科力远（600478）：为子公司及母公司之间大额担保，累计对外担保超净资产两倍，提示重大风险
2026年3月19日，湖南科力远新能源股份有限公司（简称“科力远”）发布公告，详细披露了公司为子公司及子公司为母公司之间的新一轮大额担保安排。此次担保事项及公司整体担保规模已大幅超过公司净资产，构成对投资者极为重要的潜在风险提示。
一、关键信息速览
- 担保对象：河北科力远混合储能技术有限公司（简称“河北科力远”）、宜丰县金丰锂业有限公司（简称“金丰锂业”）、湖南科力远新能源股份有限公司（母公司）
- 本次新增担保金额：
- 为河北科力远提供银行授信担保总计3亿元（中国光大银行保定分行3,000万元，兴业银行保定分行2.7亿元）
- 为金丰锂业提供售后回租融资租赁担保8,000万元
- 全资子公司湖南科霸为母公司提供3,000万元流动资金贷款担保
- 担保余额：
- 对河北科力远担保余额为5.82亿元
- 对金丰锂业担保余额为8.07亿元（不含本次担保）
- 担保总额：截至公告日，公司及控股子公司对外担保总额为71.90亿元，占最近一期经审计归母净资产的261.68%
- 反担保安排：金丰锂业少数股东海南三强投资合伙企业按照其持股比例为公司提供反担保
- 逾期担保：无逾期担保事项
二、详细担保安排
- 河北科力远
- 中国光大银行保定分行授信3,000万元，科力远提供连带责任保证担保，担保期为主合同履行到期三年后止。
- 兴业银行保定分行授信5亿元，其中敞口授信2.7亿元，科力远提供连带责任保证担保，担保期同上。
- 金丰锂业
- 与中国环球租赁开展8,000万元售后回租融资租赁，科力远提供连带责任保证担保，担保范围涵盖主合同项下的全部债务及相关费用。
- 湖南科霸为母公司提供担保
- 大丰银行广州分行，3,000万元流动资金贷款，湖南科霸提供连带责任保证担保，担保期为主合同履行到期两年后止。
三、被担保企业及母公司财务状况
- 河北科力远
- 2025年9月末总资产4.82亿元，负债4.48亿元，净资产3,327万元，资产负债率超90%，2025年前9月营收1.49亿元，净利润327万元。
- 金丰锂业
- 2025年9月末总资产20.1亿元，负债19.3亿元，净资产8,335万元。2025年前9月营收2.84亿元，净利润为-8,958万元，2024年全年净利润-9,692万元，连续亏损。
- 科力远（母公司）
- 2025年9月末总资产91.2亿元，负债73.0亿元，净资产29.0亿元。2025年前9月营收30.9亿元，归母净利润1.32亿元。
四、风险与影响
- 担保规模巨大，远超净资产：公司及控股子公司对外担保总额71.90亿元，已达归属于母公司净资产的2.6倍。根据相关监管规定，公司对外担保超过净资产100%即为高风险，投资者需高度警惕。
- 被担保对象负债率高、部分持续亏损：河北科力远与金丰锂业均为高负债率公司，金丰锂业近两年持续亏损，偿债能力存在较大不确定性。
- 反担保措施有限：仅金丰锂业有少数股东按持股比例提供反担保，其他担保未见对等反担保。
- 未见逾期担保、股东及关联方担保：目前未出现逾期担保及为股东或关联方担保的情况。
- 风险提示明确：公告特别提示，担保总额超净资产、被担保人负债率高，相关风险重大，投资者需关注。
五、结论及对股价的潜在影响
科力远本次大额担保事项，反映出公司及控股子公司持续高负债运营和资金需求压力。公司担保规模已严重超出净资产，且被担保企业资产负债率极高、部分持续亏损，若发生违约将对公司资金链及净资产带来重大负面冲击，对二级市场股价形成实质性利空。建议投资者密切关注公司后续担保履约情况及被担保单位经营变化，防范潜在风险。
免责声明
本文内容仅为信息披露与分析，不构成任何投资建议。投资者据此操作，风险自负。
Keli Yuan (600478): Provides Large-Scale Guarantees for Subsidiaries and Parent Company, Cumulative External Guarantees Exceed 2.6x Net Assets – High Risk Alert
On March 19, 2026, Hunan Corun New Energy Co., Ltd. (“Keli Yuan”, 600478) announced a new round of significant guarantee arrangements for its subsidiaries and from its subsidiaries to the parent company. The scale of these guarantees far exceeds the company’s net assets, constituting a material risk for investors.
