海航控股为北部湾航空5,100万元授信提供连带责任保证担保，累计担保额占净资产84.78%
海南航空控股股份有限公司（证券代码：600221，900945）于2026年7月23日发布公告，宣布公司将为控股子公司广西北部湾航空有限责任公司（以下简称“北部湾航空”）向桂林银行股份有限公司南宁五象支行申请的5,100万元人民币敞口授信贷款提供连带责任保证担保。本次担保事项属公司2026年度担保授权额度之内，无需再经董事会或股东大会审议。
一、担保事项主要内容
- 担保对象：北部湾航空，海航控股持股70%，广西北投民航投资有限公司持股30%。
- 担保金额：5,100万元人民币。本次担保后，公司实际为北部湾航空提供的担保余额达11,861.96万元。
- 担保方式：连带责任保证担保，公司与桂林银行签署《最高额保证合同》。
- 反担保安排：北部湾航空向公司提供连带责任的反担保。
- 担保期限：自合同生效之日起至主债务履行期届满后三年，如有分期或变更，以实际约定为准。
- 担保范围：涵盖主债权本金、利息、复利、罚息、违约金、损害赔偿金、汇率损失及实现债权的各项费用。
二、被担保人基本情况及财务状况
- 公司类型：控股子公司，注册资本3亿元，注册地为广西南宁市吴圩国际机场。
- 主营业务：公共航空运输、航空器维修、餐饮服务、货物运输代理、票务代理、技术进出口等。
- 财务数据：
- 2026年1-3月（未经审计）：
– 资产总额：575,910.12万元
– 负债总额：640,198.44万元
– 资产净额：-64,288.32万元（净资产为负）
– 营业收入：99,270.41万元
– 净利润：9,042.86万元 - 2025年度（经审计）：
– 资产总额：585,052.51万元
– 负债总额：658,383.69万元
– 资产净额：-73,331.18万元（净资产为负）
– 营业收入：354,870.53万元
– 净利润：10,048.92万元
重要提醒：北部湾航空资产负债率高于70%，净资产为负，偿债能力值得高度关注。
- 2026年1-3月（未经审计）：
三、累计对外担保及风险提示
- 累计对外担保：截至公告日，公司及控股子公司累计对外担保余额为446,367.57万元，占公司2025年经审计归母净资产的84.78%。
- 控股子公司担保：公司为控股子公司提供的担保余额同为446,367.57万元。
- 对控股股东及其关联人担保：余额为0。
- 逾期担保：公司及子公司无逾期担保情况。
- 风险提示：
- 本次担保及累计担保金额已超过公司最近一期经审计净资产的50%（实际为84.78%），属于高风险提示事项，可能影响投资者对公司偿债能力和财务安全的判断。
- 被担保子公司（北部湾航空）资产负债率超过70%，且为净资产为负的公司，意味着担保风险进一步放大。
- 虽然北部湾航空已向公司提供反担保，但在实际发生违约或债务风险时，反担保的实际保障能力仍取决于北部湾航空自身的经营与财务状况。
四、董事会及审批流程
- 公司于2025年12月1日召开董事会会议、12月17日召开股东大会，批准2026年度与控股子公司互保额度，总额度为95亿元（其中资产负债率70%以上子公司额度80亿元）。
- 上述授权内的担保事项不再另行召开董事会或股东大会审批。
五、投资者特别关注事项
- 本次担保事项及公司高额的累计对外担保余额，尤其是针对资产负债率极高、净资产为负的控股子公司，已构成重大风险提示。若北部湾航空经营继续恶化或出现违约，极有可能对海航控股自身的财务状况和股东权益造成不利影响，进而影响公司股价波动。
- 投资者需密切关注公司后续担保事项的履行情况，以及北部湾航空的偿债能力与经营状况变化。
免责声明
本新闻稿仅供投资者参考，不构成任何投资建议。海航控股及其控股子公司担保事项存在一定财务及法律风险，投资者应结合自身风险偏好及公司公告信息，审慎决策。公司实际情况以官方公告和定期报告为准。
English Version
Hainan Airlines Holding Provides RMB 51 Million Guarantee for Subsidiary Beibu Gulf Airlines, Total Guarantee Amount Reaches 84.78% of Net Assets – Investors Should Closely Monitor
Hainan Airlines Holding Co., Ltd. (SSE: 600221, 900945) announced on July 23, 2026, that it will provide a joint liability guarantee for its 70%-owned subsidiary, Guangxi Beibu Gulf Airlines Co., Ltd. (hereafter “Beibu Gulf Airlines”), on a RMB 51 million credit line from Guilin Bank Nanning Wuxiang Sub-branch. This guarantee is within the company’s 2026 authorized guarantee limit and does not require further board or shareholder approval.
