科达制造股份有限公司为控股子公司提供担保进展公告详解
2026年5月27日，科达制造股份有限公司（600499.SH）发布了关于为控股子公司提供担保的进展公告。本公告涉及重大担保事项，金额巨大，且涉及资产负债率较高的子公司，对公司整体财务安全及投资者利益有潜在重大影响。以下为本次公告的详细解读：
一、公告要点与总体担保情况
- 担保对象及金额：
- Tilemaster Investment Limited（简称“Tilemaster”）：担保金额为32,400万元人民币。
- 特福（广州）家居有限公司（简称“特福家居”）：担保金额为10,000万元人民币。
- 重庆科达新能源材料有限公司（简称“重庆科达新能源”）：担保金额为5,000万元人民币。
- 实际为Tilemaster、特福家居、重庆科达新能源提供的担保余额分别为231,727.18万元、0万元、20,757万元，不含本次担保。
- 截至2026年5月26日，公司及控股子公司对外担保总额高达119.67亿元，占2025年经审计净资产的95.03%。
- 本次担保均在前期预计额度内，“Tilemaster”担保有反担保安排，“特福家居”“重庆科达新能源”无反担保。
二、特别风险提示
- 公司对外担保总额占上年净资产比例接近100%，本次公告后担保金额超过净资产的50%，属于较高风险区间。
- 部分担保对象资产负债率超过70%，偿债压力大。
- 如果被担保单位无法按时履约，上市公司存在较大连带偿债风险。
三、担保详细情况与决策流程
- 本次担保合同均为连带保证责任，担保期为主合同项下债务履行期届满后三年，覆盖贷款本金、利息、罚息、复利及实现债权的合理费用等所有债务。
- 担保额度使用情况如下：
- Tilemaster担保额度：117,400万元，已用53,500万元，本次新增32,400万元，剩余可用31,500万元。
- 特福家居担保额度：70,000万元，已用0万元，本次新增10,000万元，剩余可用60,000万元。
- 重庆科达新能源担保额度：15,000万元，已用0万元，本次新增5,000万元，剩余可用10,000万元。
- 上述担保均已通过公司董事会及股东大会审议批准，无需再次审议。
四、被担保子公司基本情况
- Tilemaster Investment Limited
- 公司间接持股48.45%，森大集团间接持股30.88%。
- 注册资本9,863.2万美元，主营投资及商品批发贸易。
- 截至2026年3月31日资产总额57.68亿元，负债27.90亿元，净资产29.79亿元，2026年一季度净利润5.91亿元。
- 特福（广州）家居有限公司
- 公司间接持股48.45%，森大集团间接持股30.88%。
- 注册资本3,000万元，主营供应链管理、非金属矿及制品、进出口贸易。
- 截至2026年3月31日资产总额3.5亿元，负债3.16亿元，净资产3,451万元，2026年一季度净利润314.91万元。
- 资产负债率极高，需高度关注偿债能力。
- 重庆科达新能源材料有限公司
- 通过福建科达新能源间接持股73.56%。
- 注册资本1.8亿元，主营石墨及碳素制品制造销售。
- 截至2026年3月31日资产总额11.67亿元，负债9.78亿元，净资产1.89亿元，2026年一季度净利润97万元。
- 资产负债率较高，需关注资金周转及偿债能力。
- 三家公司均未被列为失信被执行人，信用状况良好。
五、反担保及后续安排
- Tilemaster担保获得森大集团以其持有的广东特福国际股权质押作为反担保。
- 公司正推进收购广东特福国际少数股东股权，待股权过户至公司名下后，森大集团相关质押担保责任终止。
六、整体担保规模与风险
- 截至2026年5月26日，公司及控股子公司对外担保总额为119.67亿元，对控股子公司担保总额109.24亿元，占净资产95.03%、86.75%。
- 实际对外担保余额分别为37.49亿元、34.82亿元，占净资产29.77%、27.65%。
- 公司无逾期担保，且未为第一大股东及其关联方提供担保。
七、投资者关注要点与潜在股价影响
- 担保规模巨大，接近净资产，表明公司整体财务杠杆水平较高，若被担保子公司出现流动性风险，将对公司财务安全及股价产生重大冲击。
- 部分子公司高负债、低净资产，业务扩张期资金需求大，未来业绩表现与融资用途需持续跟踪。
- 反担保措施和控股权变化可能影响担保风险归属，投资者需关注相关资产处置与并购进展。
免责声明：本文内容基于公司公告公开信息整理，仅供投资者参考，不构成任何投资建议。投资有风险，决策需谨慎。
English Version
Detailed Interpretation of Keda Manufacturing’s Progress Announcement on Guarantees for Subsidiaries
On May 27, 2026, Keda Manufacturing Co., Ltd. (600499.SH) released a progress announcement regarding substantial guarantees provided to its controlling subsidiaries. The amounts involved are significant, and several subsidiaries bear high debt ratios, which may materially impact the company’s financial safety and investor interests. Below is a comprehensive analysis for investors:
Key Points and Overall Guarantee Situation
- Guarantee Targets and Amounts:
- Tilemaster Investment Limited (“Tilemaster”): RMB 324 million guaranteed.
