澳柯玛股份有限公司为控股子公司担保进展公告深度解读

一、公告要点及关键信息

• 公告时间：2026年3月11日
• 担保对象：青岛澳柯玛进出口有限公司与青岛澳柯玛商用电器有限公司，均为澳柯玛股份有限公司全资控股子公司
• 担保金额：
  • 进出口公司：本次担保金额为12,000万元，实际担保余额为45,100万元
  • 商用电器公司：本次担保金额为10,000万元，实际担保余额为6,000万元
• 累计担保情况：
  • 对外担保总额为120,300万元，占公司最近一期经审计净资产的49.29%
  • 无逾期担保
• 风险提示：本次担保对象资产负债率超过70%，但担保总额未超过公司净资产50%

二、详细担保情况与合同内容

澳柯玛股份有限公司为保障控股子公司日常经营资金需求，分别与上海浦东发展银行和交通银行青岛分行签署担保合同：

• 青岛澳柯玛进出口有限公司：
  • 担保金额：最高12,000万元
  • 担保期限：2026年3月10日至2026年8月27日
  • 担保方式：连带责任保证
  • 担保范围：主债权本金、利息、罚息、复利、违约金、损害赔偿金、手续费、实现担保权利的费用等
  • 无反担保
• 青岛澳柯玛商用电器有限公司：
  • 担保金额：最高10,000万元
  • 担保期限：2026年3月10日至2026年10月21日
  • 担保方式：连带责任保证
  • 担保范围：主债权本金、利息、复利、罚息、违约金、损害赔偿金、实现债权费用等
  • 无反担保

三、被担保子公司财务状况

• 进出口公司：
  • 资产总额（2025年9月30日）：142,867.62万元
  • 负债总额：111,483.25万元
  • 资产净额：31,384.37万元
  • 营业收入（2025年1-9月）：202,969.48万元
  • 净利润：2,513.66万元
  • 资产负债率高，资金压力较大
• 商用电器公司：
  • 资产总额（2025年9月30日）：81,545.85万元
  • 负债总额：75,099.61万元
  • 资产净额：6,446.24万元
  • 营业收入：135,862.80万元
  • 净利润：-86.72万元（出现亏损，需特别关注）
  • 资产负债率极高，经营压力明显

四、董事会及决策流程

本次担保均在董事会及股东大会授权范围内，无需再次履行审批程序。董事会认为担保有助于子公司稳定经营，并可控风险。

五、对投资者和股价的潜在影响

• 担保金额大且子公司资产负债率高，尤其商用电器公司出现亏损，可能影响集团整体财务稳健性。
• 担保总额已接近公司净资产50%红线，未来如继续扩张担保，风险进一步加大。
• 子公司资金紧张及经营压力或影响澳柯玛股份现金流和盈利能力，需投资者持续关注。
• 若被担保子公司无法按期履约，将对澳柯玛股份形成较大财务风险，属于价格敏感信息。

六、风险与合理性

虽然公司认为担保风险总体可控，并无逾期情况发生，但资产负债率高、子公司亏损等因素增加了未来财务风险，需投资者高度关注相关后续进展。

七、累计担保情况

• 公司及控股子公司对外担保总额为12.03亿元，占净资产49.29%
• 未为控股股东、实际控制人及关联人提供担保
• 目前尚无逾期担保

免责声明

本新闻分析仅供参考，不构成投资建议。投资者应结合自身风险偏好与市场情况，审慎决策。澳柯玛股份及其控股子公司未来经营及担保风险需持续关注。

English Version

Detailed Analysis: Aucma Co., Ltd. Progress Report on Providing Guarantees to Subsidiaries

1. Key Points and Highlights

• Announcement Date: March 11, 2026
• Guarantee Targets: Qingdao Aucma Import & Export Co., Ltd. and Qingdao Aucma Commercial Appliance Co., Ltd., both wholly owned subsidiaries
• Guarantee Amounts:
  • Import & Export Co.: RMB 120 million for this round, actual guarantee balance RMB 451 million
  • Commercial Appliance Co.: RMB 100 million for this round, actual guarantee balance RMB 60 million
• Total Guarantee Situation:
  • Total external guarantees: RMB 1.203 billion, accounting for 49.29% of the company’s most recent audited net assets
  • No overdue guarantees
• Risk Reminder: The guarantee targets have asset-liability ratios over 70%, but the total guarantee amount does not exceed 50% of net assets

2. Detailed Guarantee Arrangements and Contract Terms

Aucma Co., Ltd. signed guarantee contracts with Shanghai Pudong Development Bank and Bank of Communications Qingdao Branch to secure the daily operations of its subsidiaries:

• Qingdao Aucma Import & Export Co., Ltd.:
  • Guarantee Amount: Up to RMB 120 million
  • Guarantee Period: March 10, 2026 to August 27, 2026
  • Guarantee Method: Joint liability guarantee
  • Scope: Principal, interest, penalty interest, compound interest, damages, fees, enforcement costs, etc.
  • No counter-guarantee
• Qingdao Aucma Commercial Appliance Co., Ltd.:
  • Guarantee Amount: Up to RMB 100 million
  • Guarantee Period: March 10, 2026 to October 21, 2026
  • Guarantee Method: Joint liability guarantee
  • Scope: Principal, interest, penalty interest, compound interest, damages, enforcement costs, etc.
  • No counter-guarantee

3. Subsidiary Financial Status

• Import & Export Co.:
  • Total assets (as of Sep 30, 2025): RMB 1.428 billion
  • Total liabilities: RMB 1.115 billion
  • Net assets: RMB 313 million
  • Revenue (Jan–Sep 2025): RMB 2.03 billion
  • Net profit: RMB 25.14 million
  • High asset-liability ratio, significant funding pressure
• Commercial Appliance Co.:
  • Total assets (as of Sep 30, 2025): RMB 815 million
  • Total liabilities: RMB 751 million
  • Net assets: RMB 64.46 million
  • Revenue: RMB 1.36 billion
  • Net profit: -RMB 867,200 (showing a loss, special concern needed)
  • Extremely high asset-liability ratio, evident operational pressure

4. Board Decisions and Procedures

All guarantees are within the scope authorized by the board of directors and the annual shareholders’ meeting. No further approval is needed. The board believes the guarantees are necessary for stable subsidiary operations and risk is controllable.

5. Potential Impact on Investors and Share Price

• The guarantee amount is large, and both subsidiaries have high asset-liability ratios. Especially, Commercial Appliance Co. recorded losses, which may affect the group’s overall financial health.
• Total guarantee amount approaches the 50% net asset red line. Further expansion may increase risks.
• Subsidiary funding strain and operational pressure could impact Aucma’s cash flow and profitability. Investors should closely monitor developments.
• If subsidiaries fail to fulfill obligations, Aucma will bear significant financial risks. This is price-sensitive information.

6. Risks and Reasonableness

While Aucma claims the risk is controllable and no overdue guarantees exist, high asset-liability ratios and subsidiary losses increase future financial risks. Investors should pay close attention to ongoing developments.

7. Total Guarantee Status

• Total external guarantee: RMB 1.203 billion, 49.29% of net assets
• No guarantee for controlling shareholders or related parties
• No overdue guarantee

Disclaimer

This news analysis is for reference only and does not constitute investment advice. Investors should consider their own risk preferences and market conditions before making decisions. Future risks related to Aucma and its subsidiaries’ operations and guarantees require ongoing attention.

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