2025年度中远海能与集团财务公司关联交易专项核查意见及风险控制措施解析

中远海能2025年度财务公司关联交易专项核查报告详解

国泰海通证券股份有限公司作为中远海运能源运输股份有限公司（“中远海能”，600026.SH）2025年度向特定对象发行A股股票的保荐人，针对公司与集团财务公司间的存款、贷款等关联金融业务进行了专项核查，并出具了详细核查意见。以下为该报告的核心内容与投资者关注要点：

一、集团财务公司基本情况

中远海运集团财务有限责任公司（“集团财务公司”）成立于2009年12月30日，是中远海运集团的非银行金融机构，主要为集团产业发展提供全方位金融服务。
截至2025年12月31日，集团财务公司的股权结构为：中远海运集团持有31.21%，其下属多家子公司（包括中远海能）合计持有剩余股权。
集团财务公司经营范围涵盖企业集团财务公司服务，具体业务需经监管部门批准。

二、金融服务协议条款及执行情况

2024年10月30日董事会、12月30日临时股东大会通过了《2025-2027年持续性关联交易协议》，授权与集团财务公司签署《金融财务服务协议》。
协议涵盖：存款服务、信贷服务、清算服务、外汇服务及其他经监管批准业务，协议期限为2025年1月1日至2027年12月31日。
协议明确了服务原则、服务价格、交易限额、风险管控及变更终止条件，条款完备。

2025年度主要金融业务数据

项目	年初余额（万元）	本年增加	本年减少	年末余额	收/付利息、手续费（万元）
存款	461,493.07	12,822,557.10	12,783,254.95	500,795.23	6,424.95
借款	590,114.42	185,897.00	175,030.08	600,981.34	11,611.43
短期借款	50,000.00	150,000.00	50,000.00	150,000.00	1,473.46
长期借款	540,114.42	35,897.00	125,030.08	450,981.34	10,137.97

三、风险控制措施与处置预案

协议规定严格的资金安全保障措施，包括资金管理系统安全、信息披露、动态风险评估、月度财务报告等。
如发生重大风险事件（如支付危机、重大违法违规、系统故障、经营风险等），集团财务公司需在2个工作日内书面通知中远海能并采取措施止损。
中远海能有权对集团财务公司进行风险评估，并在必要时提前提取存款或暂停进一步存款。
若财务公司出现严重支付困难，中远海运集团需及时增资以应对。
双方互有抵消权：集团财务公司未能偿还存款时，中远海能有权抵消应付款项，反之亦然。
公司制定了详细的《风险处置预案》，涵盖风险组织机构、应急措施、后续处置等。

2025年度风险控制措施与处置预案均得到有效执行，未发生任何风险事件。

四、信息披露与外部审计

公司已及时、真实、完整地披露了与集团财务公司的《金融财务服务协议》和风险处置预案相关信息，并定期披露风险评估报告及专项说明。
信永中和会计师事务所于2026年3月26日出具专项说明，确认各项数据与2025年已审计财报一致。

五、保荐人核查意见及影响

国泰海通证券认为双方协议条款完备，执行正常，风险控制到位，信息披露真实、准确、完整。

投资者需要重点关注与潜在影响

大额存贷款与集团财务公司之间的关联交易频繁，年度资金流动规模巨大且集中，若集团财务公司或中远海运集团出现流动性或信用风险，可能对中远海能资金安全构成实质性影响，存在一定的系统性风险隐患。
公司已建立完备的风险控制与应急机制，并在2025年度未出现任何风险事项，短期内公司资金安全可控。
相关协议已履行严格的监管和信息披露要求，且获得权威会计师事务所专项核查确认。
如未来宏观经济、集团整体经营状况或监管环境出现重大变数，该类关联交易的风险需持续密切关注，投资者应关注公司后续的月度和年度风险评估报告。

免责声明：本文依据公开披露及专项核查报告整理，仅供投资者参考，不构成投资建议。投资决策请结合实际情况、官方公告及自身判断，市场有风险，投资需谨慎。

English Version

Detailed Analysis: COSCO Shipping Energy 2025 Related Financial Transactions Special Review

