大晟时代文化投资股份有限公司发布对外担保进展公告，担保总额已超过净资产
要点概述
- 公司及其控股子公司累计对外担保余额高达2,600万元，已占最近一期经审计净资产的102.98%，显著超出100%的监管警戒线，属于重大事项。
- 本次新增担保对象为全资子公司深圳悦融投资管理有限公司，担保金额为800万元。
- 本次担保无反担保措施，且担保对象资产负债率高达约623%，风险极大。
- 公司强调本次担保事项已获得董事会与股东大会审批，并在预计担保额度范围内。
- 公告特别指出，公司不存在为控股股东、实际控制人及其关联人提供担保，也不存在逾期担保行为。
详细内容
一、担保基本情况
本次担保由大晟时代文化投资股份有限公司（*ST大晟）为其全资子公司深圳悦融投资管理有限公司（以下简称“悦融投资”）向中国银行深圳东门支行申请800万元授信额度提供连带责任保证。此前，悦融投资与中国银行深圳东门支行签署《授信额度协议》，公司作为保证人与银行签署《最高额保证合同》，担保本金额为800万元，担保期为每笔债务履行期限届满后三年。
本次担保无反担保措施，意味着一旦子公司无法履约，母公司需承担全额连带责任。
二、累计担保风险提示
截至公告日，公司及控股子公司对外担保余额合计2,600万元，占净资产的102.98%，公司已明确提示：
- 对外担保总额（含本次）已超过公司最近一期经审计净资产的100%。
- 本次担保对象悦融投资的资产负债率高达623%，远超70%的高风险警戒线。
上述指标均为监管及投资者极为关注的高风险信号，显示公司财务结构极为紧张，担保风险敞口极大，极有可能影响公司未来的财务稳定与偿债能力。
三、被担保人情况（悦融投资）
- 公司全资子公司，注册资本4,000万元，2026年3月末净资产为-41,771.34万元，资产负债率623.3%。
- 2025年营收12,914.44万元，2026年一季度营收3,428.66万元，但净利润持续亏损，2025年亏损3,267.34万元，2026年一季度亏损310.42万元。
- 公司主业涵盖股权投资、资产管理、投资咨询及广告、技术服务等。
- 当前无重大诉讼、仲裁事项，具备一定偿债能力（公司公告自述）。
四、董事会及股东会审批流程
本次担保事项已于2026年4月28日董事会及2026年5月20日年度股东大会审议通过，担保总额度预计为3亿元，授权有效期为一年。
五、对股东的影响与投资者关注重点
- 高担保余额已超净资产警戒线，表明公司财务风险极高，若子公司无法还款或出现经营问题，母公司需全额履约，极可能导致进一步亏损甚至资不抵债。
- 悦融投资净资产持续为负，且资产负债率极高，担保风险敞口巨大。
- 本次担保无反担保措施，增加母公司直接受损概率。
- 担保事项虽经股东大会批准并在预计额度内，但超净资产警戒线及高负债担保属于重大风险事项，极可能对公司二级市场股价和投资人信心产生明显影响。
六、结论及建议
投资者应高度关注公司对外担保余额已超净资产、子公司高负债与持续亏损、无反担保措施等重大风险事项。建议及时关注公司后续公告及相关财务变动，警惕担保链条可能引发的进一步财务危机及对公司估值的负面影响。
免责声明
本文基于公司公告公开信息整理，仅供投资者参考，不构成投资建议。投资有风险，入市需谨慎。
English Version
*ST Dasheng’s Guarantees Exceed Net Asset Value, Major Financial Risk Alert
Key Points
- Total external guarantee balance reaches RMB 26 million, accounting for 102.98% of the latest audited net assets, significantly exceeding the 100% regulatory warning line.
- The latest guarantee is RMB 8 million for wholly-owned subsidiary Shenzhen Yuerong Investment Management Co., Ltd.
- This guarantee is unsecured (no counter-guarantee), with the subsidiary’s asset-liability ratio at a risky 623%.
- Guarantee matters have been approved by both the board and shareholders’ meetings and fall within the authorized quota.
- No overdue guarantees or guarantees to controlling shareholders, actual controllers, or related parties, according to the company.
Details
1. Basic Information of the Guarantee
*ST Dasheng is providing a joint and several liability guarantee for its wholly-owned subsidiary, Yuerong Investment, which has obtained a credit line of RMB 8 million from Bank of China, Shenzhen Dongmen Branch. There is no counter-guarantee, meaning the parent company is fully liable if the subsidiary defaults.
2. Cumulative Guarantee Risk Alert
- Total guarantee balance now exceeds net assets (102.98%).
- The subsidiary’s asset-liability ratio is 623.3%, far above the 70% high-risk warning line.
These are major risk indicators that could significantly impact the company’s future solvency and financial health, and may affect investor sentiment and share price.
3. Subsidiary Financials (Yuerong Investment)
- Wholly-owned, registered capital RMB 40 million, net assets as of March 2026 are negative RMB 417.71 million, asset-liability ratio 623.3%.
- 2025 revenue RMB 129.14 million, Q1 2026 revenue RMB 34.29 million, but continuous net losses (2025: -32.67 million; Q1 2026: -3.10 million).
- Business includes equity investment, asset management, investment consulting, advertising, technical services, etc.
- No major lawsuits or arbitrations, claimed to have repayment ability (per company statement).
4. Approval Process
Guarantee approved by the board on April 28, 2026 and the shareholders’ meeting on May 20, 2026. The total authorized quota is RMB 300 million, valid for one year.
5. Shareholder Impact & Investment Implications
- Guarantees exceeding net assets indicate high financial risk; any default by the subsidiary could directly worsen the parent company’s losses and even lead to insolvency.
- Yuerong Investment’s negative net assets and high leverage present substantial guarantee risk exposure.
- No counter-guarantee in place increases the parent company’s direct risk.
- While the guarantee has been approved within the authorized quota, the fact that it exceeds net assets and involves a highly leveraged subsidiary is a material risk that could significantly move the company’s share price and investor confidence.
6. Conclusion & Recommendation
Investors are advised to closely monitor the company’s rapidly increasing guarantee exposures, the financial health of key subsidiaries, and the absence of counter-guarantees. These factors present significant downside risk to the company’s valuation. Follow up on company announcements and be wary of potential further deterioration in financial stability.
Disclaimer
This article is based on public disclosures and is for informational purposes only. It does not constitute investment advice. Investing involves risk; please proceed with caution.
