8263 33413..0056 283..8956
ta~~~~jt'ft BftU 24.24 28.691 26.82 2.24
0~ J:gjJ~~~${ir~i:tP!it~'~~ 0 20181:f:0 :~k1iii:i!iJ1iiJ 2235.61181 2201.65371 2221.7056 1 21.7439~ E!i:tJiFI"Eti.N~~~iJ: 3.30 7J-=f])L,J(~:fo 5.oo 7J 'i1in*im' 0i'i'Jt!f#
-=f])LJ'tiUJWL 1!1~PJN~tft~ii:~J5Jli~*; 2019 mm~g~¥~m. ~**M~$X~~~. ~
1:f:0~~0~~~m~~.~0~~~~m~?~ 1f*0~ tftt.EI.f-!Jffl;Ht~~~~±~*~~, )JQZ..~
mr~o ~*· 0~~~-n-NWW*i:t:iiFrEti.N m~?mfl, 0~~~?&..t~Eti.-~1f~*' §
~~"?it 15.70 JJ-=f])LJ](Eg;fO)'ttJC~~o ~i:tPiit~~*~~~-i±IOO~i:t:iiFr~-~~. ~*
~Vffi~~~m. 0~~Eti.mm~$79~~~u ili~**M~. mm~ffl~¥~~~00.5f~*.5fomm.~r:r~*~mm79~.Eti.B~~$X79~~~0
22019 :tf'fi~i'i'JAiiiJ~~~UIJt!R~l!MlU!HH~i'i'J
Ef!") iJiillTJ!f~JJI:!Ii~M!i11ll~JN", f\lll!tilll\ 61Z5cE'.iiJf:!'L, '3Wl*0i'i'J ?£fiii::fi?lfr pq<; "
www.ccxi.com.cn s 1:trnEf!mgi!J:&Ilt!N"ffi:fi~~0i'i'J03f.'&Jr 2020 :tfi~i'i'J I!IT~ CiliiiP.I4f
Chinn Chcng:xin ln tcrnntionnl Cred it R<1ting Co.,Ltd
*4=~~*~~~R*~~~M~ rt 1fl1~00~#.1z*~~{ft 0
-MHIIMHl:MMjliM!ltM.fi'll.jfll.-TiRJ:IJI'I.tII *s~~~*~~~~~~~~mm~?~
~El!iil: LI 62.451 72.40 73 .57 1 9.07
J:IAAJ!'I'l;&! 6119 70.95 72.17 8.84 .If :f$Jf-1J.Jfl ,N,Ji/&
l1JJ~Jftx~El!:!E: 10.20 3191 34.43 o.l5 1,333.77 1,557.74 1 1,737.98 398.65<+At)
i5!:.ffi. ;fU!fl!Nti/& 3,866.23 4,392.45 4,463.71 550.28 ~EI!.ifr 10.71 12.52 13.96 3.20
(t}H;J)
.If' Fgfit J:IAAJE£!.!1); 10.59 12.46 13 .90 3.19:I$] _t iAA]
( jG/'f]LB;J ' 0.2358 0.2414 0.2295 0.2200 i':f$JJ: IAAJ Fg ffl' 0.3765 0.3475 0.3218 0.2743
13-fll.) (~'fJI.)
~~*· 0~~~~~~~-~~-~-*; <+an 1,966.66 1,402.55 1,569.75 434.69~J:j=l 2ois ~$l:~r~:f:.h1tx~ ~11r-U:;¥~~~JljfEI/J\, 1 69 191 2.13 0.59
0~ 7J( lt-'f:I$JJ:IXXJ~1fltrfiJT:t;1Hh 2019 ~tJ,*$l:~' 1 67 188 2.11 0.58
P,] ifiiJ ~'fjt)t~ ft it-JGIJ3J'i}ffj{, 0~ 7](~ f :f:)j__tiXX] ft{fl <13-#D 0.7706 0.7575 0.7383 0.7468
trm~~o~~moo~~~~*~~?m~~:x:~ i.t: Ellr 2018 "F~1iJ~lc~:ttiC7.Krtl , ~~k l](rJ!.;f1l l))(1+1 Ytf;it , x12017 1f
m~¥~M0~*rt~~~-~~~ o ~~tjjt, ~~ti&&'fJ:';J:f~!fJ,HH'i, J:J.UIEtJ.jj):, EtJ.iJl-, 1&J\i!Hr rm.if
~tlT-II.~Ufti.li)Jlf~?:·t!CJ~IIirl~ I iii~ ilM/lJ4~*o im. : .z~ i'i'Jt'£ ·0~
*~~~~Dm~~m~?~~-~;m~~~~
mm?~?~~~~~·ti~.~~~ftaL~- ..
~~!ll!l'?~~ ~~~-~8B~ili~~~?m~?~?~-~?
