道恩股份为孙公司提供担保进展公告——投资者详细解读

重点摘要

• 道恩股份（证券代码：002838）2025年度预计为子公司和孙公司提供总计不超过人民币1.323亿元的担保额度。
• 本次公告涉及为孙公司道恩周氏（青岛）复合包装材料有限公司提供最高额不超过1000万元的担保，担保方式为连带责任保证。
• 公司及子公司截至公告日累计对外担保总额为人民币9.755亿元，占公司最近一期经审计归属于上市公司股东净资产的26.80%。
• 目前无逾期担保、涉及诉讼的对外担保及因担保被判决败诉而应承担损失的情形。

公告详细解读

担保额度与结构
道恩股份为满足子公司、孙公司日常运营及项目建设资金需求，2025年度预计为其提供总计人民币1.323亿元的担保额度。其中，资产负债率大于等于70%的子公司、孙公司担保额度不超过1.133亿元，资产负债率低于70%者不超过1900万元。担保额度可循环使用，实际余额不超过1.323亿元。担保期限自2024年度股东大会审议通过之日起至2025年度股东大会召开之日止。公司可根据实际业务发展情况在合并报表范围内调剂担保额度。

最新担保进展
2026年4月29日，道恩股份与青岛银行股份有限公司即墨支行签署《最高额保证合同》，为孙公司道恩周氏（青岛）复合包装材料有限公司提供最高额不超过1000万元的担保。担保范围包括主债权本金、利息、罚息、复利、违约金、损害赔偿金、以及实现债权的一切费用（如诉讼、仲裁、律师费等）。主债权发生期间为2026年4月29日至2029年4月28日，保证期间为主合同债务履行期限届满之日起三年，担保方式为连带责任保证。

风险控制与资信情况
道恩周氏复合是公司控股子公司山东道恩周氏包装有限公司的全资子公司，资信状况良好，具备良好的偿还能力。此外，道恩周氏股东青岛百利佳经济咨询服务有限公司及其实际控制人周锐、王玉萍也按持股比例提供同等担保。公司认为担保风险可控，不存在损害上市公司利益的情形。

累计担保情况与潜在影响
截至公告日，公司及子公司累计对外担保总额为人民币9.755亿元（含本次担保），占公司最近一期经审计归属于上市公司股东净资产的26.80%。公司及子公司无对外担保的情形，也无逾期担保、涉及诉讼的对外担保及因担保被判决败诉而应承担损失的情况。

对股东和投资者的影响

• 公司担保额度较大，累计担保金额已达到净资产的26.80%，投资者需关注公司整体财务风险管理及子公司偿债能力。
• 本次担保风险可控，且孙公司资信良好，实际控制人提供同等担保，有助于降低潜在风险。
• 若未来出现担保事项违约或公司担保压力增加，可能对股价造成压力，投资者需持续关注公司后续公告。
• 目前未发生逾期担保或诉讼，短期内对公司运营及股东利益影响较小。

免责声明

本文仅为对道恩股份公告内容的投资者解读，不构成投资建议。投资者应结合自身风险偏好及公司最新公告进行决策。公司担保事项及财务状况请持续关注官方公告及定期报告。

English Version

Detailed Investor Analysis: Dawn Polymer’s Guarantee Progress Announcement

Key Highlights

• Dawn Polymer (stock code: 002838) plans to provide up to RMB 132.3 million in guarantees for subsidiaries and sub-subsidiaries in 2025.
• This announcement concerns a maximum RMB 10 million guarantee for sub-subsidiary Dawn Zhou’s (Qingdao) Composite Packaging Materials Co., Ltd., in the form of joint liability guarantee.
• As of the announcement date, the company and its subsidiaries have a total external guarantee amount of RMB 975.5 million, accounting for 26.80% of the latest audited net assets attributable to shareholders.
• There are currently no overdue guarantees, guarantees involved in lawsuits, or losses due to guarantee failures.

Full Announcement Analysis

Guarantee Limit and Structure
To meet operational and project funding needs, Dawn Polymer plans to provide up to RMB 132.3 million in guarantees for subsidiaries and sub-subsidiaries in 2025. Up to RMB 113.3 million for those with debt-to-asset ratios ≥70%, and RMB 19 million for those below 70%. The guarantee limit is recyclable; actual balance does not exceed RMB 132.3 million. The guarantee period starts from the 2024 AGM approval until the 2025 AGM. The company may adjust guarantee allocation according to business needs within the consolidated scope.

Latest Guarantee Progress
On April 29, 2026, Dawn Polymer signed a “Maximum Guarantee Contract” with Qingdao Bank Jimo Branch, providing up to RMB 10 million guarantee for sub-subsidiary Dawn Zhou’s (Qingdao) Composite Packaging Materials. The guarantee covers principal, interest, penalty interest, compound interest, damages, and all costs (including legal, arbitration, preservation, insurance, travel, execution, evaluation, auction, transfer, notarization, delivery, announcement, mailing fees, etc.), as well as other amounts payable to creditors. Main debt period: April 29, 2026, to April 28, 2029; guarantee period: three years after the main contract debt’s expiry. Guarantee method: joint liability.

Risk Control and Credit Status
Dawn Zhou’s (Qingdao) Composite Packaging is a wholly owned sub-subsidiary of Shandong Dawn Zhou’s Packaging Co., Ltd., which is controlled by Dawn Polymer. The company states the sub-subsidiary has strong credit and repayment abilities. Additionally, Dawn Zhou’s shareholders Qingdao Bailijia Economic Consulting and actual controllers Zhou Rui and Wang Yuping provide equal guarantees according to their shareholding. Risks are considered controllable, with no harm to shareholder interests.

Cumulative Guarantee and Potential Impact
As of the announcement, total external guarantees by the company and subsidiaries are RMB 975.5 million (including this guarantee), accounting for 26.80% of the latest audited net assets. There are no external guarantees outside the consolidated scope, no overdue guarantees, no guarantees involved in lawsuits, and no losses due to guarantee failures.

Implications for Shareholders and Investors

• The company’s guarantee amount is significant, reaching 26.80% of net assets; investors should monitor overall financial risk management and subsidiary repayment capabilities.
• This guarantee is considered low risk, with strong credit of the sub-subsidiary and equal guarantees from actual controllers, reducing potential risk.
• If future guarantee defaults or increased pressure occur, share price may be affected; investors should watch for further announcements.
• No overdue or lawsuit-related guarantees so far; short-term impact on operations and shareholder interests is minimal.

Disclaimer

This article is an investor interpretation of Dawn Polymer’s announcement and does not constitute investment advice. Please refer to official disclosures and reports for decisions. Guarantee matters and financial status should be monitored for updates.

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