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China Chengxin International Credit Rating Co.,Ltd.
2 SOHO6100010 8610 6642 8877 8610 6642 6100
Building 6, Galaxy SOHO, No.2 Nanzhuganhutong,ChaoyangmenneiAvenue, Dongcheng District,Beijing, 100010
2020
AAA
AAA
[2020]0313D
www.ccxi.com.cn
2020
AAA
AAA
20 5
2016 2017 2018 2019.9
2,045.18 2,751.42 3,806.19 3,905.79
1,317.61 1,498.71 2,118.83 2,345.98
727.57 1,252.71 1,687.36 1,559.81
648.32 1,115.29 1,451.92 1,353.40
19.53 16.57 45.95 33.66
47.42 60.12 71.89 71.98
EBIT 58.22 90.70 116.52 114.06
EBITDA 59.16 91.10 117.76 --
-119.26 -156.21 -138.70 43.63
(%) 16.02 53.34 46.21 51.19
(%) 3.39 3.78 3.55 --
(%) 35.57 45.53 44.33 39.94
(%) 32.98 42.67 40.66 36.58
/EBITDA(X) 10.96 12.24 12.33 --
EBITDA (X) 6.18 3.97 2.91 --
2016 2017 2018 2019.9 663.61 876.21 1,332.48 1,381.96
503.57 464.88 652.56 671.42
160.04 411.33 679.92 710.55
159.00 369.79 644.64 672.10
0.00 0.00 0.63 0.68
-1.12 -9.80 6.16 11.78
EBIT -- -- 29.07 32.14
EBITDA -- -- 29.11 --
-22.43 -101.18 -148.01 -5.64
(%) -- -- 100.00 100.00
(%) -- -- 2.63 --
(%) 24.12 46.94 51.03 51.42
(%) 24.00 44.30 49.70 50.03
/EBITDA(X) -- -- 22.15 --
EBITDA (X) -- -- 1.27 --
1 2 20193 2016 2017
2019 2016~20174
lsheng@ccxi.com.cn syyang@ccxi.com.cn
shyzhang@ccxi.com.cn (010)66428877 (010)66426100
2020 2 25
AAA2020
AAA
2010
2019 9
155.00
2016~2018 2019 1~9
47.42 60.12 71.89 71.98
2019 9
672.10
CCXI-20200313D-01
3 2020
www.ccxi.com.cn
2010 12 1
2011 5 2011 7
2012 5
2014 6
2017 9
45.00
2019 9
155.00
2018 3,806.19
2,118.83 2018
45.95 71.89
-138.70
2019 9 3,905.79
2,345.98 2019 1~9
33.66 71.98
43.63
20 5
20.00
1
18.00
-
2.00
4 2020
www.ccxi.com.cn
20.00
2019
6.1%
2019
2020
2019
PPI
CPI
2020
2019 12
2020 “ ”
LPR
5 2020
www.ccxi.com.cn
2020
Equity Investment
4 1992~2005
2005 500
IDG
2006~2010
2,500
2011~2013
IPO
2014
“ ”
IPO
2018
VC/PE
1.4 9.99
14.5 20
2013
IPO
2014 IPO
2015
2016
“ ” “ ” PE
2016 2017
2018 P2P
2018 4 27
“ ”
LP
2018
6 2020
www.ccxi.com.cn
3,637
1.76% 1.33
25.55% 3.66
5.01
2018
10 64
2,012.71
250 100
1 2007~2018
VC PE
2018 2,376
65.3% 0.86
64.6%
2018 1,014
27.9% 2,727.81
20.5%
102
2.8% 999.21 7.5%
2018
2 2018
3 2018
2015 12
[2015]210
7 2020
www.ccxi.com.cn
2018
2018 8
2017
10,144 11.18%
1.21 62.59% 2018
10,021
1.08
10.93%
4 2007~2018
2018
IT /
2018
2,180 1,783 1,340
1,772
IT /
IT
5 2018
6 2018
A B C D E
F G Pre-IPO PIPE
2012 2018 VC/PE
PE
8 2020
www.ccxi.com.cn
“ ”
PE A~C
“ ” PE IPO
Pre-IPO PE “
” VC
“ ”
7 2018
IT
IPO
2009
IPO 2014
2015
3,774 2014
345.05% 2016 4,847
2015 28.43% 2017 IPO
IPO
3,409
