中远海特2026年度253亿元融资性对外担保公告及风险说明

中远海运特种运输股份有限公司2026年度融资性对外担保额度公告深度解读

核心要点与投资者关注

担保额度与对象：中远海运特种运输股份有限公司（以下简称“公司”）计划在2026年度对海南中远海运沥青运输有限公司等14家资产负债率低于70%的控股子公司，提供总计不超过253,000万元人民币（或等值其他币种）的融资性对外担保。
现有担保情况：截至公告日，公司及其控股子公司对外担保总额为196,173万元，占公司2025年末经审计净资产的10.59%。公司无逾期担保事项，也未为控股子公司以外单位提供担保。
风险提示：本次担保未涉及资产负债率超过70%的单位，未达到须特别提示的风险红线（如担保额超过净资产50%、对报表外单位担保超过30%等），公司及被担保子公司均无失信、重大诉讼或影响偿债能力的事项。
股东会决议：担保事项已于2026年5月25日公司第九届董事会第八次会议审议通过，尚需提交年度股东会审议批准。

详细子公司及财务状况

本次担保涉及14家控股子公司，涵盖国内与国际航运、船舶管理、港口服务、投资及其他业务领域，具体包括：

海南中远海运沥青运输有限公司：资产负债率49.49%，2026年一季度资产净额75,579.20万元，净利润1,339.36万元。
天津中远海运特种运输有限公司：资产负债率0.63%，资产净额39,249.89万元，净利润76.42万元。
中远海运特种运输（东南亚）有限公司：资产负债率55.23%，资产净额125,675.77万元，净利润4,439.31万元。
中远航运（香港）投资发展有限公司：资产负债率68.74%，资产净额604,046.71万元，净利润9,541.49万元。
洋浦中远海运特种运输有限公司：资产负债率60.13%，资产净额131,010.00万元，净利润3,989.52万元。
广州中远海运船舶技术工程有限公司：资产负债率44.69%，资产净额8,640.33万元，净利润365.07万元。
广州远鑫投资有限公司：资产负债率55.57%，资产净额19,249.83万元，净利润46.39万元。
上海中远海运特种运输有限公司：资产负债率12.09%，资产净额33,485.18万元，净利润326.29万元。
厦门中远海运特种运输有限公司：资产负债率63.22%，资产净额58,034.77万元，净利润1,175.19万元。
广州远海特种运输有限公司：资产负债率62.89%，资产净额99,839.42万元，净利润3,949.44万元。
广州远海汽车船运输有限公司：资产负债率66.43%，资产净额299,468.12万元，净利润30,155.82万元。
中远海运特种运输（美洲）有限公司：资产负债率41.49%，资产净额618.65万元，净利润39.09万元。
中远海运半潜船（欧洲）有限公司：资产负债率40.25%，资产净额14,109.24万元，净利润2,910.40万元。
苏州中远海特运输有限公司：资产负债率59.86%，资产净额1,718.61万元，净利润94.79万元。

决策程序与保荐人意见

公司董事会已审议通过担保议案，后续需年度股东会表决。
保荐人中信建投证券股份有限公司核查确认本次担保决策程序合法合规，担保额度合理、必要，符合公司及子公司业务发展需求，不会对公司及中小股东利益构成重大不利影响。

投资者须知及潜在影响

本次担保额度增加至253,000万元，若通过股东会，将显著提升公司及子公司融资能力，有利于业务扩展与资金流动性，或将对公司估值产生积极影响。
担保对象均为公司控股子公司，资产负债结构稳健，未出现失信、诉讼、抵押等风险事项，担保风险可控。
公司对外担保总额占净资产比重处于安全区间（10.59%），无逾期担保事项，整体财务风险较低。
此举反映公司对未来业务扩展的信心和战略布局，有望提升投资者对公司未来业绩的预期。

总结

中远海运特种运输股份有限公司本次披露的2026年度担保额度事项，涉及14家控股子公司、总金额高达253,000万元，为公司及子公司提供强力资金支持，若股东会顺利通过，将对公司业务发展、融资能力及市场竞争力产生实质影响，值得投资者高度关注。公司财务状况及担保风险管控良好，未出现任何影响偿债能力的重大事项，整体风险可控。

免责声明

本文为投资者解读公告内容，不构成任何投资建议。市场风险需自行评估，投资者请根据自身风险承受能力谨慎决策。

Deep Dive: COSCO Shipping Specialized Carriers Co., Ltd. 2026 External Financing Guarantees

Key Points for Investors

Guarantee Amount & Target: COSCO Shipping Specialized Carriers Co., Ltd. (“the Company”) plans to provide external financing guarantees up to RMB 2.53 billion (or equivalent in other currencies) for 14 subsidiaries with asset-liability ratios below 70% in 2026.
Current Guarantee Status: As of the announcement, the Company and its subsidiaries’ total external guarantees amount to RMB 1.96173 billion, representing 10.59% of the Company’s audited net assets at the end of 2025. No overdue guarantees or guarantees to entities outside subsidiaries.
Risk Disclosure: No guarantees to units with asset-liability ratios above 70%, and no threshold risks triggered (e.g., guarantees exceeding 50% of net assets), and all subsidiaries are free from credit defaults, major lawsuits, or issues affecting solvency.
Shareholder Approval: The guarantee plan was approved at the Board of Directors meeting on May 25, 2026, but still requires approval at the upcoming annual shareholders’ meeting.

