宁波联合集团股份有限公司全资子公司为参资公司提供担保进展公告深度解读

要点摘要

• 担保对象：宁波金通融资租赁有限公司（以下简称“金通租赁”），其资产负债率超过70%，属于高杠杆风险单位。
• 担保金额：本次担保金额为4,000万元，实际担保余额为24,350万元，累计担保总额为28,350万元，占公司最近一期经审计净资产的8.42%。
• 担保类型：全资子公司宁波经济技术开发区热电有限责任公司（简称“热电公司”）按10%股权比例，分别与中国民生银行宁波分行、宁波银行江北支行签署最高额保证合同，承担不可撤销连带责任保证。
• 风险提示：本次担保对象为资产负债率超过70%的单位，存在一定财务风险，但并未超过公司净资产50%或100%等更高风险警示线，且当前无逾期担保。
• 关联交易：金通租赁为公司副总裁王彦梁所任职的关联法人，公司与金通租赁之间构成关联交易。

详细内容

一、担保基本情况

2026年3月16日，热电公司与中国民生银行股份有限公司宁波分行签署《最高额保证合同》，为金通租赁向该银行申请的债务最高余额提供不可撤销连带责任保证担保，担保金额为2,000万元人民币。
同时，热电公司还与宁波经济技术开发区控股有限公司、宁波能源集团股份有限公司、宁波梅山保税港区金远企业管理咨询合伙企业（有限合伙）共同签订了针对宁波银行江北支行的《最高额保证合同》，按照股权比例为金通租赁提供最高债务限额2亿元人民币的连带责任保证，热电公司本次担保金额为2,000万元人民币。
本次担保均在公司2024年年度股东大会批准的额度范围之内，担保方式为连带责任保证担保，担保期限、范围和责任分摊均有明确约定。

二、被担保人详细情况

• 公司名称：宁波金通融资租赁有限公司
• 注册资本：10亿元人民币
• 主营业务：融资租赁、保理、太阳能发电等
• 实际控制关系：公司副总裁王彦梁兼任其董事
• 股权结构：宁波能源集团46%、宁波经开区控股公司40%、热电公司10%、金远企业管理咨询合伙企业4%
• 财务状况（截至2026年2月28日，未经审计）：
• 资产总额：496,783万元
• 负债总额：378,310万元
• 净资产：118,473万元
• 营业收入（2026年1-2月）：4,977万元
• 净利润（2026年1-2月）：2,835万元
• 资产负债率：超过70%，属于高杠杆经营。

三、担保协议主要条款

• 担保方式：不可撤销连带责任保证，按股权比例分担责任。
• 主债权范围：主债权本金及利息、罚息、复利、违约金、损害赔偿金、实现债权的各项费用等。
• 担保期间：主债务履行期限届满起三年或两年不等，具体以合同为准。
• 其他条款：担保金额范围内如有汇率变化或费用溢出，保证人均需承担连带责任。

四、必要性与合理性说明

公司认为本次担保是支持参资公司业务发展和融资需求的必要举措，且各股东方均按持股比例共担风险，有助于控制担保风险。

五、对股东和股价的潜在影响

• 高杠杆担保风险：本次担保对象为资产负债率超过70%的单位，若金通租赁经营出现风险，公司可能需承担相应连带责任。虽然目前公司对外担保总额占净资产比例不高（8.42%），但投资者需关注高杠杆企业的潜在风险和对公司财务的影响。
• 未超红线：本次担保未触及净资产50%或100%等监管红线，当前无逾期担保，短期内对公司财务影响有限。
• 关联交易：由于担保涉及关联公司，需持续关注公司治理和信息披露充分性。
• 股价敏感性：如金通租赁后续出现重大财务风险或违约，可能对公司业绩、信誉及二级市场股价带来负面影响。投资者需密切关注后续担保履约及金通租赁经营状况。

六、累计对外担保情况

• 上市公司及控股子公司对外担保总额：28,350万元，占净资产8.42%
• 逾期担保累计金额：0万元
• 对控股子公司、控股股东及其关联人担保：0万元

结论

本次公告反映出宁波联合集团股份有限公司在支持参股公司融资、推动业务合作方面积极作为，但也暴露出一定的风险敞口。虽然目前担保额度在合理范围内且无逾期担保，但作为资产负债率较高的企业，未来如金通租赁出现运营风险，公司将面临一定财务压力。投资者需关注担保对象的经营状况、偿债能力及公司后续信息披露，谨防潜在财务风险对公司股价和投资回报造成影响。

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，不构成任何投资建议。请投资者结合自身风险偏好，谨慎决策。

