Jiangshan Oupai Door Industry Co.Ltd(603208) : announcement of China Securities PENGYUAN on continuing to include Jiangshan Oupai Door Industry Co.Ltd(603208) subject credit rating and "Jiangshan convertible bond" credit rating in the credit rating watch list

CSI PENGYUAN credit rating Co., Ltd

Zhongzheng PENGYUAN announcement [2022] No. 132 Zhongzheng PENGYUAN announcement on continuing to include Jiangshan Oupai Door Industry Co.Ltd(603208) subject credit rating and "Jiangshan convertible bond" credit rating in the credit rating observation list

Jiangshan Oupai Door Industry Co.Ltd(603208) (hereinafter referred to as " Jiangshan Oupai Door Industry Co.Ltd(603208) " or "company", stock code: Jiangshan Oupai Door Industry Co.Ltd(603208) . SH) issued 583 million yuan of convertible corporate bonds (hereinafter referred to as "Jiangshan convertible bonds" or "current bonds") on June 11, 2021. On August 10, 2021, China Securities PENGYUAN credit rating Co., Ltd. (hereinafter referred to as "China Securities PENGYUAN") regularly tracked the credit rating of the company and the current bonds. The rating results are: the main credit rating of the company is AA -, the rating prospect is stable, and the credit rating of the current bonds is AA -.

On September 30, 2021, considering the large scale of the company's receivables from Evergrande Real Estate Group Co., Ltd., its subsidiaries and procurement platform (hereinafter referred to as "Evergrande real estate") and the great uncertainty of recovery, CSI PENGYUAN decided to include the company's main credit rating and "Jiangshan convertible bonds" in the credit rating observation list. In the first three quarters of 2021, the company's operating revenue increased by 13.12% year-on-year, and the net profit attributable to shareholders of listed companies decreased by 6.85% year-on-year. According to the announcement on annual performance reduction in 2021 (hereinafter referred to as the "performance forecast") issued by the company on January 25, 2022, the company expects to realize the net profit attributable to the shareholders of the listed company in 2021 from 212412700 yuan to 276136500 yuan, a year-on-year decrease of 35.15% to 50.11%. The decline in the growth rate of the real estate market leads to the slowdown of the market demand of Engineering channels The company's implementation of Engineering Agency and omni-channel retail mode marketing reform led to the rapid growth of sales expenses and the provision of credit impairment loss for the receivables of Evergrande real estate, which were the main reasons for the decline of performance.

As of December 31, 2021, the receivables of Evergrande real estate held by the company totaled 714 million yuan, including 662 million yuan of notes receivable and 466 million yuan of overdue notes receivable; Accounts receivable are 52 million yuan and overdue accounts receivable are 49 million yuan. The impairment of receivables of Evergrande real estate has been considered in the data of the company's performance forecast this time. There may be differences between the amount to be withdrawn this time and the final audited impairment withdrawal results.

The impact of the above factors on the company's profitability is still uncertain. China Securities PENGYUAN decided to continue to include the company's main credit rating and "Jiangshan convertible bonds" in the credit rating observation list.

China Securities PENGYUAN will continue to pay attention to the possible impact of the above matters on the company's main credit rating, rating outlook and the credit rating of "Jiangshan convertible bonds" and make adjustments in time.

It is hereby announced.

CSI PENGYUAN credit rating Co., Ltd. March 31, 2002

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