Guotai Haitong Securities, as the sponsor of COSCO Shipping Energy Transportation Co., Ltd. (“COSCO Shipping Energy”, 600026.SH) for its 2025 targeted A-share offering, conducted a special review on related deposit and loan transactions with the group finance company, and issued a detailed review opinion. The following summarizes the core content and key investor highlights:

1. Group Finance Company Overview

COSCO SHIPPING Group Finance Co., Ltd. (“Group Finance Company”) was established on Dec 30, 2009, as a non-bank financial institution under COSCO SHIPPING Group, providing comprehensive financial services to support group businesses.
As of Dec 31, 2025, the shareholding: COSCO SHIPPING Group holds 31.21%, with several subsidiaries (including COSCO Shipping Energy) holding the rest.
Business scope: enterprise group finance services, subject to regulatory approval.

2. Financial Service Agreement Terms & Execution

On Oct 30, 2024, Board of Directors, and Dec 30, 2024, EGM, the company approved the “2025-2027 Continuous Related Transaction Agreement”, authorizing the signing of the Financial Services Agreement with the Group Finance Company.
Agreement covers: deposit services, credit services, clearing services, foreign exchange services, and other approved businesses, valid from Jan 1, 2025, to Dec 31, 2027>.
Agreement includes service principles, pricing, transaction limits, risk controls, amendment/termination clauses; comprehensive terms.

Key 2025 Financial Transaction Data

Item	Opening Balance (RMB ‘000)	Increase	Decrease	Closing Balance	Interest/Fees (RMB ‘000)
Deposits	461,493.07	12,822,557.10	12,783,254.95	500,795.23	6,424.95
Loans	590,114.42	185,897.00	175,030.08	600,981.34	11,611.43
Short-term Loans	50,000.00	150,000.00	50,000.00	150,000.00	1,473.46
Long-term Loans	540,114.42	35,897.00	125,030.08	450,981.34	10,137.97

3. Risk Control & Contingency Measures

Strict fund security, dynamic risk monitoring, regular reporting, and emergency notification system are established.
On major risk events (liquidity crisis, legal/regulatory issues, system failures, etc.), Group Finance Company must notify COSCO Shipping Energy within 2 working days and take action.
COSCO Shipping Energy may conduct risk assessments, withdraw deposits in advance, or suspend further deposits as needed.
If payment difficulties arise, the parent group must inject capital as necessary.
Mutual settlement rights: if the company or its affiliates cannot repay, the other party may offset with deposits/loans.
Comprehensive contingency plan is in place, covering organization, emergency actions, and follow-up procedures.

No risk events occurred in 2025; all measures were effectively implemented.

4. Disclosure & External Audit

All agreements and risk plans were timely, accurately, and fully disclosed; risk assessment reports and special auditor’s notes were issued regularly.
ShineWing CPA issued a special note on Mar 26, 2026, confirming all data matches the audited 2025 financial report.

5. Sponsor’s Review & Impact

Guotai Haitong Securities concluded that the agreement is complete, executed normally, risks are controlled, and disclosures are adequate and true.

Key Investor Takeaways & Potential Impacts

Large-scale, high-frequency related-party transactions with the Group Finance Company mean COSCO Shipping Energy’s liquidity is heavily tied to group-level financial health. Any liquidity or credit risk at the group level could materially affect the company’s cash safety, posing systemic risk.
Current risk controls and contingency mechanisms are robust, and no risk events occurred in 2025. Short-term safety is adequately managed.
All regulatory and audit requirements are met, with third-party CPA confirmation.
Investors should watch for macroeconomic, group-level, or regulatory changes that could affect these related transactions. Follow future monthly/annual risk assessment disclosures closely.

Disclaimer: This article is based on public disclosures and the special review report for reference only and does not constitute investment advice. Please make investment decisions based on official announcements and your own judgment. Markets contain risks.