English Version

In-depth Analysis: Ningbo United Subsidiary Provides Guarantee for Investee Company

Key Points

• Guarantee Target: Ningbo Jintong Financial Leasing Co., Ltd. (“Jintong Leasing”), a highly leveraged entity with over 70% asset-liability ratio.
• Guarantee Amount: New guarantee of RMB 40 million, actual guarantee balance at RMB 243.5 million, with total cumulative guarantees at RMB 283.5 million, accounting for 8.42% of the company’s latest audited net assets.
• Guarantee Type: Wholly-owned subsidiary Ningbo Economic and Technological Development Zone Thermal Power Co., Ltd. (“Thermal Power Company”) provides an irrevocable joint and several liability guarantee according to its 10% equity holding, with two banks.
• Risk Warning: The guarantee target’s asset-liability ratio exceeds 70%, indicating higher financial risk, though total guarantees do not exceed critical regulatory thresholds and there are no overdue guarantees to date.
• Related Party Transaction: Jintong Leasing is a related party as the company’s vice president Wang Yanliang also serves as its director.

Details

1. Guarantee Overview

On March 16, 2026, the Thermal Power Company signed a “Maximum Guarantee Contract” with China Minsheng Bank Ningbo Branch to provide an irrevocable joint and several liability guarantee for up to RMB 20 million of debt applied for by Jintong Leasing.
In addition, the Thermal Power Company, along with three other shareholders, signed a similar contract with Ningbo Bank Jiangbei Branch for a maximum debt limit of RMB 200 million, with the Thermal Power Company guaranteeing RMB 20 million. Both guarantees are within the annual limit approved by the 2024 AGM and are valid until the 2025 AGM.

2. Details of the Guaranteed Party

• Name: Ningbo Jintong Financial Leasing Co., Ltd.
• Registered Capital: RMB 1 billion
• Main Business: Financial leasing, factoring, solar power business, etc.
• Control/Relationship: Company VP Wang Yanliang is also a board member
• Shareholding Structure: Ningbo Energy Group 46%, Ningbo Economic Development Holding 40%, Thermal Power Company 10%, Jin Yuan Management Consulting 4%
• Financials (as of Feb 28, 2026, unaudited):
  • Total Assets: RMB 4.97 billion
  • Total Liabilities: RMB 3.78 billion
  • Net Assets: RMB 1.18 billion
  • Operating Revenue (Jan-Feb 2026): RMB 49.77 million
  • Net Profit (Jan-Feb 2026): RMB 28.35 million
• Asset-Liability Ratio: Over 70%, indicating high leverage.

3. Main Guarantee Contract Terms

• Type: Irrevocable joint and several liability guarantee, with risk-sharing according to shareholding ratios.
• Scope: Principal, interest, penalties, compensation, and all realization costs.
• Term: Three years or two years after the debt due date, depending on the contract.
• Other: Any excess due to exchange rate changes or additional costs are also covered by the guarantors.

4. Necessity and Reasonableness

The company believes the guarantee is necessary to support the investee’s business and financing needs, with all shareholders sharing risk based on equity holdings.

5. Potential Impact on Shareholders and Share Price

• High-Leverage Risk: As the guarantee target has a high asset-liability ratio, if Jintong Leasing faces business risks, Ningbo United may assume joint liability. Although current guarantees only account for 8.42% of net assets, investors should monitor this exposure.
• No Red Line Breach: The company’s guarantees do not breach regulatory red lines (50% or 100% of net assets), nor are there any overdue guarantees at this time.
• Related Party Transaction: As this involves a related party, continued attention to governance and disclosure is warranted.
• Share Price Sensitivity: Should Jintong Leasing encounter financial trouble, it could negatively impact Ningbo United’s performance, reputation, and share price. Investors should closely watch subsequent performance and the guaranteed party’s financial position.

6. Cumulative Guarantee Situation

• Total External Guarantees: RMB 283.5 million, 8.42% of net assets
• Overdue Guarantees: RMB 0
• Guarantees to Subsidiaries/Controlling Shareholders: RMB 0

Conclusion

This announcement demonstrates Ningbo United Group’s proactive support for its investee’s business development and financing, but also reveals some risk exposure. While current guarantees are within reasonable and approved limits, and there is no overdue guarantee, the high leverage of Jintong Leasing warrants close investor attention. Any operational risks at the investee could result in financial pressure on the group. Investors should monitor the performance, solvency, and future disclosures regarding both the guaranteed entity and Ningbo United.

Disclaimer: This article is based on publicly disclosed company information and is for investor reference only. It does not constitute investment advice. Please make investment decisions with caution and according to your own risk appetite.

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