~. Ul;t;,)titJiJijJ~Ij\
mm~?~?Eoo . ~~-t-oo*~*~~~m~~-~~~-~. ~~*0~#~, #~-~~ m~&w£?~~t~t.~.0~~~~*r*~~~=~~Brmt?~~~~Mt~t~*.,~~.~~~~?mmmtrm*~· 0~~~&ft ~~~*rt~~~~¥, oo~~¥~m~. ~MN
~mm~m~-~~mH . m~~-~~h~@~ --~ffi*~§~~~tr~~~~~*0~~~ffi
~-~,*~~~m~~~~~~~?m*~~~ ~. -~tt~~~h?~%~h. ~0~~-~~
~·~ft~~. 0~~~,~~--~ID~-t-~00
5f:f:~7](5f. m*m~...tA~-~~%~.~~W*~~~*~
m~~xaEoo.~?~~~~~~mm~* 1!81~.*B-'t':U~~~h...t$ 0~ o?~m~~:x:a.m*~~·~?~*~§~~m M3?:2~o~3~*· 0~am~§~~~*~~:x:~.~~*0~~~~m~~:x:~m?~~ rtM~§. ~~§~it~~-~B~~.~~I~?*·~~~-~**~~~. ~~*0~~~& t:.~$~I.~&~~*~~~BB~$-~#~ifJUll...tiXXJ Mffi*$fl~~~. §~~aillff~rt~~ffi*~~~liH.m~~~ll~it~ o
1JT~~~~~%sEID. 0~~~&~17CifJH.EI.:I$Jt:.~ z~vI:J~'!H.. I~f~lJ-t~A~BN·mfiflh.if~~;~J'~o-m~?tr?ill-A001~36~. ~~*1JT~~~*~%s<&J~ilili~~~Ufft. -ti
:3?: 2020 ~ 3 ~ *· i~~ n'Otr 8.651Z.:lt~~&~17C
www.ccxi.com.cn 9 l:t*Et!W:~~im$~Jlif!HHIH~'6J.Z~7f;l;!:~r 2020 :¥.Z~'6Jf!H~ C llii'"-l ~
China Chenh"\ in Int ernational Credi t Rati ng Co ,Ltd
ii"J~:h
~~*~m~~~-~·=~L*'**~~~&
ifi~itf.jJlf~'!WiJttj't!t.IJIIi' ~a.Jii"J~:hJj\llti5Ji.~;
~$1?!7./<.~M I I I 2020 ~ 1~3 ~ ' ~iil?,J5ffl£*:Wi!~tl~~5.20 11.44 ; 1125 0.24
~ *il *JI;I,l: 0i'i.J:tlld* ili~*· 0if]·~~jf1J$¥JBI:Z9J~Y]; 2018 ~.
~A~~~~~-~~~~~~ti*W.~-~~ ~~~~~~h~~~*~~~·**~~~B
-~ m1fr~T~~~J~~n~rt.J, 020i19f]~0?i~f~]~§~$~~;~fl?J*$;;J\~~i~T~~0~
0iflF*!~~.?- ?0ifl~?. ?1iE#1!?. ?9=t00~ 2020 ~ 1~3 J=J, 0if]g~~f1J$~~~~AAT~~.~~-~,~~*~~~-~~*· ~~7·~~ ~~~~m~~~~~~~~T~m~o~A~~~~o0if]~~7M**~.~~~.-$~.~-~&~~mo~~0if]~~~-~~~. *7:1?· ,~. ~*~~M~j~iJ~II~M~j!~ii·;I~M~j!(IN%ij)ifj.Hii-~~~~.-~~~~~~~~**~m~o * 43.29 48.24 45.86 23.83
m~?~*m· ~~~I~s.~?m.Nmm. ~ft£~% 95 .33 94.31 94.48 63.58
M:%-~~;fJJiiE#tm 61-tmll. %tmll%if];!'UR. tliZ9J !r~=E.;f!J$ 44.00 48.59 46.04 23.94
0if] -;;r.m~:%-ii~iE~o 0iflm~?m~~~M~mm.~m:%-mmT
0 if] a tm :Jn:rg;11 , w.t 93-rg;11, ~ l1l: rg;11 , xt)'r ~~~~. 0if]M~mffl~~T~. M~mffl&AANm~~~rg;m~~~~. ~~7~wvm~~~ !'8J.ffl$¥.T~$~~ 0 2020 ~ 1~3 )=J I 83~§~~1<:&-;;m?~~·~~Mm~~.~~mm~~~I A~~~T~. 0if]AAi'BJmffl$@Jfl~ 39.21%, 9=t~f'F~·iJl!ltJLfi51J: fi51J/E J6~7 -;;r.mmt:%-if~fi51JJ.t;fJJ:t:9:~9l m~~~~tt0if]AA~?m~~-~o
lE~I.to~~~~~oo. 0if]*mffi*~~~~? ~~~**~*~~~&m~~h~?*·
~7F~~~~~~rg;m~~~%#~Affi~~ 2018 ~. i~if]~g't1~:%-5flJMtJ~J£t~fl; 2019 ~.
~It. m~~~~~mffo~~~tt~A. ili~* 0?S:§·t1~93-;fiJ~IIJ~I:~~*=M'f: 2020 ~-*Jl,
*~~~*81~V~-t~-J0JiJ.ff~]~~rE~!M~*~.~*m*~0i~5.Bl~~-~7 El3~0if]*~MM~~~~~~*AA· 0if]¥.*~
fffi~:JJJJ5Si;f§ )(
~Yi±~81 ¥i'111UJJ rg;11 o tt~m~~. ~~3:wJ~~~m*gT~. 0if]~ ?
1~~1¥ilt~~~~M 1Hi'¥i:t!*o Nm~1<:~1JOO, i~if]
~M~~N~·~=-~~~~m~0if]~~W:
~T*~~~~~$~*~$:%-MC~--~ :M'tn:fl, 0if]t)1:m!&~¥.~*~Ylo-&r11o ***~~a1xW:m~m~ 2011~2o18 ~mt 0~~M~-*B~~~~-tt~:%-~M.ili**~·~*m~*~$93-MC~--~-@-~)$ ~*¥.5tj%J§':j'L1J~~~, Jt!:ffij'lifl)1] EBIT. EBITDA**tl:l~s<.Jx{~l'i~~ 2o19 ~mt93-*~12J.&0if] 12J.&~m~i&~$~m~~~YJ~Z9Jo
-~~*~**~2~o~-*ltM:%-**o0if]
M:%-**~~~~~*m~-~.~~~-@-#0~.
