Credit Rating Announcement
Lianhe [2026] No. 4262
China Lianhe Credit Rating Co., Ltd. has conducted a follow-up analysis and assessment of the credit status of Hebei Construction & Investment Group Energy Investment Co., Ltd. and its relevant bonds. It has been determined to maintain the long-term credit rating of Hebei Construction & Investment Group Energy Investment Co., Ltd. at AAA, maintain the credit rating of "21 Jianneng 02" at AAA, and maintain the credit rating of "25 Jinengtou MTN001 (Science and Technology Innovation Note)" at AAAsti, with a stable rating outlook.
Hereby announced.
China Lianhe Credit Rating Co., Ltd. Rating Director: [blank] June 22, 2026
Hebei Construction & Investment Group Energy Investment Co., Ltd. 2026 Follow-up Rating Report
| Item | Current Rating Result | Previous Rating Result | Current Rating Date |
|---|---|---|---|
| Hebei Construction & Investment Group Energy Investment Co., Ltd. | AAA/Stable | AAA/Stable | 2026/06/22 |
| 21 Jianneng 02 | AAA/Stable | AAA/Stable | 2026/06/22 |
| 25 Jinengtou MTN001 (Science and Technology Innovation Note) | AAAsti/Stable | AAA/Stable | 2026/06/22 |
Rating View: During the tracking period, the company remained a key energy and power investment entity in Hebei Province and a large power-listed company controlled by Hebei Construction & Investment Group Co., Ltd. Its business scope is primarily concentrated within Hebei Province, maintaining a clear regional competitive advantage. As a listed company, its governance structure and internal control systems are sound, with no major changes to management systems or architecture. During the tracking period, the company's thermal power installed capacity remained stable, and power generation units operated steadily. Due to factors such as grid-connected power volume and a decline in fuel costs, the company's revenue decreased year-on-year, while profit scale increased year-on-year. Overall, the company's business operations are stable, and operating risks are very low. The company's debt scale has increased, but benefiting from the growth in equity scale, financial leverage has declined, and the debt burden has eased. The company's debt is relatively balanced, and the debt structure is reasonable. Considering the company's clear regional competitive advantage, sustained and stable cash-generating ability, and high recognition from financial institutions, its refinancing ability is very strong, and its financial risk is very low. At the same time, the company's controlling shareholder is strong and provides significant support. Based on the company's performance in operations, finance, and external support, its overall debt repayment ability is extremely strong, and the default probability of the bonds tracked in this report is extremely low.
Individual Adjustment: None. External Support Adjustment: Shareholder support.
Rating Outlook: In the future, with the commissioning of power generation units under construction and new energy projects, the company's installed capacity will increase, and its comprehensive competitive strength will be further enhanced. While maintaining a sound financial state, the company's credit status is expected to remain stable.
Sensitivity factors that may lead to a rating upgrade: Not applicable. Sensitivity factors that may lead to a rating downgrade: Significant decline in company revenue and profitability, weakening debt repayment ability; capital expenditure exceeding expectations, significantly increasing debt burden; significant changes in the company's regional industry status, or significantly weakened willingness of regional governments and shareholders to support the company.
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