CSI Credit's 2025 revenue slightly decreases, Pengyuan Ratings' income of 662 million yuan contributes 40% | Bond Market Financial Report Observation

Cailian Press, April 4th (Editor Yang Bin, Intern Jiang Kun) China Securities Credit Enhancement Co., Ltd. (referred to as “China Securities Credit”) recently announced its 2025 annual report. The company achieved a total operating revenue of 1.79B yuan for the year, a decrease of 20M yuan year-on-year, a decline of 1.11%. The company states that the slight revenue decline is mainly due to the phased adjustment of business scale caused by changes in the market environment and higher customer concentration.

According to the annual report, China Securities Credit’s core main businesses are four major sectors: credit rating, credit enhancement, investment services, and technology services, and main income is derived from the operation of these four core sectors. Among these, only the credit rating business saw significant growth, with an increase of 9.45%, while credit enhancement and investment services were both negative, and technology services grew slightly by 1.56%. In 2025, the company achieved a net profit attributable to shareholders of the parent company of 521 million yuan, an increase of 16 million yuan year-on-year, a growth of 3.12%.

China Securities Credit Guarantee Co., Ltd. (“China Securities Guarantee”), and China Securities Pengyuan Credit Rating Co., Ltd. (“Pengyuan Rating”) are important subsidiaries of China Securities Credit Enhancement Co., Ltd., forming key pillars of China Securities Credit’s core businesses in credit enhancement and credit rating. China Securities Credit directly holds 100% equity of China Securities Guarantee and 55.98% equity of Pengyuan Rating.

The annual report shows that in 2025, China Securities Credit’s consolidated total assets reached 14.89B yuan, and net assets attributable to shareholders of the parent company amounted to 7.5B yuan. Both China Securities Guarantee and Pengyuan Rating achieved revenue growth in 2025.

Financial statements indicate that in 2025, China Securities Guarantee achieved main business revenue of 600.1 million yuan, an increase of 8.30%; Pengyuan Rating achieved main business revenue of 662 million yuan, an increase of 9.45%.

In terms of profit performance, both companies achieved year-on-year growth, with some divergence in growth rates. The financial report shows that China Securities Guarantee achieved main business profit of 585 million yuan in 2025, an increase of 10.74%; Pengyuan Credit Rating achieved main business profit of 541 million yuan, an increase of 11.97%.

According to Enterprise Early Warning data, besides China Securities Credit, only two domestic financing guarantee companies have revenue exceeding 100 million yuan.

Figure 1: Comparison of financial indicators among guarantee companies

Data source: Enterprise Early Warning

Enterprise Early Warning data shows that China Securities Credit has four outstanding bonds with a total scale of 2.95 billion yuan; China Securities Guarantee has one outstanding bond with a scale of 1.5 billion yuan.

(Cailian Press, Yang Bin, Intern Jiang Kun)