陈克明食品股份有限公司关于公司及子公司之间互相提供担保的进展公告
一、公告要点
- 担保总额及风险提示：截至2026年5月31日，公司及子公司之间互相担保的余额为13.63亿元，占公司最近一期经审计净资产的60.45%。
- 其中，为资产负债率70%以上的子公司提供担保的余额为2.61亿元，为资产负债率70%以下的子公司提供担保的余额为11.02亿元。
- 公司未对合并报表范围外主体提供担保，且未发生逾期担保。
- 董事会认为财务风险处于可控范围，但敬请投资者关注担保带来的潜在风险。
二、担保事项的决策与额度情况
- 2025年12月30日，公司召开董事会会议，审议通过了2026年度公司及子公司担保额度预计的议案。
- 2026年度公司及子公司互保总额度不超过32亿元，其中为资产负债率70%以上子公司担保不超过5.5亿元、70%以下的不超过26.5亿元。
- 担保额度有效期为股东会通过之日起12个月内，担保方式包括但不限于连带责任担保，涵盖银行授信、借款、保理等。
三、担保事项最新进展明细
| 被担保人 | 公司持股比例 | 获授担保额度(万元) | 5月新增担保余额(万元) | 实际担保余额(万元) | 反担保举措 |
|---|---|---|---|---|---|
| 延津县克明面业有限公司 | 100% | 40,000 | 13,890 | — | 信用反担保或股权质押反担保 |
| 遂平克明面业有限公司 | 100% | 50,000 | 25,780 | — | 信用反担保或股权质押反担保 |
其余子公司及参股公司担保情况详见公告表格。
四、被担保方经营与财务概况
- 所有被担保公司均为公司合并报表范围内，且无失信被执行人情况。
- 多数被担保企业为挂面、方便食品或生猪养殖企业。
主要子公司财务摘要（2026年3月31日/2026年一季度数据）
- 母公司：总资产47.28亿元，净资产18.29亿元；一季度营业收入1.31亿元，净利润272万元，2025年度净利润为-2,095万元。
- 延津县克明面业有限公司：总资产5亿元，净资产3.04亿元；一季度营业收入1.65亿元，净利润634万元。
- 遂平克明面业有限公司：总资产8.23亿元，净资产3.63亿元；一季度营业收入3.13亿元，净利润1,011万元。
- 部分子公司如南县克明食品营销有限公司、上海味源贸易有限公司、常德市鼎城区兴疆牧歌养殖有限公司等出现一定程度的亏损。
五、对投资者的影响及需关注事项
- 担保额度较高： 担保余额占净资产比例超过60%，为公司带来一定的财务风险，尤其是在部分子公司经营出现亏损的情况下，可能对母公司财务状况造成压力。
- 资产负债率高的子公司： 对资产负债率70%以上的子公司主要集中担保资金2.61亿元，投资者需警惕相关子公司若发生财务风险，母公司将面临较大连带责任风险。
- 经营波动： 部分子公司如母公司本身、南县克明食品营销有限公司、上海味源贸易有限公司等近期出现净利润为负，需关注其是否有持续经营能力问题。
- 担保对象范围： 均为合并报表范围内公司，暂未对外部主体担保，风险较为可控。
六、总结
本次公告显示，陈克明食品及其子公司之间的互保金额显著，超过净资产60%，属于较高水平。部分子公司出现经营亏损，反映出公司整体经营和财务稳健性受到一定挑战。虽然公司采取了反担保或股权质押等措施，但高比例担保仍需引起投资者高度重视。若后续被担保子公司经营恶化、担保责任落地，可能对公司业绩和股价带来显著影响。建议股东和潜在投资者密切关注后续经营、财务状况及相关风险披露。
免责声明： 本文内容仅供投资者参考，不构成任何投资建议或承诺。投资有风险，决策需谨慎。请投资者根据自身情况，独立判断和决策。
English Version
In-Depth Analysis: Chin Kemin Foods Co., Ltd. Intercompany Guarantee Progress Disclosure
Key Highlights
- Total Guarantee Amount and Risk Alert: As of May 31, 2026, the company’s mutual guarantee balance with subsidiaries was RMB 1.363 billion, accounting for 60.45% of the latest audited net assets.
- Of this, RMB 261 million was provided for subsidiaries with asset-liability ratios above 70%, and RMB 1.102 billion for those below 70%.
- No guarantees were provided to entities outside consolidated scope, and there were no overdue guarantees.
- The board considers financial risk controllable, but investors are reminded to pay close attention to guarantee-related risks.
Guarantee Decision-Making & Quota
- On Dec 30, 2025, the board approved the 2026 anticipated guarantee quota plan.
- Total intercompany guarantee quota for 2026 is RMB 3.2 billion, including up to RMB 550 million for subsidiaries with >70% asset-liability ratio, and up to RMB 2.65 billion for those below 70%.
- Quota is valid for 12 months from shareholder approval; covers bank credit, borrowings, factoring, and various guarantee forms (including joint liability).
Guarantee Progress Details
| Guaranteed Entity | Ownership Ratio | Quota (10,000 RMB) | May Added (10,000 RMB) | Actual Balance (10,000 RMB) | Counterguarantee |
|---|---|---|---|---|---|
| Yanjin Kemin Noodles Co., Ltd. | 100% | 40,000 | 13,890 | — | Credit or equity pledge counterguarantee |
| Suiping Kemin Noodles Co., Ltd. | 100% | 50,000 | 25,780 | — | Credit or equity pledge counterguarantee |
Other subsidiaries’ guarantee details are provided in the announcement.
Guaranteed Entities’ Business & Financials
- All are within the consolidated scope; none are listed as dishonest enforcements.
- Most are in the noodle, convenient food, or pig farming sectors.
Key Subsidiary Financial Data (March 31, 2026/ Q1 2026)
- Parent company: Total assets RMB 4.728 billion, net assets RMB 1.829 billion; Q1 revenue RMB 131 million, net profit RMB 2.72 million (2025 net profit: -RMB 20.95 million).
- Yanjin Kemin Noodles: Total assets RMB 500 million, net assets RMB 304 million; Q1 revenue RMB 165 million, net profit RMB 6.34 million.
- Suiping Kemin Noodles: Total assets RMB 823 million, net assets RMB 363 million; Q1 revenue RMB 312 million, net profit RMB 10.11 million.
- Some subsidiaries, such as Nanjian Kemin Food Marketing and Shanghai Weiyuan Trading, reported losses.
Investor Impact & Key Considerations
- High Guarantee Ratio: Guarantee balance exceeds 60% of net assets, bringing notable financial risk, especially as some subsidiaries are loss-making.
- High-Leverage Subsidiaries: RMB 261 million guarantee is concentrated in high-leverage (debt ratio >70%) subsidiaries, posing joint liability risk if problems arise.
- Profit Fluctuations: Losses at the parent level and in some subsidiaries raise going-concern risks.
- Guarantee Scope: Limited to consolidated entities, with risk currently in check.
Conclusion
This disclosure shows a high mutual guarantee ratio within Kemin Foods and subsidiaries, exceeding 60% of net assets—a relatively high level. Some subsidiaries are loss-making, reflecting challenges in overall business and financial stability. Although counterguarantees exist, investors should closely watch any future guarantee-triggered risks, as they may materially impact company performance and share price. Ongoing financial and operational developments should be monitored.
Disclaimer: This article is for informational purposes only and does not constitute investment advice or a promise. Investments are risky; please make independent, informed decisions.