30.30% IPO 1,069
94.01% 2018
2,657 22.06% IPO
996 37.49% IPO
6.83%
8 2011~2018
2011~2012 IPO
2013 IPO
IPO 2014 IPO
2015 2016
2015
3,232 66% 2016
824 24.2% 2017
9 2020
www.ccxi.com.cn
IPO
IPO 37.3%
27.6% 13.8% 2018
IPO 996
37.5% 664 25.0%
428 16.1%
9 2018
2018
/ IT
471 359
250 205
870
10 2018
VC/PE
“ PE”
A IPO
2019 3 1
2
6
IPO VC/PE
2005
500 2018
1.4
10 2020
www.ccxi.com.cn
10
LP GP
2017 8
2018
2018 4
“ ”
2018
1.33 25.55%
IPO
IPO
2017 7 7
2017 IPO IPO
2016 2017 IPO 77.87%
2016 90.6%
IPO 60% 2018
IPO 60.4%
IPO
IPO
2014 8
“ ”
2015
2016 7 15
1 2 3
11 2020
www.ccxi.com.cn
2017 5 2
2018 8
10
2016 “ ” “ ”
PE
2017 5
“ ” “ ”
[2017]9
“ 9 ”
2018
3 1
[2018]4
9
“ ”
IPO 36
36 48
90
60 48
90 30
2017 5 3
[2017]38
2017 7
[2017]38
70%
2018 5 16
2019 1
[2019]8
20%
5%~35%
2
70%
12 2020
www.ccxi.com.cn
2019 9
155.00
2019 9
2017
2017
2016
2016~2018 2019
1~9 19.53 16.57
45.95 33.66
2016~2018 2019 1~9
29.64 55.21 104.21
76.39
11 2018
6
2019 9
13 2020
www.ccxi.com.cn
7,000
2016~2018 2019 9
107.32
367.35 502.80 521.20
2016~2018 2019 1~9
0 19.78
0.84 0.55
6.90 9.22 11.71
25.81 4.07 6.25
-8.23 15.74 2018
12.82
2016 8
2,000.00
1,020.00 360.00
200.00 300.00 160.00
2019 9 1,020.00
399.00
2 2019 9
80.00
42.00
35.00
19.00
14.00
8.92
2.00
2017 4
1,500.00
501.00
100.00 300.00
1.00
2019
9 501.00
121.00
2016 11
1,500.00 700.80
2019 9
700.80 262.00
2014 8
45.45 GP
2019
9 45.45
42.00
2019 4
1,500.00
14 2020
www.ccxi.com.cn
2019 9 300.0212.00
2019 7
600.00
2019 9 129.50
3 2019 9
2016.08 2,000.00 1,020.00 399.00
2017.04 1,500.00 501.00 121.00
2016.11 1,500.00 700.80 262.00
2014.09 45.45 45.45 42.00
2019.04 1,500.00 300.02 12.00
2019.07 600.00 129.50 0.00
-- 7,145.45 2,696.77 836.00
2016
2016~2018 2019
9
122.62 358.58 610.79 611.63
2016~2018 2019 1~9
0.79 9.94 24.19
20.53
0 0.10 0.26 -0.05
0.25 2.51 5.35
4.92
2014 8 100
2018 553.33
455.41 97.91
2018 24.22
7.10 5.31
15 2020
www.ccxi.com.cn
2016 7 30
2018
76 645.82
2,000 3,000
2018
14.74 0
2016 11 50
2018
59
291.32
62.68 2018 9.54
0
2016 9
5,000
2018
8 400
10
100 2018
250.69
2018 1 9
2018 5 18
20 100%
2018 58.48
20.12 2018
0.86 0.12
+
2017
10 17 1
100%
2018
0.18 0.15
1994 3 10
0.50 2019 4
58%
2015
2019 9
16 2020
www.ccxi.com.cn
4 2019 9
601866 45,463.27 114,112.81
600036 395.61 13,747.42
603126 2,607.61 13,298.81
603128 255.64 1,774.16
601718 26,569.36 94,586.91
000778 7,803.08 30,432.02
03323.HK 8,098.54 51,426.94
A 000069 25,500.08 179,265.53
601800 20,694.33 209,219.70
601857 79,779.40 493,834.51
601766 36,229.33 265,198.67
601390 42,490.40 254,942.41
600028 125,242.74 628,718.53
