巨化股份为控股子公司甘肃巨化新材料有限公司提供担保进展公告——投资者深度解读
一、公告要点汇总
- 担保金额及对象：浙江巨化股份有限公司（以下简称“巨化股份”）为控股子公司甘肃巨化新材料有限公司（以下简称“甘肃巨化公司”）新提供担保金额34,953.43万元。
- 实际担保余额：剔除本次担保后，巨化股份对甘肃巨化公司的实际担保余额为140,504.30万元。
- 累计担保情况：公司及控股子公司对外担保余额为241,857.32万元，对外担保总额为1,109,975.60万元，占2025年末经审计净资产的47.22%。
- 担保期限：本次担保期限为12年，为连带责任保证担保。
- 担保范围：包括贷款本金、利息（含复利和罚息）、违约金、赔偿金、相关费用及银团贷款文件下所有应付款项。
- 被担保人情况：甘肃巨化公司为巨化股份控股子公司，持股70%，2026年3月末资产总额68.51亿元，资产负债率为30.75%。
- 董事会决议：2026年4月21日董事会一致通过，授权管理层在额度内调整相关担保安排。
- 无逾期担保：截至公告日，公司无对外逾期担保。
二、公告详情与投资者值得关注的重点
1. 本次担保对公司财务和经营的影响
巨化股份此次为甘肃巨化公司提供34,953.43万元的连带责任保证担保，担保期限长达12年。此次担保是基于中国银行股份有限公司衢州市分行等多家银行组成的银团贷款需求，主要用于支持甘肃巨化公司日常经营及项目建设。担保有助于子公司的资金安排与扩张，增强整体集团的市场竞争力与可持续发展能力。
2. 担保风险与控制措施
虽然担保金额巨大，占净资产比例显著（本次担保余额占净资产7.46%，累计担保总额占净资产47.22%），但全部担保对象均为巨化股份合并报表范围内的控股子公司，资产负债率仅为30.75%，且公司无逾期担保，风险总体可控。
3. 可能影响股价的敏感信息
- 担保规模大、期限长：此次担保及累计担保额度较大，且期限长达12年，投资者需关注未来甘肃巨化公司的经营稳定性以及可能带来的财务负担。
- 资产负债结构稳健：甘肃巨化公司资产负债率较低，巨化股份对子公司持股比例高达70%，有利于对子公司的控制和风险管理。
- 近期财务表现：甘肃巨化公司2025年出现亏损（净利润为-2,992.95万元，2026年一季度亏损-970.79万元），投资者需关注后续经营改善情况。
- 董事会与股东会高度支持：担保事项获得董事会和股东会批准，显示公司治理层对该项目的重视及信心。
- 无逾期担保，风险总体可控：公告明确公司无逾期担保，且全部为内部控股子公司，有利于投资者信心。
三、银团贷款与担保结构详解
本次担保涉及的银团成员包括中国银行、建设银行、农业银行、工商银行、进出口银行、交通银行、浦发银行、民生银行、甘肃银行、浙商银行等多家国有及股份制银行，表明融资渠道多元且银行体系对项目支持度高。
担保范围广，除贷款本金利息外，还覆盖违约金、赔偿金、法律文书迟延履行期间加倍利息、各种实现债权费用。这意味着一旦子公司违约，巨化股份将承担较大财务责任，需密切关注子公司运营表现。
四、被担保主体甘肃巨化新材料有限公司经营情况
- 成立时间：2023年3月15日
- 注册资本：60亿元
- 经营范围：发电、输变配电、道路货运、化工产品生产与销售、新材料及新兴能源研发等
- 2026年3月31日资产总额：68.51亿元，净资产47.44亿元
- 2025年度及2026年一季度净利润均为负，需关注后续扭亏能力
五、总结与投资建议
巨化股份此次为控股子公司提供大额、长周期担保，显示公司对甘肃巨化项目发展的高度重视和信心。虽然累计担保规模较大，短期或引发市场对公司风险承受能力的关注，但子公司资产结构较为稳健，且集团内控较强，风险总体可控。投资者需持续跟踪甘肃巨化公司的盈利能力和项目进展，关注未来业绩改善及对集团整体利润的贡献情况。
六、免责声明
本文内容仅供投资者参考，不构成任何投资建议。投资有风险，决策需谨慎。请以公司正式公告为准。
English Version
Juhua Co., Ltd. Provides Guarantee for Subsidiary Gansu Juhua New Materials Co., Ltd. – Investor In-Depth Analysis
1. Highlights of the Announcement
- Guarantee Amount and Target: Juhua Co., Ltd. (hereinafter referred to as “Juhua”) provides a new guarantee of RMB 349.53 million for its subsidiary Gansu Juhua New Materials Co., Ltd. (“Gansu Juhua”).
