新疆天业股份有限公司为子公司天辰化工有限公司银行借款提供担保进展公告深度解析

一、公告要点概览

• 担保对象：新疆天业股份有限公司（证券代码：600075）为全资子公司天辰化工有限公司提供银行借款连带责任保证担保。
• 本次担保金额：189万元，实际已为其提供的担保余额达129,689.6525万元。
• 本次担保是否在股东会授权额度内：是。
• 担保是否有反担保：否。
• 累计对外担保总额：581,787.1525万元，占公司最近一期经审计净资产的62.41%。
• 对资产负债率超过70%的单位提供担保：是，本次担保对象天辰化工负债率约77%。

二、事件详细内容

为推进高盐废水资源化综合利用项目建设，天辰化工有限公司向国家开发银行新疆维吾尔自治区分行申请总额44,000万元的项目贷款，贷款期限为20年，宽限期2年，分期放款。新疆天业股份为子公司提供连带责任保证担保及流动性支持。至今，天辰化工已完成十八笔借款，共计25,040.65万元的提款。本次新增为第十九笔127万元和第二十笔62万元的借款提供连带责任保证，合计189万元。

内部决策与审批流程

公司已于2024年1月22日董事会、2025年3月12日董事会及3月28日股东大会审议通过相关担保议案，并制定了2025年对子公司银行借款累计不超过270,060万元的担保计划，包括为资产负债率超过70%的控股子公司（如天辰化工）提供194,580万元银行借款担保。上述担保计划无需另行提交董事会和股东大会审议。

天辰化工有限公司基本情况

• 公司类型：全资子公司
• 法定代表人：杨友信
• 注册资本：220,000万元
• 主营业务：聚氯乙烯、烧碱、水泥及其制品的生产与销售
• 2025年9月30日资产总额：439,732.73万元，负债总额340,551.04万元，资产净额99,181.69万元
• 2025年前三季度营业收入：223,256.19万元，净利润-23,986.02万元
• 2024年全年营业收入：299,859.30万元，净利润-21,249.78万元
• 非失信被执行人

担保协议主要条款

• 担保方式：连带责任保证
• 担保金额：本次实际发生担保金额为189万元，累计合同金额为44,000万元
• 担保期间：自每笔主债务履行期限届满之日（或银行垫付款项之日）起三年
• 反担保：无

担保的必要性与风险提示

公司为全资子公司提供担保，旨在支持其业务发展和项目建设，董事会认为天辰化工具备一定的债务偿还能力，担保风险可控。公司累计对外担保总额已超过最近一期经审计净资产的50%，对投资者构成一定风险，请投资者关注风险。

三、对投资者和股东的重大影响及潜在股价影响点

• 担保总额占净资产比例高： 截至公告日，公司累计对外担保余额为581,787.1525万元，占净资产62.41%。这一比例较高，意味着公司承担的潜在或有负债风险较大，若被担保方偿债能力不足，可能对母公司造成财务压力。
• 天辰化工连续亏损及高负债率： 天辰化工2024年、2025年前三季度连续亏损，资产负债率高达77%。如项目推进不及预期或经营持续亏损，天业股份可能面临担保代偿压力。
• 对外担保主要为子公司，风险可控但需重点关注： 担保对象为全资、控股子公司，公司对其资金流、经营状况有较高掌控力，风险相对可控。但大额担保集中于资产负债率较高的子公司，需持续关注其经营与偿债情况。
• 无逾期担保及涉诉风险： 截至公告日，公司及控股子公司无逾期担保、无涉诉风险，暂未对公司造成实际损失。

四、结论与投资建议

本次公告披露了新疆天业股份持续为高负债率且经营亏损的全资子公司天辰化工提供银行借款担保的进展，累计担保规模已经较大，且超过了公司净资产的50%。该事项属于重大财务安排，若天辰化工后续经营进一步恶化，或其高盐废水综合利用项目未如期产生效益，公司可能面临较大担保代偿风险，对公司股价或有负面影响。建议投资者密切关注天辰化工项目进展及偿债能力变化，评估公司整体财务风险水平。

免责声明：本新闻稿仅供参考，不构成投资建议。投资者据此操作，风险自负。请以公司正式公告及相关财务报告为准。

English Version

In-Depth Analysis: Xinjiang Tianye Co., Ltd. Provides Guarantee for Subsidiary Tianchen Chemical’s Bank Loan

