香江控股发布2026年度担保计划，额度高达31.1亿元，涉及多家子公司和联营企业

主要内容摘要

• 香江控股（600162）公布2026年度拟为公司及合并报表范围内的子公司、联营公司、合营公司提供总计人民币31.1亿元的担保额度。
• 担保对象包括资产负债率高于和低于70%的多家控股子公司。
• 担保计划需经2025年年度股东大会审议通过后实施。
• 截至公告日，公司无逾期对外担保，累计对外担保余额约19.2亿元，占2025年经审计净资产的33.41%。
• 单笔担保在20亿元以下由经理办公会审议，超过20亿元需董事会审议并授权董事长签署。
• 担保计划有效期自股东会审议通过之日起至次年年度股东大会召开日止。

担保计划详细内容

为满足2026年度经营资金需求，香江控股拟对公司及合并报表范围内的子公司、联营公司、合营公司提供总计31.1亿元担保额度。担保对象包括公司与子公司之间、子公司之间，以及对子公司、联营公司、合营公司的担保，均按股权比例提供（不含关联方）。

在担保额度分配方面，对于控股子公司，按资产负债率划分担保额度。其中，资产负债率超过70%的控股子公司拟获得111,000万元担保额度，包括广州大瀑布旅游开发有限公司、长沙香江商贸物流城开发有限公司、广州市香江投资发展有限公司、广州香江物业管理有限公司、深圳市金海马企业管理有限公司、珠海横琴新区南方锦江置业有限公司等。资产负债率低于70%的控股子公司合计预计担保金额为200,000万元，涉及广州番禺锦江房地产有限公司、增城香江房地产有限公司、深圳市香江商业管理有限公司等。

授权公司管理层根据实际经营需要，在全资及非全资子公司之间灵活调剂担保额度，且在单笔担保未超过20亿元时由经理办公会审批。单笔担保超过20亿元的项目需董事会审议通过后授权董事长签署相关担保协议。

被担保企业基本情况一览

报告详细披露了9家被担保企业的2025年度未经审计财务数据，包括总资产、净资产、营业收入、净利润等关键财务指标。其中，部分子公司如广州大瀑布旅游开发有限公司、珠海横琴新区南方锦江置业有限公司、广州番禺锦江房地产有限公司存在净资产为负或净利润为负的情况，显示个别项目公司财务压力较大。

对投资者和股东的影响

• 本次31.1亿元担保计划，若获批，将显著提升公司及子公司融资能力，支持未来发展和资金周转。
• 部分被担保子公司资产负债率高达156%，且存在净资产为负等情况，意味着公司整体担保风险有所上升，相关风险需投资者密切关注。
• 截至2026年3月31日，公司对外担保余额为19.2亿元，占净资产比例为33.41%，担保风险整体在可控范围，但未来若担保对象出现偿付问题，可能对公司财务状况产生重大影响。
• 本次担保计划若未获股东大会通过，将影响公司2026年度融资安排，进而影响经营计划和发展预期。
• 此类大额担保计划的推动与执行，通常会被市场解读为公司资金流动性压力加大，或显示公司对未来扩张和资本需求的信心，可能导致公司股价短线波动。

董事会意见与后续安排

董事会认为本次担保计划有助于保证公司及子公司、联营公司、合营公司的持续发展和资金需求，相关风险可控。计划已通过董事会审议，仍需提交股东大会进一步批准。

投资者应密切关注股东大会对该担保计划的最终审议结果，以及未来公司和被担保子公司的偿债能力变化。

免责声明

本文为资讯报道，仅供参考，不构成任何投资建议。投资者据此操作，风险自担。

English Version

Xiangjiang Holdings Releases 2026 Guarantee Plan, Up to RMB 3.11 Billion, Covering Multiple Subsidiaries and Associates

Key Points

• Xiangjiang Holdings (600162) proposes a guarantee plan for 2026, with a total limit of RMB 3.11 billion for the company and its consolidated subsidiaries, associates, and joint ventures.
• The guarantee targets include both subsidiaries with leverage ratios above and below 70%.
• The plan is subject to approval at the 2025 annual shareholders’ meeting.
• As of the announcement date, the company has no overdue external guarantees, with a total external guarantee balance of about RMB 1.92 billion, accounting for 33.41% of 2025 audited net assets.
• Single guarantees below RMB 2 billion can be approved by the executive management, while those above require board approval and chairman authorization.
• The guarantee plan is valid from shareholder approval until the next annual shareholder meeting.

Details of the Guarantee Plan

To meet the funding needs for 2026, Xiangjiang Holdings plans to provide up to RMB 3.11 billion in guarantees for financing activities of the company, its consolidated subsidiaries, associates, and joint ventures. Guarantees will be provided based on equity ratios and do not include related parties.

For subsidiaries, the guarantee allocation is split by leverage ratio. Subsidiaries with leverage ratios above 70% are slated for a total of RMB 1.11 billion in guarantees, while those below 70% are allocated RMB 2 billion. Notably, some subsidiaries, such as Guangzhou Waterfall Tourism Development Co., Ltd., Panyu Jinjiang Real Estate, and Zhuhai Hengqin Nanfang Jinjiang Real Estate have negative net assets or net profits, signaling significant financial stress in some project companies.

The management is authorized to flexibly adjust guarantees between wholly and non-wholly owned subsidiaries as needed. Guarantees under RMB 2 billion can be approved by the executive committee, while larger cases require board approval and chairman authorization.

Summary of Guaranteed Entities

The report discloses unaudited 2025 financial data (total assets, net assets, revenue, net profit) for nine companies to be guaranteed. Some subsidiaries show negative net assets or profits, indicating elevated financial risk.

Investor/Shareholder Sensitivities

• If approved, the RMB 3.11 billion guarantee plan will significantly enhance the group’s and subsidiaries’ financing capacity, supporting future expansion.
• However, some subsidiaries have leverage ratios as high as 156% and negative net assets, indicating increased group risk exposure. Investors should closely monitor these risks.
• As of March 31, 2026, external guarantees stood at RMB 1.92 billion (33.41% of net assets), mostly to subsidiaries/wholly owned units. Any repayment issues could materially impact group finances.
• If the guarantee plan is rejected at the shareholders’ meeting, it may affect the company’s financing and development plans for 2026.
• Such sizeable guarantee plans are often seen by the market as a sign of liquidity pressure or confidence in expansion, which may trigger short-term share price volatility.

Board View & Next Steps

The board believes the guarantee plan will support healthy development of the company and its subsidiaries, with risks under control. The plan has board approval but is pending shareholder approval.

Investors are advised to track the shareholders’ meeting outcome and the financial health of subsidiaries covered under the guarantee.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Please make investment decisions prudently.

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