凤凰光学股份有限公司2026年度对外担保预计公告深度解读

要点概述

• 公告对象：江西凤凰光学科技有限公司（以下简称“凤凰科技”），为凤凰光学股份有限公司（以下简称“公司”）的全资子公司。
• 担保总额：2026年度预计对凤凰科技提供连带责任保证担保，担保总额不超过24,148万元。截止公告日，已为其实际提供担保余额为24,148万元。
• 反担保情况：无反担保措施。
• 资产负债率高企风险：截至2025年12月31日，凤凰科技资产负债率高达86.87%，投资者需高度关注相关风险。
• 担保议案审批流程：董事会已审议通过，尚需提交股东大会审议。
• 对公司财务影响：目前全部对外担保均为全资子公司，担保金额占公司最近一期净资产的47.31%，无逾期担保。

详细内容

一、担保情况概述

公司拟根据2026年度凤凰科技的生产经营资金需求，为其与多家金融机构建立综合授信关系，提供最高不超过24,148万元的连带责任保证担保。此额度为全年预计最高值，实际担保金额取决于凤凰科技与金融机构的具体借款发生额。

二、董事会审议情况

2026年4月18日，公司召开第九届董事会第十七次会议，审议通过了《公司2026年度对外担保预计的议案》，同意为凤凰科技提供不超过24,148万元的担保。该议案仍需提交公司股东大会审议。

三、担保预计基本情况

四、被担保人基本情况

• 企业名称：江西凤凰光学科技有限公司
• 统一社会信用代码：913611007697724480
• 成立时间：2005年
• 注册资本：13,488.01万元
• 注册地址：江西省上饶市
• 法定代表人：高波
• 主营业务：光学元件、光学镜头、光电模组、智能控制器、光学仪器零配件等产品的生产和销售。

主要财务数据：

五、担保协议主要内容

凤凰科技拟向金融机构申请综合授信，由公司提供连带责任保证担保，授信总额不超过24,148万元。其中，电科财务公司不超过14,148万元，海康集团委托贷款不超过10,000万元。
特别提示：本事项尚未经过公司股东会审议，具体担保协议尚未签署，公司将根据子公司实际资金需求安排相关担保。

六、担保的必要性和合理性

公司现有担保均为向全资子公司提供，目的是支持子公司生产经营发展，有助于公司业务正常开展，不会损害公司及股东利益。公司对子公司的偿还能力有充分了解，财务风险处于可控范围内。

七、董事会意见

董事会认为此项担保有助于提升子公司经营效益，对公司正常经营不构成重大影响。会议审议时全票同意，无反对弃权票。

八、累计对外担保及逾期担保情况

截至2026年2月28日，公司累计对外担保24,148万元，全部为对全资子公司凤凰科技担保，占公司最近一期经审计净资产的47.31%。无逾期担保。

投资者需关注的风险与影响

• 高负债风险：凤凰科技资产负债率高达86.87%，虽然目前为公司全资子公司且无逾期担保，但高杠杆运作带来的财务风险不容忽视，可能对公司整体财务安全和信用评级产生影响。
• 大额担保比例：本次担保金额占公司净资产近一半（47.31%），若子公司经营出现波动或违约，公司需承担较大风险，可能对资本市场信心及公司股价造成压力。
• 后续需股东大会审议：该议案尚需股东大会表决，政策变数与股东意见有待关注，可能对市场情绪产生影响。
• 短期业绩波动：2026年1-2月凤凰科技净利润为-67.47万元，短期内存在业绩下滑压力。

结论

此次大额担保议案，虽为支持全资子公司发展，但因涉及高比例净资产担保及子公司高负债率，属于重要且可能对股价产生影响的事项。投资者需密切关注股东大会审议结果及后续担保执行情况，以及凤凰科技经营状况的变化。

免责声明：本文仅为信息披露和分析解读，不构成任何投资建议。投资者据此操作，风险自担。

English Version

Phoenix Optical Co., Ltd. 2026 External Guarantee Estimate Announcement – In-Depth Analysis

