广汇物流为全资子公司提供担保，担保总额显著，资产负债率高企需关注

一、公告要点

• 广汇物流股份有限公司（600603）于2026年3月18日披露公告，公司拟为两家全资子公司合计提供1,800万元人民币的连带责任担保，并补充已批额度内的担保余额。
• 被担保对象分别为：瓜州汇陇物流有限公司（“瓜州汇陇”，担保金额1,000万元，担保余额5,000万元）以及新疆亚中物流商务网络有限责任公司广汇美居物流园（“美居物流园”，担保金额800万元，担保余额800万元）。
• 本次担保全部在公司2026年度已审议批准的担保总额度内，并已由董事会和临时股东大会审议通过。
• 截至公告日，公司及控股子公司对外担保余额高达271,594.56万元，占公司最近一期经审计净资产的38.93%。公司不存在逾期担保情形。
• 需特别关注：本次部分担保对象资产负债率超过70%，担保风险需密切关注。

二、详情解读

本次担保的主要目的在于支持公司合并报表范围内子公司的日常经营及业务发展。具体安排如下：

两项担保均未设置反担保，意味着广汇物流需对上述债务承担较高的连带法律责任。如被担保子公司出现违约，公司将直接承担全部还款责任。担保范围涵盖主合同项下的债务本金、利息、罚息、违约金、损害赔偿金，以及实现债权的全部费用（包括诉讼费、律师费、公证费、执行费等）。

三、被担保子公司经营及财务状况

1. 瓜州汇陇物流有限公司

• 成立时间：2023年3月7日，注册资本2亿元，广汇物流全资持股。
• 2025年前三季度资产总额46,803.61万元，负债总额35,223.03万元，资产净额11,580.58万元。
• 2025年前三季度营业收入22,309.69万元，净利润4,411.01万元。
• 2024年全年净利润5,904.42万元，净资产12,469.57万元。

2. 新疆亚中物流商务网络有限责任公司广汇美居物流园

• 成立时间：2003年3月19日，广汇物流通过全资子公司亚中物流间接全资控股。
• 2025年前三季度资产总额590,075.64万元，负债总额305,697.37万元，资产净额284,378.28万元。
• 2025年前三季度营业收入4,795.09万元，净利润8,254.60万元。
• 2024年全年净利润12,825.65万元，净资产276,123.67万元。

四、对投资者的影响和潜在风险

• 本次担保均为公司合并报表范围内的全资子公司，广汇物流对其经营、财务状况具有全面掌控，子公司信用和偿债能力良好，整体担保风险可控。
• 但值得注意的是，瓜州汇陇物流资产负债率较高，约为75.3%（2025年9月30日数据），美居物流园资产负债率也在50%左右，若受宏观经济或行业风险影响，担保责任可能对公司财务造成压力。
• 公司对外担保总额占净资产比例达到38.93%，持续扩大的担保规模需引起投资者关注，若未来子公司经营状况不佳，母公司将面临较大财务风险。
• 本次担保事项为正常经营所需，暂未超出已审议年度总担保额度，未出现逾期担保情形，对公司整体经营暂无重大不利影响。

五、结论

本次公告反映广汇物流支持子公司发展的战略举措，显示公司对物流及相关业态持续投入。担保规模大，部分子公司资产负债率高，需密切关注后续经营和担保履约情况。鉴于担保责任连带、无反担保，投资者应重点跟踪相关子公司经营变化及整体集团负债结构的动态变化，此类信息具有一定的股价敏感性，投资者需加强风险防范。

免责声明： 本文内容仅供参考，不构成任何投资建议。投资者据此操作，风险自负。

English Version

GHWL Announces New Guarantees for Wholly-Owned Subsidiaries; High Guarantee Balance and Leverage Risks Require Investor Attention

1. Key Highlights

• Guanghui Logistics Co., Ltd. (600603) announced on March 18, 2026, that the company will provide joint and several liability guarantees totaling RMB 18 million for two wholly-owned subsidiaries, supplementing the guarantee balances within approved quotas.
• The guarantee recipients are Guazhou Huilong Logistics Co., Ltd. (RMB 10 million guarantee, RMB 50 million outstanding balance) and Guanghui Meiju Logistics Park (RMB 8 million guarantee, RMB 8 million outstanding balance).
• All guarantees are within the 2026 annual guarantee quota approved by the Board and the EGM.
• As of the announcement date, the company and its subsidiaries’ guarantee balance amounted to RMB 2,715.9456 million, equaling 38.93% of the latest audited net assets. There are no overdue guarantees.
• Notably, some guarantee recipients have asset-liability ratios exceeding 70%. The risks related to leverage merit close investor attention.

2. Details

These guarantees aim to support the daily operations and business growth of consolidated subsidiaries. Specifics are as follows:

Neither guarantee has a counter-guarantee arrangement, which means GHWL bears full liability if subsidiaries default. The guarantee covers principal, interest, penalties, damages, and all costs for realization of creditors’ rights.

3. Operating and Financial Status of Guarantee Recipients

1. Guazhou Huilong Logistics Co., Ltd.

• Established March 7, 2023, registered capital RMB 200 million, wholly owned by GHWL.
• As of Q3 2025: total assets RMB 468.0361 million; total liabilities RMB 352.2303 million; net assets RMB 115.8058 million.
• Revenue Jan-Sep 2025: RMB 223.0969 million; net profit RMB 44.1101 million.
• FY2024 net profit RMB 59.0442 million; net assets RMB 124.6957 million.

2. Guanghui Meiju Logistics Park

• Established March 19, 2003, wholly owned via Asia Middle Logistics.
• As of Q3 2025: total assets RMB 5,900.7564 million; total liabilities RMB 3,056.9737 million; net assets RMB 2,843.7828 million.
• Revenue Jan-Sep 2025: RMB 47.9509 million; net profit RMB 82.546 million.
• FY2024 net profit RMB 128.2565 million; net assets RMB 2,761.2367 million.

4. Impact and Potential Risks for Investors

• Both guarantee recipients are wholly owned and consolidated, with good credit and repayment ability. GHWL has full operational oversight, containing overall risk.
• However, Guazhou Huilong’s asset-liability ratio is high (~75.3%), and Meiju Logistics Park is around 50%. If macro or sector risks emerge, the guarantee could pressure the parent’s financials.
• The group’s total guarantee balance is 38.93% of net assets, a significant scale. If subsidiaries underperform, parent company will face notable direct exposure.
• No overdue guarantees exist, and the guarantees are within approved annual limits, so no immediate adverse impact is expected.

5. Conclusion

This move highlights GHWL’s strategic commitment to subsidiary growth but also exposes the group to considerable joint-liability risk, especially given high subsidiary leverage. Investors should closely monitor subsidiary performance and the group’s evolving guarantee structure. This information may affect share price due to its implications for group risk and capital allocation.

Disclaimer: This content is for information only and does not constitute investment advice. Investors should act at their own risk.

View 广汇物流 Historical chart here