大金重工股份有限公司（002487）关于提供担保的进展公告深度解读

公告要点摘要

• 2026年1月，公司及下属子公司获批可在不超过423.01亿元额度内互相提供各类担保。
• 最新进展涉及多个全资子公司向银行申请大额综合授信及贷款，公司为其提供连带责任担保，部分授信期限长达15年。
• 截至公告日，公司及下属子公司担保余额高达19.35亿元，占上年经审计净资产比例逾233%，但无逾期或诉讼担保事项。

详细解读

1. 年度担保额度及授权情况
2026年1月12日经董事会、1月30日经临时股东大会审议通过，公司及下属子公司可在不超过423.01亿元的年度担保额度内互相担保，涵盖综合授信、融资租赁、固定资产贷款等多种类型。上述担保方式包括连带责任担保、抵（质）押担保等，且额度自股东会通过之日起12个月内有效。董事长或财务负责人获授权可签署相关法律文件。

2. 本次具体担保事项

• 蓬莱大金海洋重工有限公司拟向平安银行沈阳分行申请不超过4亿元综合授信，公司为其中3亿元额度提供全额连带责任担保，授信期限1年。
• 盘锦大金海洋工程有限公司拟向平安银行沈阳分行申请不超过0.7亿元授信，公司为0.5亿元额度提供全额担保，期限1年。
• 张家口大金风电装备有限公司分别向平安银行沈阳分行和广发银行北京亚运村支行申请合计2.3亿元授信（0.7亿元和1.6亿元），公司分别为0.5亿元及0.8亿元额度提供全额担保，期限均为1年。
• 兴安盟大金重工有限公司拟向平安银行沈阳分行申请0.7亿元授信，公司为0.5亿元额度提供全额担保，期限1年。
• 唐山曹妃甸区祥鸿能源有限公司拟向交通银行曹妃甸自贸区分行申请2.5亿元固定资产贷款，公司提供全额连带责任担保，授信有效期长达15年。
• 唐山曹妃甸区祥凌能源有限公司拟向同一银行申请2.5亿元固定资产贷款，公司同样提供全额担保，期限15年。

对投资者的影响与风险提示

• 高比例担保：截至目前，公司及下属子公司担保余额为19.35亿元，其中公司对下属子公司担保余额为19.33亿元，占2025年经审计净资产比例高达233.49%。高担保比例可能增加公司整体财务风险，需密切关注控股子公司经营和偿债能力。
• 授信额度大、期限长：多项授信额度高，部分固定资产贷款期限长达15年，对公司资金流动性和偿债保障提出挑战。
• 无逾期及诉讼担保事项：截至公告披露日，公司及下属子公司无逾期或涉及诉讼的担保，短期内风险较低。
• 潜在影响股价的因素：担保金额巨大、担保比例高于净资产2倍以上，若子公司经营出现波动，母公司财务安全边际将受考验；反之，若子公司利用担保扩大经营并取得良好业绩，将提升集团整体盈利能力，提振市场信心。

结论

本次公告显示大金重工在加大对子公司支持力度、提升整体融资能力的同时，担保规模已处于较高水平。投资者需重点关注公司及子公司偿债能力变化以及后续经营业绩表现。担保事项进展及后续资金运用情况，均有可能成为影响公司股价的核心因素。

免责声明

本文仅供投资者参考，不构成任何投资建议。投资有风险，决策需谨慎。请以公司公告及相关法律法规为准。

English Translation

Dajin Heavy Industry Co., Ltd. (002487) – In-depth Analysis of the Progress Announcement on Provision of Guarantees

Key Points Summary

• As of January 2026, the company and its subsidiaries are approved to mutually provide various guarantees within a total limit of RMB 42.301 billion for the year.
• Recent updates involve multiple wholly-owned subsidiaries applying for large-scale credit facilities and loans, with the parent company providing joint and several liability guarantees. Some credit terms are as long as 15 years.
• As of the announcement, the guarantee balance reached RMB 1.935 billion, accounting for over 233% of the audited net assets in 2025, but there are no overdue or litigation-related guarantees.

Detailed Analysis

1. Annual Guarantee Limit and Authorization
On Jan 12, 2026, the board and, on Jan 30, the EGM approved a maximum annual guarantee limit of RMB 42.301 billion for mutual guarantees among the company and subsidiaries, covering comprehensive credit, financial leasing, fixed asset loans, etc. Guarantee methods include joint and several liability guarantees and pledges, valid for 12 months after shareholder approval. The chairman or CFO is authorized to sign related documents.

2. Specific Guarantee Arrangements

• Penglai Dajin Offshore Heavy Industry Co., Ltd. intends to apply for a credit line of up to RMB 400 million from Ping An Bank Shenyang Branch, with the parent company guaranteeing RMB 300 million for 1 year.
• Panjin Dajin Offshore Engineering Co., Ltd. plans to apply for up to RMB 70 million, with a RMB 50 million guarantee from the parent company for 1 year.
• Zhangjiakou Dajin Wind Power Equipment Co., Ltd. is applying for a total of RMB 230 million in credit (RMB 70 million from Ping An Bank Shenyang Branch and RMB 160 million from GF Bank Beijing Asian Games Village Sub-branch), with RMB 50 million and RMB 80 million guaranteed by the parent company, each for 1 year.
• Xingan League Dajin Heavy Industry Co., Ltd. plans to apply for a RMB 70 million credit line, with a RMB 50 million guarantee by the parent company for 1 year.
• Tangshan Caofeidian District Xianghong Energy Co., Ltd. intends to apply for a RMB 250 million fixed asset loan from Bank of Communications Caofeidian FTZ Sub-branch, with a full guarantee from the parent company for a period of 15 years.
• Tangshan Caofeidian District Xiangling Energy Co., Ltd. plans to apply for a similar RMB 250 million fixed asset loan with the same guarantee and term.

Implications for Investors and Risk Alert

• High Guarantee Ratio: As of the announcement, total guarantees amount to RMB 1.935 billion, with parent-to-subsidiary guarantees at RMB 1.933 billion, representing 233.49% of 2025 audited net assets. A high guarantee ratio increases financial risk, requiring close monitoring of subsidiaries’ operations and solvency.
• Large Credit Lines, Long Terms: Some fixed asset loans have terms up to 15 years, which could impact the company’s liquidity and debt servicing capacity.
• No Overdue or Litigation Guarantees: As of the disclosure date, there are no overdue or litigation-related guarantees, indicating limited short-term risk.
• Potential Share Price Impact: The large guarantee scale and ratio—over twice the net assets—could raise concerns if subsidiaries underperform, affecting the parent’s financial safety margin. Conversely, successful expansion leveraging these guarantees could enhance group profitability and market sentiment.

Conclusion

This announcement reveals Dajin Heavy Industry’s intensified support for subsidiaries and increased financing capacity, but with guarantee levels at a historical high. Investors should closely watch changes in the solvency and performance of both the company and its subsidiaries, as the progress and use of these guarantees may have significant implications for the company’s share price.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Please refer to official announcements and relevant laws and regulations. Investment decisions should be made cautiously.

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