宁波富邦精业集团股份有限公司子公司互相担保公告深度解读

公告要点

• 宁波富邦精业集团股份有限公司（证券代码：600768）发布了关于控股子公司宁波电工合金材料有限公司与其控股子公司宁波日中材料科技有限公司互相提供担保的公告。
• 本次担保总额度不超过人民币2亿元，其中日中材料对电工合金担保额度不超过1.5亿元，电工合金对日中材料担保额度不超过0.5亿元。
• 担保有效期自2025年度股东会批准之日起至2026年度股东会召开之日止，担保额度可循环使用。
• 目前已实际提供的担保余额为日中材料0万元，电工合金9,400万元。
• 公司累计对外担保总额为5,000万元，占公司最近一期经审计净资产的11.64%。
• 本次涉及对资产负债率超过70%的单位（即日中材料）提供担保。
• 公司无逾期担保情况。

详细内容解读

担保安排与结构

• 担保对象为公司合并报表范围内子公司，互相担保目的在于满足生产经营和资金需求。
• 担保方式包括但不限于保证担保、资产抵押或其他符合法律法规要求的担保。
• 具体担保金额及保证期间将根据相关银行合同约定，由公司股东会授权控股子公司具体组织实施。
• 本次担保事项已通过董事会审议，尚需提交2025年度股东会审议。

被担保公司基本情况与财务数据

宁波电工合金材料有限公司

• 公司类型：有限责任公司。
• 控股股东：宁波富邦（55%），自然人王海涛（25%），宁波新乐控股集团有限公司（20%）。
• 2025年12月31日资产总额：55,741.79万元；负债总额：36,753.34万元；资产净额：18,988.45万元。
• 2025年度营业收入：76,765.44万元；净利润：5,051.96万元。
• 资产负债率约66%。

宁波日中材料科技有限公司

• 电工合金持股65%，自然人凌国良持股35%。
• 2025年12月31日资产总额：14,460.24万元；负债总额：13,790.11万元；资产净额：670.14万元。
• 2025年度营业收入：63,200.11万元；净利润：234.29万元。
• 资产负债率高达95.37%，属于高负债公司。

对股东的影响与风险提示

• 资产负债率高的子公司进行担保：公司对资产负债率超过70%的日中材料提供担保，日中材料资产负债率高达95.37%，此举可能会引发投资者对公司整体风险的关注。
• 但公告强调被担保方经营状况正常，不存在偿债风险，且公司对子公司有充分控制权，担保风险可控。
• 本次担保总额度为20,000万元，其中对外担保额度为5,000万元，占净资产11.64%，未超过50%或100%的重大风险警戒线。
• 此举有助于子公司融资，推动业务发展，但如未来被担保方出现经营风险，可能影响上市公司财务状况。
• 公司无逾期担保情况，历史担保风险可控。

董事会意见

• 董事会认为本次担保有利于子公司持续、稳定发展，对公司整体发展有利。
• 公司对子公司有充分控制权，担保风险可控，不会损害公司及全体股东利益。

投资者值得关注的重点

• 互相担保涉及资产负债率极高的日中材料，公司需持续关注其经营和偿债能力。
• 担保总额较大，虽然未触及重大风险警戒线，但如经济环境变化或被担保方出现风险，公司可能面临财务压力。
• 后续需留意公司2025年度股东会对担保事项的审议，以及日中材料经营情况的变化。

结语

本次公告显示宁波富邦精业集团股份有限公司积极通过互相担保提升控股子公司的融资能力，推动业务发展。由于涉及资产负债率极高的公司，投资者需关注未来经营及财务风险，公告内容具有一定价格敏感性，建议密切关注公司后续动作和被担保方经营情况。

免责声明

本文信息仅供参考，不构成任何投资建议。投资者应根据自身风险偏好和实际情况做出决策，股价涨跌受多方面因素影响，本文不承担任何投资损失责任。

English Version

Ningbo Fubang Precision Group Subsidiaries Mutual Guarantee Announcement Detailed Analysis

