新疆天业股份有限公司为参股公司东华天业新材料857.5万元借款担保关联交易公告

新疆天业股份有限公司为参股公司借款提供担保的关联交易公告深度解读

报告核心要点

新疆天业股份有限公司（证券代码：600075）决定为其参股公司中化学东华天业新材料有限公司（以下简称“东华天业”）的借款提供担保，本次担保金额为857.50万元。
东华天业计划向股东东华工程科技股份有限公司续借1,750万元，新疆天业按持股比例（49%）提供担保。
本次担保无担保费用、无反担保，担保额度有效期自股东会审议通过后生效，至下一年股东会再次审议该事项为止。
东华天业资产负债率超过70%，需提交公司股东会审议，并且关联股东需回避表决。
公司对外担保总额581,787.1525万元，占公司最近一期经审计净资产的62.41%，已超过50%的警戒线。
公司及控股子公司当前不存在逾期担保、诉讼及因担保被判决败诉的损失。

投资者需重点关注事项

担保总额风险：新疆天业对外担保总额已超过公司净资产的50%，达到62.41%，属于较高风险区间。大量担保可能影响公司财务安全，若被担保方出现偿债风险，将直接影响公司业绩和股东权益。
被担保公司财务状况：东华天业2025年9月30日资产负债率高达约80%，资产净额约2亿元，净利润极低（2025年前9月仅5.39万元），偿债能力有限，增加担保风险。
关联交易性质：此次担保属于关联交易，需股东会审议，关联股东回避表决。投资者需关注关联交易可能引发的公司治理问题。
股东会授权：公司董事长将被授权在担保额度范围内签署相关法律文件，意味着公司对参股公司支持力度较大。
未来担保计划：担保额度有效期至下一年股东会审议，未来可能继续为东华天业提供担保。
公司董事、高管无兼职：新疆天业董事及高管未在东华天业兼职，减少利益冲突隐患。
独立董事意见：独立董事认可担保事项，认为风险可控、符合公司发展战略，不损害股东权益。

详细内容梳理

新疆天业股份有限公司于2026年4月4日发布公告，决定为其持股49%的参股公司中化学东华天业新材料有限公司续借借款提供担保。东华天业向控股股东东华工程科技股份有限公司借款1,750万元，新疆天业按持股比例提供857.50万元担保。本次担保属于公司与联营企业的关联交易，需公司股东会审议通过，关联股东回避表决。

东华天业成立于2021年，注册资本2亿元，主要从事工程塑料及合成树脂、生物基材料制造与销售，以及相关技术研发和进出口业务。2025年9月30日，公司资产总额为102,123.21万元，负债总额81,680.99万元，资产净额20,442.21万元。2025年1-9月营业收入为4,662.57万元，净利润仅5.39万元，财务状况较为紧张。

新疆天业的累计对外担保额度为755,940万元，实际担保余额为581,787.1525万元，占公司2024年度经审计合并报表归属于母公司净资产的62.41%。其中，为子公司担保额度为275,940万元（参股公司担保额度5,880万元），实际担保余额为186,787.1525万元（参股公司担保余额857.50万元），为控股股东及其子公司担保额度为480,000万元，实际担保余额为395,000万元。

公司董事会及独立董事认为担保事项符合公司战略规划，风险可控，但提醒投资者需关注公司整体担保风险。公司将加强内部控制与监督，确保被担保方经济情况良好，降低担保风险。公告明确，当前并无逾期担保、诉讼及因担保败诉的损失。

本次公告涉及的对外担保金额大、被担保公司资产负债率高，且公司整体担保已突破警戒线，属于重大风险事项。投资者需密切关注后续股东会审议及东华天业经营情况，担保风险可能对公司股价产生影响。

免责声明

本文内容仅供参考，不构成任何投资建议。投资者应根据自身情况及对公司公告的理解，独立决策。公司担保事项涉及重大风险，建议投资者充分关注后续公告及公司财务状况。

English Version

Xinjiang Tianye Co., Ltd. Provides Guarantee for Affiliate’s Loan — In-depth Analysis

