科达制造股份有限公司最新担保进展公告深度解读

一、公告核心内容与投资者关注重点

• 担保对象及金额：
  • 科达制造股份有限公司（以下简称“科达制造”）为控股子公司广东特福国际控股有限公司（“广东特福国际”）以及 Tilemaster Investment Limited（“Tilemaster”）提供担保，担保金额为人民币 15,000 万元。
  • 此次担保对象为共同借款人，担保方式为连带保证责任。
  • 反担保措施：森大集团有限公司将其持有的广东特福国际股权质押给科达制造，作为反担保。
  • 担保期限至主合同项下债务履行期届满之日起三年。
• 累计担保情况：
  • 截至 2026 年 4 月 23 日，科达制造及控股子公司对外担保总额高达 119.84 亿元，已占公司 2025 年度经审计净资产的 95.16%。
  • 对控股子公司担保总额为 109.40 亿元，占净资产的 86.88%。
  • 实际担保余额为 38.98 亿元，占净资产 30.95%。
  • 公司无逾期担保，未对第一大股东及其关联方提供担保。
• 重大风险提示：
  • 本次担保及累计担保金额均超过公司最近一期经审计净资产的 50%，但未超过 100%。
  • 公司对外担保总额接近净资产，这对投资者而言是重要的风险提示，可能影响公司财务安全及估值。

二、担保协议详细内容

• 担保方：科达制造股份有限公司
• 被担保方：广东特福国际、Tilemaster
• 债权人：国家开发银行广东省分行
• 担保金额：15,000 万人民币
• 保证方式：连带保证责任
• 保证范围：涵盖全部贷款本金、利息、罚息、复利、贷款人正当实现债权的合理费用等
• 保证期间：主合同项下债务履行期届满之日起三年

三、被担保子公司基本情况详细

两家公司信用状态良好，均不属于失信被执行人，不存在影响其偿债能力的重大事项。

四、担保合理性与必要性分析

• 广东特福国际和 Tilemaster 为公司海外建材板块管理总部及资金平台，担保是基于公司海外业务增长需求，合理增加融资额度，符合公司整体利益与发展战略。
• 森大集团对科达制造的反担保措施有效降低风险；若未来收购广东特福国际少数股权成功，森大集团的股权质押担保责任将终止。

五、投资者需关注的潜在影响与风险

• 高担保额度风险：公司对外担保总额已接近净资产，虽然无逾期担保，但高比例担保可能对公司资产安全和未来融资能力造成影响，投资者需密切关注。
• 海外业务扩张：此次担保有利于海外建材板块资金支持，若业务增长能带来盈利提升，对公司估值有正面影响。
• 股权结构变化：若收购广东特福国际少数股权成功，担保结构将发生变化，可能影响公司对外担保风险。

六、结论

本公告显示科达制造在海外扩张与资金管理方面采取积极措施，但公司对外担保额度已接近净资产，风险需引起投资者高度重视。担保措施完善，反担保安排合理，有助于公司控制风险。若海外业务持续增长，股权结构优化，公司长期价值有望提升，但短期内高担保额度对估值可能产生压力。投资者应持续关注公司财务安全及海外业务发展动态。

免责声明：

本文仅为信息解读，不构成投资建议。投资者应结合自身风险偏好及市场情况做出决策。科达制造股份有限公司担保情况可能受行业、市场及公司运营状况影响，需持续关注后续公告及相关风险提示。

English Version

In-depth Review of Keda Manufacturing Co., Ltd.’s Latest Guarantee Progress Announcement

1. Key Points and Investor Focus

• Guarantee Target and Amount:
  • Keda Manufacturing Co., Ltd. (“Keda Manufacturing”) is providing a guarantee for its subsidiaries Guangdong Tefu International Holding Co., Ltd. (“Guangdong Tefu International”) and Tilemaster Investment Limited (“Tilemaster”). The guarantee amount is RMB 150 million.
  • The guarantee is for joint borrowers, with a joint and several liability guarantee.
  • Counter-guarantee: Senda Group Co., Ltd. will pledge its equity in Guangdong Tefu International to Keda Manufacturing as a counter-guarantee.
  • Guarantee period: three years from the date the main contract debt fulfillment period expires.
• Cumulative Guarantee Situation:
  • As of April 23, 2026, Keda Manufacturing and its subsidiaries have a total external guarantee amount of RMB 11.984 billion, accounting for 95.16% of audited net assets for 2025.
  • Guarantees to subsidiaries total RMB 10.94 billion, or 86.88% of net assets.
  • Actual guarantee balance is RMB 3.898 billion, or 30.95% of net assets.
  • No overdue guarantees, no guarantees to the largest shareholder or related parties.
• Major Risk Alert:
  • The guarantee and cumulative guarantee amounts both exceed 50% of the most recent audited net assets, but do not exceed 100%.
  • Total external guarantees close to net assets, which is a critical risk for investors and may impact financial safety and valuation.

2. Guarantee Agreement Details

• Guarantor: Keda Manufacturing Co., Ltd.
• Guaranteed parties: Guangdong Tefu International, Tilemaster
• Creditor: China Development Bank Guangdong Branch
• Guarantee amount: RMB 150 million
• Guarantee method: Joint and several liability
• Guarantee scope: All principal, interest, penalty interest, compound interest, and reasonable costs for creditor’s debt realization under the main contract
• Guarantee period: Three years from the expiration of the main contract debt fulfillment period

3. Detailed Information of Guaranteed Subsidiaries

Both companies have good credit status, are not listed as dishonest executors, and have no major events affecting repayment ability.

4. Analysis of Guarantee Rationality and Necessity

• Guangdong Tefu International and Tilemaster are the management headquarters and capital platforms for Keda’s overseas building materials segment. The guarantee is based on the growth needs of the overseas business and is rational to increase the financing limit, aligning with overall corporate interests and strategy.
• The Senda Group’s equity pledge as counter-guarantee reduces risk; if acquisition of Guangdong Tefu International minority equity succeeds, the equity pledge guarantee obligation terminates.

5. Potential Impact and Risks for Investors

• High guarantee ratio risk: Total external guarantee is close to net assets. Although there’s no overdue guarantee, this high ratio may affect asset safety and future financing, and investors should pay close attention.
• Overseas business expansion: The guarantee supports overseas building materials segment funds; if business growth brings profit improvement, it positively impacts valuation.
• Shareholding structure change: If minority equity acquisition succeeds, the guarantee structure changes, potentially affecting guarantee risk.

6. Conclusion

This announcement shows Keda Manufacturing’s proactive measures in overseas expansion and capital management. However, the external guarantee amount is close to net assets, which warrants investor caution. Guarantee measures are sound, counter-guarantee arrangements rational, helping control risk. If overseas business continues to grow and share structure optimizes, long-term value may rise, but short-term high guarantee amount may pressure valuation. Investors should closely monitor financial safety and overseas business progress.

Disclaimer:

This article is for information interpretation only and does not constitute investment advice. Investors should make decisions based on their own risk preferences and market conditions. Keda Manufacturing’s guarantee situation may be affected by industry, market, and company operations; ongoing attention to subsequent announcements and risk alerts is recommended.

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