四川路桥建设集团股份有限公司
2025年第四季度担保情况详细解读

一、公告核心内容概述

2026年4月24日，四川路桥建设集团股份有限公司（简称“四川路桥”，证券代码：600039）发布了2025年度第四季度担保情况公告。公告详细披露了公司及其控股子公司在2025年度第四季度的担保情况、被担保单位的基本信息、累计担保金额及相关风险提示。

二、关键亮点与投资者关注要点

• 本季度新增担保金额：1.15亿元，担保对象为四川路桥怡达投资有限公司等四家全资及控股子公司。
• 截至2025年12月31日累计对外担保总额：288.71亿元，占公司最近一期经审计净资产的54.66%。
• 担保结构：
  • 公司对控股子公司提供的担保总额为232.12亿元，占净资产43.95%。
  • 公司对参股公司担保2.4亿元，占净资产0.45%。
  • 对控股股东及实际控制人及其关联人担保54.19亿元，占净资产10.26%。
• 逾期担保：无逾期担保记录。
• 担保额度控制：2025年度公司预计提供担保总额度为462.66亿元，包含存量和新增部分。
• 风险提示：担保金额（含本次）已超过公司最近一期经审计净资产的50%；本次部分担保对象资产负债率超过70%，潜在风险需关注。

三、详细担保对象与财务情况

1. 四川路桥怡达投资有限公司

• 全资子公司，注册资本13.5亿元。
• 2025年末总资产38.86亿元，净资产15.05亿元，负债23.81亿元。
• 2025年营业收入1.69亿元，净利润6960.51万元。
• 主要业务涵盖项目投资、开发及多类工程建设。

2. 四川路桥建设集团物资有限责任公司

• 全资子公司，注册资本1亿元，2024年8月23日新设。
• 2025年末总资产3.27亿元，净资产1.03亿元，负债2.24亿元。
• 2025年营业收入10.49亿元，净利润959.73万元。
• 业务范围覆盖建材、金属、机械、化工、能源等多领域销售及进出口业务。

3. 绵阳新路投资发展有限责任公司

• 控股子公司，注册资本1亿元。
• 2025年末总资产67.99亿元，净资产17.32亿元，负债50.68亿元。
• 2025年营业收入3.1亿元，净利润8465.09万元。
• 涉及房地产租赁、工程建设、物业管理、能源等领域。
• 资产负债率高达74.53%，为高负债企业。

4. 四川路桥城投环保材料有限责任公司

• 控股子公司，注册资本1.2亿元。
• 2025年末总资产5.73亿元，净资产9186.94万元，负债4.81亿元。
• 2025年营业收入1.21亿元，净利润215.50万元。
• 以建材、环保材料生产销售为主，亦涉及矿产资源开发。
• 资产负债率83.97%，财务杠杆较高。

四、投资者需要关注的潜在影响与敏感事项

• 担保规模持续增长：公司整体对外担保规模已接近净资产的55%，显示公司在业务扩张期依赖较高的担保及负债支持，若未来被担保子公司发生信用风险，将对公司整体财务安全构成压力。
• 资产负债率较高子公司担保：部分被担保子公司资产负债率超过70%，特别是绵阳新路投资发展有限责任公司（74.53%）和四川路桥城投环保材料有限责任公司（83.97%），需高度关注其偿债能力与经营现金流变化，潜在风险对母公司影响较大。
• 无逾期担保：目前公司及控股子公司对外担保无逾期记录，显示公司整体风险管理良好。
• 未来担保额度充足但需关注监管风险：公司预计2025年担保额度高达462.66亿元，若大额担保集中于高负债公司或行业景气度下行，可能引发市场对公司风险偏好的担忧，影响股价表现。

五、结论与投资者建议

四川路桥当前正处于扩张和多元化经营阶段，担保规模持续增加支撑业务发展，但也带来较高的财务风险。尤其是在资产负债率较高的子公司中，投资者需关注其经营与偿债能力的持续变化。建议投资者密切关注公司及控股子公司的现金流、负债变化以及外部融资环境变化，警惕潜在的担保风险释放对公司估值和股价带来的冲击。

免责声明

本文内容仅供参考，不构成任何投资建议。投资者据此操作，风险自负。请结合自身风险承受能力，理性投资，并关注公司后续公告及相关市场变化。

English Version:

Sichuan Road & Bridge Construction Group Co., Ltd.
Detailed Analysis of 2025 Q4 Guarantee Situation

1. Overview of Key Points

On April 24, 2026, Sichuan Road & Bridge Construction Group Co., Ltd. (Sichuan Road & Bridge, Stock Code: 600039) released its guarantee situation announcement for Q4 2025. The announcement details the company’s guarantee activities, the profile of guaranteed subsidiaries, cumulative guarantee amounts, and related risk reminders.

