三博脑科医院管理集团股份有限公司关于对子公司担保进展公告详细解读

公告要点与投资者需关注事项

• 担保额度与结构：公司为下属公司提供总计不超过人民币92,442.83万元的担保额度，其中两笔为控股子公司昆明三博脑科医院有限公司（简称“昆明三博”）及昆明浩源医疗管理有限公司（简称“昆明浩源”）提供担保。其中，昆明三博担保额度为2,000万元，担保方式为无限连带责任担保；昆明三博及昆明浩源担保额度为16,497.94万元，担保方式为连带责任保证和抵押担保。公司可在总额度范围内调剂担保额度，对资产负债率超过70%的担保对象提供担保。
• 担保进展：
  • 昆明三博与招商银行昆明分行签订授信协议，授信额度最高不超过2,000万元，授信期限为12个月，公司提供连带责任保证。
  • 昆明三博及昆明浩源与招商银行昆明分行签订授信协议及固定资产借款合同，授信额度为2.5亿元，昆明浩源签订最高额抵押合同。公司为扣除前期已执行担保额后的不超过16,497.94万元提供连带责任保证，昆明浩源以名下土地及房产进行抵押。
  • 昆明三博新院区建设完成，昆明浩源追加土地上建成建筑物进行抵押担保，并与招商银行昆明分行新签订最高额抵押合同。
• 被担保公司财务状况：
  • 昆明三博脑科医院有限公司：
    • 2024年末资产总额57,876,454.77元，负债总额63,860,010.81元，净资产为-5,983,556.04元（资不抵债）。2025年9月末资产总额140,991,674.61元，负债总额161,762,305.56元，净资产为-20,770,630.95元。2024年度营业收入66,869,976.59元，净利润-3,027,522.26元，2025年1-9月净利润-14,787,074.91元。
  • 昆明浩源医疗管理有限公司：
    • 2024年末资产总额293,855,849.03元，负债总额148,878,090.71元，净资产144,977,758.32元。2025年9月末资产总额358,466,223.81元，负债总额217,285,520.83元，净资产141,180,702.98元。2024年度无营业收入，净利润-2,569,947.22元，2025年1-9月营业收入2,741,168.73元，净利润-3,797,055.34元。
• 担保协议主要内容：
  • 《最高额不可撤销担保书》由公司提供连带责任保证，最高限额为人民币2,000万元，担保范围包括贷款本金、利息、罚息、复息、违约金、迟延履行金、保理费用、实现担保权和债权的费用等。
  • 《最高额抵押合同》由昆明浩源提供抵押担保，抵押物为昆明市官渡区小板桥街道办事处季宏路1790号房产及土地使用权，最高限额为人民币2.5亿元。
• 累计对外担保及风险：
  • 公司及控股子公司担保额度总金额为123,717.55万元，担保余额为48,199.21万元，占2024年度经审计归母净资产比20.97%。对合并报表外单位担保总余额为500万元，占归母净资产比0.22%。公司不涉及债务逾期担保和诉讼担保。
  • 昆明三博脑科医院有限公司目前资不抵债，昆明浩源近两年持续亏损，存在一定财务风险，可能影响公司整体经营和股价。

投资者可能关注的价格敏感信息

• 公司对子公司提供大额担保，尤其是对资不抵债且亏损严重的昆明三博脑科医院有限公司，存在较高财务风险，可能影响公司整体风险敞口及未来财务表现。
• 担保总额度及余额占公司净资产比例较高，若被担保公司未来违约，将对公司财务状况造成重大影响。
• 昆明三博新院区建设完成，后续有资产追加抵押，可能影响公司资产结构及运营能力。
• 公司目前无逾期担保和诉讼担保，但需持续关注被担保公司经营状况。

结论与投资建议

本公告显示三博脑科医院管理集团股份有限公司对子公司提供的大额担保，尤其是对近年持续亏损、资不抵债的昆明三博脑科医院有限公司，存在较高财务风险和担保风险。担保总额及余额占公司净资产比重较大，若未来被担保公司无法履约，可能对公司整体财务状况和股价造成负面影响。建议投资者密切关注被担保公司经营及公司担保风险，合理调整投资策略。

免责声明

本报道仅为信息解读，不构成投资建议。投资者应根据自身情况，结合其他公开信息及相关分析，谨慎决策。

English Version:

Detailed Analysis: Guarantee Progress Announcement for Subsidiaries of Sanbo Brain Hospital Management Group Co., Ltd.