Subsidiary Details and Financials

The 14 subsidiaries cover domestic and international shipping, ship management, port services, investment, and other business areas. Key financials include:

Hainan COSCO Shipping Asphalt Transportation Co., Ltd.: Asset-liability ratio 49.49%, net assets RMB 755.792 million, net profit RMB 13.3936 million.
Tianjin COSCO Shipping Specialized Transportation Co., Ltd.: Asset-liability ratio 0.63%, net assets RMB 392.4989 million, net profit RMB 0.7642 million.
COSCO Shipping Specialized Transportation (Southeast Asia) Co., Ltd.: Asset-liability ratio 55.23%, net assets RMB 1.256757 billion, net profit RMB 44.3931 million.
COSCO Shipping (Hong Kong) Investment Development Co., Ltd.: Asset-liability ratio 68.74%, net assets RMB 6.040467 billion, net profit RMB 95.4149 million.
Yangpu COSCO Shipping Specialized Transportation Co., Ltd.: Asset-liability ratio 60.13%, net assets RMB 1.3101 billion, net profit RMB 39.8952 million.
Guangzhou COSCO Shipping Ship Technology Engineering Co., Ltd.: Asset-liability ratio 44.69%, net assets RMB 86.4033 million, net profit RMB 3.6507 million.
Guangzhou Yuanxin Investment Co., Ltd.: Asset-liability ratio 55.57%, net assets RMB 192.4983 million, net profit RMB 0.4639 million.
Shanghai COSCO Shipping Specialized Transportation Co., Ltd.: Asset-liability ratio 12.09%, net assets RMB 334.8518 million, net profit RMB 3.2629 million.
Xiamen COSCO Shipping Specialized Transportation Co., Ltd.: Asset-liability ratio 63.22%, net assets RMB 580.3477 million, net profit RMB 11.7519 million.
Guangzhou Yuanhai Specialized Transportation Co., Ltd.: Asset-liability ratio 62.89%, net assets RMB 998.3942 million, net profit RMB 39.4944 million.
Guangzhou Yuanhai Car Carrier Co., Ltd.: Asset-liability ratio 66.43%, net assets RMB 2.9946812 billion, net profit RMB 301.5582 million.
COSCO Shipping Specialized Transportation (America) Co., Ltd.: Asset-liability ratio 41.49%, net assets RMB 6.1865 million, net profit RMB 0.3909 million.
COSCO Shipping Semi-submersible Ship (Europe) Co., Ltd.: Asset-liability ratio 40.25%, net assets RMB 141.0924 million, net profit RMB 29.104 million.
Suzhou COSCO Shipping Specialized Transportation Co., Ltd.: Asset-liability ratio 59.86%, net assets RMB 17.1861 million, net profit RMB 0.9479 million.

Decision Process & Sponsor Opinion

The Board has approved the guarantee proposal; final approval awaits shareholders’ meeting.
Sponsor Citic Securities has confirmed the legal and compliant decision process, reasonable and necessary guarantee amount, and believes it meets business development needs without adverse impact on company or minority shareholders.

Investor Takeaways & Potential Share Price Impact

If approved, the increased guarantee limit to RMB 2.53 billion will significantly enhance financing abilities and liquidity, potentially positively affecting company valuation.
All guarantee targets are subsidiaries with stable financial structures and no solvency risks, ensuring manageable guarantee risk.
The guarantee amount is well within safe limits (10.59% of net assets), with no overdue or external guarantees, indicating low financial risk.
This move reflects confidence in future business expansion and strategic layout, likely to boost investor expectations for future performance.

Conclusion

COSCO Shipping Specialized Carriers’ substantial guarantee plan for 2026, covering 14 subsidiaries and up to RMB 2.53 billion, provides robust financial support. If approved by shareholders, it will have a material impact on business development, financing capacity, and market competitiveness. The company’s financial standing and risk controls are sound, and no material solvency risks are present. Investors should closely monitor the shareholders’ meeting outcome.

Disclaimer

This article is for investor interpretation of the announcement and does not constitute investment advice. Please assess market risks independently and make investment decisions prudently based on your risk tolerance.