Economic Observation Network Donghua Energy (002221) has 300 million yuan of outstanding bonds due, and the Maoming carbon fiber project has been tested. Its cash flow is under pressure due to geographical factors.

Bond redemption status:
The outstanding balance of the company's existing bond "21 Donghua 01" is 300 million yuan, which will mature on November 2, 2026 Considering the current operating cash flow of -3.064 billion yuan and interest bearing liabilities of 25.844 billion yuan (current ratio 0.95), this redemption is a direct test of the company's short-term liquidity Whether the payment can be made smoothly is an important signal for judging credit risk.

Company project promotion:
The first phase of Maoming T1000 carbon fiber has been tested with materials (with a cumulative investment of 936 million yuan and a progress of 95%), and there is still some distance to go before commercial mass production and revenue contribution. We will pay attention to the official production and order landing in the future 。

Financial situation:
The significant outflow of operating cash flow is mainly due to the blockade of the Strait of Hormuz, which resulted in the inability of purchased goods to arrive on time If the geopolitical situation eases and the arrival of goods returns to normal, the ability of cash flow to turn positive will be an important touchstone for verifying business resilience.

The above content is based on publicly available information and does not constitute investment advice.