德宏股份拟为子公司提供7亿元担保额度，提升主营业务发展动力

德宏股份公告详解：为子公司提供高达7亿元担保额度，控股子公司资产负债率高企

主要内容摘要

担保对象：浙江德弘汽车电子有限公司（全资子公司）、浙江镇能科技有限公司（控股子公司，持股60%）
担保总额度：不超过7亿元人民币（德弘电子6亿元，镇能科技1亿元）
当前担保余额：6,734.04万元
担保有效期：自本次股东会审议通过之日起至2026年年度股东会召开之日止，可滚动使用
反担保安排：镇能科技的1亿元担保额度中，持股40%的浙江全维度能源科技有限公司承诺为公司代偿款项等40%范围内提供反担保
公司整体担保情况：对外担保总额为6.5亿元，全部为对子公司担保，占2025年末净资产的80.93%，无逾期担保
重要财务风险提示：镇能科技资产负债率高达96.79%，德弘电子资产负债率为50.2%

公告详细解读

浙江德宏汽车电子电器股份有限公司（以下简称“德宏股份”）于2026年4月13日发布公告，公司拟为两家子公司——浙江德弘汽车电子有限公司与浙江镇能科技有限公司——提供最高7亿元人民币的融资担保额度。本次担保额度在获得公司股东大会通过后生效，有效期至2026年年度股东会召开之日止，并可滚动使用。

担保安排及结构

德弘电子：担保额度6亿元，资产负债率为50.2%，为全资子公司。
镇能科技：担保额度1亿元，资产负债率高达96.79%，公司持股比例为60%。对于镇能科技部分的担保，持有其40%股权的浙江全维度能源科技有限公司将为公司因履行担保责任而产生的40%相关费用提供反担保。
截至公告日，公司已为两家子公司合计提供6,734.04万元担保余额。

子公司重要财务信息

浙江德弘汽车电子有限公司：
- 成立于2024年12月25日，注册资本2亿元，为公司全资子公司。
- 2025年末资产总额6.74亿元，负债总额3.38亿元，净资产3.35亿元。
- 2025年度营业收入3.89亿元，净利润为-3,070.69万元，尚处于亏损状态。
浙江镇能科技有限公司：
- 成立于2022年8月23日，注册资本2,000万元，公司持有60%股权。
- 2025年末资产总额3.63亿元，负债总额3.52亿元，净资产1,166.66万元。
- 2025年度营业收入1.11亿元，净利润106.24万元。
- 资产负债率高达96.79%，偿债能力偏弱。

对公司影响与股东须知

本次大额担保将显著提升两家子公司的融资能力，支持其经营和后续发展，有助于公司整体战略推进。
担保对象为公司控股及全资子公司，公司可有效把控其经营及资信情况，担保风险可控。
公司当前对外担保总额已达6.5亿元，占2025年末经审计净资产的80.93%，担保规模较大，若出现被担保方违约，可能对公司经营和财务状况造成较大压力。
镇能科技资产负债率极高，未来经营及还款风险需持续关注。
公司不存在对合并报表范围以外公司提供担保，未发生逾期担保情况。

结论及潜在影响

由于担保额度较大，且部分子公司资产负债率高、盈利能力有限，若相关子公司经营状况未明显改善，存在公司未来面临担保代偿压力的可能。此事项属于重大财务安排，可能对公司未来业绩、现金流及股价产生较大影响。建议投资者密切关注相关子公司经营状况与担保履约情况。

免责声明：本文仅为信息披露与分析，不构成投资建议。投资有风险，决策需谨慎。请以公司公告及相关文件为准。

English Version

Detailed Analysis: Zhejiang Dehong Automotive Electronics and Electrical Shares Co., Ltd. to Provide up to RMB 700 Million Guarantee for Subsidiaries