- Actual Guarantee Balance: Excluding this guarantee, the actual outstanding guarantee balance for Gansu Juhua is RMB 1.405 billion.
- Cumulative Guarantee: The company and its subsidiaries have an outstanding guarantee balance of RMB 2.418 billion, with a total approved guarantee amount of RMB 11.09 billion, accounting for 47.22% of 2025 audited net assets.
- Guarantee Term: The guarantee is valid for 12 years as a joint and several liability guarantee.
- Scope of Guarantee: Covers loan principal, interest (including compound and penalty interest), default penalties, compensation, relevant fees, and all payable items under the syndicate loan documents.
- Guaranteed Entity Status: Gansu Juhua is a 70%-owned subsidiary, with total assets of RMB 6.85 billion and an asset-liability ratio of 30.75% as of March 2026.
- Board Resolution: On April 21, 2026, the board unanimously approved and authorized management to make adjustments within the guarantee quota.
- No Overdue Guarantees: As of the announcement date, the company has no overdue guarantees.
2. Details & Investor Sensitive Points
1. Impact on Financials and Operations
Juhua is providing a 12-year joint guarantee, totaling RMB 349.53 million, to support a multi-bank syndicate loan for its subsidiary Gansu Juhua, aimed at supporting daily operations and project construction. This move helps the subsidiary with its funding needs, potentially strengthening the group’s market position and future development.
2. Guarantee Risk and Controls
Although the guarantee amount is significant (current guarantee balance is 7.46% of net assets, total guarantee balance is 47.22%), all guarantees are for consolidated subsidiaries, and the asset-liability ratio (30.75%) is relatively low. The company has no overdue guarantees, so risk is generally controllable.
3. Potential Price-Sensitive Information
- Large, Long-Term Guarantee: The scale and duration may raise concerns about future operational stability and potential financial burden.
- Stable Asset Structure: Gansu Juhua has a low debt ratio, and Juhua holds a 70% stake, ensuring strong control.
- Recent Losses: Gansu Juhua posted net losses in 2025 (-RMB 29.9 million) and Q1 2026 (-RMB 9.7 million), so investors should monitor future performance improvements.
- Strong Governance Support: The guarantee was approved by the board and shareholders, reflecting management confidence.
- No Overdue Guarantees: All guarantees are internal, and no overdue cases exist, which is positive for investor sentiment.
3. Details on the Syndicated Loan & Guarantee Structure
The syndicate includes major state-owned and joint-stock banks, indicating broad financial support. The guarantee covers not only principal and interest but also a wide range of related costs, meaning Juhua may face significant liability if the subsidiary defaults. Investors should closely monitor the subsidiary’s performance.
4. Performance of Gansu Juhua New Materials Co., Ltd.
- Established: March 15, 2023
- Registered Capital: RMB 6 billion
- Business Scope: Power generation, distribution, transport, chemical production and sales, new materials & energy R&D
- Total assets (Mar. 2026): RMB 6.85 billion; Net assets: RMB 4.74 billion
- Net losses for 2025 and Q1 2026; profitability improvement needs attention
5. Conclusion & Investor Advice
Juhua’s substantial, long-term guarantee demonstrates its commitment to the Gansu Juhua project. While the guarantee scale may raise some investor risk concerns, the subsidiary’s financial structure is currently robust, and internal controls are strong. Investors should continue to monitor Gansu Juhua’s performance and its impact on group profitability.
6. Disclaimer
This article is for reference only and does not constitute investment advice. Please refer to official company announcements and exercise caution in investment decisions. Investment involves risks.