!Jlt:%-?J&tm~f.tfflM:%-tiH5!til :?K?J& o JJiililifi'tB!lJ'!.Jmtffofl!$Hht L 31.169.2%011 26.263.o%5J 24.6586%0L· _3_9.!2_12%8
~*?~~?*· 9=t~moo~~*AA~M~9=t !g:~tiillc%'fui!IJ l ~.~.85[ 457] -0.53a<.J~HH.ll~*J\ iJlil J\3 ~Jl*AA 1:~ 93- o !Jl,9'i:ll)cg:$tl'&1·1M9\'fid 00.5187 1 o0.l7;9 f 00.9083 1: -0.00.0220
www.ccxi.com.cn 10 1:tffl"~JJtfjgiJ!ii::&~Jl9:ffiff~~0i'i.Ji~H:!>tf:i' 2020 ifi~iiJi~* Cilillol't
China Chengx in In ternat ional Cred it Rating Co .Ltd
:f!J i!IJ.'O:{tfl]l 3.06 5.80 5.61 -0.33 m1-t1m# 6.961 6.97 1 5.011 10.06
EBIT 9.09 11.601 10.92 fflWlffi%- 13 .17 12.54 18.95 17.82
EBITDA 16.61 19. 13 18.46 -~Wl1ilt:%- 118 o9T 111.67! 95.57 99.58
.e.WJ:f'= tl'il~&.r 4.69% 5.95% 5.73%, J
~
?rz:m? J.iN,;i1f1m: * 139t..2717T 1249..2711 11134..56201 11173..4600
~:;4s:0'f7( 40.14 38 .12 35 .20 35 .20
ili~*jfi IEI:II:IJnif!fl,~ilP£ 1'-~*, .tEitf.ill j>'j&Jll!:Jf<-til.ilii. 1.68 1.77 7.33 7.35
~-*i'J'l~Ut1Jl$tJHt!l(J~ffifl!fl~iij.~1Jl~~- F.aJJT;1t;r;$*t:1tt~tt* 6608..1596 6661..7917 6711..6324 6720..3928
~ml',_,~~~~-~~~.~~m~7~ i£ , ;&..Pi/&Jr.ili21i!l'i!r'.liA.
~U*T*lll!l(J I§Bi !H1-;Jti!li, i~P'.Il1HH'!t~. 'P iliX1illOO~i.'ll'fllll
0 '§J wu·z: tv,~nttZliJ mrz: tJ .:t , ~~t' :tJT 1s s~~1f: Jlld&ilflt@:t.J±~/Ju, 0'§J .~. '&ff'1Jiltl.¥.rp~l@~o ~~mEZliJ '&ff'1J ili~*~i!ij~Jil~:t.J~~-~.-~~--~£~iii , IQI 5E '&f1" ;fD:(:E~I*lE.g.it ~~~ 11TE z;}]~1" 8~ ~~~ -~*.ilfJl~:t.JU*ifa!*lll
~*.-K~~:(:E ~%tv,~. ~~~~fi~~*W
. ~.frii ~~ ~ L!)(:A~ ttr:**om~~~*~ m~ f!.!A ~ ~iJ-~~~0~*· 0'§]~~-k~M~N~ .3::~ m. 0~~~~Zl!J~~11£~.¥.~*~~o~:(:ERN
tJmM~0'§JlV,&~m~~~~~~~N'&fo~ZliJ ~ ~R~~NM~~.0'§Jm~~ZliJ§M~~ili~
~rc1Joo. ~0'§JMm*m~~~. ~~*mmm ~. mm*N~~-~~ . 0'§J~fi~Z9J~~~m
~~~~ZliJ ; 0'§J$~~~.:t~tJ$~~?~mN m~~-~m~~ili o0'§J~ffl~-~~·* · 0
1:.~~WH~W~~1!£ . ~WJf~~'lml~IXXJ ~J!:±~~~nioJ.¥.~ '§] ~~iiSl'}J{1J'fJJ;\1!£1!JE1*~¥Jit ili~~~ 0
1f:i~/JU~~o
~~*· ow~Mm~~~~&m~w~~ ili~*· ~.frii~m~~-. ~~~ili~~~&~ . 0'§J~M*~-~~r~ . M~mMM*~· ~f)J;\~~.7J ~ttf::fl-, 0'§] EBITDA *D~~ fii iSZ9Ji¥r.m1!£~~·*· m~~ru~*· 0'§JM*~~~mo~ mffi*~mm~~~~~?* o ~~*~ · 0'§J~~~r-~0'§Jm~w~~tv,&~M-~.ili1f* fffl: ~~~{*~~frf ;j(~ 0
0'§J~~~~~~?~m?*· M~tr**~r X) )~
~o 2020 ~-~J.t , ~-7§":f.fftl\1J OJoJ, 0'§J9l;j'~tr*7]<. ~igri!ilif.lf!ft JJ\lif¥m. 12.00 13 .7 1 15.3 1 2.23 -
~ffpJT §J* o t)[~mlif.lf¥J:l\\~¥ifi. -0.95 -1 .39 -1.76 -0.09
~!ltm~Jf¥~mifVK -9.98 -13.97 -9.40 1.61
~9:~~M*~J~II~M~~~)iMll~:M<~U~J,IIM%W) )M,Ii ~0'£lUif.,~] .lJ\f\' B~iJ~t£(~%i)~ z-,1] 1¥ jlj/,~ 4.23 5.71 8.30 3.15*t1:f!i Wii£ --+- 6.371 4 671 8~ 12.57 ~£gi!Zif.Jf!ft !J.\\if¥ifi.l:fU .\\!.3t 1.93 2.24 2.71m~'il~l!ll 5.38 7.34 5.05 4.74 :±l-
m~'il~~~ ~ :9:.:9:_:2.Jj. 10.17 EBITDA 'f.!J.\\!. f!f- ~~1tH& 2.67 3.12 3.27_7:31
imlif.JWif= =r 21 .27 20.39 24.47 28.16 .~. fll!~/EBITDA 7.90 6.49 6.20
lS5.74t 14933[ 142.621 140.76 r£, lm "*" r.ltiFrS:i¥-lt.
