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Zhejiang Entive Smart Kitchen Appliance Co., Ltd.
2026 Follow-up Rating Report on Relevant Bonds
CSCI Pengyuan Tracking No. [2026] 250 01
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CSCI Pengyuan Credit Rating Co., Ltd.
Rating Results
| Current Rating | Previous Rating | |
|---|---|---|
| Issuer Credit Rating | A+ | AA- |
| Rating Outlook | Stable | Negative |
| Entive Convertible Bonds | A+ | AA- |
Rating Date
June 25, 2026
Rating View
This rating downgrade is mainly based on the following: The integrated stove industry where Zhejiang Entive Smart Kitchen Appliance Co., Ltd. (hereinafter referred to as "Entive Smart" or "the Company", stock code 300911.SZ) is located continues to undergo deep adjustments under the influence of multiple unfavorable factors such as a weakening real estate market, changing consumer preferences, and alternative competition. The company's operating income has declined significantly. Affected by shrinking production and sales, the company's product capacity utilization rate has dropped sharply. The IPO fundraising project failed to be put into production after completion, and the construction of the convertible bond fundraising project has been terminated, highlighting the pressure of idle capacity and digestion. The newly added computing power business is still in a loss-making stage, further dragging down the company's profitability. In 2025, the company's gross profit fell sharply and it suffered operating losses. In the first quarter of 2026, the gross profit margin turned negative, and the overall performance was under significant pressure, with no obvious signs of recovery in the industry. At the same time, CSCI Pengyuan also considered that the company has high cash asset reserves, sufficient standby credit, and can recover large amounts of funds through the disposal of external investment funds, maintaining stable short-term liquidity.