大北农（002385）发布重大担保进展公告，实际担保余额已超净资产150%

2026年3月10日，北京大北农科技集团股份有限公司（以下简称“大北农”或“公司”）发布了关于公司及控股子公司担保进展的公告。公告中涉及多项关键信息，对投资者和股东具有较强的价格敏感性，值得高度关注。

一、关键要点摘要

• 担保总额与净资产比例极高：公司及控股子公司对外担保总额已达最近一期经审计净资产的150.99%，实际担保余额为1,289,650.37万元，远超净资产。
• 担保对象资质与风险：多家被担保对象资产负债率超过70%，部分公司已接近或超过80%，个别公司甚至出现负净资产，担保风险显著。
• 逾期担保情况：截至公告日，公司对子公司担保无逾期情况，但控股子公司尚未消除担保责任的对外逾期担保金额为1,577.73万元。
• 担保额度频繁调剂：公司内部控股子公司间担保额度调剂频繁，总调剂额度达1.13亿元，显示公司资金流动压力较大。
• 授权子公司为客户融资担保：公司及子公司为客户及养殖户实际担保余额为3,637.68万元，并有116.31万元担保尚未消除逾期责任。

二、详细内容解读

1. 担保总额及结构分析

大北农及控股子公司根据公司2025年年度股东会决议，已获授权可在合并报表范围内提供160亿元循环担保额度。截至公告日，公司及控股子公司在董事会和股东会授权框架下，签署担保协议总金额达1,345,109.24万元，实际担保余额为1,110,050.73万元。实际对外担保余额为1,289,650.37万元，占最近一期经审计净资产的150.99%。其中，对合并报表范围单位的担保余额为1,110,050.73万元，占净资产的129.96%；对参股公司担保余额为175,961.96万元（关联参股公司158,867.52万元），占净资产的20.60%；为客户等提供担保余额为3,637.68万元，占净资产的0.43%。

这一数值已远超行业警戒线，表明公司整体杠杆水平和财务风险极高，任何担保事项的违约都有可能对公司资金链、流动性及估值带来巨大冲击，极易引发股价剧烈波动。

2. 主要被担保对象的财务状况

部分被担保子公司资产负债率极高，经营压力较大。例如：

• 北京右信供应链管理有限公司：2024年12月31日资产负债率为81.05%，净利润1,946.99万元，2025年9月30日资产负债率仍达79.15%。
• 北京易富农商贸发展有限公司：2024年末资产负债率79.36%，2025年三季度87.92%，且连续亏损。
• 安陆绿色巨农农牧食品有限公司：2024年末资产负债率87.65%，2025年三季度高达92.47%，且亏损严重。
• 北京大有谷科技集团有限公司：2024年末资产负债率186.09%，2025年三季度更升至293.15%，净资产为负，利润持续亏损。

这些高负债、低利润甚至亏损的公司成为主要担保对象，极大放大了担保风险。

3. 担保额度调剂频繁，显示流动性压力

公告披露，自2月10日以来，公司内部担保授权额度频繁调剂，涉及11家公司，调剂总额达11,300万元。部分公司因业务发展需要临时调高担保额度，表明公司内部流动性管理压力较大。

4. 客户及养殖户融资担保情况

截至2026年2月28日，公司及子公司为客户、合作养殖场（户）等提供的实际担保余额为3,637.68万元，存在116.31万元尚未消除的逾期担保责任。虽然规模较小，但反映出公司业务链条下游的信用风险隐患。

5. 逾期及失信风险

截至公告日，大北农对子公司担保无逾期，但子公司对外担保逾期余额为1,577.73万元。虽然目前未构成重大损失，但随着整体担保体量增加，风险敞口持续上升。

三、对投资者的潜在影响和需警惕的风险

• 高比例担保可能触发资本市场对公司财务安全的担忧，影响公司评级和股价。
• 被担保对象普遍高负债、部分存在持续亏损，若出现违约，公司需承担巨额连带责任，进一步侵蚀净资产。
• 内部担保额度频繁调剂，说明资金流动性紧张，需警惕资金链断裂风险。
• 如发生大额担保违约事件，将对公司估值和股价形成直接负面冲击。

