东望时代披露担保化解进展，债务追偿及反担保资产处置成焦点

要点概述

• 截至2025年12月31日，公司对广厦控股及其关联方存在逾期担保金额约10.37亿元，已代偿6.12亿元，已豁免0.95亿元，担保余额2.81亿元。
• 公司已与东阳市金投股权投资管理有限公司（金投投资）签署《债权转让协议》，将合计约2.15亿元债权转让，首期1.17亿元已到账，剩余金额将于2026年10月31日前与2027年3月31日前陆续收回。
• 剩余约3.97亿元代偿部分，公司拟通过设立服务信托计划进行清收，预计2026年底可回收约1000万元，但存在较大不确定性。
• 反担保资产方面，建工集团55.05%股权因司法查封难以实现追偿，东阳三建87.65%股权作为主要反担保资产，正处于债务重组阶段，未来有望提升回款，但不确定性极高。

详细进展与潜在影响

1. 担保化解最新进展

公司详细披露了对广厦控股及其关联方的担保追偿情况。已代偿的担保金额主要通过银行存款划扣、不动产变卖、股票质押变现等方式解决，并获得部分债务豁免。具体分项如下：

• 东阳金投、晋商银行、工商银行、北银金租、甘肃银行、绍兴银行、贵阳农商行等多家机构涉及的担保金额合计超10亿元，部分已获得豁免或通过资产处置实现现金回笼。
• 与金投投资的债权转让协议已于2026年4月10日前完成首期1.17亿元价款支付，后续支付安排已确定，有利于公司现金流改善。
• 尚未处理的3.97亿元代偿债权，公司将通过信托计划引入第三方专业机构进行市场化催收，信托公司负责资产保管与执行监督。尽管预计可回收部分损失，但整体回收金额和周期高度不确定，公司将及时披露相关进展，投资者需关注风险。

对投资者的影响： 大额担保债务的清收进度，尤其是3.97亿元信托计划能否有效回收，将直接影响公司损失情况与资产负债表，对股价有重大影响。

2. 反担保资产风险与处置进展

• 建工集团55.05%股权： 因公司无法完成质押登记且该股权已被多轮司法查封，且建工集团本身陷入经营困境，涉及诉讼金额达数十亿元，短期内公司通过该反担保资产实现追偿的可能性极低。
• 东阳三建87.65%股权： 虽然作为主要反担保资产已转让给金投投资，但东阳三建本身也面临上千起诉讼，债务总额超百亿元，生产经营虽尚属正常，但存在重大不确定性。广厦控股正推动与甘肃银行的债务重组，若重组成功，有望提升股权价值并增加公司回款可能性。公司计划力争2026年底前在重组与股权处置上取得实质性进展，但过程复杂，能否实现存在极大不确定性。

对投资者的影响： 反担保资产能否变现、股权重组推进情况直接影响公司损失最终回收水平，存在较大变数，是影响公司估值及股价的重要变量。

3. 其他重要事项

• 公司与金投投资约定，债权转让价款足额支付后，将完成债权交割，双方按各自债权金额享有质押股权相关权利，处置回款优先清偿金投投资，剩余归公司。
• 目前公司不存在向控股股东及其关联方利益倾斜的情形，相关安排符合中小股东利益。

投资者需要关注的风险与提示

• 大额担保代偿款项回收存在高度不确定性，相关资产能否顺利处置、债权能否有效清收、债务重组能否顺利完成均对公司影响巨大。
• 反担保资产变现难度大，尤其是建工集团和东阳三建相关股权，短期内能否收到实质性回款存疑。
• 公司将持续披露相关进展，投资者需密切关注后续公告，注意相关投资风险。

结语

本次公告中，东望时代就大额担保化解、债权追偿、反担保资产处置等核心问题进行了详细披露，多项内容对公司资产负债表及未来现金流产生重大影响。相关事项进展及结果具有高度不确定性，对公司估值和股价具备较强的价格敏感性，投资者需高度关注。

免责声明： 本文基于公司公开信息整理，内容不构成任何投资建议。市场有风险，投资需谨慎。请投资者结合自身情况独立判断。

English Version

Dongwang Shidai Discloses Progress on Guarantee Resolution, Debt Recovery and Collateral Disposal in Focus