601117 28,027.23 162,557.93
001979 38,278.27 726,904.41
601611 2,047.50 14,045.85
688009 6,350.72 27,364.21
2016~2018 2019 9
57.69
103.63 436.19 613.73
2016~2018 2019 1~9
0.95 1.40 10.57
20.72 -0.07 1.31
10.48 20.52
2019 9
2018
26.00
2018
17 2020
www.ccxi.com.cn
2018 21.49
8.32 13.17 2018
71.76
5 2019 9
%
2016 2017 2018 2019.9
2010 2.00 0.78 0.78 0.78 0.78
2010 3.31 0.72 0.72 0.72 0.60
2016 77.61 6.00 6.00 6.00 6.00
2016 15.00 5.76 5.76 5.76 5.76
2017 7.79 -- 3.67 3.67 3.67
2018 26.00 -- -- -- 3.31
-- 131.71 -- -- -- --
7.85
2018 19.29
13.80 5.49 2018
0.13
0.37 -0.12
0.51
2003 4 15
600636.SH
2018
69.10
25.96 43.14 2018
18.59 2.13
-1.75
3.33
2012
2016~2018 2019
9
1,742.11 1,902.64 2,785.19
2,737.30 2016~2018
2019 1~9
18.51 6.31 19.65 11.04
54.95
84.59 102.98 62.44
43.06 49.94 68.45
38.97 2017 2018
2018
18 2020
www.ccxi.com.cn
100% 2019 9
16
7~13
19 2020
www.ccxi.com.cn
2016~2018
2019 2016~2018
2016~2018 2019 9
2,045.18 2,751.42 3,806.19
3,905.79
2016~2018 2019 9
56.48% 60.21% 51.03%
45.70%
2016~2018 2019 9
83.87 167.83
209.17 178.28
2019 9 5.98
4.20 2019 9
2018
2016~2018 2019 9
832.42 1,144.35 1,358.49
1,283.17
2016~2018 2019 9
125.71 195.18
251.74 179.59 2017 2018
2016~2018 2019 9
111.44
175.15 237.35 173.08 2019 9
2018
2016~2018
2019 9
423.63 481.94 938.93 1,128.18
2018
2016~2018
20 2020
www.ccxi.com.cn
2019 9
393.03 429.72 635.87 683.50
2018
524.44 111.68
2019 9 155.03
2016~2018 2019 9
727.57 1,252.71 1,687.36
1,559.81 64.81%
48.48% 48.79% 66.66%
2016~2018 2019 9
434.91 566.94 654.88 761.95
2018 542.23
2016~2018 2019 9
34.95 29.76 150.29 255.46
2018 2018
110.00 11.00
2019 55.00
40.00 10.00
2016~2018 2019 9
193.35 486.76 501.73 229.36
2017 293.41
2016~2018 2019 9
71.29 75.14 182.94
159.20
2018
2016~2018
2019 9
9.89 6.69 49.30 54.85
2018
2016~2018 2019 9
0.31 25.00
97.99 42.80 2018
2016~2018 2019 9
1,317.61 1,498.71 2,118.83
2,345.98
2016~2018
2019 9 155.00
420.39 418.15
402.87 389.53 2014
2019 9 100.00
2018 2016~2018
2019 9 -4.25
4.06 437.21 611.67
2016~2018 2019
9 732.58
906.87 1,056.40 1,090.24
12 2016~2018 2019 9
2016~2018 2019 9
648.32 1,115.29
1,451.92 1,353.40
2017 2018
2016~2018 2019 9
/
21 2020
www.ccxi.com.cn
0.39 0.87 0.80 0.33
2016~2018
2019 9 37.22%
45.53% 44.33% 39.94%
33.57% 42.67% 40.66% 36.58%
2018
13 2016~2018 2019 9
2016~2018 2019 9
663.61 876.21
1,332.48 1,381.96
2016~2018 2019 9
184.62 313.31
538.60 571.43
326.96 296.44 410.83
429.65
2016~2018 2019 9
160.04 411.33 679.92
710.55
2017
2016~2018 2019 9
24.12% 46.94% 51.03%
51.42% 24.00% 44.30%
49.70% 50.03%
2018
2019