Key Points & Investor Attention

• Guarantee Amount & Structure: The company provides a total guarantee amount not exceeding RMB 924.43 million for subsidiaries, including two guarantees for Kunming Sanbo Brain Hospital Co., Ltd. (“Kunming Sanbo”) and Kunming Haoyuan Medical Management Co., Ltd. (“Kunming Haoyuan”). Kunming Sanbo’s guarantee is RMB 20 million with unlimited joint liability; Kunming Sanbo and Kunming Haoyuan’s guarantee is RMB 164.98 million with joint liability and mortgage guarantees. The company can adjust the guarantee amount within the total limit and only provide guarantees to entities with an asset-liability ratio over 70%.
• Guarantee Progress:
  • Kunming Sanbo signed a credit agreement with China Merchants Bank Kunming Branch for up to RMB 20 million for 12 months, with the company providing joint liability guarantee.
  • Kunming Sanbo and Kunming Haoyuan signed credit and fixed asset loan agreements with China Merchants Bank Kunming Branch for RMB 250 million, with Kunming Haoyuan signing a maximum mortgage contract. The company provides joint liability guarantee for the remaining RMB 164.98 million, with Kunming Haoyuan mortgaging its land and property.
  • Kunming Sanbo’s new hospital construction is completed; Kunming Haoyuan adds newly built properties as collateral and signs a new mortgage contract.
• Financial Status of Guaranteed Companies:
  • Kunming Sanbo Brain Hospital:
    • As of end-2024: total assets RMB 57.88 million, liabilities RMB 63.86 million, net assets -RMB 5.98 million (insolvent). As of September 2025: assets RMB 140.99 million, liabilities RMB 161.76 million, net assets -RMB 20.77 million. 2024 revenue RMB 66.87 million, net profit -RMB 3.03 million; Jan-Sept 2025 net profit -RMB 14.79 million.
  • Kunming Haoyuan Medical Management:
    • As of end-2024: assets RMB 293.86 million, liabilities RMB 148.88 million, net assets RMB 144.98 million. As of September 2025: assets RMB 358.47 million, liabilities RMB 217.29 million, net assets RMB 141.18 million. 2024 no revenue, net profit -RMB 2.57 million; Jan-Sept 2025 revenue RMB 2.74 million, net profit -RMB 3.8 million.
• Main Guarantee Agreement Terms:
  • “Irrevocable Maximum Guarantee Letter”: Company provides joint liability guarantee, max RMB 20 million, covers principal, interest, penalties, overdue fees, factoring fees, realization costs, etc.
  • “Maximum Mortgage Contract”: Kunming Haoyuan provides mortgage guarantee, collateral is property and land at 1790 Jihong Road, Kunming, max RMB 250 million.
• Aggregate Guarantee & Risks:
  • Company and subsidiaries’ total guarantee amount is RMB 1,237.18 million, guarantee balance RMB 481.99 million, accounting for 20.97% of audited net assets in 2024. Guarantee to entities outside consolidated statements is RMB 5 million (0.22%). No overdue or litigation guarantees.
  • Kunming Sanbo is insolvent, Kunming Haoyuan has continued losses, presenting financial risks that may affect the company’s overall operations and share price.

Potential Price-Sensitive Information for Investors

• The company provides significant guarantees to subsidiaries, especially Kunming Sanbo, which is insolvent and has severe losses, posing substantial financial and guarantee risks.
• Guarantee amounts and balances account for a high percentage of net assets; any default by guaranteed subsidiaries could materially impact the company’s financial status.
• Completion of Kunming Sanbo’s new hospital and subsequent asset pledges may affect asset structure and operational capacity.
• No overdue or litigation guarantees currently, but continued monitoring of subsidiary operations is necessary.

Conclusion & Investment Advice

This announcement shows Sanbo Brain Hospital Management Group Co., Ltd. is providing large guarantees for subsidiaries, especially Kunming Sanbo, which is insolvent and loss-making, creating significant financial and guarantee risks. The guarantee amounts and balances are substantial relative to net assets; any future defaults could negatively impact the company’s financial standing and share price. Investors are advised to closely monitor subsidiary operations and company guarantee risks, and adjust investment strategies accordingly.

Disclaimer

This report is for informational interpretation only and does not constitute investment advice. Investors should make decisions based on their own circumstances and other public information.

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