10.44 10.92 11.86 12.05 ~?*?' 0~M%m?. '~'?~~~??
6 67l 6s ~ 6.96
119787..~07 1~71.01 118659;.3o3 r 119631..7805 ~-.~~fJfiR~~~-lH-i-P·~tIU@8·~~~'-J~'--t@:t.J·~~
-KWJ1M'~ 110.07 103.32 89.38 88.46
'Etl"2)01s9l iil+l·'Jn-ti~1i'iiJl:ilL~i~i~UM~7BK1f!~lif~fJRRf.fi~M~~i'9lHlkf06E1Jz.~WE~Hl'!far.l:fti3dWc flm*~0,i.'ikJ M~:!:ilLifi~U ~:?el:.1k6t9t.~8u9gJ]fJf'Jf[R.bi~[,W.~Eil 90%'9::;1~ 59.40%, lff<'t0i'iJ7.kEtlt:l1hi~ tJJ.
www.ccxi.com.cn II J:t:tlitttl~~~-b<:~IR-0HH~z~i'iJi~7fb<:h 2020 i¥0Elf~#
China Chcn.srxin lntcrnmional Credit Rating Co ,Ltd
0~~A~~$0~.M~~~&R~~-M Nm~rn~~0EJm~~-~~#~~?m~~m~mo~~.-~2~o~3~*·0~Rtt~? w~ ffi1HiE1!l. f:* o
EE!.t:9:~1l!fslt.£~1~HI.Hf:t~f§ 222.80 {l:lC. ;l'tt:p [i!Q* ~-~1:9:~~-~A~~~~~m;u:~~?
f!£:ffl 811~1§ 30.39 {Z,]C 0 JJ!!~!T.!~ilim~_EIJt~~~~~ff0~. ?~ 2020 ~ 3
-~ 2020 ~ 3~*· 0i5J?JT~t.JZW<:1!£:ffl;f.JZj': ~*· ~m-~N~45cm*T1 123.13 fl:lG. ~~£~51:*~u~~itf~J~m;u:m~;:ooffl'11IB-it 31.86 1l7t. r5M*l~. &~~~~A~T1~-~~m~o~?~m~~~Mf-'81~t£~ 16.6 1%, ::£~~0EJ~:&'X1.{}fl§'#x?M~ ·~~~m;rr:N~~??.m:~~::t~.~-~~m1' 81 lll!I!E m;u: 0 ~~-~~Piit~~M~~~-~ft~~-~1:9:0~
8~2~0 ~3~*· 0~~-**~W~& *IllN""f~~ {,,.:y-0~ ~) II ~IHII~51:1Jf~ ~~0i§J~X'fjH!l.f*o ~~~r;n-:~??4** · ~?*·~· ~·~r
:Ctf.tmt~HI~tiffiL: 1~1m0 i5J 11'!~81 ? 1::~f§ ~-~*~~~~~1::~;~pjqegf:9:.1l!T;~-~ffl*~?&ffi~MM.8~2~0 ~ 3~ *.0EJ~ ~~~~EE!.~m?*~~hNM1::~;~?~a?~M*m~Wt~Mm~m~*~~~A?m~m -~~~~ff0EJ ~~oom~±~oo~?*~a~{] iC.* 0 ~1::~z-0
8~2~ ~3~*· ~mOON~M~~2,827.80 {Z,jf;, pJT~~ifX~-§-ii-7'1 1,063 .83 {Z,jf;,~~~~~-~~?m~-~~-~~~$-? m~:ff.t f~$~ 62.38%; 2o19 ~. ~-~N~:E.m fi*m~?~.~~~,.~,~~?~~-·~E ~}~.45cA 2,651.79 fZ, ]C , i$;;f.IJ~I]T; 25.30 fl:lC. ~2.lifi!IJ7JHt*~;t~ fimi9Ji~:E.YI.~¥jnT; 111.49 fl:lC o
0EJ~~~*~*EE!.N~rn~~~~ilim~ ~~M~. t:J:t~moo~?~~?~m~m;u:m~~~~*~N~0EJ . ~~a~~~~~~m~ M~~~ll~0EJ 81::£-f*f§ffl·~~ AAA ,}f~~~Nm~~-::t~. *m?~~eg-~§&;l't~.m:* ~-~.t:J:t~m~~~~~m-mNA4mw~~B-~§~t:9:MmRW~M~. ~~-~~~~~eg~ ~·~hRM~~h. ~-T1*Mm~~~M-~m?*~eghNm1::~. A~-~Emc~~o?~ j~{ft~hf*~'·
§ 611-. ifj(~~;fJL~il~ 897.89 7J.:Pt'Lo ~~M~. t:J:t~mm~w~E~m~N~·~~
0EJ~~?egN~rn~M~~-~::t~~- ~~~~0~::t~mm?m~ AA . wm~m~?m*~~~&.~:ff.tMffiW~m~N?rn[i!;j*~~ ~: W/E"~*EE!.t:9:~~-tit~~51:~~~~0EJ 0:lf~~$~ftt817_k~;;f.D1(;fjt~~o 2018 ~0~ §~pjqeg 1-J 2020 ~0EJ1~~ (jjfrP:J~~t9:J3f~) "~f§ffl.N~~~il: 3.30 7J.:PPCJ.Keg)fo 5.00 7J.:PtC1ttR:;fJL W.~ AAA o
~!L 1!£0-§'J%$-~h~?M.£71- o 2019 ~0EJ§~,~.