2016~2018
2019 1~9 19.31
16.26 44.68 32.13
2018
2016~2018 2019 1~9
15.28% 40.34%
31.37% 32.31% 2017
6 2016~2018 2019 1~9
2016 2017 2018 2019.1~9
%
%
%
%
-- -- 0.002 100.00 0.84 -46.12 0.55 -102.07
22 2020
www.ccxi.com.cn
0.79 65.09 9.94 39.03 24.19 30.61 20.53 34.31
-- -- -- -- -- -- -- --
18.51 13.11 6.31 42.40 19.65 35.64 11.04 35.17
0.009 100.00 -- -- -- -- 0.007 100.00
/ 19.31 15.28 16.26 40.34 44.68 31.37 32.13 32.31
2016~2018 2019 1~9
14.03 38.28 49.22 36.85
7.22 28.87 36.23
26.82 2016~2018
2016~2018 2019 1~9
6.47 9.05 11.71 8.88
2016~2018
2016~2018
2019 1~9 0.35 0.36
1.27 1.15
7 2016~2018 2019 1~9 2016 2017 2018 2019.1~9
0.35 0.36 1.27 1.15
6.47 9.05 11.71 8.88
7.22 28.87 36.23 26.82
14.03 38.28 49.22 36.85
19.53 16.57 45.95 33.66
% 71.81 231.05 107.12 109.46
2016~2018 2019 1~9
48.69 67.78 76.09 80.44
-11.28
-29.83 -27.98 -19.56
2016~2018 2019
1~9 29.64 55.21
104.21 76.39 2017 2018
2018
49.85 36.90 11.27
2016~2018 2019 1~9
32.37 40.23 17.66
24.48 1.61
10.43 12.98 -0.02 2018
12.82
14 2016~2018 2019 1~9
2016~2018 2019 1~9
-1.12 -9.80 6.16
11.78 2016 2017
23 2020
www.ccxi.com.cn
2.40 0.54 24.76 26.45
2018 2017
9.24 2016 2018
2019 1~9
2016~2018 2019 1~9
-119.26 -156.21 -138.70
43.63 2016~2018
2019 1~9
2016~2018 2019 1~9
-240.03 -381.15 -230.25
117.71 2016~2018
2019 1~9
2016~2018 2019 1~9
376.63 623.00 432.62
-190.66 2016~2018
2019 1~9
8 2016~2018 2019 1~9
2016 2017 2018 2019. 1~9
40.54 287.79 281.31 198.45
159.80 444.00 420.00 154.82
-119.26 -156.21 -138.70 43.63
69.20 103.98 173.49 251.27
309.24 485.13 403.73 133.56
-240.03 -381.15 -230.25 117.71
452.09 987.97 1,260.18 641.51
32.43 181.56 59.37 0.16
389.66 781.39 719.81 640.85
75.46 364.97 827.56 832.18
29.46 310.97 554.83 757.62
376.63 623.00 432.62 -190.66
17.46 85.51 64.24 -29.21
2016~2018 2019 1~9
-22.43
-101.18 -148.01 -5.64
2016~2018
2016~2018 2019 1~9
-120.85
-97.09 -122.36 -14.73
2016~2018 2019 1~9
155.99 201.59 347.15
7.06 2016~2018
2019
2019
24 2020
www.ccxi.com.cn
2019 9 1,353.40
1,017.98
EBITDA
2016~2018 /EBITDA 10.96
12.24 12.33 EBITDA
6.18 3.97 2.91 EBITDA
2016~2018
2019 1~9
1.30
9 2016~2018 2019 1~9 2016 2017 2018 2019.9
( ) 648.32 1,115.29 1,451.92 1,353.40
EBITDA( ) 59.16 91.10 117.76 --
( ) -119.26 -156.21 -138.70 43.63
(%) 35.57 45.53 44.33 39.94
(%) 32.98 42.67 40.66 36.58
/EBITDA(X) 10.96 12.24 12.33 --
EBITDA(X)
6.18 3.97 2.91 --
/(X)
-0.18 -0.14 -0.10 --
(X) -12.46 -6.81 -3.43 1.30
2020 233.42
2021 2022 2023
155.50 138.50 109.18
10 2019 9
2019.10~12 2020 2021 2022 2023
35.50 233.42 155.50 138.50 109.18
2019 9
0.20
2019 9
