安阳钢铁为冷轧子公司融资租赁提供担保，担保总额大幅超净资产警示风险
重点摘要
- 安阳钢铁股份有限公司（证券代码：600569）决定为控股子公司安钢集团冷轧有限责任公司（冷轧公司）开展融资租赁业务提供连带责任担保，担保金额最高人民币4.5亿元，期限不超过3年。
- 担保涉及售后回租，租赁物为冷轧公司1550mm工程项目部分生产设备。
- 截至公告披露日，公司及控股子公司担保总额高达52.13亿元，占最近一期经审计净资产比例244.21%。
- 本次担保无反担保。
- 冷轧公司2025年净利润为-2.46亿元，2026年一季度净利润为-5922万元，呈现持续亏损；但资产总额及资本结构较大，控股95.45%。
- 公司特别提示：担保总额已超过净资产50%，投资者需高度关注担保风险。
- 截至公告披露日，无逾期担保。
公告详细内容解读
担保事项概况
安阳钢铁于2026年1月20日和2月6日分别召开临时董事会及股东会，审议通过了2026年度为控股子公司新增不超过39亿元担保额度的议案，其中冷轧公司获批担保额度为6亿元。本次为冷轧公司融资租赁提供担保金额不超过4.5亿元，融资期限3年，董事长获授权签署相关合同和文件。
本次担保额度属于年度授权范围内，无需再次召开董事会和股东会审议。担保方式为连带责任保证，债权人为浦银金融租赁股份有限公司。
被担保方经营与财务状况
- 冷轧公司基本信息：
- 注册资本：21.54亿元
- 法定代表人：李力
- 成立日期：2013年6月19日
- 持股结构：安阳钢铁股份有限公司持股95.45%；安阳钢铁集团有限责任公司持股4.55%
- 经营范围涉及金属材料制造、钢铁冶炼、压延加工、再生资源回收、技术研发等。
- 财务数据：
- 2025年12月31日资产总额51.59亿元，净资产16.85亿元，负债34.74亿元。
- 2026年3月31日资产总额53.98亿元，净资产16.27亿元，负债37.70亿元。
- 2025年度营业收入37.53亿元，净利润为-2.46亿元，2026年1-3月营业收入8.03亿元，净利润为-5922万元，显示公司仍处于亏损状态。
担保协议主要条款
- 债权人：浦银金融租赁股份有限公司
- 担保方式：连带责任保证
- 担保本金：4.5亿元
- 担保期间：自租赁合同生效日起至最后一期租金履行期届满后3年
- 无反担保
风险提示与对投资者的影响
- 公司及控股子公司担保总额已达52.13亿元，占净资产比重高达244.21%，远超50%的警戒线，显示公司担保风险极高。
- 冷轧公司持续亏损，偿债能力存在隐忧，若未来无法按期偿付融资，将对安阳钢铁形成较大财务压力。
- 担保事项虽属年度授权范围，但其金额巨大且被担保方亏损，消息对公司股价有重大影响，投资者需高度关注。
- 截至公告日公司无逾期担保，但潜在风险需持续监控。
结论与投资建议
本次担保事项金额巨大，担保风险显著提升。冷轧公司持续亏损，若未来出现违约，将对安阳钢铁财务状况造成实质影响，属高度价格敏感信息。建议投资者密切关注公司担保政策和冷轧公司经营状况变化，谨慎评估投资风险。
免责声明
本文内容仅供参考，不构成投资建议。投资者应根据自身情况和专业意见进行决策。安阳钢铁及相关子公司经营和担保风险需持续关注，股价可能受重大影响。
Anyang Steel Provides Major Guarantee for Subsidiary’s Leasing, Warning of High Financial Risk
Key Highlights
- Anyang Steel Co., Ltd. (stock code: 600569) has decided to provide a joint and several liability guarantee for its subsidiary Anyang Steel Group Cold Rolling Co., Ltd., with a maximum guarantee amount of RMB 450 million and a term of up to 3 years.
- The guarantee is for a sale-and-leaseback financing of part of the cold rolling company’s 1550mm project equipment.
- As of the announcement date, the company and its subsidiaries’ total guarantee amount is RMB 5.213 billion, accounting for 244.21% of the most recent audited net assets.
- This guarantee has no counter-guarantee arrangement.
- Cold Rolling Company reported a net loss of RMB 245.55 million in 2025 and RMB 59.22 million in Q1 2026, showing ongoing losses; Anyang Steel holds 95.45% equity.
- The company specifically warns: guarantee amount far exceeds the 50% threshold of net assets, investors must pay close attention to guarantee risks.
- No overdue guarantees as of the announcement date.
Details of the Announcement
Overview of Guarantee
Anyang Steel convened meetings on January 20 and February 6, 2026, approving a maximum RMB 3.9 billion guarantee for subsidiaries in 2026, with Cold Rolling Company allocated RMB 600 million. The current RMB 450 million leasing guarantee is within annual authorization, no further board/shareholder approval required. Guarantee is joint and several liability, creditor is PuYin Financial Leasing Co., Ltd.
Subsidiary Financial and Operational Details
- Basic Information:
- Registered capital: RMB 2.154 billion
- Legal representative: Li Li
- Established: June 19, 2013
- Shareholding: Anyang Steel Co., Ltd. 95.45%; Anyang Steel Group Co., Ltd. 4.55%
- Business covers metal materials manufacturing, steel smelting, rolling, recycling, R&D, etc.
- Financial Data:
- Assets as of Dec 31, 2025: RMB 5.159 billion; net assets RMB 1.685 billion; liabilities RMB 3.474 billion.
- Assets as of Mar 31, 2026: RMB 5.398 billion; net assets RMB 1.627 billion; liabilities RMB 3.770 billion.
- 2025 revenue: RMB 3.753 billion; net loss RMB 245.55 million. Q1 2026 revenue: RMB 803.4 million; net loss RMB 59.22 million.
Main Guarantee Terms
- Creditor: PuYin Financial Leasing Co., Ltd.
- Guarantee type: Joint and Several Liability
- Principal: RMB 450 million
- Duration: From contract effective date to three years after the last lease payment term
- No counter-guarantee
Risk Warning and Price Sensitivity
- Total guarantee amount already at RMB 5.213 billion, 244.21% of net assets, far exceeding warning threshold.
- Subsidiary continues to incur losses, raising doubts about repayment ability. If default occurs, substantial financial pressure on Anyang Steel.
- Although within annual authorization, the size and risk level make this highly price-sensitive; investors should pay close attention.
- No overdue guarantees, but risks need ongoing monitoring.
Conclusion & Investor Advice
This guarantee is substantial, and risk is significantly elevated. The subsidiary’s ongoing losses mean future default could materially impact Anyang Steel’s finances. This is highly price-sensitive. Investors are advised to closely monitor guarantee policy and subsidiary performance, and re-evaluate investment risk.
Disclaimer
This article is for informational purposes only and does not constitute investment advice. Investors should make decisions based on their own circumstances and professional guidance. Anyang Steel’s guarantee and subsidiary risk should be monitored, as share price may be materially affected.