1. Key Points of the Guarantee
- Guarantee Target: Beibu Gulf Airlines (70% owned by Hainan Airlines Holding, 30% by Guangxi Beitou Civil Aviation Investment).
- Guarantee Amount: RMB 51 million. After this guarantee, the total outstanding guarantee provided to Beibu Gulf Airlines reaches RMB 118.62 million.
- Guarantee Type: Joint liability guarantee, as per the Master Guarantee Agreement with Guilin Bank.
- Counter-Guarantee: Beibu Gulf Airlines has provided a joint liability counter-guarantee to the parent company.
- Guarantee Term: From contract effectiveness to three years after the main debt is due (with special terms for installment or changes).
- Guarantee Scope: Covers principal, interest, compound interest, penalty interest, damages, exchange loss, and all costs related to debt recovery.
2. Basic and Financial Information of the Guaranteed Entity
- Company Type: Subsidiary, registered capital RMB 3 billion, based in Nanning, Guangxi.
- Main Business: Public air transportation, aircraft maintenance, catering, cargo agency, ticketing, technical import/export, etc.
- Financials:
- Q1 2026 (unaudited):
– Total assets: RMB 5,759.1 million
– Total liabilities: RMB 6,401.98 million
– Net assets: RMB -642.88 million (negative net assets)
– Revenue: RMB 992.70 million
– Net profit: RMB 90.43 million - FY2025 (audited):
– Total assets: RMB 5,850.53 million
– Total liabilities: RMB 6,583.84 million
– Net assets: RMB -733.31 million (negative net assets)
– Revenue: RMB 3,548.71 million
– Net profit: RMB 100.49 million
Key risk: Beibu Gulf Airlines has a leverage ratio well above 70% and negative net assets, raising concerns about its repayment capability.
- Q1 2026 (unaudited):
3. Total Guarantees and Risk Alert
- Total Outstanding Guarantees: As of the announcement date, the company and its subsidiaries’ total guarantees stand at RMB 4,463.68 million, accounting for 84.78% of its 2025 audited net assets.
- Guarantees for Subsidiaries: All RMB 4,463.68 million outstanding guarantees are for subsidiaries.
- Guarantees for Controlling Shareholders and Related Parties: Zero.
- Overdue Guarantees: None.
- Risk Alert:
- This and cumulative guarantees have exceeded 50% of the latest audited net assets (actual: 84.78%), representing a significant risk that may impact investors’ perception of the company’s debt and financial security.
- The guaranteed subsidiary (Beibu Gulf Airlines) has a leverage ratio over 70% and negative net assets, further amplifying risk.
- Although counter-guarantee arrangements exist, actual recovery depends on Beibu Gulf Airlines’ operating and financial health.
4. Board Resolutions and Approval Process
- On December 1 and 17, 2025, the board and shareholders approved a total mutual guarantee limit of RMB 9.5 billion for 2026 (RMB 8 billion for subsidiaries with leverage >70%).
- No further board or shareholder meetings are needed for guarantees within this limit.
5. Points for Investors
- This guarantee and the high cumulative guarantee ratio, especially to a highly leveraged and negative net asset subsidiary, represent a significant risk. If Beibu Gulf Airlines’ operations deteriorate or default occurs, Hainan Airlines Holding’s own financials and shareholder value could be adversely affected, leading to share price volatility.
- Investors should closely monitor the performance of Beibu Gulf Airlines and the subsequent fulfillment of guarantee obligations.
Disclaimer
This news article is for informational purposes only and does not constitute investment advice. Hainan Airlines Holding and its subsidiaries face certain financial and legal risks regarding these guarantees. Investors should make decisions prudently based on their own risk tolerance and the company’s official disclosures.
