冠豪高新：2026年度日常关联交易预计公告深度解读

要点摘要

• 公司及子公司2026年3月1日至2027年2月28日与多家关联方预计发生合计高达89,681万元日常关联交易（采购84,300万元，销售5,381万元）。
• 本次日常关联交易预计事项需提交股东大会审议，关联董事及关联股东需回避表决。
• 交易对方均为实际控制人中国诚通集团下属企业，包括中国纸业、湖南骏泰、岳阳林纸等多家业内知名企业。
• 预计采购规模和结构较上年大幅调整，部分项目金额显著增长，显示公司业务调整和市场预判。
• 公司强调交易市场化、公平性，不存在对关联方的依赖。

详细解读

一、日常关联交易总体安排

广东冠豪高新技术股份有限公司（冠豪高新）及下属子公司2026年度预计与中国纸业投资有限公司、湖南骏泰生物基新材料科技有限责任公司、岳阳林纸股份有限公司、湖南茂源林业有限责任公司岳阳城陵矶新港区分公司、中国诚通国际贸易有限公司、诚通融资租赁有限公司、湖南诚通天岳环保科技有限公司、诚通凯胜生态建设有限公司等8家关联企业发生大宗日常关联交易，涵盖原材料采购、燃料动力采购、劳务服务及产品销售等多个环节。

预计总交易金额达到89,681万元，其中采购金额84,300万元，销售金额5,381万元，交易规模庞大，对公司年度经营和财务数据将构成重要影响。

二、交易内容及其变动情况

采购方面，冠豪高新计划向 tight-knit 关联企业采购木浆、煤炭、包材、木片等原材料及动力。其中，对中国纸业的采购预计达49,560万元，对诚通国贸采购煤炭21,592万元，对茂源林业采购木片6,750万元，均较去年实际发生额有显著提升，显示公司对产能和市场需求有更积极的预期。

销售方面，冠豪高新将向中国纸业和岳阳林纸等关联方销售木浆、化工原料等，预计金额分别为1,261万元和4,120万元。

劳务服务方面，包括向诚通租赁租赁服务400万元，向天岳环保和诚通凯胜分别采购技术服务及工程服务700万元和650万元。与去年相比，部分项目金额大幅调整，显示公司根据实际业务需求和市场变化灵活调整采购计划。

2025年度，日常关联交易预计金额为148,703万元，实际发生55,047.35万元，实际与预计有较大差异，主要原因为市场价格下跌、部分产线关停、库存充足等因素。公司强调，实际交易额度可在不同关联方和交易类型间调剂，但总额不超过预计额度。

三、关联方及其财务状况

所有交易对方均为公司实际控制人中国诚通集团下属企业，经营范围涵盖林浆纸、煤炭、融资租赁、环保工程等。主要关联方均为行业龙头，财务状况良好。例如，中国纸业总资产374.47亿元，2024年净利润1.46亿元；湖南骏泰净资产9.2亿元，净利润5.15亿元；其它关联方如诚通国贸、诚通租赁、天岳环保等也具备较强履约能力。

经查询，所有关联方均不属于失信被执行人，交易安全性有保障。

四、定价政策与交易公允性

公司强调，所有关联交易遵循“公平、公正、公开、自愿、平等互利”原则，以市场定价为基准，经双方协商确定，符合相关法律法规要求，不存在损害公司及中小股东利益的情形。

五、关联交易对公司经营及投资者的影响

此次大额关联交易预计将优化公司采购和销售结构，发挥集团协同效应，通过集中采购降低成本，提升资源利用效率，有助于提升公司整体盈利能力和竞争力。同时，向关联方销售有助于拓展销售渠道，提升营收规模。

公司强调此类交易为正常生产经营所需，并非对控股股东、实际控制人或其子公司的依赖性业务，降低了投资者对关联交易依赖的担忧。

六、股东需关注的重点与潜在价格敏感信息

• 本次大额日常关联交易预计需股东大会审议，关联董事、关联股东需回避表决，显示公司治理规范。
• 交易金额和结构与上年实际发生额有较大调整，部分采购计划大幅上升，反映公司对未来市场形势的积极预判，如煤炭采购预计增长，或将反映对能源价格走势的 hit。
• 公告明确公司可在同一控制下的关联方间调剂交易额度，为实际业务灵活应对市场波动提供空间。
• 由于交易金额极大，若实际执行中价格、需求、产能或市场环境出现超预期变化，均可能对公司收入、利润乃至股价产生影响，建议投资者密切关注后续公告及执行情况。

