三维控股集团股份有限公司为合营企业四川三维轨道交通科技有限公司提供关联担保进展公告详解

报告重点梳理

• 担保对象： 四川三维轨道交通科技有限公司（以下称“四川三维”），为三维控股的合营企业。
• 担保金额： 本次新增担保额度合计为人民币15,287.52万元，包括为成都银行高新支行提供287.52万元保函担保，以及为中国建设银行新津支行提供15,000万元综合授信担保。
• 累计担保： 截至本次担保前，三维控股为四川三维累计担保余额高达57,079.11万元，本次新增后，对四川三维的对外担保额度达到60,000万元，占公司最近一期净资产的19.24%。
• 审批流程： 已完成董事会及股东会审批，相关关联董事回避表决，独立董事事前审核通过，无需再次提交审议。
• 关联担保与反担保： 本次担保构成关联担保。公司股东、四川三维董事长吴善国提供连带责任反担保，若四川三维无法履约，公司将要求吴善国承担担保责任。
• 四川三维基本情况：
  • 注册资本：1亿元
  • 成立日期：2019年3月20日
  • 主要业务：轨道交通相关产品研发、生产与销售
  • 财务数据（2024年底，经审计）：资产总额11.55亿元，负债总额7.42亿元，净资产4.13亿元，营业收入3.11亿元，净利润1,031.71万元；2025年9月末（未经审计）净利润9,346.15万元，营业收入4.93亿元。
  • 股权结构：成都轨道建设管理有限公司持股34%，广西三维铁路轨道制造有限公司持股66%，但未能实际控制四川三维。
• 担保协议主要内容： 均为连带责任保证，担保范围涵盖本金最高额。
• 逾期担保情况： 截至公告日，公司无逾期担保。

投资者关注要点

• 巨额关联担保风险： 公司对合营企业四川三维提供的大额连带责任担保，金额高达60,000万元，占净资产近20%，对公司财务安全性和风险敞口影响显著。若四川三维违约，公司将承担相关还款责任，可能直接影响公司现金流和净资产。
• 担保人反担保机制： 虽有董事长吴善国提供反担保，但实际追索能力和反担保的安全性投资者需高度关注。
• 审批合规与关联交易： 此次担保属于关联交易，已按规定完成董事会及股东会审批，相关董事回避表决，独立董事审核通过，有利于公司治理的规范性。
• 四川三维经营情况： 最新一期净利润大幅增长，显示合营企业运营状况较好，但高负债率和大额担保下风险不可忽视。
• 股权结构特殊性： 虽广西三维持股66%，但公司章程规定导致其无法实际控制四川三维，投资者需关注合营企业治理结构可能带来的管理风险。
• 无逾期担保： 公告显示，目前无逾期担保，有助于稳定投资者信心。

投资者风险提示及可能的股价影响

本次大额关联担保事项，若四川三维未来经营出现重大不利变化，三维控股将承担巨额连带清偿责任，属于潜在重大风险事件。此种大额对外担保可能影响公司股价和投资者信心。建议投资者密切关注四川三维的经营与偿债能力，以及反担保实施效果。若四川三维业绩持续改善，将利好公司业绩，但如出现违约则将直接影响三维控股集团的资产负债表和现金流状况，进而影响公司市值。

免责声明

本报道仅基于公告信息整理与分析，不构成投资建议。投资者需自主判断相关风险，关注后续公告及四川三维经营动态。公司实际经营情况及担保履约风险请以官方信息及年度财报为准。

Detailed English Summary

Key Highlights

• Guarantee Subject: Sichuan Sanwei Rail Transit Technology Co., Ltd. (“Sichuan Sanwei”), an associate of Sanwei Holdings Group Co., Ltd.
• Guarantee Amount: The total new guarantee is RMB 152.8752 million, including RMB 2.8752 million for a letter of guarantee with Chengdu Bank High-tech Branch and RMB 150 million for a comprehensive credit guarantee with CCB Xinjin Branch.
• Cumulative Guarantee: Prior to this addition, cumulative guarantee balance for Sichuan Sanwei was RMB 570.7911 million. After this addition, total guarantee exposure reaches RMB 600 million, representing 19.24% of the company’s latest audited net assets.
• Approval Process: The guarantee has completed board and shareholder approvals, with related directors recused and independent directors pre-reviewed and approved. No further approval needed.
• Related Guarantee & Counter Guarantee: This is a related-party guarantee. Chairman Wu Shanguo provides joint counter-guarantee – if Sichuan Sanwei defaults, Wu Shanguo must bear the guarantee liability.
• Sichuan Sanwei Profile:
  • Registered capital: RMB 100 million
  • Founded: March 20, 2019
  • Business: R&D, production, sales of railway transit products
  • Financials (2024 audited): Assets RMB 1.155 billion, liabilities RMB 742 million, net assets RMB 413 million, revenue RMB 311 million, net profit RMB 10.3 million. By September 2025 (unaudited): net profit RMB 93.46 million, revenue RMB 493 million.
  • Shareholding: Chengdu Rail Construction Mgmt. 34%, Guangxi Sanwei Rail 66%, but Guangxi Sanwei cannot actually control Sichuan Sanwei due to company bylaws.
• Guarantee Agreement Details: All are joint liability guarantees, covering maximum principal amounts.
• Overdue Guarantee: None as of announcement date.

Investor Considerations

• Major Guarantee Risk: Sanwei Holdings’ joint liability guarantee for Sichuan Sanwei totals RMB 600 million, nearly 20% of net assets. If Sichuan Sanwei defaults, Sanwei Holdings must repay, impacting its cash flow and net assets.
• Counter Guarantee Mechanism: Chairman Wu Shanguo’s counter guarantee exists, but its effectiveness and recoverability are uncertain.
• Approval & Compliance: The guarantee is a related-party transaction, properly approved, with directors recused and independent review, indicating robust governance.
• Operating Performance: Sichuan Sanwei’s latest net profit surged, showing good performance, but high leverage and guarantee exposure pose risks.
• Shareholding Structure: Despite 66% stake, Guangxi Sanwei cannot control the company due to bylaws, creating potential governance risk.
• No Overdue Guarantee: Currently, no overdue guarantees, supporting investor confidence.

Risk Warning & Potential Stock Impact

The large related-party guarantee, if Sichuan Sanwei’s operation deteriorates, Sanwei Holdings faces substantial repayment risk, which may impact its share price and investor sentiment. Investors should closely monitor Sichuan Sanwei’s business and solvency, as well as the effectiveness of the counter guarantee. Continued profit growth from Sichuan Sanwei would be positive, but any default will directly affect Sanwei Holdings’ balance sheet and cash flow, potentially affecting market value.

Disclaimer

This report is based solely on public disclosures and is not investment advice. Investors should assess risks independently and refer to official announcements and financial reports for actual company performance and guarantee risks.

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