巨化股份发布为控股子公司提供担保进展公告，担保总额达18.22亿元

要点概述

• 巨化股份（600160）为控股子公司浙江晋巨化工有限公司及甘肃巨化新材料有限公司提供合计约1.06亿元新增担保，总担保余额已达18.22亿元，占公司2024年末净资产的9.49%。
• 本次担保均为连带责任保证，且全部为公司合并报表范围内的控股子公司提供，无/反担保安排。
• 担保用途为满足子公司日常经营、项目建设及融资需求，涉及银行银团贷款，最长担保期限可达12年。
• 暂无逾期担保，整体担保风险可控，董事会审议通过并授权管理层签署相关协议。

具体担保情况

1. 浙江晋巨化工有限公司

• 新增担保金额：2,898.21万元（含中国银行衢州市衢化支行1,408.70万元，工商银行衢州衢江支行1,489.51万元），期限均为6个月。
• 晋巨公司注册资本为73,250万元，巨化股份持股66.90%，公司实际承担担保总额的82.38%。
• 公司为晋巨公司累计担保余额已达64,068.57万元。
• 晋巨公司2025年9月末未经审计总资产182,338.58万元，负债率68.36%，净资产57,693.33万元，2025年前三季度实现营业收入103,747.99万元，净利润2,543.17万元。

2. 甘肃巨化新材料有限公司

• 本次新增担保额度7,700万元，期限12年，由中国银行衢州市分行等银团贷款。
• 巨化股份持股70%，巨化集团公司持股30%。
• 甘肃巨化公司2025年9月末总资产为331,393.88万元，负债率16.24%，净资产277,580.10万元，2025年前三季度营业收入7.46万元，净亏损744.96万元（经营处于初期阶段）。
• 公司为甘肃巨化累计担保余额已达104,838.91万元。

累计对外担保及风险

• 公司及控股子公司累计对外担保余额为182,205.69万元，全部为控股或全资子公司担保，无对外第三方担保，也无逾期担保。
• 担保金额占2024年末净资产的9.49%，处于相对可控区间。
• 所有担保均已履行董事会、股东大会等内部决策程序，风险在可控范围。

对股东和投资者的影响及潜在市场关注点

• 本次担保事项金额较大，合计超过1亿元，且公司整体对外担保金额占净资产近10%，显示公司整体负债和资金使用能力较强。
• 子公司甘肃巨化新材料属于新设公司，负债率低但处于亏损状态，未来项目运营和盈利能力值得关注，相关担保可能影响公司中长期财务表现。
• 公司表示被担保子公司资信良好，担保风险可控，且有助于支持子公司正常经营和发展。但投资者仍需关注相关担保风险的持续变化，尤其在宏观经济和行业环境波动下，担保责任可能对母公司业绩和现金流带来一定影响。
• 如未来被担保子公司出现经营或还款风险，巨化股份可能需要承担相应连带责任保证，相关风险应予以高度关注。
• 本次公告已提请股东大会审议，显示公司对重大担保事项的合规性和透明度重视。

结论

本次担保属于重大事项，将影响巨化股份的资金结构和潜在财务风险，具有一定的市场敏感性和信息披露价值，投资者需密切关注后续子公司经营进展以及担保风险的动态变化。

免责声明：本文内容仅供投资参考，不构成投资建议。投资者据此操作，风险自负。请关注公司后续公告及相关风险提示。

English Version

Juhua Co. Issues Progress Report on Providing Guarantees for Subsidiaries, Aggregate Guarantee Balance at RMB 1.822 Billion

Key Highlights

• Juhua Co. (600160) will provide a total of about RMB 106 million in new guarantees to its subsidiaries Zhejiang Jinju Chemical Co., Ltd. and Gansu Juhua New Material Co., Ltd., bringing the total guarantee balance to RMB 1.822 billion, or 9.49% of net assets as of end-2024.
• All guarantees are joint liability guarantees for consolidated subsidiaries, without any counter-guarantee arrangement.
• Guarantees are for subsidiaries’ daily operations, project construction, and financing needs, involving bank syndicate loans with terms up to 12 years.
• No overdue guarantees at present; overall guarantee risk is controllable. The board has approved and authorized management to sign relevant agreements.

Detailed Guarantee Arrangements

1. Zhejiang Jinju Chemical Co., Ltd.

• New guarantee amount: RMB 28.98 million (including RMB 14.09 million from Bank of China Quhua Branch and RMB 14.90 million from ICBC Qujiang Branch), both with a 6-month term.
• Jinju Co. has registered capital of RMB 732.5 million, with Juhua holding 66.90% and covering 82.38% of the total guarantee.
• Cumulative guarantee balance for Jinju: RMB 640.69 million.
• As of September 2025 (unaudited): Total assets RMB 1.823 billion, liability ratio 68.36%, net assets RMB 576.93 million, Q1-Q3 revenue RMB 1.037 billion, net profit RMB 25.43 million.

2. Gansu Juhua New Material Co., Ltd.

• New guarantee limit: RMB 77 million, term 12 years, for syndicated loan led by Bank of China Quzhou Branch and others.
• Juhua holds 70%, Juhua Group holds 30%.
• As of September 2025 (unaudited): Total assets RMB 3.313 billion, liability ratio 16.24%, net assets RMB 2.776 billion, Q1-Q3 revenue RMB 74,600, net loss RMB 7.45 million (company in early stage of operations).
• Cumulative guarantee balance for Gansu Juhua: RMB 1.048 billion.

Cumulative External Guarantees and Risk

• Company and subsidiaries’ cumulative external guarantee balance: RMB 1.822 billion, all for controlled subsidiaries, no third-party guarantees or overdue guarantees.
• Guarantee amount is 9.49% of net assets (end-2024), considered controllable.
• All guarantees have been approved by the board and/or shareholders’ meetings; risks are within control.

Impact on Shareholders and Investors & Potential Price Sensitivity

• The total guarantee amount is significant (over RMB 100 million new, nearly 10% of net assets in total), indicating high leverage and capital utilization.
• Gansu Juhua is newly established, with low leverage but operating at a loss; future profitability and project execution are key concerns.
• The company states that guaranteed subsidiaries have good credit and manageable risk; guarantees support their growth, but investors should watch for any changes in guarantee risk—especially as sector and macro conditions shift.
• If guaranteed subsidiaries face financial stress, Juhua Co. may have to fulfill joint guarantee responsibility—this risk should be closely monitored.
• All major guarantees are subject to shareholder meeting approval, reflecting a focus on compliance and transparency.

Conclusion

This guarantee arrangement is a significant event that may affect Juhua’s capital structure and contingent liabilities. It is market sensitive and relevant for investor decision-making. Investors should closely monitor subsequent developments in subsidiary operations and the evolving guarantee risk profile.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Investors should operate at their own risk and pay attention to subsequent company disclosures and risk reminders.

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