福田汽车（600166）发布2026年5月度担保进展公告，担保余额达重要阈值
要点概述
- 福田汽车2026年5月度在年度担保计划范围内新增担保金额5.6454亿元。
- 截至2026年5月底，公司及控股子公司对外担保余额达到131.19亿元，占最近一期经审计净资产的84.00%，回购责任余额59.39亿元，占净资产的38.03%。
- 本次公告涉及担保对象为安鹏融资租赁（天津）有限公司（安鹏天津）和北京中车信融融资租赁有限公司（中车信融），均为公司控股股东北京汽车集团有限公司实际控制的关联方。
- 本次对资产负债率高于70%的单位提供担保，且担保额度与余额之和超过公司净资产100%，触及多项风险警示阈值。
- 公司无逾期担保，所有担保均在股东会批准的年度授权范围内。
详细内容
1. 担保对象及金额
本月新增担保主要对象为安鹏天津与中车信融，具体情况如下：
- 安鹏天津：本次担保金额0.9818亿元，至5月底实际担保余额85.54亿元。该公司为福田汽车关联方，由北京安鹏中融汽车新零售科技有限公司全资持股。
- 中车信融：本次担保金额4.6636亿元，至5月底实际担保余额包含在安鹏中融及其下属子公司的合并口径中。该公司同样为关联方。
本次担保均有反担保安排，安鹏天津和中车信融均提供反担保措施，进一步降低福田汽车的潜在风险。
2. 累计担保情况与风险
截至2026年5月底，福田汽车及控股子公司对外担保余额达131.19亿元（不含回购责任），占净资产84.00%；回购责任余额59.39亿元，占净资产38.03%。其中，对控股股东和实际控制人及其关联人提供的担保余额为85.54亿元，占净资产54.77%。这些数据均在年度股东会批准的范围之内，但已接近或超过多个监管关注的红线阈值，提示担保风险正在累积。
特别需要注意的是，公告勾选了多项风险提示，包括：
- 合并报表外单位已批准担保额度内尚未使用额度与担保实际发生余额之和达到或超过净资产30%。
- 已批准担保额度内尚未使用额度与担保实际发生余额之和超过净资产100%。
- 本次对资产负债率超过70%的单位提供担保。
3. 被担保方财务状况
被担保方财务数据如下（未经审计的2026年一季度及2025年经审计数据）：
- 安鹏天津：2026年1-3月资产总额14.40亿元，负债9.50亿元，净资产4.90亿元，净利润149万元。
- 中车信融：2026年1-3月资产总额144.76亿元，负债126.97亿元，净资产17.79亿元，净利润1,711万元。
两家公司资产负债率较高，盈利能力有限。
4. 担保协议主要内容
- 安鹏天津担保为中国民生银行北京分行融资，金额0.9818亿元，由福田汽车及北京汽车集团分别按照股比提供连带责任保证，安鹏天津提供反担保。
- 中车信融担保为天弘创新资产管理公司，担保金额4.6636亿元，为差额支付承诺，福田汽车及北京汽车集团按照股比同顺序承担支付义务。
5. 担保必要性与合理性分析
公司表示，担保主要用于支持产品销售及供应链金融，提升销售和供应链竞争力。公司已充分评估相关被担保方的偿债能力和盈利能力，认为风险可控，担保行为符合公司整体利益，不会损害股东权益。公司将持续关注相关企业经营状况，及时防范风险。
6. 投资者关注事项及潜在影响
- 本次公告表明公司担保风险已达较高水平，需引起投资者高度关注。
- 担保余额与净资产比例持续高企，若被担保方出现财务问题，或可能对公司财务状况造成重大影响。
- 所有担保均在股东会授权范围内，且公司当前无逾期担保，但高担保余额可能影响市场对公司风险偏好与估值。
结论
福田汽车当前对外担保规模庞大，触及多项监管红线，且主要担保对象为关联企业，资产负债率均较高。投资者应持续关注相关风险事项，公司后续风险防控能力将直接关系到其财务安全和市值表现。
免责声明：本文仅为信息披露摘要，具体内容以公司公告为准，不构成任何投资建议。投资有风险，入市需谨慎。
English Translation
Foton Motor (600166) Releases May 2026 Guarantee Progress: Guarantee Balance Reaches Significant Thresholds
Key Highlights
- In May 2026, Foton Motor added RMB 564.54 million in new guarantees within the approved annual plan.
