广西能源股份有限公司为全资子公司桂旭能源公司提供1亿元担保，担保余额攀升至19.88亿元

要点摘要

• 担保对象：广西广投桂旭能源发展投资有限公司（桂旭能源公司），为广西能源股份有限公司（下称“公司”）全资子公司，非关联人。
• 本次担保金额：1亿元人民币。
• 担保余额：截至公告日，累计为桂旭能源公司提供担保余额为19.88亿元（含本次担保）。
• 反担保：无。
• 逾期担保：无逾期担保。
• 重要风险提示：桂旭能源公司资产负债率超70%，且公司对其担保总额已超公司最近一期经审计净资产的50%，投资者需关注相关风险。

详细内容

广西能源股份有限公司（600310）于2026年5月25日发布公告称，公司为全资子公司广西广投桂旭能源发展投资有限公司与中国建设银行贺州分行签订的《人民币流动资金贷款合同》项下1亿元贷款，提供连带责任保证担保。此次担保金额为1亿元，累计对桂旭能源公司担保余额已升至19.88亿元。

担保背景及决策程序

此次担保已获公司第九届董事会第二十八次会议及2025年年度股东会批准。根据2026年3月25日董事会及4月24日股东会决议，公司可在12个月内为桂旭能源公司提供不超过12亿元担保额度。本次担保在额度及有效期内，无需再经董事会、股东会审议。

桂旭能源公司财务情况——风险提示

• 2025年12月31日数据：总资产41.77亿元，净资产4,666.32万元，负债41.31亿元，资产负债率高达98.88%。2025年净利润为-2.83亿元，主营业务收入3.43亿元。
• 2026年3月31日数据：总资产42.12亿元，净资产为-146.47万元（即已为负），负债42.13亿元，资产负债率达到100.03%。2026年一季度净利润-4,884.85万元，主营业务收入7,518.07万元。
• 公司表示桂旭能源公司无影响偿债能力的重大或有事项，信用状况良好，不属于失信被执行人。

保证合同主要条款

• 担保方式：连带责任保证。
• 保证范围：涵盖全部主合同债务，包括本金、利息、罚息、违约金、各项费用等。
• 保证期间：自合同生效日起至主合同债务履行期届满后三年，主合同展期则以展期协议为准。

担保的必要性与合理性

公司认为，为全资子公司提供担保有助于其经营发展，符合集团整体利益。尽管资产负债率极高，但为全资子公司，公司可掌控其财务和资信状况，风险可控。

累积担保及风险信息——高度关注

• 累计对外担保总额：32.22亿元，占2025年底归属于上市公司股东净资产的117.26%。
• 实际发生的对外担保余额：20.28亿元，占净资产的73.82%。
• 对全资及控股子公司担保：32.02亿元，占净资产的116.54%；实际担保余额20.08亿元，占净资产的73.09%。
• 公司无对外担保逾期。

投资者需重点关注

1. 高额担保风险：公司累计担保金额已大幅超过净资产，财务风险显著增加，若被担保公司履约出现问题，将直接影响公司资金安全。
2. 桂旭能源公司财务状况不容乐观：资产负债率已达100%，净资产转为负数，持续亏损，偿债能力较弱。
3. 担保事项或对公司估值和股价带来压力：高杠杆及大额担保可能引发市场担忧，需高度关注后续被担保公司偿债情况及公司整体资金链安全。

免责声明：本文所载信息仅供参考，不构成任何投资建议。投资者据此操作，风险自负。请关注公司后续公告及相关风险提示，理性投资。

English Version

Key Highlights

• Guaranteed Entity: Guangxi Guangtou Guixu Energy Development Investment Co., Ltd. (“Guixu Energy”), a wholly-owned subsidiary of Guangxi Energy Co., Ltd. (“the Company”), not a related party.
• Guarantee Amount (this time): RMB 100 million.
• Total Guarantee Balance: As of the announcement date, cumulative guarantees for Guixu Energy reached RMB 1.988 billion (including this guarantee).
• Counter Guarantee: None.
• Overdue Guarantee: None.
• Important Risk: Guixu Energy’s asset-liability ratio exceeds 70%. The total guarantee provided to it already exceeds 50% of the most recent audited net assets of the Company. Investors are advised to pay attention to related risks.

Full Details

On May 25, 2026, Guangxi Energy Co., Ltd. (600310) announced it is providing a joint and several liability guarantee for its wholly-owned subsidiary Guixu Energy’s RMB 100 million working capital loan from CCB Hezhou Branch. With this, the total guarantee balance for Guixu Energy rises to RMB 1.988 billion.

Background and Approval Process

This guarantee has already been approved by the Company’s 9th Board of Directors (28th meeting) and the 2025 Annual Shareholders’ Meeting. As per resolutions in March and April 2026, the Company is authorized to provide up to RMB 1.2 billion in guarantees for Guixu Energy within 12 months. This guarantee falls within the approved quota and validity period and requires no further Board or Shareholders’ approval.

Guixu Energy Financial Condition—Risk Warning

• As of Dec 31, 2025: Total assets RMB 4.177 billion, net assets RMB 46.66 million, liabilities RMB 4.131 billion, asset-liability ratio 98.88%. Net profit for 2025: -RMB 283 million, revenue RMB 342.7 million.
• As of Mar 31, 2026: Total assets RMB 4.211 billion, net assets -RMB 1.46 million (i.e., negative), liabilities RMB 4.213 billion, asset-liability ratio 100.03%. 2026 Q1 net profit: -RMB 48.85 million, revenue RMB 75.18 million.
• The Company states Guixu Energy has no significant contingent matters impacting repayment ability, and is not listed as a dishonest executor.

Key Guarantee Contract Clauses

• Guarantee Type: Joint and several liability guarantee.
• Guarantee Scope: Covers all debts under the main contract, including principal, interest, penalties, various costs, etc.
• Guarantee Period: From the contract’s effective date to three years after the debt’s maturity. If debts are extended, the period is recalculated accordingly.

Necessity and Reasonableness of the Guarantee

The Company believes guaranteeing its wholly-owned subsidiary helps support its business development and aligns with group interest. Despite the high asset-liability ratio, as a wholly-owned entity, the Company can monitor its financial and credit status, and considers the risks controllable.

Cumulative Guarantees and Risk Information—Investor Alert

• Cumulative external guarantees: RMB 3.222 billion, 117.26% of 2025 year-end net assets attributable to shareholders.
• Actual guarantee balance: RMB 2.028 billion, 73.82% of net assets.
• Guarantees for subsidiaries: RMB 3.202 billion, 116.54% of net assets; actual balance RMB 2.008 billion, 73.09% of net assets.
• No overdue guarantees.

Key Issues for Investors

1. High guarantee risk: The Company’s cumulative guarantee amount has far exceeded its net assets, greatly increasing financial risk. If the guaranteed subsidiary defaults, the Company’s cash flow and capital safety could be directly affected.
2. Guixu Energy’s financial health is concerning: Asset-liability ratio is at 100%, net assets already negative, with continued losses and weak debt servicing capability.
3. The guarantee may pressure company valuation and share price: High leverage and large guarantees may draw market concern. Investors should closely monitor the subsidiary’s solvency and the parent’s overall financial safety.

Disclaimer: The information provided herein is for reference only and does not constitute investment advice. Investors should make independent decisions and bear risks. Please pay attention to future announcements and related risks. Invest rationally.

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