127.20
3.26%
2019 9
3,440.50 2,427.04
2020 1 14
AAA
2020
AAA
25 2020
www.ccxi.com.cn
2019 9
% %1 2 100.00 100.00
2 2 100.00 100.00
3 2 44.00 44.00
4 2 100.00 100.00
5 2 100.00 100.00
6 2 100.00 100.00
7 2 100.00 100.00
8 2 100.00 100.00
9 2 10.00 55.56
10 2 100.00 100.00
11 2 100.00 100.00
12 2 100.00 100.00
13 2 100.00 100.00
14 2 100.00 100.00
15 2 100.00 100.00
16 2 58.00 58.00
26 2020
www.ccxi.com.cn
2019 9
27 2020
www.ccxi.com.cn
2016 2017 2018 2019.9
838,692.06 1,678,259.49 2,091,702.26 1,782,804.18
8,324,177.39 11,443,536.55 13,584,941.36 12,831,738.83
6,991.76 2,842.46 19,465.01 27,072.00 534,621.57 684,847.89 29,872.72 131,624.67
11,563.70 2,349.93 18,817.64 15,735.99 4,236,260.06 4,819,390.36 9,389,301.30 11,281,828.55 3,930,301.26 4,297,159.06 6,358,683.26 6,835,019.85
81,411.68 54,905.20 76,075.88 73,078.47 19,522.19 135.74 213.64 5,198.92 39,580.62 25,838.76 51,298.23 50,131.15
20,451,829.33 27,514,193.81 38,061,850.70 39,057,873.89 673,905.03 751,358.42 1,787,806.96 1,591,984.58
1,834,127.11 5,184,536.35 6,466,714.81 3,354,209.08 4,649,109.65 5,968,338.71 8,052,478.12 10,179,804.08 6,483,236.76 11,152,875.06 14,519,192.93 13,534,013.16 5,644,544.70 9,474,615.57 12,427,490.67 11,751,208.98 7,275,703.08 12,527,101.98 16,873,558.23 15,598,057.67
95,390.06 229,127.62 404,327.41 336,120.05 359.83 129.46 0.00 0.00
1,550,000.00 1,550,000.00 1,550,000.00 1,550,000.00 7,323,809.12 9,068,718.63 10,564,039.35 10,902,354.01
13,176,126.25 14,987,091.83 21,188,292.48 23,459,816.21 195,332.61 165,695.25 459,501.08 336,629.54 27,504.31 81,305.84 204,877.11 168,254.42
491,220.33 551,881.18 804,852.59 809,009.76 296,368.60 552,143.94 1,042,120.02 763,898.41
4,412.67 137,233.14 4,585.79 2,970.18 474,200.46 601,197.78 718,930.96 719,828.42
EBIT 582,242.06 906,956.28 1,165,226.45 1,140,550.03 EBITDA 591,636.78 910,978.45 1,177,605.03 --
218,052.11 186,353.24 470,547.22 334,481.49 186,297.25 2,691,049.20 2,327,224.26 1,635,009.94 246,597.14 972,477.23 1,305,617.46 413,046.19
1,298,541.06 3,399,705.65 2,681,294.90 1,040,497.51 324,302.97 1,815,583.89 593,674.14 1,580.00 13,597.44 8,578.33 20,194.02 12,203.28
-1,192,627.74 -1,562,113.48 -1,386,971.10 436,264.76 -2,400,328.77 -3,811,484.68 -2,302,471.80 1,177,061.55 3,766,329.99 6,229,987.27 4,326,205.54 -1,906,642.96
2016 2017 2018 2019.9 (%) 16.02 53.34 46.21 51.19 (%) 71.81 231.05 107.12 109.46
(%) 3.39 3.78 3.55 -- (X) 4.51 2.57 2.25 3.43 (X) 4.51 2.57 2.25 3.43
(%) 35.57 45.53 44.33 39.94 (%) 32.98 42.67 40.66 36.58 (X) 0.39 0.87 0.80 0.33
