三峡水利发布2025年度担保计划进展公告，担保总额达30.9亿元
要点综述
- 公司及子公司截至2026年4月30日，累计担保余额为11.40亿元，担保总额高达30.90亿元（含尚未使用额度19.50亿元），占2025年度经审计归属于上市公司股东净资产的27.35%。
- 2026年4月未新增担保，且无逾期担保事项，显示公司担保风险总体可控。
- 2026年4月，公司全资子公司重庆长电联合供应链管理有限公司归还贷款1477万元，相关担保责任已解除。
- 2025年度担保计划获得董事会和股东会审议通过，新增担保总额度19.5亿元，全部用于全资及控股子公司、合营公司及子公司间互保。
- 公司对被担保主体具有充分控制力，经营状况稳定，担保风险可控，未对控股股东、实际控制人及其关联方提供担保。
详细内容
重庆三峡水利电力（集团）股份有限公司（简称“三峡水利”）于2026年5月14日发布了关于2025年度担保计划进展的公告。公告显示，公司在2025年度担保计划框架内，2026年4月未发生新增担保。截至2026年4月30日，公司及子公司累计担保余额为114,006.91万元，担保总额为309,006.91万元（包含2025年度担保计划中尚未使用的195,000万元额度），占公司2025年度经审计归属于上市公司股东净资产的27.35%。截至公告披露日，公司无任何逾期担保。
担保计划详细情况
2025年度担保计划已分别于2025年4月23日、6月27日召开董事会及2024年年度股东会审议通过。董事会同意2025年度新增担保总额度不超过19.5亿元，并授权总经理办公会具体办理担保相关事宜。担保对象包括公司5家全资子公司（担保金额7.5亿元）、1家控股子公司（担保金额2亿元），以及公司及子公司之间开展票据池业务相互担保累计不超过10亿元，合计19.5亿元。
公告还特别说明，2026年4月，公司全资子公司重庆长电联合供应链管理有限公司向农业银行涪陵分行偿还贷款1,477万元，相应担保责任解除。
担保的必要性与合理性
公司表示，2025年度担保计划是基于实际经营和资金安排为满足下属公司资金需求而作出的合理预计。所有被担保方均为公司全资或控股子公司，公司对其拥有充分控制力，能够有效监控与管理，整体担保风险可控，不会对公司正常经营、财务状况及经营成果带来不利影响。
对投资者的影响与价格敏感性分析
- 担保总额占净资产比例较高（27.35%），表明公司对下属公司的资金支持力度大，若下属公司经营出现问题，可能对公司整体财务安全构成一定压力，属于投资者需要关注的风险事项。
- 公司无逾期担保且全部担保对象为公司内部企业，风险相对可控，有助于增强投资者信心。
- 公告指出不存在为控股股东、实际控制人及其关联人提供担保的情况，亦无对外单位的逾期担保，显示公司治理结构规范，有助于维护公司及股东利益。
- 若未来公司及子公司担保余额进一步增加，或下属公司出现偿付风险，可能对公司估值和股价产生影响。
结论
本次公告显示公司2025年度担保计划按计划执行，担保风险整体可控，无逾期担保。担保总额及余额较大，投资者需关注公司对下属公司的持续支持及其经营风险。公司规范的担保安排和合规治理有助于维护投资者利益，但大额担保额度的使用情况及其对公司长期财务状况的影响，仍值得投资者持续跟踪。
免责声明：本文所载内容仅供参考，不构成任何投资建议。投资有风险，决策前请咨询专业人士。
English Translation
Sanxia Water Affairs Announces Progress on 2025 Guarantee Plan, Total Guarantees Reach RMB 3.09 Billion
Key Highlights
- As of April 30, 2026, the company and its subsidiaries have a total guarantee balance of RMB 1.14 billion, with total guarantees reaching RMB 3.09 billion (including RMB 1.95 billion unused quota), accounting for 27.35% of the company’s 2025 audited net assets attributable to shareholders.
- No new guarantees were added in April 2026, and there are no overdue guarantees, indicating overall controllable guarantee risk.
- In April 2026, a wholly-owned subsidiary, Chongqing Changdian United Supply Chain Management Co., Ltd., repaid a RMB 14.77 million loan, lifting the corresponding guarantee liability.
- The 2025 guarantee plan was approved by the board and shareholders’ meeting. The new guarantee quota is RMB 1.95 billion, all for wholly-owned and controlled subsidiaries, joint ventures, and inter-company guarantees.
- The company has strong control over the guaranteed entities, all of which are stable, and no guarantees are provided to controlling shareholders, actual controllers, or their affiliates.
Details
Chongqing Sanxia Water Affairs & Electricity (Group) Co., Ltd. (“Sanxia Water Affairs”) issued an update on the progress of its 2025 guarantee plan on May 14, 2026. The announcement shows that under the 2025 annual guarantee plan, no new guarantees occurred in April 2026. As of April 30, 2026, the company and its subsidiaries’ total guarantee balance was RMB 1,140,069,100, with total guarantees (including the unused quota of RMB 1,950,000,000 from the 2025 plan) reaching RMB 3,090,069,100, accounting for 27.35% of the company’s 2025 audited net assets attributable to shareholders. As of the disclosure date, the company has no overdue guarantees.
Details of the Guarantee Plan
The 2025 guarantee plan was approved at board meetings on April 23, 2025, and June 27, 2025, as well as the 2024 annual shareholders’ meeting. The board approved a new guarantee quota of up to RMB 1.95 billion for 2025, authorizing the general manager’s office to handle related matters. The plan covers five wholly-owned subsidiaries (RMB 750 million), one controlled subsidiary (RMB 200 million), and mutual guarantees for bill pool business among the company and its subsidiaries (not exceeding RMB 1 billion), totaling RMB 1.95 billion.
The announcement also notes that in April 2026, Chongqing Changdian United Supply Chain Management Co., Ltd. repaid a loan of RMB 14.77 million to Agricultural Bank of China Fuling Branch, releasing the related guarantee.
Necessity and Reasonableness of Guarantees
The company stated that the 2025 guarantee plan is a reasonable forecast based on actual business and funding needs to support subsidiary companies. All guaranteed parties are wholly-owned or controlled subsidiaries, over which the company has strong control and can effectively supervise and manage. Overall guarantee risk is controllable and should not have an adverse impact on the company’s operations, finances, or results.
Implications for Investors and Price Sensitivity
- The high guarantee amount (27.35% of net assets) signals strong support for subsidiaries. If subsidiaries underperform, this poses financial risks to the parent company and is a risk investors should monitor.
- The absence of overdue guarantees and the fact that all guarantees are internal increase investor confidence in risk management.
- No guarantees are provided to controlling shareholders, actual controllers, or their affiliates, nor are there overdue guarantees for external entities, reflecting strong corporate governance and protecting shareholder interests.
- Future increases in guarantee balances or repayment risks among subsidiaries may impact company valuation and share price.
Conclusion
This update shows that the 2025 guarantee plan is being implemented as scheduled, and overall guarantee risk is under control, with no overdue guarantees. However, the relatively high guarantee quota and balance warrant investor attention regarding the company’s long-term financial stability and the ongoing performance of its subsidiaries. The company’s compliant guarantee practices and governance are positive, but investors should continue to monitor the impact of guarantee usage on financial health.
Disclaimer: The content above is for reference only and does not constitute investment advice. Investments carry risks. Please consult a professional before making decisions.
