复星医药为控股子公司提供担保的最新进展公告——投资者视角详细分析

公告要点

• 复星医药（600196）及其控股子公司近期与多家银行及投资机构签订担保协议，为旗下控股子公司提供大额担保，涉及金额高达人民币及美元等多币种。
• 截至2026年6月12日，包括本次担保在内，复星医药集团实际对外担保金额折合人民币约21.64亿元，占2025年末集团经审计净资产的44.40%。
• 所有担保均在此前股东会授权额度范围内，无需董事会、股东会另行批准，担保对象均为集团控股子公司，风险相对可控。
• 本集团无逾期担保事项。

详细担保情况

担保对象及金额

• 复星实业（香港）有限公司：本次担保金额为人民币3.65亿元及4400万美元。集团为其实际已提供担保余额约4.55亿元。
• 复星医药产业发展（深圳）有限公司：本次担保金额为人民币1亿元，集团实际为其提供担保余额1亿元。
• 复星汉霖（成都）生物技术有限公司：本次担保金额为人民币4亿元，集团实际为其提供担保余额4亿元。
• 复星汉霖（深圳）生物技术有限公司：本次担保金额为人民币9240万元，集团实际为其提供担保余额3亿元。

担保协议具体内容

1. 复星实业（法国工商信贷银行、星展银行）
   • 签订《非承诺性授信函》与《保证合同一》、《保证合同二》，分别申请授信额度人民币3.65亿元及4400万美元，复星医药为其债务提供连带责任保证担保。
   • 担保期限最长达18个月（人民币授信），24个月（美元授信），担保期限自债务履行期满起三年。
2. 复星医药（深圳）（中国银行南头支行）
   • 申请流动资金贷款1亿元，复星医药为其提供连带责任保证担保，担保期限自债务履行期满起三年。
3. 汉霖成都（建设银行、成都策源优产基金）
   • 建设银行融资主合同本金不超过3亿元，复宏汉霖为其提供最高额连带责任保证担保。
   • 成都策源优产基金可转债投资协议，第一期可转债金额1亿元，复宏汉霖按持股比例为其提供担保，担保期限为可转债相关债务履行期满后六个月。
4. 汉霖深圳（中国银行坪山支行）
   • 流动资金贷款9240万元，复宏汉霖为其提供连带责任保证担保，担保期限自债务履行期满起三年。

股东会授权担保额度及使用情况

• 2024年度股东会已授权集团担保额度不超过35.05亿元（含本公司及控股子公司、资产负债率70%以上控股子公司）。
• 截至公告日已使用担保额度9.22亿元，剩余可用担保额度25.83亿元。

被担保公司财务状况

对投资者和股东影响——潜在价格敏感信息

• 本次公告涉及担保金额巨大，已占上市公司净资产44.40%，集团担保风险提升，需警惕控股子公司经营风险对集团财务的潜在影响。
• 被担保公司有部分出现持续亏损（如汉霖成都、复星医药深圳、汉霖深圳），担保风险需持续关注。
• 担保事项均为集团内控股子公司，担保风险可控，但如子公司经营恶化可能影响上市公司整体财务状况，进而影响股价。
• 目前无逾期担保，显示集团风险管理能力较强。
• 担保额度使用率约26%，显示集团尚有较大余地支持子公司发展，但也反映集团对子公司资金需求较大，投资者需关注集团现金流和财务稳健性。
• 本次担保均为经营需要，无反担保安排。

董事会意见

• 董事会认为本次担保发生于经股东会批准的额度范围内，担保对象为控股子公司，风险可控，全体董事一致同意。
• 本次担保无需董事会另行批准。

结论

本次公告披露复星医药集团对控股子公司大额担保的最新进展，担保金额占净资产比例较高，部分被担保公司出现亏损，担保风险需持续关注。公告内容对投资者具有高度价格敏感性，建议投资者密切关注集团控股子公司经营情况及集团整体财务稳健性。

免责声明

本文章仅为信息整理及投资参考，不构成任何投资建议或买卖股票的建议。投资者应结合自身情况及市场环境，谨慎决策。公告内容如有更新或变动，请以公司正式公告为准。

English Version

Fosun Pharma’s Progress Announcement on Guarantees for Subsidiaries – In-depth Investor Perspective

Key Points of the Announcement

• Fosun Pharma (600196) and its subsidiaries recently entered into guarantee agreements with several banks and investment institutions, providing substantial guarantees for its subsidiaries, involving large sums in RMB and USD.
• As of June 12, 2026, including this round, the group’s actual external guarantee amount is about RMB 2.164 billion, accounting for 44.40% of the group’s audited net assets at the end of 2025.
• All guarantees are within the previously authorized limit by the shareholders’ meeting, requiring no further board or shareholder approval. All guarantee targets are group subsidiaries, and the risk is relatively controllable.
• No overdue guarantees within the group.

