盛和资源为控股子公司提供融资担保，累计担保超20亿元——投资者需关注的关键信息

盛和资源控股股份有限公司（600392）于2026年3月11日发布公告，披露为全资子公司乐山盛和稀土有限公司提供5,000万元融资担保的最新进展。此次担保属于公司年度预计担保额度范围内，但公司对外担保总额已高达20.33亿元，占净资产21.06%。

公告核心内容及关键数据

• 担保对象： 全资子公司——乐山盛和稀土有限公司
• 本次担保金额： 5,000万元人民币
• 实际担保余额： 70,000万元（含本次）
• 累计对外担保余额： 203,250万元
• 占净资产比例： 21.06%（以最近一期经审计净资产为基准）
• 是否在年度预计额度内： 是
• 是否有反担保： 是
• 逾期担保余额： 0元

担保协议与决策流程详细说明

2026年2月，盛和资源与乐山农村商业银行股份有限公司五通桥区支行签署《最高额保证合同》，为乐山盛和稀土日常经营业务提供5,000万元人民币的融资担保。担保方式为连带责任保证，保证期间根据主债权履行期限及展期协议确定，最长可至债务到期后3年。

公司董事会与年度股东大会已批准2025年度预计担保额度（不超过450,000万元，占2024年经审计净资产比例46.64%），本次担保符合授权范围，无需再次召开董事会或股东大会审议。

被担保子公司经营与财务状况

• 公司名称： 乐山盛和稀土有限公司（全资子公司）
• 注册资本： 15,100万元人民币
• 成立时间： 2001年12月5日
• 主要经营： 稀有稀土金属冶炼、功能材料销售、技术进出口等
• 2025年9月30日财务数据（未经审计）：
  • 资产总额：1,014,927.88万元
  • 负债总额：163,082.91万元
  • 净资产：851,844.97万元
  • 营业收入（2025年1-9月）：359,409.23万元
  • 净利润（2025年1-9月）：31,364.07万元
• 2024年年度审计数据：
  • 资产总额：471,440.14万元
  • 负债总额：122,703.78万元
  • 净资产：348,736.36万元
  • 营业收入：427,145.40万元
  • 净利润：9,208.62万元

累计对外担保情况及风险控制

截至2026年2月28日，盛和资源累计对外担保余额为203,250万元，占公司净资产21.06%，全部为对下属控股子公司或子公司之间提供的担保。公司无其他对外担保，亦无逾期担保情况。董事会认为，公司对下属控股子公司经营和资信状况能及时掌握，担保风险可控，且已要求被担保方提供反担保，不存在损害公司及中小股东利益的情形。

对投资者的潜在影响及需关注事项

• 本次担保虽属于年度预计额度范围，但公司对外担保总额已突破20亿元，持续加大担保力度可能提升整体财务风险，需关注后续担保余额变动和被担保子公司的财务健康状况。
• 被担保子公司2025年前九个月净利润大幅提升至31,364.07万元，显示其盈利能力显著增强，有助于缓释担保风险。
• 公司所有对外担保均为合并报表范围内子公司，暂未涉及对外部单位担保，当前风险总体可控。
• 无逾期担保，表明公司风控措施有效，但高比例担保仍需持续监管。

结论

此次公告反映盛和资源持续加大对子公司经营支持力度，显示公司业务扩张与资金需求同步增长。虽然未突破监管红线，但累计担保规模大，对公司整体财务状况有一定影响。投资者需关注公司后续担保增减动态及被担保子公司经营状况的变化，防范潜在风险。

免责声明：本报道仅供投资者参考，不构成任何投资建议。投资者应根据自身情况独立判断投资风险，盛和资源控股股份有限公司及其子公司经营状况可能受多种因素影响，请密切关注公司后续公告与财务信息披露。

Shenghe Resources Provides RMB 50 Million Guarantee for Subsidiary, Total Guarantees Surpass RMB 2 Billion — Key Information for Investors

On March 11, 2026, Shenghe Resources Holding Co., Ltd. (600392) announced it will provide a RMB 50 million financing guarantee for its wholly-owned subsidiary, Leshan Shenghe Rare Earth Co., Ltd. This guarantee is within the annual authorized quota, but the company’s total external guarantees now reach RMB 2.033 billion, accounting for 21.06% of its audited net assets.