四、结论

大北农本次公告显示公司整体财务杠杆水平极高，担保体量庞大，且高负债、高风险公司占据主要担保对象。尽管公司强调对被担保对象具有有效控制力，但实际经营与财务表现堪忧，担保风险极易传导至母公司，投资者需高度警惕潜在财务风险。任何相关担保违约或风险暴露事件都可能显著影响公司估值及股价表现。

免责声明： 本文仅基于公开信息整理，不作为投资建议。投资有风险，入市需谨慎。请以公司正式公告及相关法规为准，投资者据此操作，风险自负。

English Version

DBN (002385) Issues Critical Update on Guarantees: Exposure Exceeds 150% of Net Assets

On March 10, 2026, Beijing DBN Technology Group Co., Ltd. (“DBN” or “the Company”) released a major update regarding guarantees provided by the company and its subsidiaries. The announcement contains several highly price-sensitive points that investors and shareholders should be aware of.

Main Highlights

• Guarantee Exposure Far Exceeds Net Asset: The company and its subsidiaries’ outstanding guarantee balance has reached 1,289,650,370 RMB, accounting for 150.99% of the latest audited net assets.
• High Risk Among Guarantee Counterparties: Numerous guaranteed entities have asset-liability ratios over 70%, with some exceeding 80% or even running negative net assets, representing substantial risk.
• Overdue Guarantees: As of the announcement date, there are no overdue guarantees to subsidiaries, but outstanding overdue external guarantees amount to 15.78 million RMB.
• Frequent Internal Guarantee Transfers: The company frequently reallocates guarantee quotas among subsidiaries, with total transfers reaching 113 million RMB, indicating considerable liquidity pressure.
• Subsidiaries Guaranteeing Customer Loans: The company and subsidiaries have 36.38 million RMB in guarantees for customers and livestock farms, with 1.16 million RMB overdue.

Detailed Insights

1. Guarantee Structure and Scale

DBN and its subsidiaries were authorized by the 2025 AGM to provide up to 16 billion RMB in cyclical guarantees. As of the announcement, signed guarantee contracts total 13.45 billion RMB and outstanding guarantees 11.10 billion RMB. The actual total exposure is 12.90 billion RMB (150.99% of net assets). Within this, guarantees to consolidated subsidiaries are 11.10 billion RMB (129.96% of net assets); associates 1.76 billion RMB (20.6%); and customer guarantees 36.38 million RMB (0.43%).

This level far exceeds industry warning lines, indicating high leverage and financial risk. Any default may severely impact company liquidity and valuation, likely causing strong share price movements.

2. Financial Conditions of Key Guarantee Counterparties

Many subsidiaries show high leverage and poor operating results, for example:

• Beijing Youxin Supply Chain Management: 81% asset-liability (2024), 79% (Q3 2025), small profits.
• Beijing Yifunong Trading: 79% (2024), 88% (Q3 2025), continuous losses.
• Anlu Green Giant: 88% (2024), 92% (Q3 2025), large losses.
• Beijing Dayougu Tech Group: 186% (2024), 293% (Q3 2025), negative net assets, continuing losses.

These entities are key guarantee targets, amplifying risk significantly.

3. Frequent Guarantee Quota Adjustments

Since February 10, 11 subsidiaries have adjusted guarantee quotas by 113 million RMB, reflecting tight internal liquidity.

4. Customer & Farming Partner Guarantees

As of February 28, 2026, guarantees to customers and livestock partners total 36.38 million RMB, with 1.16 million RMB overdue—though small, this signals downstream credit risk.

5. Overdue & Default Risks

No parent-to-subsidiary guarantee is overdue, but subsidiary external overdue guarantees total 15.78 million RMB. As guarantee volume expands, risk exposure is rising.

Investor Implications and Key Risks

• High guarantee leverage may trigger market concerns on financial safety, impacting ratings and share price.
• Many counterparties are highly leveraged or loss-making; defaults may force DBN to bear heavy liability, shrinking net assets.
• Frequent internal transfers highlight liquidity stress and potential cash flow risks.
• Any large default event will likely cause significant negative impact on valuation and share price.

Conclusion

DBN’s guarantee exposure is extremely high, with major risks among counterparties. Though management claims effective control, financial performance is concerning and risks may quickly affect the parent. Investors should remain highly alert. Any guarantee default or risk event could sharply affect DBN valuation and share performance.

Disclaimer: This article is based on public information only and does not constitute investment advice. Investments carry risk; please refer to official disclosures and consult professionals before acting. Investors bear responsibility for their own decisions.

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