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CSCI Pengyuan Credit Rating Co., Ltd.
Rating Results
| Item | Current Rating | Previous Rating |
|---|---|---|
| Issuer Credit Rating | A+ | AA- |
| Rating Outlook | Stable | Negative |
| Mars Convertible Bond | A+ | AA- |
Rating Rationale
The downgrade is primarily based on: The integrated stove industry, where Mars People Kitchenware Co., Ltd. (hereinafter referred to as "Mars People" or "the Company", stock code: 300894.SZ) operates, is a pre-installed product category within the real estate chain. The industry is facing prolonged deep adjustment due to factors such as the weakening real estate market and sluggish consumer demand, with no clear signs of recovery in the short term. In 2025, the Company's revenue declined by 44.0%, putting pressure on its core business. Furthermore, low capacity utilization dragged down operational efficiency, leading to a loss from profit. Negative operating cash flow and increased demand for liquidity pushed up the Company's debt scale. Additionally, the Company's diversification into humanoid robots and semiconductors, with limited synergy with its core business, requires attention to the returns and exit of its equity investments. However, CSCI Pengyuan also considers the Company's strong brand influence. In 2025, its online sales and revenue ranked first in the category, with a solid e-commerce channel presence, indicating strong operational competitiveness.
Rating Date
June 25, 2026