Core Announcement Highlights and Key Figures

• Guarantee Target: Wholly-owned subsidiary — Leshan Shenghe Rare Earth Co., Ltd.
• Current Guarantee Amount: RMB 50 million
• Actual Guarantee Balance: RMB 700 million (including this)
• Total External Guarantee Balance: RMB 2,032.5 million
• Proportion of Net Assets: 21.06% (based on most recent audited net assets)
• Within Annual Quota: Yes
• Counter-Guarantee Provided: Yes
• Overdue Guarantee Balance: Zero

Guarantee Agreement and Internal Approval Process

In February 2026, Shenghe Resources signed a “Maximum Guarantee Contract” with Leshan Rural Commercial Bank (Wutongqiao Branch), providing RMB 50 million guarantee for Leshan Shenghe Rare Earth’s daily operating financing needs. The guarantee is in the form of joint and several liability, and the guarantee period can last up to three years after debt maturity, depending on the underlying debt agreement and any extension.

The company’s board of directors and the annual shareholders’ meeting have previously approved the 2025 annual guarantee quota (not exceeding RMB 4.5 billion, accounting for 46.64% of 2024 audited net assets). This guarantee falls within that authorization and does not require further board or shareholder approval.

Subsidiary’s Business and Financial Position

• Name: Leshan Shenghe Rare Earth Co., Ltd. (wholly-owned subsidiary)
• Registered Capital: RMB 151 million
• Established: December 5, 2001
• Main Business: Rare earth metal smelting, functional materials sales, tech import/export, etc.
• Financial Data as of September 30, 2025 (unaudited):
  • Total Assets: RMB 10,149.28 million
  • Total Liabilities: RMB 1,630.83 million
  • Net Assets: RMB 8,518.45 million
  • Revenue (Jan-Sep 2025): RMB 3,594.09 million
  • Net Profit (Jan-Sep 2025): RMB 313.64 million
• 2024 Audited Data:
  • Total Assets: RMB 4,714.40 million
  • Total Liabilities: RMB 1,227.04 million
  • Net Assets: RMB 3,487.36 million
  • Revenue: RMB 4,271.45 million
  • Net Profit: RMB 92.09 million

Overall Guarantee Situation and Risk Control

As of February 28, 2026, Shenghe Resources’ total external guarantee balance is RMB 2.0325 billion, 21.06% of net assets, all provided for subsidiaries or between subsidiaries. The company has no other external guarantees and no overdue guarantees. The board believes risk is controllable, as the company closely monitors subsidiary operations and requires counter-guarantees, with no harm to minority shareholders’ interests.

Potential Impact on Investors and Noteworthy Points

• While within annual quota, total guarantees now exceed RMB 2 billion, which increases financial leverage and risk. Investors should monitor future guarantee changes and subsidiary financial health.
• Subsidiary net profit surged to RMB 313.64 million in the first nine months of 2025, indicating improved profitability and a positive sign for risk mitigation.
• All guarantees are within consolidated group, with no external party guarantees yet. Current risk appears controllable.
• No overdue guarantees; risk controls appear effective, but high guarantee ratio warrants ongoing scrutiny.

Conclusion

This disclosure signals Shenghe Resources’ continued financial support to its subsidiaries, reflecting simultaneous business expansion and rising funding needs. Although not exceeding regulatory red lines, the large guarantee balance has a tangible impact on overall financial health. Investors should closely monitor future guarantee developments and subsidiary performance to guard against potential risks.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should make independent investment decisions based on their own circumstances. Shenghe Resources’ performance and financial health may be affected by various factors; please pay close attention to future company disclosures and financial statements.

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