/ (X) -0.18 -0.14 -0.10 -- / (X) -0.65 -0.30 -0.21 -- / (X) -12.46 -6.81 -3.43 1.30
/EBITDA(X) 10.96 12.24 12.33 -- EBITDA/ (X) 0.32 0.18 0.18 --
/ (X) 0.46 0.32 0.32 0.53 EBITDA (X) 6.18 3.97 2.91 --
1 2 2019 3
28 2020
www.ccxi.com.cn
2016 2017 2018 2019.9
358,884.32 392,046.10 1,160,221.14 1,026,999.53
776,067.69 776,071.61 0.31 0.00
0.00 0.00 0.00 0.00 267,591.13 1,344,222.80 2,668,303.88 2,779,518.99
0.00 0.00 0.00 0.00 3,269,558.68 2,964,375.76 4,108,263.32 4,296,541.16 1,846,237.26 3,133,130.58 5,385,967.02 5,714,320.87
420.11 1,139.69 868.05 1,130.72 0.00 0.00 0.00 0.00
261.32 270.67 413.34 163.27 6,636,148.50 8,762,117.38 13,324,760.22 13,819,630.68
230.91 396,236.59 298,021.23 351,611.67 695,000.00 2,090,441.79 2,477,222.51 1,162,400.00 895,000.00 1,607,486.05 3,969,214.89 5,558,580.87
1,590,000.00 3,697,927.84 6,446,437.40 6,720,980.87 1,231,115.68 3,305,881.74 5,286,216.26 5,693,981.34 1,600,400.22 4,113,318.18 6,799,203.04 7,105,479.70
-- -- 229,174.95 203,612.46 -- -- 0.00 0.00
1,550,000.00 1,550,000.00 1,550,000.00 1,550,000.00 0.00 0.00 0.00 0.00
5,035,748.28 4,648,799.20 6,525,557.18 6,714,150.98 0.00 0.00 6,270.66 6,771.34
-2.25 -165.37 6,040.62 6,769.43 -6,774.72 -190,878.20 69,637.85 122,558.63 23,969.51 5,421.23 247,571.81 264,511.61
23.07 99,702.61 7.40 3.36 -11,191.09 -97,955.81 61,574.97 117,765.73
EBIT -- -- 290,749.43 321,378.19 EBITDA -- -- 291,091.37 --
0.00 0.00 7,975.58 0.00 5,802.46 27,851.48 1,382,027.93 1,352,995.08
0.00 322.17 1,168.51 0.00 220,705.80 1,035,338.00 2,862,731.05 1,403,205.21
0.00 0.00 0.00 0.00 318.25 991.44 593.92 524.08
-224,331.01 -1,011,815.57 -1,480,098.86 -56,448.53 -1,208,534.98 -970,910.99 -1,223,644.58 -147,329.85 1,559,885.84 2,015,888.52 3,471,539.91 70,556.77
2016 2017 2018 2019.9 (%) -- -- 100.00 100.00 (%) -- -- 2,934.22 2,196.35
(%) -- -- 2.63 -- (X) 2.17 1.07 1.37 2.51 (X) 2.17 1.07 1.37 2.51
(%) 24.12 46.94 51.03 51.42 (%) 24.00 44.30 49.70 50.03 (X) 0.78 1.30 0.62 0.21
/ (X) -0.14 -0.27 -0.23 -- / (X) -0.32 -0.48 -0.60 -- / (X) -- -- -6.46 -0.28
/EBITDA(X) -- -- 22.15 -- EBITDA/ (X) -- -- 0.12 --
/ (X) 0.52 0.19 0.47 0.88 EBITDA (X) -- -- 1.27 --
2 2016 2017 2019 2016~20173
29 2020
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EBIT
EBITDA EBIT
EBIT/
EBITDA EBITDA/ +
30 2020
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AAA
AA
A
BBB
BB
B
CCC
CC
C
AAA CCC “ ” “ ”
31 2020
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AAA CCC “+” “-”
AAA
AA
A
BBB
BB
B
CCC
CC
C
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