Key Highlights
- Guarantee Parties: Hebei Corun Hybrid Energy Storage Technology Co., Ltd. (“Hebei Corun”), Yifeng County Jinfeng Lithium Co., Ltd. (“Jinfeng Lithium”), Hunan Corun New Energy Co., Ltd. (parent company)
- New Guarantee Amounts:
- Hebei Corun: Bank credit guarantees totaling RMB 300 million (RMB 30 million at China Everbright Bank Baoding Branch, RMB 270 million at Industrial Bank Baoding Branch)
- Jinfeng Lithium: Sale-leaseback financing guarantee of RMB 80 million
- Subsidiary Hunan Keba provides RMB 30 million guarantee for parent company’s working capital loan
- Guarantee Balances:
- To Hebei Corun: RMB 582 million
- To Jinfeng Lithium: RMB 807 million (excluding this round)
- Total Guarantee Exposure: As of the announcement, the company and its subsidiaries’ external guarantees total RMB 7.19 billion, equivalent to 261.68% of the latest audited net assets attributable to the parent
- Counter-Guarantee: Jinfeng Lithium’s minority shareholder Hainan Sanqiang Investment Partnership provides counter-guarantee proportionate to its shareholding
- Overdue Guarantees: None
Detailed Guarantee Arrangements
- Hebei Corun
- China Everbright Bank Baoding Branch: RMB 30 million credit, Corun provides joint and several liability guarantee, guarantee period is three years after the principal contract matures.
- Industrial Bank Baoding Branch: RMB 500 million credit, with RMB 270 million exposure, Corun provides joint and several liability guarantee, same guarantee period.
- Jinfeng Lithium
- China Universal Leasing: RMB 80 million sale-leaseback financing, Corun provides joint and several liability guarantee, covering all principal contract debts and related expenses.
- Hunan Keba for Parent Company
- Bank of East Asia Guangzhou Branch: RMB 30 million working capital loan, Hunan Keba provides joint and several liability guarantee, guarantee period is two years after contract maturity.
Financial Status of Guaranteed Entities and Parent
- Hebei Corun: As of Sep 2025: total assets RMB 481 million, liabilities RMB 448 million, net assets RMB 33 million, asset-liability ratio over 90%, net profit Jan-Sep 2025: RMB 3.27 million.
- Jinfeng Lithium: As of Sep 2025: total assets RMB 2.01 billion, liabilities RMB 1.93 billion, net assets RMB 83 million. Net profit Jan-Sep 2025: -RMB 89.6 million, 2024 full-year net profit: -RMB 96.9 million, continuous losses.
- Corun (parent): As of Sep 2025: total assets RMB 9.12 billion, liabilities RMB 7.30 billion, net assets RMB 2.90 billion. Jan-Sep 2025 revenue: RMB 3.09 billion, net profit attributable to parent: RMB 131 million.
Risks and Impact
- Extremely High Guarantee Exposure: External guarantees total RMB 7.19 billion, equal to 2.6x parent company net assets – far exceeding regulatory redlines.
- High-risk Counterparties: Both Hebei Corun and Jinfeng Lithium operate with high leverage; Jinfeng Lithium is in consecutive loss, with uncertain debt service ability.
- Limited Counter-Guarantees: Only Jinfeng Lithium has minority shareholder counter-guarantee; others do not.
- No Overdue Guarantees or Shareholder/Related-party Guarantees: None reported currently.
- Explicit Risk Warning: The announcement clearly warns of substantial risk from excessive guarantee scale and high leverage of guaranteed entities.
Conclusion and Potential Share Price Impact
This round of large guarantees reveals Keli Yuan’s ongoing high-leverage operations and financing pressure. The company’s guarantee scale has severely exceeded its net assets, and several guaranteed entities have high liability ratios and ongoing losses. Any default could have a severe negative impact on Corun’s capital chain and net assets, potentially exerting significant downward pressure on the share price. Investors are urged to closely monitor subsequent guarantee performance and the operational status of guaranteed companies.
Disclaimer
This article is for information disclosure and analysis only and does not constitute any investment advice. Investors act at their own risk.
View 科力远 Historical chart here