1. Key Points of the Announcement

• Guarantee Target: Xinjiang Tianye Co., Ltd. (Ticker: 600075) provides a joint liability guarantee for its wholly-owned subsidiary, Tianchen Chemical Co., Ltd.
• Amount of This Guarantee: RMB 1.89 million; cumulative guarantee balance to date is RMB 1,296.896525 million.
• Within Shareholder-Approved Limit? Yes.
• Counter-Guarantee Provided? No.
• Total External Guarantee Amount: RMB 5,817.871525 million, accounting for 62.41% of the company’s latest audited net assets.
• Guarantee to Subsidiary with Debt Ratio Over 70%: Yes; Tianchen Chemical’s debt ratio is about 77%.

2. Detailed Event Content

To promote the High-Salinity Wastewater Resource Utilization Project, Tianchen Chemical applied for a project loan of RMB 440 million from CDB Xinjiang Branch, with a 20-year term and 2-year grace period, disbursed in tranches. Xinjiang Tianye provides joint liability guarantee and liquidity support. To date, Tianchen Chemical has completed 18 tranches totaling RMB 250.4065 million. This update covers the 19th (RMB 1.27 million) and 20th (RMB 0.62 million) tranches, totaling RMB 1.89 million.

Internal Processes & Approvals

The company’s board and shareholders approved the guarantee plans in January and March 2024 and March 2025. The cumulative guarantee for subsidiaries’ bank loans in 2025 is capped at RMB 2,700.60 million, including RMB 1,945.80 million for subsidiaries with debt ratio above 70% (such as Tianchen Chemical). No further approval is required for this guarantee.

Profile of Tianchen Chemical

• Wholly-owned subsidiary
• Legal representative: Yang Youxin
• Registered capital: RMB 2.2 billion
• Main business: PVC, caustic soda, cement and related products production/sales
• Assets as of Sep 30, 2025: RMB 4,397.3273 million; Liabilities: RMB 3,405.5104 million; Net assets: RMB 991.8169 million
• Revenue in first three quarters of 2025: RMB 2,232.5619 million; Net loss: RMB -239.8602 million
• 2024 revenue: RMB 2,998.593 million; Net loss: RMB -212.4978 million
• Not listed as dishonest person subject to enforcement

Key Guarantee Terms

• Type: Joint liability guarantee
• Amount: RMB 1.89 million for this update, contract total RMB 440 million
• Duration: Three years after each underlying debt matures or after payment by the bank
• No counter-guarantee

Necessity & Risk Warning

Providing guarantee to wholly-owned subsidiaries supports business growth and project development. The board deems the risk manageable, but the cumulative external guarantees have already surpassed 50% of net assets, posing material risk for investors to monitor.

3. Major Impacts and Potential Share Price Triggers for Investors/Shareholders

• High Guarantee-to-Net Asset Ratio: As of this announcement, total external guarantee balance is 62.41% of net assets. This high ratio indicates significant contingent liability risk, and if subsidiaries fail to repay, the parent company may face substantial financial pressure.
• Continued Losses and High Leverage at Tianchen Chemical: Tianchen Chemical has posted consecutive annual losses and a high debt ratio (77%). If business fails to improve or projects underperform, Xinjiang Tianye may be forced to honor its guarantees.
• Risk Is Somewhat Under Control But Focus Required: The guarantees are mainly for wholly-owned/controlled subsidiaries, giving management oversight, but concentration of guarantees in highly leveraged subsidiaries is a concern.
• No Overdue or Litigated Guarantees: As of now, there are no overdue guarantee, litigation, or guarantee compensation loss events.

4. Conclusion & Investment Advice

This update discloses that Xinjiang Tianye continues to provide large-scale guarantees for its highly leveraged, loss-making subsidiary Tianchen Chemical. The cumulative guarantee scale is material, exceeding 50% of net assets. If Tianchen Chemical’s business deteriorates or its high-salinity wastewater project underperforms, the parent may face substantial guarantee compensation risk, which could negatively impact share price. Investors should closely monitor Tianchen Chemical’s project progress and solvency, and assess overall financial risk.

Disclaimer: This news article is for reference only and does not constitute investment advice. Investors should make decisions based on official company disclosures and audited financial reports, and bear their own risk.

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