祥源文旅：全资子公司为控股孙公司项目贷款追加质押物，优化融资结构

一、公告要点

• 浙江祥源文旅股份有限公司（600576）于2026年3月17日召开董事会，通过了关于全资子公司为控股孙公司项目贷款增加质押物的议案。
• 此次质押物追加涉及公司全资子公司浙江祥源堃鹏文化旅游发展有限公司（“祥源堃鹏”）以其持有的宜章莽山景区旅游开发有限公司（“宜章莽山”）20%股权，为控股孙公司韶关市祥源丹霞山旅游有限公司（“祥源丹霞旅游”）及韶关市祥源丹霞山文旅产业发展有限公司（“祥源丹霞产业”）的项目贷款提供补充质押担保。
• 本次新增质押担保不增加原担保总额，其他担保及质押条件保持不变。
• 截至公告披露日，祥源文旅及子公司对外担保总额为人民币12.04355亿元，占公司最近一期经审计净资产的42.80%。目前无对控股股东及实际控制人提供担保，无逾期担保情况。

二、事件详情及背景

祥源丹霞旅游于2025年7月向中国邮政储蓄银行韶关分行申请2.44亿元固定资产贷款授信额度，祥源堃鹏及相关股东以持有的公司股权作为质押提供担保。此外，祥源丹霞产业于2025年8月向同一银行申请4.84亿元固定资产贷款授信额度，祥源堃鹏为其中3.14亿元提供担保，祥源丹霞旅游为全部4.84亿元提供担保，其他股东亦按持股比例提供连带责任保证担保。

本次为满足丹霞山景区项目建设和经营发展需要，祥源堃鹏在原有授信范围内，追加以持有的宜章莽山20%股权作为质押物，向邮储银行韶关分行提供补充质押担保。重要的是，此举不增加原有的担保总额，仅为优化融资结构、满足项目运营需求。

三、对公司的影响及投资者需关注事项

• 风险可控： 祥源丹霞旅游、祥源丹霞产业经营状况良好，具备偿债能力。公司认为新增质押担保风险处于可控范围内。
• 担保结构调整： 本次补充质押担保未增加公司整体担保总额，对公司日常生产经营不产生不利影响。
• 对外担保规模： 公司对外担保占净资产比例为42.80%，此数值较高，投资者需关注公司担保规模对财务安全的影响。
• 无违规担保或逾期担保： 截至公告日，公司无为控股股东、实际控制人及其关联人提供担保的情况，也无逾期担保。

四、投资者需重点关注的潜在影响

• 本次公告涉及公司全资子公司及控股孙公司间的担保结构优化，属于公司主动管理融资风险、支持景区项目发展的举措。
• 对外担保总量较大，虽为集团内部担保，但若未来项目经营不达预期，存在一定财务风险隐患，可能成为影响公司估值的因素。
• 当前担保行为未增加总额，显示公司资金管理审慎，但投资者依然需持续关注后续项目运营和公司负债结构变化。

五、公司合规性披露

本次追加质押担保事项已完成祥源堃鹏及公司内部审议程序，并经公司董事会批准，符合相关法律法规及公司章程规定。

免责声明：本文仅依据浙江祥源文旅股份有限公司公告编写，旨在为投资者提供信息参考，不构成任何投资建议。投资有风险，敬请投资者审慎决策。

English Version

Xiange Source Tourism: Subsidiary Adds Collateral for Grandchild Company’s Project Loans, Optimizes Financing Structure

Key Points

• Zhejiang Xiangyuan Tourism Co., Ltd. (600576) held a board meeting on March 17, 2026, approving the addition of collateral for project loans taken by its controlling grandchild companies.
• The company’s wholly-owned subsidiary, Zhejiang Xiangyuan Kunpeng Cultural Tourism Development Co., Ltd. (“Xiangyuan Kunpeng”), will pledge its 20% equity in Yizhang Mangshan Scenic Area Tourism Development Co., Ltd. (“Yizhang Mangshan”) as supplementary collateral for project loans of its controlling grandchild companies Shaoguan Xiangyuan Danxia Mountain Tourism Co., Ltd. (“Xiangyuan Danxia Tourism”) and Shaoguan Xiangyuan Danxia Mountain Cultural Tourism Industry Development Co., Ltd. (“Xiangyuan Danxia Industry”).
• This new collateral does not increase the original guarantee amount; other guarantee and pledge conditions remain unchanged.
• As of the announcement date, the total external guarantees of the company and its subsidiaries amount to RMB 1.204355 billion, accounting for 42.80% of the company’s latest audited net assets. There are no guarantees provided to controlling shareholders or actual controllers, and no overdue guarantees.

Details and Background

In July 2025, Xiangyuan Danxia Tourism applied for a fixed asset loan credit line of RMB 244.09 million from the Postal Savings Bank of China, Shaoguan branch. Xiangyuan Kunpeng and related shareholders pledged their equity holdings as collateral. In August 2025, Xiangyuan Danxia Industry applied for a fixed asset loan credit line of RMB 483.77 million from the same bank, with Xiangyuan Kunpeng guaranteeing up to RMB 314.45 million, and Xiangyuan Danxia Tourism guaranteeing the entire RMB 483.77 million. Other shareholders also provided guarantees proportionate to their holdings.

To meet the construction and business needs of the Danxia Mountain Scenic Area, Xiangyuan Kunpeng is now adding its 20% stake in Yizhang Mangshan as collateral for the existing loans, within the original credit line. This move does not increase the total guarantee amount but aims to optimize the guarantee structure and support project operations.

Impact on the Company and Investor Focus Points

• Risk under control: Both Xiangyuan Danxia Tourism and Xiangyuan Danxia Industry are operating well and have debt servicing capacity. The company believes the risk from additional collateral is manageable.
• Guarantee structure adjustment: The new collateral does not increase the company’s overall guarantee amount and does not negatively impact daily operations.
• High guarantee scale: The external guarantee amount is 42.80% of net assets—relatively high. Investors should monitor the impact on the company’s financial safety.
• No irregular or overdue guarantees: The company does not have guarantees for controlling shareholders or related parties, and no overdue guarantees exist as of the disclosure date.

Potential Price-Sensitive Factors

• This announcement reflects internal guarantee structure optimization and is a proactive measure to manage financing risk and support scenic area development.
• While the guarantee is internal, the overall guarantee scale is large. Should project operations underperform, there may be financial risk, impacting company valuation.
• No increase in total guarantee shows prudent capital management, but investors should continue monitoring project performance and changes in liability structure.

Compliance Disclosure

The additional collateral has been approved by both the subsidiary and the parent company’s internal procedures and board meeting, in accordance with legal requirements and the company’s articles.

Disclaimer: This article is based solely on the official announcement of Zhejiang Xiangyuan Tourism Co., Ltd. It is intended for investors’ information only and does not constitute investment advice. Investment involves risk; please make decisions prudently.

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