Key Points

• Ningbo Fubang Precision Group Co., Ltd. (Stock code: 600768) announced that its holding subsidiary Ningbo Electrical Alloy Materials Co., Ltd. and its subsidiary Ningbo Rizhong Materials Technology Co., Ltd. will mutually provide guarantees.
• Total guarantee limit is RMB 200 million. Rizhong Materials guarantees up to RMB 150 million for Electrical Alloy; Electrical Alloy guarantees up to RMB 50 million for Rizhong Materials.
• Guarantee period: From the date of approval at the 2025 shareholders’ meeting until the 2026 shareholders’ meeting; guarantee limits are recyclable.
• Current actual guarantee balance: Rizhong Materials RMB 0; Electrical Alloy RMB 94 million.
• Cumulative external guarantee is RMB 50 million, about 11.64% of the company’s latest audited net assets.
• This guarantee involves companies with asset-liability ratios over 70% (i.e., Rizhong Materials).
• No overdue guarantees.

Detailed Analysis

Guarantee Structure and Arrangements

• Guarantees are between consolidated subsidiaries, aiming to meet production and financial needs.
• Guarantee methods include but are not limited to guarantee, asset pledge, or other legally compliant means.
• Specific amounts and periods to be determined by contract with banks, subject to shareholders’ meeting authorization.
• This matter has been approved by the board but still requires shareholders’ meeting approval.

Financials of Guaranteed Subsidiaries

Ningbo Electrical Alloy Materials Co., Ltd.

• Company type: LLC.
• Major shareholders: Ningbo Fubang (55%), Wang Haitao (25%), Ningbo Xinle Holdings (20%).
• Assets as of Dec 31, 2025: RMB 557.42 million; liabilities RMB 367.53 million; net assets RMB 189.88 million.
• 2025 revenue: RMB 767.65 million; net profit: RMB 50.52 million.
• Asset-liability ratio: about 66%.

Ningbo Rizhong Materials Technology Co., Ltd.

• Electrical Alloy holds 65%; Ling Guoliang holds 35%.
• Assets as of Dec 31, 2025: RMB 144.60 million; liabilities RMB 137.90 million; net assets RMB 6.70 million.
• 2025 revenue: RMB 632 million; net profit RMB 2.34 million.
• Asset-liability ratio: 95.37% (very high).

Impact & Risk Disclosure for Shareholders

• Guarantee for highly leveraged subsidiary: The company is providing guarantees for Rizhong Materials, whose asset-liability ratio is extremely high (95.37%). This could raise concerns about overall group risk.
• However, the announcement stresses normal operations and no repayment risk at present; group control is strong and risk is deemed manageable.
• Total guarantee limit is RMB 200 million, with RMB 50 million external guarantee, representing 11.64% of net assets—well below regulatory risk thresholds.
• This move will help subsidiaries secure financing and drive business growth, but if the guaranteed party faces trouble, it could impact the listed company’s finances.
• No overdue guarantees; historical risk is controllable.

Board Opinion

• The board believes this guarantee supports stable, sustainable subsidiary development and benefits the group overall.
• Group has full control over subsidiaries; guarantee risk is manageable and does not harm shareholder interests.

Investor Focus

• The mutual guarantee involves a highly leveraged subsidiary; investors should monitor its operations and repayment capabilities.
• Although guarantee limits are far from regulatory thresholds, future changes in economic conditions or subsidiary performance may pressure finances.
• Investors should watch for shareholder meeting results and Rizhong Materials’ operating performance.

Conclusion

This announcement shows Ningbo Fubang Precision Group is actively supporting its subsidiaries’ financing and business growth. As the guarantee involves a highly leveraged company, investors should pay attention to future operational and financial risks. The announcement carries some price sensitivity; investors are advised to closely follow subsequent company actions and subsidiary performance.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should make decisions based on their own risk appetite and circumstances. Stock prices are influenced by many factors; this article assumes no responsibility for investment losses.

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