Key Highlights

• As of December 31, 2025, the company had overdue guarantees of about RMB 1.037 billion for Guangsha Holdings and its affiliates, with RMB 612 million already compensated, RMB 95 million exempted, and a remaining guarantee balance of RMB 281 million.
• The company has signed a debt assignment agreement with Dongyang Jintou Equity Investment Management Co., Ltd. (Jintou Investment), transferring approximately RMB 215 million in claims. The first payment of RMB 117 million has been received, with remaining payments scheduled by October 31, 2026, and March 31, 2027.
• The company plans to recover the remaining RMB 397 million compensated portion through a service trust, aiming to recover about RMB 10 million by the end of 2026, but there is significant uncertainty.
• For collateral assets, the 55.05% stake in Jianggong Group is under multiple judicial freezes and is difficult to realize, while the 87.65% stake in Dongyang Sanjian, the main collateral asset, is undergoing debt restructuring. There is some hope for recovery, but the uncertainty is extremely high.

Detailed Progress & Potential Impact

1. Latest Progress on Guarantee Resolution

The company provided granular disclosure on the recovery of guarantees for Guangsha Holdings and affiliates. The compensated guarantee amounts were mainly resolved via bank account deductions, property sales, and stock pledges, with some debt exemptions as well. Key details:

• Institutions involved include Dongyang Jintou, Jinshang Bank, ICBC, Beiyin Jinzu, Gansu Bank, Shaoxing Bank, Guiyang Rural Commercial Bank, etc. The total guarantee amount exceeded RMB 1 billion, with portions already exempted or cashed out via asset sales.
• The debt assignment agreement with Jintou Investment completed the first payment of RMB 117 million before April 10, 2026, and schedules for remaining payments are set, improving company cash flow.
• For the RMB 397 million not transferred, the company will set up a service trust with a third-party agency for market-based recovery. While some loss recovery is expected, the actual amount and timing are highly uncertain, and investors should pay attention to the risks.

Investor Impact: The progress of large guarantee debt recovery, especially whether the RMB 397 million trust plan is successful, will directly affect the company’s losses and balance sheet, and thus is highly price-sensitive.

2. Risks & Progress of Collateral Asset Disposal

• Jianggong Group 55.05% stake: The company cannot complete the pledge registration due to judicial freezes, and Jianggong Group is in financial trouble with litigation totaling billions. The chance of recovery from this asset is low.
• Dongyang Sanjian 87.65% stake: Although it is the main collateral asset and has been transferred to Jintou Investment, Dongyang Sanjian itself faces thousands of lawsuits and over RMB 10 billion in debt. Guangsha Holdings is working on debt restructuring with Gansu Bank, and if successful, this may increase asset value and repayment possibilities. The company aims for substantial progress by the end of 2026, but the process is complex and highly uncertain.

Investor Impact: Whether these assets can be realized and the progress of equity restructuring will directly affect the company’s final loss recovery, and is a key variable for valuation and share price.

3. Other Important Matters

• The company and Jintou Investment agreed that after full payment, the transfer of claims will be completed, and both parties will enjoy rights to the pledged equity proportionally. Priority is given to Jintou Investment in any disposal proceeds, with any surplus going to the company.
• No evidence of interests being tilted toward controlling shareholders or affiliates; arrangements are deemed in the interests of minority shareholders.

Risks & Investor Reminders

• Large guarantee compensation recovery is highly uncertain; asset disposal, debt collection, and restructuring results will have significant company impact.
• Collateral asset realization, especially the stakes in Jianggong and Dongyang Sanjian, is difficult in the short term.
• The company will continue to disclose progress. Investors should closely follow further announcements and be mindful of associated risks.

Conclusion

In this announcement, Dongwang Shidai provided detailed disclosure on large guarantee resolution, debt recovery, and collateral asset disposal. Many developments are highly price sensitive and will impact the company’s balance sheet and cash flows. The outcomes remain highly uncertain, and investors should pay close attention.

Disclaimer: This article is based on publicly available company information and does not constitute investment advice. Markets have risks, and investment decisions should be made independently.

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