- As of the end of May 2026, the company and its subsidiaries’ external guarantee balance reached RMB 13.119 billion, accounting for 84.00% of the latest audited net assets. The repurchase obligation balance was RMB 5.939 billion, 38.03% of net assets.
- The guarantees mainly involve Anpeng Financial Leasing (Tianjin) Co., Ltd. (Anpeng Tianjin) and Beijing CRRC Xinfeng Financial Leasing Co., Ltd. (CRRC Xinfeng), both affiliated parties under the control of BAIC Group, Foton’s controlling shareholder.
- This month’s guarantee includes parties with asset-liability ratios above 70%, and the approved but unused guarantee limit plus the actual balance has exceeded 100% of net assets—triggering multiple regulatory risk warnings.
- No overdue guarantees at present; all guarantees are within the scope authorized by the shareholders’ meeting.
Details
1. Guarantee Recipients and Amounts
Newly added guarantees in May target Anpeng Tianjin and CRRC Xinfeng:
- Anpeng Tianjin: Guarantee amount this month is RMB 98.18 million, with an actual guarantee balance of RMB 8.554 billion as of end-May. Wholly owned by Beijing Anpeng Zhongrong Auto New Retail Technology Co., Ltd.
- CRRC Xinfeng: Guarantee amount this month is RMB 466.36 million, included in the combined balance of Anpeng Zhongrong and its subsidiaries. Also an affiliated party.
Both guarantees are backed by counter-guarantees from the recipients, reducing Foton Motor’s risk exposure.
2. Cumulative Guarantee and Risks
As of the end of May 2026, Foton Motor and its subsidiaries’ external guarantee balance (excluding repurchase obligations) reached RMB 13.119 billion (84.00% of net assets); repurchase obligation balance was RMB 5.939 billion (38.03%). The guarantee for the controlling shareholder and its affiliates was RMB 8.554 billion (54.77% of net assets). While within the scope approved by shareholders, these figures approach or exceed several regulatory thresholds—indicating an accumulation of guarantee risk.
Notably, the announcement highlights several risk alerts:
- Approved but unused guarantee limit plus actual guarantee balance for unconsolidated entities has reached or exceeded 30% of net assets.
- Same sum has exceeded 100% of net assets.
- Guarantees are provided to entities with asset-liability ratios above 70%.
3. Financial Status of Guarantee Recipients
Key financial data (unaudited Q1 2026 and audited FY 2025):
- Anpeng Tianjin: Q1 2026 total assets RMB 1.44 billion, liabilities RMB 950 million, net assets RMB 490 million, net profit RMB 1.49 million.
- CRRC Xinfeng: Q1 2026 total assets RMB 14.476 billion, liabilities RMB 12.697 billion, net assets RMB 1.779 billion, net profit RMB 17.11 million.
Both have relatively high leverage and modest profitability.
4. Main Terms of Guarantee Agreements
- Anpeng Tianjin’s guarantee is for financing from China Minsheng Bank Beijing Branch, amounting to RMB 98.18 million, with joint and several liability guarantees provided by Foton and BAIC Group according to equity ratio; Anpeng Tianjin provides a counter-guarantee.
- CRRC Xinfeng’s guarantee is for Tianhong Innovative Asset Management, amounting to RMB 466.36 million, with Foton and BAIC Group jointly undertaking payment obligations according to equity ratio; Anpeng Zhongrong provides a counter-guarantee.
5. Necessity and Reasonableness of the Guarantee
The company states these guarantees primarily support product sales and supply chain finance, aiming to enhance sales and supply chain competitiveness. After comprehensive evaluation of the recipients’ solvency and profitability, the company deems the risks controllable and the guarantees in the best interest of shareholders. Ongoing risk monitoring is promised.
6. Investor Attention and Potential Impact
- This update signals that Foton Motor’s guarantee risk has reached relatively high levels, warranting investor attention.
- Should the guarantee recipients experience financial distress, Foton’s financial situation could face material impact.
- While all guarantees are currently authorized and there are no overdue items, the high guarantee balance may affect market risk appetite and valuation.
Conclusion
Foton Motor’s external guarantee scale is significant, with multiple regulatory red lines touched and major recipients being high-leverage affiliates. Investors should closely monitor these risks, as future risk control will be crucial for the company’s financial security and market valuation.
Disclaimer: This article is a summary of information disclosures only. Please refer to the official company announcements for exact details. This does not constitute investment advice. Investment involves risks—proceed with caution.
