上海开开实业股份有限公司2026年度日常关联交易预计报告详解
核心要点及投资者须知
- 2026年度预计与关联方日常关联交易总额为691.99万元，其中包括与上海开开（集团）有限公司及其子公司、上海第一西比利亚皮货有限公司等的采购、销售及租赁交易。
- 2025年度日常关联交易预计金额为1,048.81万元，实际发生金额为821.76万元，显示实际业务执行较为谨慎。
- 2026年3月，公司董事会与独立董事、审计委员会均已审议并通过该项预计交易，关联董事已回避表决，保障决策独立性。
- 此次日常关联交易预计无需股东大会审议，属于董事会审批权限范围内。
- 2026年度主要关联交易类别包括商品采购（35.5万元）、商品销售（21.05万元）及房屋租赁（635.44万元），其中房屋租赁占据绝大部分。
- 房屋租赁金额较去年变动较大，上海第一西比利亚皮货有限公司2026年度预计无租赁收入，2025年度实际为136.61万元，需关注相关经营变化。
- 关联方情况详尽披露，开开集团为上市公司控股股东，持股32%；上海第一西比利亚皮货有限公司为开开集团参股42%的公司。
- 关联交易遵循市场化定价原则，不会高于市场平均水平，无利益输送及操纵行为。
- 独立董事认为关联交易系日常经营需要，不会对公司独立性及中小股东利益产生实质性影响。
- 保荐机构国泰海通证券已出具无异议意见，认为程序合法，定价公允，不存在损害公司及全体股东利益情况。
关联交易详细情况
2026年度公司预计与关联方发生的日常交易总额为691.99万元，其中商品采购35.50万元，商品销售21.05万元，合计56.55万元，房屋租赁合计635.44万元。2025年度同类交易实际发生金额为商品采购93.56万元，商品销售3.89万元，房屋租赁724.31万元。
关联交易比重在公司同类业务中占比较小，不会对公司主营业务构成重大依赖，但房屋租赁占比高，投资者需关注未来租赁合同的续约和价格变动对公司成本结构的影响。
2025年度商品采购、销售实际金额远低于预计，显示公司在关联交易执行上较为保守，或反映市场需求变化。房屋租赁部分上海第一西比利亚皮货有限公司2026年无租赁合同，可能引发资产使用效率变化。
关联方及履约能力介绍
- 上海开开（集团）有限公司：公司控股股东，注册资本7.7923亿元，2025年末总资产31.27亿元，净资产15.68亿元，资产负债率49.86%，2025年营业收入17.89亿元，净利润2723万元，主要股东为静安区国资委。
- 上海第一西比利亚皮货有限公司：开开集团参股42%，2025年末总资产770.76万元，净资产566.88万元，2025年营业收入584.44万元，净利润108.24万元。
两家关联方均为资信状况良好、履约能力强的法人主体，过往交易均能正常结算，具备法律保障。
定价政策与交易影响
所有关联交易均以市场价格为基础，参考行业可比水平协商确定，确保交易公允、无利益输送或价格操纵。
公司独立董事及保荐机构均认同交易安排，认为不会对公司独立性及中小股东利益产生不利影响。2026年度关联交易预计金额占公司业务的比例较小，不会对公司财务状况、经营成果或独立性构成重大影响。
潜在影响及风险提示
- 投资者应关注公司房屋租赁业务的持续性和租赁价格变动对成本结构的影响，尤其是关联方明年无租赁合同的变动。
- 公司实际关联交易金额持续低于预计金额，可能反映公司业务波动或市场环境变化，投资者需密切跟踪后续公告。
- 无重大依赖风险，但若未来关联交易金额大幅波动，或关联方履约能力发生变化，可能对公司股价产生影响。
结论
本次日常关联交易预计事项，整体金额适中，决策程序合规，关联董事回避表决，独立董事及保荐机构均出具无异议意见。尽管目前没有重大依赖或利益输送风险，但投资者仍需关注关联交易金额变动、租赁合同续约情况及市场环境变化对公司带来的潜在影响，这些因素可能影响公司未来的经营业绩及股价表现。
免责声明： 本文基于公开文件整理，仅供投资参考，不构成任何买卖证券的建议。投资有风险，决策需谨慎。
Shanghai Kaikai Industrial Co., Ltd. 2026 Annual Connected Transaction Estimate – Investor Detailed Report
Key Highlights and Investor Alerts
- Estimated total value of connected transactions for 2026 is RMB 6.9199 million, primarily with Shanghai Kaikai (Group) Co., Ltd. and its subsidiaries, and Shanghai First Siberia Leather Co., Ltd., including procurement, sales, and leasing.