~A~~fim29Jm~~A*~~~-~N?rn~
35.60%)f[] 72.77%, tE::I't~fit:J:t:l:ilifft!l!~o
www.ccxi.com.cn 12 l:r:ffi"~J:l!:~~lw.t;t~JNffi-MlH~'ifl07f:t;iJr 2020 i'f:0'ifll!lf~ Ci!ii ltl~
Chinn Chcnh"'\i n lnternntional Credi t Rating Co ,Ltd
~T-ttlt~tiftj}j~JIJHt-6}~~R~fiJ~7f~f7 2020 ~~i§OfJf
#
??~oo~~~~~~~.w~~~m~~&*0~W~~~~~~~. ~~*w~M%iliA~a c~waM%~~~aM~*)~ . *0~~~**?#~rn~m~~-~~~**?#~~-~. ~~~~**?#£0A*$~~~~~~. ~~~M~~~~~~&**?#~?*~~~?~?. ~~**?#~~m ~~*B~~-~.m~wa~g~m5fn ;r::~MftR~/~if~.
~m~w~-~~ . *0 ~*f**?*£~±~Rm*±~c~*)?~M%0~~~+A~~~~·~~~--~Wa. ***~$~~f$-~~·~~*~B~ 6 +A~-·~-·~~-#~fflfi~W~~%.~*· ~**W~M%iliA~B~. *0~*m~*~~~~±~. m*±~c~*)~R**?#~*~~-. ~£~~~-~**?#~m~M~~**#, £~±~~&~~~*0~#~~~*-~ · *0~*~~~~~~R ...r.~~~/F~Mm~W~. ~~·~*~~~. ~~#£*/F~MB~W~~*· J
*0 ~~~M~;r::~Mm~wa~*·~*~~***~T~*~~~~*0~~MCwww.ccxi.com.cn) ~X$; ?JT f)] }1-6-f ~ 0-%, Ax$; F'JT f)] ir6 0-%?;1 st 1'61 /F1~fl$t f ~A1t3t$;~m . ~~~~A~~~0-*??~~~.
~£~±~. m*±~c~*)*~R~~~~~~~*~?. *0 ~ *?*~*?~*~4~. ?~~~~~-±~.?#~m~M~0-%~maM?~~~.
~~1§ 00 ~~~ 1§ ffl if~* ~R Jit 11: 0 ~
2020 1f. 07 J3 02 B
www.ccxi.com.cn 13 l:tffl"Eg~fl~iJ)J(~~Jlll{)}ff~IH~'iiJi~ 7f~tr 2020 :lf0'if.l fM'~ < iliilol~
China C' h en~:,?-..:in Int ernati onal Credit Rating Co .Ltd
!Jf.J-: ttPM~tiftii~Ji.JHtffi'ii~R~i!JJHt~~~~~~&m~~~~~~
3~*)
84.00~/ I
100%+-'
um~~::tJ ~~:!m~6~2 .~54~~t0+-~' ff0Qj...?
www.ccxi.com.cn 14 l:tmEE\:t:ll:~~j)jj(t;I:Jlt!R11HHIH~'iiJ-07ft;I:1:J 2020 if:i~'ii.Jl!lr3Jo Cllii rtl't
China Cheng:x in ln!ernational Credit Rating Co ,Ltd
!JftJ=: ttPit'i~jjj~f!Fiifi·lii~IIR~iSJJJi'Jl~~~~~.&m~~~~~~
~*)
._,
-tr :.tr~A 1-\~Jttm;1r i-?- ._, ~g}j7J_~4;k_ (~00) ._,
J![if-ofl.t~ 9l~.., ;;ffFR"fr-if-/~ a) ~
68.42o/
84.00%· . - .... -.- ... -.- .. - .. . -16.00% - .. - .-. 31.58o/~
www.ccxi.com.cn 15 trPitE!!J:l!:~~lW.:&:~~{1HHIH~lili~Jf:&:1r 2020 if0lilf:lr~ < i!ifiPJ~
Chi1H1 Chen!;,"\ in Int ernat ional Cred it Rating C'o.,Ltd
2017 2018 2019 2020.3
Pi:ifijqt:ti£ 63 ,676.66 I 46,661.56 88,583.51 l 125,655.04
St&WIE~ ;qq!Jii 51 ,508.63 73 ,033 .12 99, 185 .48 I0 I,667.60
:fl; f!RS4l<~ 31 ,789.89 53.45 l 4.18 13.88
# Jli:iUii 289.18 623 .21 749.41 778 .14
*Wl:JJi:jqt 66 ,707.85 64,243.38 67,633.59 69,644.41
ffii! ]Ejqtf= I,557,364.55 I ,493 ,261 .77 I ,426,236.56 I,407,600.33
:f:E~I;fi I04 ,417.8 1 109,161.15 118,643 .22 120,514.46
7C Jf~jqt f= 13 ,491.71 21 ,231.15 21 , 180.61 21 ,028.31
-~-!tff' I,983,336. 77 1,914,037.31 I,898,024.67 1,918,515.82
:fl; f!RS N*"J; 41 ,897.18 21,384.78 16,277.36 455 . 12
ffiWlfil!%- 131 ,751.14 125,366.18 189,459.40 178,170.73
* JlJlfit% I,180,924.61 1,116,726.64 955,717.86 995,818.52
,1;{!. 1·~~ 1,312,675.75 I,242,092.82 1,145, 177.26 I, 173,989.25
n· 11l!~ I ,248,999.09 I, 195,431.26 I ,056,593 .75 I,048,334.21
-J~ll-lfFfFJ:df.ilt!f.lj ,@!,J[ :±1 I ,38610,,437139..7016 1,29547,,390171..8012 I ,15834,,602935..0784 1,208,749. 12
jqt /.js:f.t.flj .~.J[ :±1 I ,803.22 3,363.69 3,381.15
pJT ~:rff .f)(.ihl -Eh l 601 ,863 .01 619,729.50 713,401.60 709,766.70
s~lc .~.ill
~ '!E t'f. \j~ ~'fiJ i i J 22,763.44 48 ,470.64 45,670.93 -5,304.23
t9:!tf4l<:fid 5,787.62 7,874.25 9,832.32 2,0 I0.82
~;f. 1J i i1J 26,8 17.19 50,803 .88 48,521 .26 -3 ,634.90
EBIT 90,890.85 115,960.69 I09 ,229.34
