2023 Baotou Dongbao Biotechnology Co., Ltd. Convertible Bond Issuance Tracking Rating Report for 2026

Credit Rating Report Statement

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Rating Opinion

The rating for this period considers that Baotou Dongbao Biotechnology Co., Ltd. (hereinafter referred to as "the Company", stock code: 300239.SZ) has formed an integrated collaborative industrial chain for gelatin and hollow capsules. Its R&D innovation capabilities, brand advantages, and customer resources provide certain support for its main business operations. In 2025, the Company maintained cooperation with well-known enterprises in the industry, achieving growth in sales volume and revenue across its hollow capsule business, with the gross profit margin remaining stable year-on-year. However, China Chengxin also noted that due to the impact of downstream industry policies, market conditions, and intense industry competition, combined with rising expense ratios and an increase in inventory impairment losses, the Company's operating revenue and net profit declined year-on-year in 2025. Considering that leading enterprises in the hollow capsule industry are generally expanding production capacity or have room for improvement in capacity utilization, the Company faces risks related to the progress of its ongoing hollow capsule expansion projects and capacity digestion. Additionally, attention should be paid to the risks associated with the pledge of shares by the Company's major shareholders.

Main Financial Data and Indicators (Unit: 100 million yuan)