结论

本次公告显示冠豪高新2026年度将继续加大与关联方的业务往来，规模庞大且结构调整明显，预示公司产能、市场布局及成本管控策略的调整，具备一定的业绩释放预期和潜在价格敏感性，值得投资者高度关注。

英文版：

Guangdong Guanhao High-Tech: In-Depth Analysis of 2026 Expected Routine Connected Transactions

Key Highlights

• The company and its subsidiaries expect to conduct a total of RMB 896.81 million in routine related-party transactions with 8 group companies from March 1, 2026, to February 28, 2027 (purchases RMB 843 million, sales RMB 53.81 million).
• These transactions need shareholder meeting approval, with related directors and shareholders abstaining from voting.
• All counterparties are subsidiaries of the actual controller, China Chengtong Holdings Group, and include major paper, energy, and engineering firms.
• Procurement amounts and structure show significant changes compared to previous years, with major increases in some items, indicating a shift in business strategy and market outlook.
• The company stresses the market orientation and fairness of the transactions and asserts there is no dependency on related parties.

Detailed Analysis

1. Overview of Routine Connected Transactions

Guangdong Guanhao High-Tech and its subsidiaries plan large-scale routine connected transactions with 8 affiliated entities, covering procurement of wood pulp, coal, packaging materials, wood chips, as well as engineering and leasing services, and sales of pulp and chemicals.

The total amount is as high as RMB 896.81 million, posing significant impact on annual operation and financial performance.

2. Transaction Content and Variations

Major procurement: RMB 495.60 million from China Paper, RMB 215.92 million from Chengtong International Trade (coal), RMB 67.50 million from Maoyuan Forestry (wood chips), all showing notable increases over last year.

Sales: RMB 12.61 million to China Paper, RMB 41.20 million to Yueyang Forestry Paper.

For labor and technical/engineering services: RMB 4 million with Chengtong Leasing, RMB 7 million with Tianyue Environmental, RMB 6.5 million with Chengtong Kaisheng.

In 2025, the company had forecasted RMB 1.487 billion but only executed RMB 550 million, mainly due to market price drops, production line shutdowns, and sufficient inventory. The company can flexibly adjust transaction quotas among related parties and transaction types as long as total cap is not exceeded.

3. Related Parties and Financial Status

All counterparties are subsidiaries of China Chengtong, operating in pulp, paper, energy, leasing, environment, and engineering fields. Most are industry leaders with strong financials, e.g., China Paper’s assets RMB 37.447 billion, net profit RMB 146 million; Hunan Juntai net profit RMB 515 million.

No counterparty is listed as a dishonest person subject to enforcement, ensuring transaction security.

4. Pricing Policy and Fairness

All transactions follow fairness, openness, and market-based negotiation, compliant with laws and regulations, and do not undermine the interests of the company or minority shareholders.

5. Impact on Operations and Investors

Large-scale routine transactions are expected to optimize procurement and sales, leverage group synergy, reduce costs, and improve efficiency and overall profitability. Sales to group companies also broaden sales channels.

The company stresses these are normal business needs, not dependency-based transactions, which is positive for investor confidence.

6. Investor Focus and Price-Sensitive Information

• Shareholder meeting approval is required, with related parties abstaining, indicating governance standards.
• Major changes in transaction amounts and structure reflect the company’s positive market outlook, in particular, increased coal and wood chip procurement may signal expectations for energy and raw material price trends.
• Flexibility in quota allocation among related parties allows for agile business response to market changes.
• Given the transaction size, any actual deviation in execution due to price, demand, or market environment could impact revenue, profit, and share price. Investors should monitor subsequent disclosures closely.

Conclusion

The announcement signals that Guanhao High-Tech will continue to expand its related-party business in 2026, with large-scale and notable structural changes, reflecting strategy adjustments that could have positive performance implications and potential share price impact. Investors should pay close attention.

免责声明：本新闻资讯仅供投资者参考，不构成投资建议。投资有风险，决策需谨慎。请以公司公告及相关法律文件为准。

Disclaimer: This news analysis is for informational purposes only and does not constitute investment advice. Investments carry risks. Please refer to official company disclosures and legal documents.

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