EBITDA 166, I05 .64 191 ,287.46 184,574.03
~2~i;!il;!:Ji'"~tJ.l\l Jii:iqt )jfL:@: 120,049.30 137,086.05 153 ,122.56 22,304.52
t9:!tf ii!il;!:Jf= j:JJil :\'i£ i1t¥ilE 1¥. -9,493.43 -13 ,897.33 -17 ,590.41 -925 .70
~'&:ii!iZihf'j:JJil~l~i/;lii!: -99 ,778 .93 -139,726.82 -94,047.88 16,073.40
jjt,;f.~:±l 18,006.86 32,729.51 26,030.88 925 .70
2017 2018 ' 2019 2020.3
'8- ~;e;flj $(%) 44.00 48 .59 46.04 23 .94
Jt!JfBJm rn *c%J 31.19 26.23 24.68 39.21
EB1TDA fljj[IJ$(%) 83 .61 82.95 81.40
.~. jqti"' tl <~$(%) 4.69 5.95 5.73
l'#!tff'= tll<:fid$(%) 4.80 8.32 7.28 -2.04*
iiff. i;.IJ lt ~j;',. (X) 1.07 1.19 1.09 1.35
J!rJJ 1:1: $(XJ 1.06 1.18 1.09 1.35
1f1il:m~$-cxJ 457.27 259.88 178.30 129.96*
S4llWIEAP\J~~$-(X) 4.56 3.7o I 2.63 j 1.30*
jqtf=::fhfll!$(%) 69.65 67.62 62.41 63 .00
-~-!tf;$:1{, 1:1:*-(%)
ffiWH!J!9}i.~.fiJ!9}(%J
~'!E¥i!i>'JJ i~J.lll:tiiiiff.i.~. fil!9}(XJ
f&~i;!i i'JJi~JJ.\:fiiiiff.iffiJ\Ilfil!%-(X)
f&~iliMH?JJ.l:\%: iiff.i'I'IJ .@!.~ :±1 CXJ
~:'?.Jm~i¥1~7EmM~J.lll:>iz:¥iff.; ,tJ. fli!Jrc%J
-~· fJI!~ /EB1TDA(X)
EBITDA/~:fl.Wlf!ll9}(X)
!.89 1.93 I
i.±:
it:lj[, ?il'"*"liiiti.Br£:¥f.t~J:!ll, ~it:lj['f;f.t~.fl!i~.
www.ccxi.com.cn 16 j:j·PlitEgm~w.t;t~Jll(f5}'f;f~lH~i'iJi~ 7ftHf 2020 if:i~i'iJI!H~ Cilillo.!~
Chi na Chcng.."Xin llllernationil l Credi t Ra ting Co .Ltd
2017 2018 2019 2020.3
:f)tijj jft~ I ,798,528.45 j 2,858,969.10 2,786,101561 3,319,787.88
mqxml(~ 771 ,426.90 890,392.72 927,571 .17 948, 13 1.66
~f~m4Y: J}x I ,239,827.57 1 I ,3 13,233.43 1 I ,3 10,6 12.4 1 I ,336,927.98
H-!Ji 2,860,886.79 2,620,529.9 1 2,845,096.18 2,842,807.0 1
tf:!ill tll:Yi 5,111 ,837.51 5,339,250.07 ' 5,628,390.00 J 5,67 1,072.35
a~n.!i1 1,818,559.88 I ,562,83 1.17 I ,645,718.36 I ,683 ,652.12
xm~i"' I ,487,869.57 I ,5 17,520.22 I ,49 1,583 .84 1,484,185 .15
-~ l9i f= 25,188,665.51 26,687,387.79 27,586,462.62 28,278,030.00
~ft!!Jtif;t j):j( 7 11 ,854.79 I ,009 ,744.59 I ,003,42 1. 06 1,003 ,903.89
iifi .WHJ!i -%- 6,177,853.37 5,2 10,169.51 4,864,249.99 4,840,452.99
tf:Jtll fM 5- 5,864,236.14 6,812,0 18.27 7,680,783 .69 8,064,044.16
.~ f.m :9r 12,042,089.51 12,022,187.78 12,545,033 .68 12,904,497.15
.~"PH~! 15,732,516.2 1 16,54 1,589.67 17,073, 147.16 17,639,747.16
~mfuu .~.x :±l 390,166.45 393, 127.85 404,156.50
i:l'f :$:fUu.li!.x:±l 22,038.85 45, 179.45 35,385.50
~~lx~* I ,197,056.55 I ,23 1,309.99 I ,231 ,309.99 I ,23 1,309.99
1-' fx: Ill( :8< :tHii 3,304,997.62 3,7 10,255.79 3,968,926.43 4,053,579.9 1
Ji.JT~ :g-:fX iii -&H /· 9,456,149.30 10, 145,798. 12 I 0,5 13,315.46 I0,638,282.84
t\'~.~4XA 22,954,977.60 24, 103,599.47 26,517,860.55 6,580,773 .39
*:Hr ii 'l ~ %- 5f1J~IJ 195,572.87 545,383 .6 1 4 17,759.60 59,930.12
t:ll:lit 451:.fui 29 ,402.01 11 4,358.32 13 1,445.58 58,829.40
iHU if~ II 0,506.4 1 187,166.14 252,997.68 58,835.87
EBIT 544, 111 .12 727,389.98 818,608.92
EBITDA 1,0 14,030.84 I ,232,050.6 1 I ,453 ,676.98
WH!i'iffl rl1 , mfMH5- 4Hu !¥J J.m~ 23 ,966,485.48 26,686,636.37 27,757,476. 14 7,219,359.97
1/Umft!! E.i g,_~m~J ~;t:: !¥JJW. ~ 1,188, 10 1.68 734,358.48 I ,176,985 .56 149,977. 15
mtl*im rl1' t~:'¥:~-%- Ji: f1i¥.J JI..i\~ 2 1,752,453 .87 23,763 ,94 1.05 25,237,377.95 6,676,835 .55 .~..