2. Highlights and Price-Sensitive Information for Investors

• New guarantee amount for the quarter: RMB 115 million, covering four wholly-owned and controlled subsidiaries.
• As of December 31, 2025, cumulative external guarantees: RMB 28.871 billion, accounting for 54.66% of the company’s most recent audited net assets.
• Guarantee structure:
  • Guarantees to subsidiaries: RMB 23.212 billion (43.95% of net assets)
  • Guarantees to affiliated companies: RMB 240 million (0.45% of net assets)
  • Guarantees to controlling shareholders and related parties: RMB 5.419 billion (10.26% of net assets)
• No overdue guarantees recorded.
• Guarantee cap for 2025: Up to RMB 46.266 billion, including both existing and new guarantees.
• Risk warning: Guarantee amount (including this quarter) exceeds 50% of net assets; some guaranteed subsidiaries have asset-liability ratios over 70%, which could be risky.

3. Details of Main Guaranteed Entities and Their Financials

1. Sichuan Road & Bridge Yida Investment Co., Ltd.

• Wholly-owned subsidiary, registered capital RMB 1.35 billion.
• End-2025 total assets RMB 3.886 billion; net assets RMB 1.505 billion; liabilities RMB 2.381 billion.
• 2025 revenue RMB 169 million; net profit RMB 69.61 million.
• Mainly engaged in project investment and various construction fields.

2. Sichuan Road & Bridge Construction Group Materials Co., Ltd.

• Wholly-owned subsidiary, registered capital RMB 100 million, established in August 2024.
• End-2025 total assets RMB 327 million; net assets RMB 102.77 million; liabilities RMB 224.25 million.
• 2025 revenue RMB 1.049 billion; net profit RMB 9.597 million.
• Business covers construction materials, metals, machinery, chemicals, energy, and import/export.

3. Mianyang Xinlu Investment Development Co., Ltd.

• Controlled subsidiary, registered capital RMB 100 million.
• End-2025 total assets RMB 6.799 billion; net assets RMB 1.732 billion; liabilities RMB 5.068 billion.
• 2025 revenue RMB 309.91 million; net profit RMB 84.65 million.
• Engaged in real estate leasing, engineering construction, property management, energy, etc.
• Asset-liability ratio 74.53% (high leverage).

4. Sichuan Road & Bridge Chengtou Environmental Protection Materials Co., Ltd.

• Controlled subsidiary, registered capital RMB 120 million.
• End-2025 total assets RMB 573 million; net assets RMB 91.87 million; liabilities RMB 481 million.
• 2025 revenue RMB 121.42 million; net profit RMB 2.155 million.
• Focuses on construction and environmental protection materials, and mining resources development.
• Asset-liability ratio 83.97% (very high leverage).

4. Price-Sensitive Issues and Investor Reminders

• Rapidly growing guarantees: The external guarantee scale is close to 55% of net assets, indicating reliance on guarantees and debt for expansion. If subsidiaries default, the parent company faces significant financial risk.
• High-leverage subsidiaries: Guarantees involve subsidiaries with liability ratios above 70%, especially Mianyang Xinlu Investment and Chengtou Environmental Protection Materials. Their financial health can impact the group.
• No overdue guarantees: Indicates robust risk management at present.
• Large unused guarantee quota but potential regulatory risk: The planned guarantee cap is high. Market may be concerned if significant guarantees go to high-leverage entities or if the sector outlook deteriorates, possibly affecting share price.

5. Conclusion and Investor Advice

Sichuan Road & Bridge is in an expansionary phase, supported by guarantees but also facing increased financial risk, especially among highly leveraged subsidiaries. Investors should closely monitor cash flow, debt levels, and guarantee exposures, and be alert to any risk materialization that may affect valuation or share price.

Disclaimer

This article is for reference only and does not constitute investment advice. Investors should act prudently and at their own risk, and refer to official company announcements and market developments.

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