Key Points from the Report

Xinjiang Tianye Co., Ltd. (Stock code: 600075) plans to provide a guarantee of RMB 8.575 million for its affiliate, SinoChem Donghua Tianye New Materials Co., Ltd. (“Donghua Tianye”).
Donghua Tianye intends to renew a loan of RMB 17.5 million from its shareholder, Donghua Engineering Technology Co., Ltd., with Xinjiang Tianye providing the guarantee in proportion to its 49% shareholding.
The guarantee has no guarantee fees or counter-guarantee. The guarantee period is from shareholder approval until the next annual review.
Donghua Tianye’s debt-to-asset ratio exceeds 70%, so this matter must be approved by the shareholders’ meeting, with related shareholders abstaining.
The company’s total external guarantees amount to RMB 5.81787 billion, which is 62.41% of the most recent audited net assets, exceeding the 50% risk threshold.
Currently, neither the company nor its subsidiaries have overdue guarantees, litigation involving guarantees, or losses from guarantee-related verdicts.

Important Points for Investors

Guarantee risk: Xinjiang Tianye’s total external guarantees now exceed 50% of net assets (62.41%), representing a high-risk level. If the guaranteed party defaults, it could impact company performance and shareholder interests.
Financial status of the guaranteed company: Donghua Tianye’s debt-to-asset ratio is around 80% as of Sep 30, 2025, with net assets about RMB 200 million and minimal net profit (only RMB 53,900 in the first nine months of 2025), indicating limited debt servicing capacity.
Related party transaction: The guarantee constitutes a related party transaction, requiring shareholder approval and related party abstention. Investors should monitor potential governance risks.
Board authorization: The chairman will be authorized to sign legal documents within the guarantee limit, showing strong support for the affiliate.
Future guarantee plans: The guarantee period extends until the next annual shareholder review, suggesting ongoing support for Donghua Tianye.
No management overlaps: Xinjiang Tianye directors and executives hold no positions at Donghua Tianye, reducing conflict of interest risks.
Independent directors’ opinion: Independent directors have endorsed the guarantee, deeming risks controllable and compliant with regulations.

Detailed Analysis

On April 4, 2026, Xinjiang Tianye announced its intention to provide a guarantee for its 49%-owned affiliate, Donghua Tianye, for a renewed loan of RMB 17.5 million from Donghua Engineering Technology Co., Ltd. The guarantee amount is RMB 8.575 million, proportionate to Xinjiang Tianye’s shareholding. The guarantee is a related party transaction requiring shareholder approval and abstention by related shareholders.

Donghua Tianye was established in March 2021 with a registered capital of RMB 200 million. It specializes in engineering plastics, synthetic resins, bio-based materials, R&D, and import/export. As of September 30, 2025, the company had total assets of RMB 1.021 billion, liabilities of RMB 816.8 million, net assets of RMB 204.4 million, revenue of RMB 46.6 million, and a net profit of only RMB 53,900, underscoring its tight financial situation.

Xinjiang Tianye’s cumulative approved external guarantee limit is RMB 7.5594 billion, with an actual balance of RMB 5.81787 billion, representing 62.41% of 2024 audited net assets (RMB 9.3223 billion). Guarantees for subsidiaries total RMB 2.7594 billion (affiliate guarantee limit RMB 58.8 million), with an actual balance of RMB 1.86787 billion (affiliate guarantee balance RMB 8.575 million). Guarantees for controlling shareholders and subsidiaries total RMB 4.8 billion, with an actual balance of RMB 3.95 billion.

The board and independent directors believe the guarantee aligns with company strategy and is risk-controlled, but investors should be mindful of the overall guarantee risk. The company will strengthen internal controls and monitoring to mitigate risk. No overdue guarantees, guarantee-related litigation, or losses currently exist.

Given the large guarantee amount, high debt ratio at Donghua Tianye, and Xinjiang Tianye’s overall guarantee level exceeding risk thresholds, this is a material risk event. Investors should closely monitor shareholder meeting outcomes and Donghua Tianye’s performance, as guarantee risk may impact share price.

Disclaimer

The content of this article is for reference only and does not constitute investment advice. Investors should make independent decisions based on their understanding of the company’s announcements and their own circumstances. Guarantee matters involve significant risk, and investors are advised to monitor subsequent disclosures and the company’s financial health.