Ji:N~ft!?.!=:.H£'!11ti;f]~~ !¥Jll\\~ 834,554. 12 969,055.57 I ,272,441 .65 150,821.66 ~
l![k 4Xt.ll: lit 1/5( f iJ8'~ JJ\lit 248,505.75 14,3 12.31 137,903 .19 705 .65
ljt ;;js: Ji: :±l 486, 191.34 668,580.83 680,539.85 12 1,969.6 1 +~
~~y;!ff,J]i"'':tll..i\~~mr. ·~ I ,640,752.73 I ,460 ,389.90 I , 11 4,850.78 232,272.03 -
t.ll: lrt ri!ii9J tz: ':tll\\~~ i'frl.g -I ,266,522.68 -515,448.48 -640,567.79 -II 0,635 .96
?# !.'£ ~i'i!ii';IJ f' ':t ll\\ :il£{g.)·fr[:@: -707,474.70 -46,258. 15 -584,036.74 383 ,059.34
2017 2018 2019 2020.3
E; ~:f,jf.ljJ¥ ( % ) 4.49 6.06 5.48 4.7 1
J1Jl fil]~ffl &1 (%) 3.36 3.60 3.76 3.65
Jti 451:~~ J9l i .t!. f,'ff' ( %) 1 9 32 / 9.45 1 9.3'?.) 9.33
1/J(J.mbt (X) 1.04 1.11 1.05 1. 10
-~lii i"'451::6d&1 (% ) 2.14 2.811 3.02
~i"'ff:!f~¥ (%) 62.46 6 1.98 6 1. 89 62.38
.~ift:$:1-Ut¥ ( %) 56.01 54.41 54.81
iillJillfM3· /.~ffl~
FFO/.~fMr (X) _L 0.07
FFO ;fU ,i~.ffH& CX) 3.24
~'Nmi9J~ll\\~~UU ,i~. ffl:W.f& fx:
.\;'l. fl!i~iEB1TDA ( X) 11.88 9.76 8.63
EBITDAiiifiJtllffl %- (X_)___ ~
.Yi: ijj iJf~iiii'iWl f!ff~ (X) 0.29 0.55 0.57 0.69
EBITDA ;fU ,@.~~fS:fx: (X) 2.46 2.81 3.31
i'l : f.:Jlf l~Wl$f1~N~w .\\'!. fll! :9Ht.Al~WHJll
:9] , :Jlf~ ft!?.Ell11 #.\:
www.ccxi.com.cn 17 1:1 ffi E§.t:ll: fi~ili¥.t;i:l&!l9: 1!HHIH~'ifl07f t;i:1r 2020~i~'ifl f!ff~ Cilii !PJ~
f~l\\ COi!iU~COOCOXmI Ch ina Cheng:~.; in lnlernmional Credit Rating Co ,Ltd
I Jjj]1it&J~;~ift !IP.I c11t rn~ffl' !IPJ ) l =11t rnm11tc mQJ + ~0ftiitM*a~~~~*A§MmQ~QBm~+~~??
L~J!IH9:li:t l ==~cm?ym+~?f-fa4i~+W~~QrJB0EJ!fFJtJ~~+~h~mmz-*;!~SJ~1~~fJt>~l!ll~f+:tA~fEt*M+~A*~§Mi'~Ma~Jmla)l~mm~QBm?~AttQMmM+0M
-L~Jtll f!J!~ =~m?a+~ftfjfi·+~~-~-·Jl)l
.e.fi!!~ =*MfllifrHRJlJl fiJI~
1¥1-ifl* =.~. f:;-%-- :lil:ffiEQ
mf'fftf~i$ =ffi. i!ft.~.w~?~.~.w
=.~. !Jll~ ; c.~. 1!1!~HJT-ra·tx~%it J
=g~q)(A;0q)(~!Lf~11' :1::\J/T@l
=0 t&~lH;l\4":1::\Ji'I? l\'Ji! X360 )i;;g~~q~}\ + :ff-:!lif-:1::\J(l?l\'Ji! X360 Ji;!'§'~I ~Jft*-01-t~ICW\4"
:1::\jj!ft.l\'Ji! X360 Ji; ! ( 'S ~~~ Jili;::;fi: + Jtll ;!Cf+:lli1¥1\'Ji! - JtllfJJ1r:!lii1tll'Ji! l
~' ~-'E:;fV$ = C'B~ ti'iCA-~~Iilt;;ls:)/~~~lxA
WJJ'BJ!/Jtffl$ =c m?mm +fi~!/#m +~~?m+u*mmJ m~a~A
=~ 'lk .~. tlll:A - ~ 'lk lilt *- f. tJ.\\'!.J'i: :±!-.f-t.* !/#.&1ffl 2tx :±! - illfJiHii - ~1! 11X: :±!iJtl\'!li - :I'll';
~-~-a-~~~~~?-??tt~~ w-~5mm-s~.&m~-m~mm+~~~§
EBIT C.@!.f.lt llU 1M 1.1~) =r-uit'i! .e. 11m+mm1t f.IJ .\\'!. "'t :±l
EBITDA C,Q,f.lttrf IJ3jlfj;ffj ilfJJM~) =EBtr+ trr 113 + xm ift f=t~~tf'i + -L~JU J f.'HJ!t ;_\11mJ'lfi;tf'i
.e.mF r!Jl~¥ =EBIT/.(;J.mf=.if:L~ ~l\'Ji!
