瀚蓝环境为控股子公司瀚蓝佛山提供10亿元担保，累计担保额超净资产50%

瀚蓝环境为控股子公司提供重大担保，累计担保超净资产50%

瀚蓝环境股份有限公司就控股子公司并购贷款新增担保，累计担保金额突破净资产50%

主要内容摘要

瀚蓝环境拟为控股子公司瀚蓝（佛山）投资有限公司新增10亿元并购贷款担保，担保方式为全额连带责任保证及核心子公司股权质押。
累计担保总额（含本次）达83.08亿元，占公司2025年经审计净资产56.86%，超过50%红线。
本次担保涉及资产负债率超过70%的单位，且无反担保措施。
担保需提交股东会审议，董事会已全票通过。

详细披露

瀚蓝环境股份有限公司（600323）发布公告，计划为控股子公司瀚蓝（佛山）投资有限公司（“瀚蓝佛山”）新增并购贷款担保，金额不超过人民币10亿元。此前瀚蓝佛山已获得公司担保的并购贷款余额达60.28亿元，此次将进一步扩充融资额度，总担保余额预计达到70.28亿元。

根据公告，瀚蓝佛山为瀚蓝环境设立的SPV公司，用于推进私有化香港上市公司粤丰环保电力有限公司的交易。由于SPV自身无法获得银行授信，须由母公司瀚蓝环境增信。本次担保为满足瀚蓝佛山融资需求，方式为公司全额连带责任保证担保，并以粤丰环保持有的核心境内子公司股权作为质押（包括东莞粤丰环保电力有限公司、东莞市科伟环保电力有限公司、粤丰科维环保投资（广东）有限公司、枣庄中科环保电力有限公司、粤丰粤展环保投资（广东）有限公司等）。质押将在并购贷款发放后24个月内及资产交割后1个月内落实。

瀚蓝佛山股权结构方面，公司通过全资子公司佛山市南海瀚蓝固废处理投资有限公司持有56.52%，广东南海上市公司高质量发展股权投资基金合伙企业（有限合伙）持有43.48%。高质量基金为省属国企背景，根据广东省国资委规定，其无法按股权比例提供担保。

瀚蓝佛山财务数据表现良好，截至2026年3月末资产总额258.6亿元，净资产54.1亿元，2026年一季度实现净利润2.6亿元。2025年全年净利润5.4亿元，数据经华兴会计师事务所审计。

本次担保议案已于2026年6月1日董事会第十一届第三十九次会议全票通过，尚需提交股东会审议。董事会提请股东会授权管理层办理相关担保手续，代表公司签署法律文件。

影响与风险提示

担保金额占净资产比例高：公司及子公司对外担保总额（含本次）达83.08亿元，占2025年经审计净资产56.86%，突破50%红线。这是重要的财务指标，可能引发市场对公司偿债能力、财务风险的关注。
资产负债率高的担保对象：瀚蓝佛山资产负债率超过70%，意味着公司承担较高风险。
无反担保措施：本次担保没有任何反担保方案，风险完全由母公司承担。
未发现逾期担保：目前所有担保均未出现逾期。
交易完成后控股权变化：若资产交割完成，瀚蓝佛山将成为公司全资子公司，进一步增强公司对瀚蓝佛山的控制权。
需股东会决策：担保事项最终需股东会审议，股东会的决策可能影响公司后续融资与并购进程。

投资者须知及潜在股价影响

本公告反映瀚蓝环境在重大并购、融资及担保方面的积极布局，但累计担保比例高、担保对象资产负债率高、无反担保等因素，可能引发投资者对公司整体风险管理能力的担忧，影响市场对公司估值和股价表现。建议投资者密切关注股东会决议、并购进展及公司后续披露。

免责声明

本文信息来源于瀚蓝环境股份有限公司公告，仅供参考，不构成投资建议。投资者需结合自身风险偏好及市场情况审慎决策。

English Version

Hanlan Environment’s Major Guarantee for Subsidiary: Total Guarantees Exceed 50% of Net Assets