- Tefu (Guangzhou) Home Co., Ltd. (“Tefu Home”): RMB 100 million guaranteed.
- Chongqing Keda New Energy Materials Co., Ltd. (“Chongqing Keda New Energy”): RMB 50 million guaranteed.
- Actual guarantee balances already provided (excluding this round): RMB 2.317 billion for Tilemaster, RMB 0 for Tefu Home, RMB 207.57 million for Chongqing Keda New Energy.
- As of May 26, 2026, the company and subsidiaries’ total external guarantees reached RMB 11.967 billion, equivalent to 95.03% of 2025 audited net assets.
- All guarantees are within previously approved limits; only Tilemaster’s guarantee is counter-guaranteed, others are not.
Special Risk Reminders
- The total guarantee amount is close to 100% of last year’s net assets; post-announcement, the guarantee amount exceeds 50% of net assets, indicating high financial leverage and risk.
- Some guarantee targets bear asset-liability ratios above 70%, putting repayment pressure on them.
- If the guaranteed subsidiaries fail to fulfill their obligations, the listed company may face significant joint liability risks.
Guarantee Details and Decision Process
- All guarantees are joint liability guarantees, with a term of three years after the debt performance period ends, covering all principal, interest, penalty interest, compound interest, and relevant fees.
- Guarantee usage:
- Tilemaster: Limit RMB 1.174 billion, used RMB 535 million, this time RMB 324 million, RMB 315 million left.
- Tefu Home: Limit RMB 700 million, used RMB 0, this time RMB 100 million, RMB 600 million left.
- Chongqing Keda New Energy: Limit RMB 150 million, used RMB 0, this time RMB 50 million, RMB 100 million left.
- All guarantees have been approved by the board and shareholders’ meetings, no further approval required.
Basic Profile of Guaranteed Subsidiaries
- Tilemaster Investment Limited
- Company indirectly holds 48.45%, Senda Group 30.88%.
- Registered capital: USD 98.632 million; main business: investment and commodity wholesale trade.
- As of Mar 31, 2026: total assets RMB 5.768 billion, liabilities RMB 2.799 billion, net assets RMB 2.979 billion, net profit Q1/2026: RMB 591 million.
- Tefu (Guangzhou) Home Co., Ltd.
- Indirect holding 48.45%, Senda Group 30.88%.
- Registered capital RMB 30 million; main business: supply chain management, non-metallic minerals, import/export.
- As of Mar 31, 2026: total assets RMB 350 million, liabilities RMB 316 million, net assets RMB 34.5 million, Q1/2026 net profit RMB 3.15 million.
- High asset-liability ratio, close monitoring of repayment ability needed.
- Chongqing Keda New Energy Materials Co., Ltd.
- Indirect holding (via Fujian Keda New Energy) 73.56%.
- Registered capital RMB 180 million; main business: graphite and carbon products.
- As of Mar 31, 2026: total assets RMB 1.167 billion, liabilities RMB 978 million, net assets RMB 189 million, Q1/2026 net profit RMB 970,000.
- High debt ratio, cash flow and repayment ability must be watched.
- All three subsidiaries have good credit standing and are not listed as defaulters.
Counter-guarantees and Follow-up Arrangements
- For Tilemaster, Senda Group pledges its equity in Guangdong Tefu International as counter-guarantee.
- The company is acquiring minority shares in Guangdong Tefu International; once completed, Senda Group’s pledge liability will terminate upon equity transfer registration.
Overall Guarantee Scale and Risk
- As of May 26, 2026, total external guarantees: RMB 11.967 billion, guarantees for subsidiaries: RMB 10.924 billion, accounting for 95.03% and 86.75% of net assets, respectively.
- Actual guarantee balances: RMB 3.749 billion, RMB 3.482 billion, accounting for 29.77% and 27.65% of net assets, respectively.
- No overdue guarantees, and no guarantees for major shareholders or related parties.
Investor Focus and Potential Share Price Impact
- Guarantee scale is massive, close to net asset value, which highlights high leverage risk — if guaranteed subsidiaries face liquidity issues, the listed company’s financial health and share price could be severely affected.
- Some subsidiaries have high debt and low net assets, with large financing needs during business expansion; investors should monitor their performance and capital use.
- Counter-guarantee mechanisms and changes in controlling interests may affect risk exposure; investors should track relevant asset transfers and M&A progress.
Disclaimer: This article is based on publicly disclosed information in the company’s announcement and does not constitute investment advice. Investments involve risk; please make decisions prudently.