(l>lf:t f' tlll:~$ =iHIJ~fJ/f~Wi\1-;J<.l( :AA%it .if:I::\J{i[
EBIT ;fUitiJ$ =EBIT/~4~~.·;,).qXA
EBITDA fiJ~I]$ =EBITDN3-¥~ ~k .(;J.q)l]\
E::;fi:.XW =~-~~Ef=.~MEf=W~~~Jtllm~~M~mQ
~iFol!!l!fB~ ~i: 'B ii!ifJJ I¥!!\\*im tC FO- =~i:~ieirJJ/¥ .l)l l~¥m CCFOl - -B-~cnUIJ . ;ftJ it£J W(f~ 11.fiJ ,ti.:iZ:ft A1M~
HY:flj)
FCF =~~~~~m2t?-~?~~mf=.~m?~~~~*mmFxN~m~-~~a
'f.ij, 'f. iJ i JIJ§JZj~f-;j'f. lj ,\\§!,~1-;Jfi'~ Jjj]~
=~\: E' ii!ifM? IIil.~¥m - C#Hl: O~~&Hi':'Btt0tiM!F-I 09~&Hic'B 't10f1Jijjf-1 O~:lt
~) - C-7J-~W~.~~aMM~Q~JZ:MOO?*-~*tl~ ~Jt:±l - W$1t~£~
:±!)
¥m~ ~~$ =¥m~t1f'nm~ffi. f!ft
i£z;l] b~$ = OfrE~lifi"" - 1H'U li'!ri~:ffl.OJ!
;fV .@.~ :±l , =!/Jt ffl ~~AJZ: :±l+ fit;;Js:1t~A~ :±l
EBITDA '.f lj .l~. f~~\'l jff!lilc =EBITDN;fiJ.\\'!,Jtlli
I EBIT f!J.\\'!, j~ ~Jil:fil'~ T=EBIT/f.iJ.\\'!.~Wtt . ·~&Jt ili .¥B.&W*:iZ: ili . illS* . MMEili~U . W*W~~~M~*~U. s?tt~E:±l . *M?ffl " h*M&~&*B~~~~~if:~~ffl . *Jill ?~'ffoi tr
www.ccxi.com.cn IS J:tm~m~iW.tit~lllt tHHlH~'iiJ i~ Tf:&tr 2020 ifi~ 'iiJ ill!~ cilii!El~
China C'hengxin ilucrnational Cred it Rtll ing Co .Ltd
AAA I ~VJ!X1%< 1~JH~f ~I¥Jfj~}Jf&~1L ~:t:l'~l';fU~iJfJf.f;lt i¥Jl:fJPJ.j, i:!l~":JJA.~f&ill; .
AA ~Vl'x
A l ~wma?ifM~I¥.l?n?~ · ??~;;r~~m£F~I¥J ?ifol . m~JX\.1'1l:U* ·
MB ~WX'.t.GifM~I¥.1-}J - ft, ~l'~~¥if£fmBifol?*· i:!l~JA.~ -6 .
M ~wmaMifffl~I¥J?nue.~;;r~~m£Fm?ifolm*·~??m~JX\.~ .
ccBc ~~WwXm>atf?Sitf.mi~flM¥~.Il¥nJn·?}&J·?*?~~·~-~FlI¥~.Il¥~Jm~£~F£~f~. .~~ilmi~~JX?\.a?.:W~ .
ccc ~~WwMm~aHaMa~ri?f?flml!:%~-.mmw~~ft+ . a*;;r?~~?ifm~.
AAA ??~~tt?~· ~*;;r~;;r~~m£fm~¥J~ifol. m~m~?* ·
AA i!Ji~'i<::tt.HIB!i\, ~"f'f'lmi1f£F.~I¥J~uJ.]!i)i'J,, i:!l~'.JJXI.Il.t~IHI£.
A m~~~ttftg,fts~;;r~~m£F~~~ifol. a~IXI.i!.tft* ·
BBB 1ilf#1<~tt-n~. ~ ..f;fU~~lfl:J'tJ?Jn(t;J!;S(*, mr-JJ~~~~- R!t.
ss -~~~~?e. ~~~~~£fm~ifolm~ . ~??m~JX\.? .
s m?~~tt&*~??~~~~~m£Fm, s~JX~.~m~ .
CcCcC t1ii)iJ/.fjl:~;~f':fii6:{tlHfciki.!J:Ei!: 1fUt.ifiHl!i#'IJzfD'J~m'lf~, i:!l ~'JJX\.~~ flki'il! .
#---:-~i-AAA·rJ-..-cl.-C-CCr-J..-llii.IJ.T~HrJ6..l1j~[·i,f14JilJ!-5f.1'f8-1ll-~rJ.-.lm-.F!l-"-+-" -, " - " r1"% ill 1J- f,-;k il~. *?F~il'li.e.J(~(IH;i;: ~rJ..l. - - -- -- - -
A-t t,)J'mt.H..JHffWHi!i#. if*1t .li!.m~~11H. ~~t1 1& Mi.
A-2 :ili:t:it.~.JX\. fl~~:J(+. ~-i:'l'l:t{iQi .
AJ ~*1tAJXl· -· · ~.1:ttS~~~~~~~~-~ .
B :ili*itAJX\.?&~. ~-~~ffi~JX\.- .
c :ili:$: 1·J.I~.JXUl~mi'ili . mr~JX~~~$x i'ili.
D H6t.i
www.ccxi.com.cn 19 l:tP!itEI!.JJ!:~~W.t;t.lltJllffi'MIH~'iiJ0 7f tit1r 2020 :¥0'iil f~# (jjj]!PJ"!f