Yitian Intelligence: China Securities Pengyuan’s announcement regarding concerns about Zhejiang Yitian Intelligent Kitchen Appliances Co., Ltd.’s performance losses in the first half of 2026
China Securities Pengyuan Credit Rating Co., Ltd.
CSI Pengyuan Announcement [2026] No. 328
CSI Pengyuan’s announcement regarding concerns about Zhejiang Yitian Intelligent Kitchen Appliances Co., Ltd.’s performance losses in the first half of 2026
CSI Pengyuan Credit Rating Co., Ltd. (hereinafter referred to as "CSI Pengyuan") rated Zhejiang Yitian Intelligent Kitchen Appliances Co., Ltd. (hereinafter referred to as "Yitian Intelligence" or the "Company", stock code: 300911.SZ) and the following bonds issued by it. Except for the rating entrustment relationship, CSI Pengyuan and its rating practitioners do not have any related relationship with the company that can affect the independence, objectivity and impartiality of the rating behavior.
Last rating result
Bond abbreviation Last rating time
Entity Grade Debt Grade Rating Outlook Yitian Convertible Bonds August 3, 2026 A+ A+ Stable
According to the company's 2026 semi-annual report, from January to June 2026, the company achieved operating income of 82 million yuan, a sharp decline of 52.93% year-on-year; net profit attributable to shareholders of listed companies - 54 million yuan, -72 million yuan in the same period last year; non-net profit after deduction - 64 million yuan, -79 million yuan in the same period last year; net cash flow generated from operating activities was -30 million yuan.
The company's performance losses are mainly due to the following reasons: (1) The upstream real estate industry is still in an adjustment cycle, and consumer confidence still needs to be restored, which has a significant impact on the company's integrated stove sales, the scale effect has weakened, and profitability has declined; (2) The computing power business is still in the early stages of expansion, and the gross profit margin is still negative.
As of the end of June 2026, the company's cash assets totaled approximately 1.005 billion yuan, and the total debt scale was approximately 672 million yuan, mainly composed of current convertible bonds and financial lease borrowings. Cash assets can effectively cover the total debt; however, it should be noted that the company plans to purchase servers and supporting equipment from multiple suppliers to provide computing services to customers. The total purchase contract amount is expected to not exceed RMB 20 100 million, considering that the company's integrated stove business still needs to retain a certain amount of operating working capital, it is expected that larger-scale debt financing will be needed to make up for the capital expenditure gap in the future. By then, the company's total debt scale and financial leverage level will increase significantly.
CSI Pengyuan believes that the integrated stove industry has shown no signs of recovery in the short term, and the market demand for the company's integrated stove products will continue to be under pressure. The operation of the computing power business and the implementation of new orders still need to be continuously observed. If the company continues to suffer losses and further net cash outflows from operating activities will increase the company's financial risks.
Taking into account the company's current situation, CSI Pengyuan decided to maintain the company's main credit rating at A+, the rating outlook remains stable, and the credit rating of "Yitian Convertible Bonds" is maintained at A+. The rating result is valid from September 10, 2026 to the duration of "Yitian Convertible Bonds". At the same time, CSI Pengyuan will pay close attention to the situation of the integrated stove industry, the development of the company's computing power business, and operational and financial changes, and will continue to track the possible impact of the above matters on the company's main credit rating, rating outlook, and the credit rating of "Yitian Convertible Bonds".
Announcement is hereby made.
China Securities Pengyuan Credit Rating Co., Ltd.
Attachment of September 10, 2026: This rating model scoring table and results
Scoring Elements Indicator Scoring Level Scoring Elements Indicator Rating Level Macro Environment 4/5 Preliminary Financial Position 3/9
Industry & operating risk status 4/7 Leverage status 6/9 Business status Financial status
Industry risk profile 4/5 Profit profile very weak
Operating status 4/7 Liquidity status 7/7 Business status assessment results 4/7 Financial status assessment results 6/9
ESG factors 0Adjustment factors Material special matters 0
Supplementary adjustment 0 individual credit status a+ external special support 0 entity credit rating A+ Note: (1) The rating method model used in this rating is: general credit rating method and model for industrial and commercial enterprises (version number: cspy_ffmx_2023V1.0), external special support evaluation method and model (version number: cspy_ffmx_2025V1.0); (2) The higher the score of each indicator, the better the performance.