Key Highlights

Hanlan Environment plans to provide an additional RMB 1 billion guarantee for its subsidiary Hanlan (Foshan) Investment Co., Ltd., for an M&A loan, with full joint liability and core subsidiary equity pledge.
Total guarantee amount (including this case) reaches RMB 8.308 billion, accounting for 56.86% of 2025 audited net assets—exceeding the 50% threshold.
This guarantee covers entities with an asset-liability ratio over 70% and has no counter-guarantee measures.
Guarantee requires shareholder meeting approval; Board has unanimously passed the proposal.

Detailed Disclosure

Hanlan Environment Co., Ltd. (600323) announced it would provide a new guarantee for its subsidiary Hanlan (Foshan) Investment Co., Ltd. (“Hanlan Foshan”) for an M&A loan up to RMB 1 billion. Previously, Hanlan Foshan had received guarantees for a RMB 6.028 billion M&A loan, and the new facility will increase the total guaranteed balance to RMB 7.028 billion.

The guarantee is part of Hanlan Environment’s efforts to privatize Hong Kong-listed Yuefeng Environmental Power Co., Ltd. Hanlan Foshan, as a special-purpose vehicle (SPV), cannot obtain bank credit on its own and relies on Hanlan Environment for credit enhancement. The guarantee includes full joint liability and pledging the equity of Yuefeng’s core mainland subsidiaries (such as Dongguan Yuefeng Environmental Power Co., Ltd.; Dongguan Kewei Environmental Power Co., Ltd.; Yuefeng Kewei Environmental Investment (Guangdong) Co., Ltd.; Zaozhuang Zhongke Environmental Power Co., Ltd.; Yuefeng Yuezhang Environmental Investment (Guangdong) Co., Ltd., etc.), to be implemented within 24 months after loan disbursement and within one month after asset delivery.

Hanlan Foshan’s equity structure: Hanlan Environment holds 56.52% through its wholly-owned subsidiary, while Guangdong Nanhai Listed Company High Quality Development Equity Investment Fund Partnership (Limited Partnership) holds 43.48%. The fund, being a provincial SOE, cannot provide a guarantee per regulatory rules.

Financials: As of March 2026, Hanlan Foshan had total assets of RMB 25.86 billion and net assets of RMB 5.41 billion, with Q1 net profit of RMB 260 million. FY2025 net profit was RMB 541 million, audited by Huaxing CPA.

The Board unanimously approved the guarantee on June 1, 2026; it now awaits shareholder meeting approval. The Board requests authorization for management to handle all related legal and contractual matters.

Risks & Potential Impact

High guarantee-to-net-assets ratio: Total guarantees (including this case) reach RMB 8.308 billion, or 56.86% of 2025 audited net assets—above the key 50% threshold. This may raise concerns regarding the company’s debt capacity and overall financial risk.
High asset-liability ratio: The subsidiary being guaranteed has an asset-liability ratio over 70%, implying higher risk exposure.
No counter-guarantee: No counter-guarantee or risk-sharing arrangement; the parent company bears all risk.
No overdue guarantees: All guarantees are currently performing; no defaults.
Control change upon asset delivery: If the asset delivery completes, Hanlan Foshan will become a wholly-owned subsidiary, strengthening control.
Shareholder approval required: The guarantee’s implementation depends on the shareholder meeting’s decision, which could affect future financing and M&A progress.

Investor Notice & Price Sensitivity

This announcement reflects Hanlan Environment’s aggressive expansion and M&A financing strategy. However, the high guarantee ratio, high asset-liability risk, and lack of counter-guarantee may prompt investors to re-evaluate the company’s risk profile, potentially impacting valuation and share price. Investors should closely monitor shareholder resolutions, M&A progress, and further disclosures.

Disclaimer

This article is based on Hanlan Environment’s official announcement and is for informational purposes only. It does not constitute investment advice. Investors should assess risks and make decisions based on their own circumstances and market conditions.