东望时代回复上交所监管函：担保清理化解持续推进，数亿元代偿回收尚存不确定性

要点概述

• 截至2025年末，公司对广厦控股及其关联方担保逾期金额高达10.37亿元，累计已代偿金额6.12亿元，已豁免0.95亿元，剩余担保余额2.81亿元。
• 公司大额代偿债权已与东阳市金投股权投资管理有限公司（简称“金投投资”）签署债权转让协议，2.15亿元债权分期转让，首付款1.17亿元已到账。
• 约3.97亿元未转让代偿债权拟通过设立信托计划进行市场化清收，预期2026年底可回收约1000万元，回收存在较大不确定性，警示相关风险。
• 反担保资产方面，建工集团55.05%股权因司法查封及经营困境，追偿可能性极低；东阳三建87.65%股权正推动债务重组及股权重组，2026年底前力争取得进展，但实际回收金额及进度高度不确定。
• 公司与金投投资签署的债权转让合同对质押股权处置收益分配作出详细约定，不存在利益输送或利益倾斜。

详细内容

浙江东望时代科技股份有限公司（以下简称“东望时代”或“公司”）近日就上海证券交易所下发的《关于浙江东望时代科技股份有限公司担保化解事项的监管工作函》做出详细回复。公司针对担保化解进展、代偿追偿措施、反担保资产处置及是否存在利益倾斜等事项进行了逐一说明。

一、担保化解重点进展

截至2025年12月31日，东望时代为广厦控股集团及其关联方实际担保逾期金额约10.37亿元，累计代偿金额6.12亿元，豁免0.95亿元，现有担保余额2.81亿元。
为推动代偿款项回收，公司已与金投投资签署债权转让协议，2.15亿元债权将分三期转让，分别于2026年4月10日、2026年10月31日和2027年3月31日支付各期转让价款。首期1.17亿元已到账。剩余3.97亿元代偿债权，公司拟通过委托信托公司设立服务信托计划，采用市场化方式清收，首期以甘肃银行2亿元债权作为信托财产，预计2026年底可回收约1000万元，但最终回收金额和周期高度不确定。

二、诉讼与追偿详细表格

公司详细披露了多个担保项目的债权人、原债权人、债务人、担保金额、代偿金额、担保余额、追偿方式、诉讼进展及是否收到补偿等情况。包括通过银行存款被划扣、司法处置房产、股票质押变现等多种方式履行代偿义务。多项代偿已进入司法执行阶段，部分已获得东阳金投的豁免，部分尚未实际收到追偿补偿。

值得注意的是，公司部分代偿项目涉及与广厦控股、广厦建设、东阳三建等多方的诉讼，相关反担保物包括东阳三建87.65%股权及建工集团55.05%股权。目前上述反担保资产多数已被司法查封，相关案件执行进展缓慢。

三、反担保资产评估与处置进展

• 建工集团55.05%股权：受困于企业自身巨额债务、数千起诉讼及司法查封，东望时代难以实际获得追偿，相关质押登记亦无法办理。
• 东阳三建87.65%股权：东阳三建涉案金额巨大，超百亿元，经营业绩下滑。广厦控股已于2025年与甘肃银行达成债务重组意向，力争2026年底前推动股权重组，提升其偿债能力和股权价值，为公司后续回款创造可能。但由于债务重组及股权处置复杂性极高，回款进度及金额仍存极大不确定性。

四、是否存在利益倾斜？

公司与金投投资签署的债权转让合同明确，处置回款优先用于偿还金投投资持有的追偿权债权，剩余部分公司依法优先受偿，双方按债权金额范围享有和行使质押股权权利。据此，公司本次债权转让不存在向控股股东及其关联方利益倾斜或输送情形。

投资者需关注的风险与潜在影响

• 公司大额代偿资金回收尚存较大不确定性，尤其是通过信托计划清收的部分，回收金额及进度受市场环境影响极大。
• 反担保资产实际处置难度较大，多数资产已被司法查封，相关企业经营和财务状况极为恶化，实际可回收金额可能极低。
• 公司正在积极推进债权回收及担保风险化解，但整体进展缓慢，需警惕相关损失进一步扩大可能，极端情况下可能对公司财务状况和股价产生重大负面影响。
• 公司承诺将根据相关工作进展及时履行信息披露义务，建议投资者持续关注。

结论

此次东望时代针对担保化解事项的详细回复，充分显示公司正积极推进风险化解、追偿及资产处置。但大额担保及代偿回收进度、反担保资产实际可变现价值均高度不确定，相关事项进展及结果对公司中短期财务状况、市场信心及股票价格均可能产生较大影响。投资者需高度关注后续进展及潜在风险变化。

