宁波联合集团股份有限公司发布2026年度对子公司担保额度公告，涉及重大资产负债率子公司

要点摘要

• 公司拟为下属控股子公司提供总计5亿元人民币担保额度。
• 本次担保涉及资产负债率超过70%的子公司，提示潜在风险。
• 公司累计对外担保总额达2.835亿元，占最近一期净资产的8.3%。
• 相关担保议案已获董事会全票通过，待2025年年度股东大会批准。
• 公告未涉及对外逾期担保，历史担保记录良好。

公告详情

2026年4月14日，宁波联合集团股份有限公司（证券代码：600051）发布公告称，为满足公司业务发展的需要，保障子公司日常运营和融资需求，公司计划在2025至2026年度为控股子公司提供最高5亿元人民币的担保额度。同时，子公司之间也可相互提供最高5,000万元的担保额度。

担保对象及金额

• 宁波联合建设开发有限公司：担保额度3亿元，资产负债率为73.26%，公司持股100%。
• 宁波经济技术开发区热电有限责任公司：担保额度2亿元，资产负债率10.45%，公司持股100%。
• 温州旭和酒店有限公司：担保额度5,000万元，资产负债率98.87%，系公司间接控股。

所有担保未设置反担保，担保方式包括连带责任保证、质押、抵押担保。

重要财务数据

对投资者的重要影响及风险提示

• 本次担保额度涉及资产负债率高达73.26%和98.87%的子公司，对母公司的财务状况存在一定风险。若被担保子公司无法按期偿还债务，母公司需承担连带责任。
• 担保额度上升和子公司高负债率，可能影响投资者对公司风险偏好，造成股价波动，尤其是在经济环境不确定性较高的背景下。
• 公司当前累计对外担保总额占净资产8.3%，处于合理区间，未出现逾期担保，历史风险控制较为稳健。
• 该议案尚需2025年年度股东大会审议批准，具体实施仍有不确定性，投资者需关注后续进展。

董事会意见

公司第十一届董事会第四次会议已经全票通过本次担保议案，认为担保具备必要性和合理性，有助于子公司融资和主营业务开展，符合公司整体利益。公司表示将密切关注被担保对象的经营、财务和资信状况，强化风险管理。

结论

宁波联合本次大额对子公司担保，尤其是对高负债率子公司，具有明显的潜在风险和战略意义，对公司未来业绩和资本结构或将带来影响，是投资者须重点关注的事项。建议投资者密切关注2025年年度股东大会该议案的审议情况及公司后续公告。

免责声明：本文仅为信息披露解读，不构成投资建议。投资有风险，决策需谨慎。

English Version

Ningbo United Group to Provide up to 500 Million Yuan Guarantees for Subsidiaries, Highlighting High Leverage Risks

Key Highlights

• Company proposes up to RMB 500 million in guarantees for subsidiaries for the 2025-2026 period.
• Some subsidiaries with asset-liability ratios over 70% are involved, implying potential risk exposure.
• Total outstanding guarantees reach RMB 283.5 million, 8.3% of latest audited net assets.
• Guarantee proposal unanimously approved by the Board, pending 2025 AGM approval.
• No overdue guarantee cases, indicating prudent past risk control.

Details of the Announcement

On April 14, 2026, Ningbo United Group Co., Ltd. (SSE: 600051) announced plans to provide up to RMB 500 million in guarantees for its majority-owned subsidiaries between the 2025 and 2026 Annual General Meetings. In addition, inter-subsidiary guarantees may reach up to RMB 50 million.

Guarantee Recipients and Amounts

• Ningbo United Construction Development Co., Ltd.: RMB 300 million guarantee, asset-liability ratio 73.26%, 100% held by the parent.
• Ningbo Economic & Technological Development Zone Thermal Power Co., Ltd.: RMB 200 million guarantee, asset-liability ratio 10.45%, 100% held by the parent.
• Wenzhou Xuhe Hotel Co., Ltd.: RMB 50 million guarantee, asset-liability ratio 98.87%, indirect holding.

All guarantees are without counter-guarantee, and may take the form of joint liability, pledge, or mortgage.

Key Financial Data

Investor Impact and Risk Alerts

• The guarantees involve subsidiaries with high leverage (73.26% and 98.87% asset-liability ratios), raising potential risk for the parent company. Default by these entities could result in significant obligations for the listed company.
• The increased guarantee exposure and high leverage at the subsidiary level may affect investor sentiment and the company’s share price, especially in a volatile macro environment.
• Current total guarantees represent 8.3% of net assets and are within reasonable limits, with no overdue guarantee cases reported.
• The proposal must be approved at the 2025 AGM, and implementation is subject to shareholder approval. Investors should watch for further developments.

Board Opinion

The company’s 11th Board unanimously approved the guarantee plan, citing necessity and strategic rationale. The Board asserts that guarantees will support subsidiary financing and business operations, and pledges close monitoring of the guaranteed entities’ financial and credit status.

Conclusion

Ningbo United’s substantial guarantee plan, especially involving highly leveraged subsidiaries, carries clear strategic and risk implications. This matter could influence future performance and capital structure, and is a key event for investors to monitor, especially the outcome of the 2025 AGM and subsequent company disclosures.

Disclaimer: This article is for information purposes only and does not constitute investment advice. Investing involves risks; please make decisions cautiously.

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