新疆天业股份有限公司为参股公司借款提供担保——投资者需关注的关键信息与潜在影响

2026年4月4日，新疆天业股份有限公司（600075）发布公告，披露了为参股公司中化学东华天业新材料有限公司（下称“东华天业”）借款提供担保的关联交易详情。该事项涉及担保金额、担保对象、公司财务风险暴露、相关决策流程及未来风险提示，内容对公司股票价格或有一定影响，投资者应予以关注。

一、公告核心要点

• 担保对象：中化学东华天业新材料有限公司，系新疆天业持股49%的参股公司。
• 担保金额：本次计划担保857.50万元，占东华天业1,750.00万元续借款项的49%（与持股比例一致）。
• 担保结构：无担保费用、无反担保安排。
• 被担保公司负债率高：东华天业资产负债率超过70%。
• 担保总额风险提示：新疆天业对外担保总额（含本次）高达581,787.1525万元，占公司最近一期经审计净资产的62.40%，已超过50%的监管“红线”。对合并报表外单位担保额也超过净资产的30%。
• 决策流程：董事会已审议通过，独立董事事前认可，同意提交股东会审议。关联股东将在表决时回避。
• 担保期限：自股东会审议通过至下一年相关股东会审议新担保事项之日止。
• 被担保人情况：东华天业于2021年成立，注册资本2亿元。2025年9月末资产总额102,123.21万元，负债81,680.99万元，净资产20,442.21万元。2025年前9个月净利润仅5.39万元。
• 公司说明：已累计获批有效期内对外担保额度为755,940万元，实际余额为581,787.1525万元，其中对子公司和参股公司担保余额为186,787.1525万元（参股公司857.50万元），对控股股东及其子公司担保余额为395,000万元。
• 逾期担保情况：目前无逾期担保，无因担保导致公司承担损失的情况。

二、对投资者和股东的关键影响及风险提示

• 高杠杆风险：公司对外担保总额占净资产比值已超50%，存在一定财务风险。公司整体担保水平较高，若被担保对象出现违约，公司或需承担连带责任，影响利润与现金流。
• 被担保对象经营压力：东华天业资产负债率高，净利润微薄，偿债能力有待提高。虽然公司认为担保风险可控，但市场和投资者应关注其偿债能力变化。
• 关联交易合规性：本次担保构成关联交易，需经过股东大会审议，相关关联股东需回避表决，公司董事高管未在东华天业任职，减少关联利益输送风险。
• 潜在股价波动：高担保风险和被担保公司经营情况不佳，可能会引发市场对公司整体财务稳健性的担忧，进而影响公司股价表现。
• 未来持续关注：公司承诺密切关注东华天业经营及财务状况，加强内部控制以防范风险。投资者应持续关注后续披露。

三、独立董事和董事会意见

• 董事会认为担保事项是对参股公司运营所需的合理支持，风险可控，不损害公司及中小股东利益。
• 独立董事认为该担保事项合规、风险可控，不会影响公司正常经营，也未损害公司及股东利益。

四、结论及投资者建议

本次公告显示新疆天业在对外担保方面整体风险敞口较高，且担保对象东华天业资产负债率较高、盈利能力较弱。虽然公司管理层认为风险可控，但投资者需关注担保风险及被担保公司后续经营变化，尤其在宏观经济不确定性提升的背景下，相关风险暴露可能会加剧，进而影响公司估值和股价。

免责声明：本报道内容仅供投资者参考，不构成任何投资建议。投资者据此操作，风险自担。请结合公司后续公告与个人投资偏好，审慎决策。

English Translation

Xinjiang Tianye Co., Ltd. Loan Guarantee for Affiliate—Key Information and Potential Impacts for Investors

On April 4, 2026, Xinjiang Tianye Co., Ltd. (600075) released an announcement disclosing details of a related-party transaction to provide a loan guarantee for its affiliate, Sinochem Donghua Tianye New Materials Co., Ltd. (“Donghua Tianye”). The disclosure covers guarantee amount, counterparty details, company risk exposure, approval procedures, and risk warnings, which may affect the company’s share price and warrants investor attention.

I. Core Points of the Announcement

• Guaranteed Party: Sinochem Donghua Tianye New Materials Co., Ltd., in which Xinjiang Tianye holds a 49% stake.
• Guarantee Amount: The planned guarantee is RMB 8.575 million, covering 49% of Donghua Tianye’s RMB 17.5 million refinancing loan, matching the shareholding ratio.
• Guarantee Structure: No guarantee fee or counter-guarantee arrangement.
• High Leverage at Counterparty: Donghua Tianye’s asset-liability ratio exceeds 70%.
• High Overall Guarantee Exposure: Xinjiang Tianye’s total external guarantees (including this case) amount to RMB 5.817 billion, representing 62.40% of the latest audited net assets—well above the regulatory “red line” of 50%. Guarantees to non-consolidated entities also exceed 30% of net assets.
• Approval Process: The board has approved the guarantee, with pre-approval from independent directors, and will submit it to the shareholder meeting. Related shareholders will abstain from voting.
• Guarantee Term: From shareholder approval until next year’s review of new guarantee plans at the shareholder meeting.
• Guaranteed Party Profile: Donghua Tianye was established in 2021 with RMB 200 million registered capital. As of September 2025, total assets were RMB 1.021 billion, liabilities RMB 816.8 million, and net assets RMB 204.4 million. Net profit for the first nine months of 2025 was only RMB 53,900.
• Additional Company Disclosure: The company’s approved, effective guarantee quota is RMB 7.56 billion, with an actual balance of RMB 5.82 billion, including RMB 1.87 billion for subsidiaries and affiliates (RMB 8.575 million for affiliates), and RMB 3.95 billion for the controlling shareholder and its subsidiaries.
• No Overdue Guarantees: There are no overdue guarantees or losses incurred from guarantees at this time.

II. Key Impacts and Risk Warnings for Investors and Shareholders

• High Leverage Risk: The company’s external guarantee total exceeds 50% of net assets, indicating material financial risk. If the guaranteed party defaults, Xinjiang Tianye may bear joint liability, impacting profits and cash flow.
• Guaranteed Party Operating Pressure: Donghua Tianye’s high leverage and low profitability mean its repayment capability is uncertain. Although management deems risk controllable, investors should monitor any changes in its financial health.
• Compliance with Related-Party Transaction Rules: This guarantee constitutes a related-party transaction, requiring shareholder meeting approval with related shareholders abstaining. No company directors or executives serve at Donghua Tianye, reducing risk of interest transfer.
• Potential Share Price Volatility: High guarantee exposure and weak performance of the guaranteed company may trigger market concerns about overall financial stability, affecting the share price.
• Ongoing Monitoring: Management promises to closely monitor Donghua Tianye’s operations and strengthen internal controls to mitigate risk. Investors should watch for future disclosures.

III. Board and Independent Director Opinions

• The board believes the guarantee is necessary support for the affiliate’s operations, with controllable risk and no harm to the company or minority shareholders.
• Independent directors state the transaction is compliant, risk is manageable, and it won’t affect normal operations or shareholder interests.

IV. Conclusion and Investor Advice

This disclosure highlights Xinjiang Tianye’s high overall guarantee risk exposure, and the guaranteed affiliate’s high leverage and weak profitability. While management deems the risk controllable, investors should be alert to potential guarantee risk and changes in the affiliate’s operations, especially under uncertain macroeconomic conditions, as risk exposure could increase and affect the company’s valuation and share price.

Disclaimer: The content of this report is for investor reference only and does not constitute investment advice. Investors act at their own risk. Please make prudent decisions in light of subsequent company announcements and personal investment preferences.

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