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Rating Results
| Item | Rating |
|---|---|
| Main Credit Rating | A+ |
| Rating Outlook | Stable |
| Bond Credit Rating | A+ |
| Rating Date | 2025-10-21 |
Rating Viewpoint
The current rating is based on the following considerations: Shanghai Weike Precision Mold Co., Ltd. (hereinafter referred to as "Weike Precision" or "the Company," stock code: 301499.SZ) has many years of experience in synchronous R&D with well-known automotive parts manufacturers. It has accumulated certain technical advantages in product and mold development, precision mold processing and manufacturing, and automated production line design. The company possesses a complete range of processes, good customer qualifications, and stable cooperation, ensuring a certain level of order acquisition.
However, China Chengxin International Credit Rating Co., Ltd. also notes that the company faces a high degree of customer concentration risk. Raw material prices are subject to fluctuations, and a portion is imported, posing risks related to raw material price volatility and overseas supply chain risks. The company's new production capacity is substantial, and if customer demand falls short of expectations, it may face risks of production capacity digestion. Furthermore, the company has generally exhibited a trend of "increasing revenue but not increasing profit" in recent years, and accounts receivable significantly tie up working capital.
Bond Overview
| Item | Details |
|---|---|
| Issuance Size | Not exceeding RMB 630 million (inclusive) |
| Term | 6 years |
| Repayment Method | For non-converted bonds, interest is calculated annually, with interest paid once a year. The principal and the interest for the final year are repaid at maturity. |
| Purpose of Issuance | To be used for the construction of the semiconductor component production base project (Phase I), the production base construction project in Thailand, and to supplement working capital. |