宇通客车股份有限公司2026年5月担保进展公告深度解读

要点概述

• 公司担保总余额达19.48亿元，占净资产12.49%
• 5月新增担保总额5,430.06万元，全部在年度预计额度内
• 部分担保对象资产负债率超过70%，存在一定风险敞口
• 无逾期担保、无对控股股东及其关联方担保情况

详细内容

1. 担保事项月度进展

宇通客车股份有限公司（证券代码：600066）根据上交所规定，披露了2026年5月公司及其控股子公司之间相互担保和对销售业务链相关企业担保的最新进展。本月担保事项全部发生在前期预计额度内，未超出公司股东大会授权范围。

主要担保数据

• 对控股子公司及其相互担保发生额：4,805.75万元
• 对销售业务链相关企业担保发生额：624.31万元
• 担保总余额（截至5月31日）：19.48亿元，占净资产12.49%
• 无逾期担保事项

2. 具体担保对象及协议情况

本次担保涉及公司境内外多家全资或控股子公司，以及与第三方组成的联合投标体。5月份新增担保明细如下：

3. 被担保单位详细信息

涉及的被担保公司均为宇通客车全资或控股子公司，涵盖中国大陆、香港、哥伦比亚、西班牙、法国等地，业务范畴包括客车整车及配件销售、进出口、售后服务等。

4. 风险提示及重大事项

• 部分被担保单位资产负债率超过70%，公司对其担保存在一定风险敞口，或对投资者风险偏好构成影响。
• 截至2026年5月底，公司无逾期担保，无对控股股东和实际控制人及其关联方的担保。
• 本次担保总额未超过公司净资产50%，也未超过100%，对短期公司资产负债表无重大影响，但需持续关注担保风险的累积。
• 公司强调已建立完善的信用审查机制与风险防控措施，认为整体担保风险“可控”。

5. 对投资者的潜在影响

虽然公司当期担保额度和风险在可控范围内，但持续增长的对外担保余额（已达19.48亿元）占净资产比例上升至12.49%，且部分担保对象资产负债率较高，这些因素可能对公司未来的财务状况和盈利能力带来潜在压力。投资者应密切关注公司担保规模变化及相关风险披露，研判由此带来的潜在业绩波动和风险敞口。

免责声明

本文所载内容仅供投资者参考，不构成任何投资建议。投资者应结合自身风险承受能力和专业意见，谨慎决策。公司实际经营状况、监管政策变化以及宏观经济环境均可能影响本公告所述事项的后续发展。

English Version

Yutong Bus Co., Ltd. May 2026 Guarantee Progress Announcement In-depth Review

Key Highlights

• Total guarantee balance reached RMB 1.948 billion, accounting for 12.49% of net assets
• New guarantees for May: RMB 54.3 million, all within the annual authorized quota
• Some guaranteed entities have asset-liability ratios over 70%, presenting certain risk exposure
• No overdue guarantees, no guarantees for controlling shareholders or related parties

Details

1. Monthly Guarantee Progress

Yutong Bus Co., Ltd. (Stock code: 600066) has disclosed its May 2026 guarantee progress as required by the Shanghai Stock Exchange. This covers mutual guarantees between the company and its subsidiaries and guarantees for sales chain-related enterprises. All guarantees this month are within the quota approved by the Annual General Meeting.

Main Guarantee Data

• Guarantees for subsidiaries and mutual guarantees: RMB 48.06 million
• Guarantees for sales chain-related enterprises: RMB 6.24 million
• Total guarantee balance (as of May 31): RMB 1.948 billion, 12.49% of net assets
• No overdue guarantees

2. Specific Guarantee Recipients and Agreement Details

The new guarantees in May involve wholly-owned or majority-owned subsidiaries both in China and abroad, and a joint tendering entity. Details are as follows:

3. Details of Guaranteed Entities

The guaranteed companies are all wholly owned or controlled by Yutong, diversified across China, Hong Kong, Colombia, Spain, and France. Main businesses include bus and parts sales, import/export, and after-sales services.

4. Risk Alerts and Material Matters

• Some guaranteed entities have asset-liability ratios exceeding 70%, which increases risk exposure for the company.
• No overdue guarantees, no guarantees for controlling shareholders or their related parties.
• Current guarantees do not exceed 50% or 100% of net asset value, so there is no immediate major impact on the balance sheet. However, investors should monitor the cumulative risk.
• The company claims to have robust credit review and risk control systems, viewing the overall guarantee risk as “controllable.”

5. Potential Impact on Investors

While the company’s current guarantee amount and risk are within controllable limits, the steadily rising external guarantee balance (now RMB 1.948 billion, 12.49% of net assets) and high debt ratios of some guaranteed entities may pose future pressures on the company’s financial condition and profitability. Investors should closely monitor changes in guarantee scale and risk disclosures to gauge potential profit volatility and risk exposure.

Disclaimer

The contents of this article are for reference only and do not constitute investment advice. Investors should make prudent decisions based on their own risk tolerance and professional opinions. Actual developments may be affected by the company’s operations, regulatory changes, and the macroeconomic environment.

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