Unigroup Guoxin retains AA+ rating despite profit decline

China Chengxin International (CCXI) has affirmed its AA+ credit rating for Unigroup Guoxin Microelectronics (SZSE:002049) and its "Guowei Convertible Bonds", with a stable outlook, despite a decrease in revenue and profitability in 2024. While the company maintains a leading position in smart security chips and specialized integrated circuit design, CCXI noted a decline in inventory and accounts receivable turnover, along with a drop in revenue and profit from specialized integrated circuits. As of March 2025, outstanding bond principal was CNY 14.92 million. CCXI also noted a significant increase in its sales expenses and reduced operating cash flow, but stated the company's strong cash position and low leverage, contribute to it's financial stability.