Key Highlights

Guarantee Recipients: Zhejiang Dehong Automotive Electronics Co., Ltd. (wholly-owned subsidiary), Zhejiang Zhenneng Technology Co., Ltd. (60% holding subsidiary)
Total Guarantee Limit: Up to RMB 700 million (Dehong Electronics: RMB 600 million, Zhenneng Technology: RMB 100 million)
Current Guarantee Balance: RMB 67.34 million
Guarantee Validity: From shareholder approval until the 2026 Annual General Meeting, may be used on a rolling basis
Counter-Guarantee Arrangement: For the RMB 100 million guaranteed to Zhenneng Technology, Zhejiang All-Dimensions Energy Technology Co., Ltd. (holding 40% of Zhenneng Technology) will provide a counter-guarantee for 40% of any compensation or related costs borne by the company
Overall Guarantee Exposure: The company’s total external guarantee stands at RMB 650 million, all to subsidiaries, representing 80.93% of net assets as of end-2025; no overdue guarantees
Key Financial Risk: Zhenneng Technology’s asset-liability ratio is as high as 96.79%; Dehong Electronics at 50.2%

In-Depth Report

On April 13, 2026, Zhejiang Dehong Automotive Electronics and Electrical Shares Co., Ltd. announced its plan to provide up to RMB 700 million in financing guarantees for its two subsidiaries: Zhejiang Dehong Automotive Electronics Co., Ltd. and Zhejiang Zhenneng Technology Co., Ltd. The guarantee will take effect upon shareholder approval and is valid until the company’s 2026 AGM, with rolling usage allowed.

Guarantee Structure

Dehong Electronics: RMB 600 million guarantee, asset-liability ratio 50.2%, wholly-owned subsidiary.
Zhenneng Technology: RMB 100 million guarantee, asset-liability ratio 96.79%, 60% shareholding. For this guarantee, the 40% shareholder (Zhejiang All-Dimensions Energy Technology) will counter-guarantee 40% of any compensation or related costs borne by the company.
As of the announcement, the company’s total guarantee balance for the two subsidiaries reached RMB 67.34 million.

Key Financials of Subsidiaries

Zhejiang Dehong Automotive Electronics Co., Ltd.:
- Founded Dec 2024, registered capital RMB 200 million, wholly-owned by the company.
- As of end-2025: total assets RMB 673.53 million, liabilities RMB 338.11 million, net assets RMB 335.42 million.
- 2025 revenue RMB 389.35 million, net loss RMB 30.71 million, still loss-making.
Zhejiang Zhenneng Technology Co., Ltd.:
- Founded Aug 2022, registered capital RMB 20 million, 60% held by the company.
- As of end-2025: total assets RMB 363.35 million, liabilities RMB 351.68 million, net assets RMB 11.67 million.
- 2025 revenue RMB 110.76 million, net profit RMB 1.06 million.
- Asset-liability ratio as high as 96.79%, indicating weak solvency.

Impact on Company & What Shareholders Need to Know

This large-scale guarantee plan will significantly enhance the subsidiaries’ financing capabilities and support their operations and growth, aligning with the company’s strategic objectives.
The guaranteed entities are controlled or wholly-owned by the company, enabling effective management and monitoring of their credit profile and business risks.
The company’s overall external guarantee exposure is high (RMB 650 million, 80.93% of 2025 net assets). Should any subsidiary default, the parent may face substantial financial pressure.
Zhenneng Technology’s high leverage is a key risk factor, requiring close monitoring of future operations and repayment ability.
No guarantees have been extended outside the consolidation scope; no overdue guarantees currently exist.

Conclusion & Potential Share Price Impact

Given the large guarantee size and high leverage of certain subsidiaries, if their financial health does not improve, the company may face significant compensation risks in the future. This constitutes a major financial arrangement that could impact the company’s future earnings, cash flow, and share price. Investors should closely watch the operational performance and guarantee fulfillment of the subsidiaries.

Disclaimer: The above content is for information disclosure and analysis purposes only and does not constitute investment advice. Investment involves risks. Please refer to company announcements and official documents for final decisions.