- 2025 estimated connected transactions: RMB 10.4881 million; actual: RMB 8.2176 million, indicating cautious execution.
- In March 2026, the Board of Directors, independent directors, and Audit Committee reviewed and approved the estimate; connected directors abstained from voting, ensuring independence.
- The estimate does not require a shareholder meeting; board approval is sufficient.
- Main 2026 transaction types: procurement (RMB 355,000), sales (RMB 210,500), and property leasing (RMB 6.3544 million). Leasing is the dominant component.
- Large change in leasing: Shanghai First Siberia Leather Co., Ltd. has no leasing income estimated for 2026, compared to RMB 1.3661 million actual in 2025 – investors should watch for business changes.
- Connected parties: Kaikai Group is the controlling shareholder (32% stake); Shanghai First Siberia Leather is a 42% Kaikai Group associate.
- All transactions follow market pricing principles, no above-market pricing, benefit transfer, or price manipulation.
- Independent directors confirm these are routine transactions with no material impact on independence or minority shareholder interests.
- Sponsor Guotai Haitong Securities issued an unqualified opinion, confirming legal compliance, fair pricing, and no harm to shareholder interests.
Transaction Details
For 2026, the company expects total connected transactions of RMB 6.9199 million: procurement RMB 355,000, sales RMB 210,500 (total RMB 565,500), and property leasing RMB 6.3544 million. In 2025, actual figures were procurement RMB 935,600, sales RMB 38,900, and leasing RMB 7.2431 million.
Connected transactions are a minor part of total business, no material operational reliance. However, leasing is significant; investors should track lease renewals and price changes for cost structure impact.
Actual procurement/sales in 2025 were far below estimates, indicating conservative execution or market fluctuation. No leasing contract with Shanghai First Siberia Leather in 2026 may signal asset utilization changes.
Connected Parties & Performance
- Shanghai Kaikai (Group) Co., Ltd.: Controlling shareholder, registered capital RMB 779.23 million, year-end 2025 total assets RMB 3.127 billion, net assets RMB 1.568 billion, 2025 revenue RMB 1.789 billion, net profit RMB 27.23 million, major shareholder Jing’an District SASAC.
- Shanghai First Siberia Leather Co., Ltd.: 42% held by Kaikai Group, year-end 2025 total assets RMB 7.7076 million, net assets RMB 5.6688 million, 2025 revenue RMB 5.8444 million, net profit RMB 1.0824 million.
Both are well-established with sound financials and good contract fulfillment records.
Pricing Policy & Transaction Impact
All connected transactions are based on market prices, negotiated with industry benchmarks, ensuring fairness and no benefit transfer or price manipulation.
Independent directors and sponsor confirm compliance and no adverse impact on independence or minority shareholder interests. The estimated amount for 2026 is small as a share of the company’s business and will not materially affect financials or independence.
Potential Impact & Risk Alert
- Investors should monitor the sustainability of leasing business and rent price changes, especially with no lease contract with Shanghai First Siberia Leather in 2026.
- Actual transaction values have been consistently lower than estimated, possibly reflecting business volatility or market changes; investors should track future disclosures.
- No current heavy reliance risk, but major changes in transaction value or counterparty performance could affect share price.
Conclusion
This estimated connected transaction is moderate in size, legally compliant, with connected directors abstaining, and no objection from independent directors or sponsor. While no major reliance or benefit transfer risk is present, investors should watch for changes in transaction amounts, lease renewals, and market conditions, as these may impact future performance and share price.
Disclaimer: This article is based on public documents for information only and does not constitute investment advice. Please make your own decisions and be aware of investment risks.
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