Key Highlights

• Target of Guarantee: Jiangxi Phoenix Optical Technology Co., Ltd. (“Phoenix Technology”), a wholly-owned subsidiary of Phoenix Optical Co., Ltd. (“the Company”).
• Total Guarantee Amount: For 2026, the Company plans to provide a joint liability guarantee for Phoenix Technology with a total ceiling of RMB 241.48 million. As of the announcement date, the actual balance of guarantees provided is also RMB 241.48 million.
• No Counter-Guarantee: No counter-guarantee measures are in place.
• High Leverage Risk: As of December 31, 2025, Phoenix Technology’s asset-liability ratio stood at 86.87%. Investors should be alert to the associated risks.
• Approval Process: The board has approved the proposal, but it still needs to be voted on at the general shareholders’ meeting.
• Financial Impact: All current external guarantees are for wholly-owned subsidiaries. The guarantee amount represents 47.31% of the company’s latest audited net assets. No overdue guarantees reported.

Details

1. Guarantee Overview

The company intends to provide up to RMB 241.48 million in joint liability guarantees for Phoenix Technology’s comprehensive credit lines with various financial institutions, based on its 2026 operational funding needs. The actual guarantee amount depends on the subsidiary’s actual borrowing.

2. Board Review

On April 18, 2026, the company’s 9th Board of Directors held its 17th meeting and approved the guarantee plan. The proposal will go to the shareholders’ meeting for final approval.

3. Guarantee Details

4. Subsidiary Profile

• Name: Jiangxi Phoenix Optical Technology Co., Ltd.
• Unified Social Credit Code: 913611007697724480
• Founded: 2005
• Registered Capital: RMB 134.88 million
• Registered Address: Shangrao, Jiangxi Province
• Legal Representative: Gao Bo
• Main Business: Production and sales of optical components, lenses, optoelectronic modules, intelligent controllers, and accessories for optical instruments.

Key Financials:

5. Main Guarantee Terms

Phoenix Technology plans to apply for comprehensive credit facilities, with the parent company providing joint liability guarantees up to RMB 241.48 million. This includes up to RMB 141.48 million for CETC Finance and up to RMB 100 million for Hikvision Group entrusted loans.
Note: The proposal has not yet been approved by the shareholders’ meeting and no detailed guarantee agreement has been signed.

6. Necessity and Rationale

All guarantees are for wholly-owned subsidiaries, supporting their business development. The company is familiar with the subsidiary’s repayment ability and considers the financial risk controllable.

7. Board Opinion

The Board unanimously supports the guarantee, seeing it as beneficial for the subsidiary’s performance and of no significant negative impact on the parent company.

8. Accumulated Guarantee and Overdue Status

As of February 28, 2026, the company’s cumulative external guarantees total RMB 241.48 million, all for Phoenix Technology, accounting for 47.31% of net assets. No overdue guarantees.

Risks and Market Sensitivity

• High Leverage Risk: With Phoenix Technology’s high asset-liability ratio (86.87%), there is notable financial risk, which could impact the group’s overall credit and stability.
• Significant Guarantee Exposure: The planned guarantee is nearly half of the parent’s net assets (47.31%), implying a substantial risk if the subsidiary defaults, potentially affecting investor confidence and share price.
• Pending Shareholder Vote: The guarantee is subject to approval at the shareholders’ meeting, and any changes or opposition could influence market sentiment.
• Short-term Performance Fluctuation: Phoenix Technology recorded a net loss of RMB 0.67 million for Jan-Feb 2026, highlighting short-term operational pressure.

Conclusion

This large guarantee proposal is significant and may impact share price given the high guarantee-to-net asset ratio and the subsidiary’s leverage. Investors should closely follow the shareholders’ meeting outcome, guarantee execution, and Phoenix Technology’s operational trends.

Disclaimer: This article is for information and analysis only and does not constitute investment advice. Investors should make decisions at their own risk.

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