免责声明：本文仅供参考，不构成任何投资建议。投资者应基于自身判断自主决策，并注意相关风险。公司相关进展及信息以官方公告为准。

English Version

East Hope Era Responds in Detail to SSE’s Regulatory Letter: Guarantee Risk Disposal Progress and Key Shareholder Concerns

Summary of Key Points

• As of end-2025, overdue guarantees for Guangsha Holdings and affiliates total RMB 1.037 billion, with RMB 612 million already compensated, RMB 95 million exempted, and RMB 281 million in guarantee balance outstanding.
• Major compensated creditor rights (RMB 215 million) have been transferred in installments to Jintou Investment, with the first RMB 117 million already received.
• For the remaining RMB 397 million in compensated but untransferred creditor rights, the company plans to set up a trust program for market-based collection. Only about RMB 10 million is expected to be recovered by end-2026, with high uncertainty and risk warnings provided.
• Regarding counter-guarantee assets, the 55.05% stake in Construction Group is under multiple judicial seizures and distressed, with extremely low recovery probability. The 87.65% stake in Dongyang Sanjian is under debt and equity restructuring, targeted for progress by end-2026, but both amount and timing of recovery remain highly uncertain.
• The company’s contract with Jintou Investment specifies detailed rules for proceeds distribution from pledged equity disposal, with no interest transfer to controlling shareholders or affiliates.

Detailed Content

East Hope Era Technology Co., Ltd. (“East Hope Era” or “the Company”) released a detailed response to the Shanghai Stock Exchange’s regulatory letter regarding guarantee risk mitigation. The company addressed progress in guarantee mitigation, compensation recovery measures, counter-guarantee asset disposal, and whether any interest transfer exists.

1. Key Guarantee Mitigation Progress

By December 31, 2025, East Hope Era has RMB 1.037 billion in overdue guarantees for Guangsha Holdings and related parties, with RMB 612 million already compensated, RMB 95 million exempted, and RMB 281 million guarantee balance remaining.
To promote recovery, the company signed a debt transfer agreement with Jintou Investment for RMB 215 million in three installments (April 10, 2026, October 31, 2026, and March 31, 2027). The first installment of RMB 117 million has already been received. For RMB 397 million in compensated but untransferred creditor rights, the company plans to set up a trust program for market-based collection, starting with RMB 200 million owed by Gansu Bank. About RMB 10 million may be recovered by end-2026, but the final amount and timing are highly uncertain.

2. Litigation and Recovery Details

The company disclosed detailed case-by-case information, including creditor, original creditor, debtor, guarantee amount, compensation paid, balance, recovery method, litigation progress, and whether compensation was received. Methods include direct bank account deductions, judicial property disposal, and stock pledges. Many items are in judicial enforcement stages with some compensation forgiven by Dongyang Jintou, while other recoveries remain outstanding.

Notably, many compensated projects involve litigation with Guangsha Holdings, Guangsha Construction, and Dongyang Sanjian, with counter-guarantees including Dongyang Sanjian’s 87.65% stake and Construction Group’s 55.05% stake, most of which are under judicial seizure.

3. Counter-Guarantee Asset Status and Disposal Progress

• Construction Group 55.05% Stake: Due to the company’s own huge debts, thousands of lawsuits, and judicial seizures, recovery is highly unlikely and pledge registration cannot proceed.
• Dongyang Sanjian 87.65% Stake: Facing lawsuits totaling over RMB 10 billion and deteriorating financials, Guangsha Holdings is promoting debt and equity restructuring with Gansu Bank, aiming for progress by end-2026. However, recovery timing and amount remain highly uncertain.

4. No Interest Transfer or Favoritism

The company’s transfer contract with Jintou Investment clarifies that proceeds from pledged equity disposal will first cover Jintou’s claims, with any surplus going to the company, strictly according to creditor claim amounts. There is no interest transfer or favoritism to controlling shareholders or related parties.

Risks and Potential Share Price Impact for Investors

• There is substantial uncertainty in recovering large compensation amounts, especially those under trust-based market recovery programs.
• Counter-guarantee assets are difficult to dispose of, mostly under seizure, and related businesses are in severe financial distress, making actual recovery potentially minimal.
• The company is actively working on risk mitigation, but slow progress and the possibility of further losses may significantly impact the company’s finances and share price in extreme cases.
• Investors are advised to closely follow subsequent disclosures and developments.

Conclusion

East Hope Era’s detailed reply demonstrates active efforts to resolve guarantee risks and asset recovery, but the process is difficult and outcomes highly uncertain. These guarantee and recovery issues may significantly affect the company’s mid-term financial status, market confidence, and share price. Investors should pay close attention to ongoing developments and potential risks.

Disclaimer: This article is for reference only and does not constitute investment advice. Investors should make independent judgments and decisions, and be aware of relevant risks. Official announcements take precedence over any information herein.

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