Detailed Guarantee Situation

Guarantee Targets and Amounts

• Fosun Industrial (Hong Kong) Limited: Guarantee amount this round RMB 365 million and USD 44 million. The group has actually provided a guarantee balance of about RMB 455 million.
• Fosun Pharma Industry Development (Shenzhen) Co., Ltd.: Guarantee amount RMB 100 million, guarantee balance RMB 100 million.
• Fosun Hanlin (Chengdu) Biotechnology Co., Ltd.: Guarantee amount RMB 400 million, guarantee balance RMB 400 million.
• Fosun Hanlin (Shenzhen) Biotechnology Co., Ltd.: Guarantee amount RMB 92.4 million, guarantee balance RMB 300 million.

Specific Guarantee Agreements

1. Fosun Industrial (Crédit Industriel et Commercial, DBS Bank)
   • Signed “Non-commitment Credit Letter” and Guarantee Contracts I & II, applying for credit lines RMB 365 million and USD 44 million respectively, Fosun Pharma provides joint liability guarantee for debts.
   • Guarantee period up to 18 months (RMB credit), 24 months (USD credit), guarantee period is three years from debt maturity.
2. Fosun Pharma (Shenzhen) (Bank of China Nantou Branch)
   • Applied for a working capital loan RMB 100 million, Fosun Pharma provides joint liability guarantee, guarantee period is three years from debt maturity.
3. Hanlin Chengdu (CCB, Chengdu Ceyuan Fund)
   • CCB financing contract principal up to RMB 300 million, Fuhong Hanlin provides maximum joint liability guarantee.
   • Chengdu Ceyuan Fund convertible bond investment agreement, first phase convertible bond RMB 100 million, Fuhong Hanlin provides guarantee based on shareholding ratio, guarantee period is six months after debt maturity.
4. Hanlin Shenzhen (Bank of China Pingshan Branch)
   • Working capital loan RMB 92.4 million, Fuhong Hanlin provides joint liability guarantee, guarantee period is three years from debt maturity.

Shareholder Meeting Authorized Guarantee Limit and Usage

• 2024 shareholder meeting authorized group guarantee limit up to RMB 3.504 billion (including company and subsidiaries, subsidiaries with asset-liability ratio above 70%).
• As of the announcement date, RMB 921.8 million guarantee limit used, remaining RMB 2.583 billion available.

Financial Status of Subsidiaries Being Guaranteed

Potentially Price-sensitive Information for Investors & Shareholders

• This announcement covers a sizeable guarantee amount, occupying 44.40% of the company’s net assets, indicating an increase in the group’s guarantee risk. Watch for subsidiary operational risks impacting the group’s finances.
• Several subsidiaries being guaranteed are incurring ongoing losses (e.g., Hanlin Chengdu, Fosun Pharma Shenzhen, Hanlin Shenzhen), so guarantee risk needs continuous monitoring.
• Guarantees are all within the group and for subsidiaries, so risk is controllable, but if subsidiary operations deteriorate, it could impact the listed company’s financial status and share price.
• No overdue guarantees, showing management strength in risk control.
• The guarantee limit usage rate is about 26%, showing the group has substantial room to support subsidiaries, but also reflects significant capital needs. Investors should keep an eye on group cash flow and financial stability.
• All guarantees are for operational needs and have no counter-guarantee arrangements.

Board Opinion

• The board believes all guarantees are within the approved limit, for subsidiaries, and risk is controllable. All directors unanimously agreed.
• No further board approval required for these guarantees.

Conclusion

This announcement details Fosun Pharma’s latest guarantees for its subsidiaries, with guarantee amounts accounting for a high proportion of net assets and some subsidiaries incurring losses. Guarantee risk should be closely watched. The announcement is highly price-sensitive for investors, who should pay close attention to the operational status of subsidiaries and the group’s overall financial stability.

Disclaimer

This article is for information collation and investment reference only and does not constitute any investment advice or recommendation to buy or sell stocks. Investors should make decisions prudently in light of their own situation and market environment. If the announcement is updated or changed, please refer to the official company disclosure.

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