赤天化为控股子公司提供担保最新进展，担保余额占净资产比例高达85.37%
要点概览
- 担保对象：贵州赤天化桐梓化工有限公司（公司全资子公司）
- 本次担保金额：8,400万元人民币
- 实际担保余额（不含本次担保）：74,900万元人民币
- 所有对外担保总额：193,807.44万元人民币
- 对外担保总额占公司最近一期经审计净资产的比例：85.37%
- 逾期担保金额：0万元，无逾期情况
- 本次担保无反担保措施
详细内容
1. 担保背景及进展
贵州赤天化股份有限公司（以下简称“公司”）于2025年7月15日与贵州银行桐梓县支行签订了编号为贵银遵义（桐梓）授2025071401高保01号的《最高额保证合同》，为其全资子公司贵州赤天化桐梓化工有限公司（以下简称“桐梓化工”）提供最高不超过8,400万元人民币的债权担保，债权发生期间为2025年7月14日至2026年7月13日。
鉴于上述担保于2026年7月13日到期，为延续担保关系，2026年7月2日，桐梓化工归还贵州银行7,000万元流动资金贷款后，银行向其发放了5,080万元新贷款，各方重新签署了编号为贵银遵义（桐梓）授2026062901高保01号的《最高额保证合同》，担保主债权额仍为8,400万元，债权期间为2026年7月9日至2028年7月8日。当前，银行授信额度为7,000万元。
2. 内部决策流程完备
公司于2026年4月27日召开董事会，并于2026年5月18日召开股东大会，审议通过了为子公司和孙公司提供额度不超过344,000万元人民币的担保方案。本次担保属董事会及股东大会授权范围内，无需额外召开临时会议。
3. 被担保子公司基本情况
- 被担保人：贵州赤天化桐梓化工有限公司
- 类型：公司全资子公司
- 法定代表人：吴德礼
- 注册资本：422,800万元人民币
- 经营范围：肥料及化工产品生产销售、技术服务、煤炭洗选与销售、机动车修理等（危险化学品生产须经批准）
- 财务数据（单位：万元）：
- 截至2026年3月31日（未经审计）：资产总额276,061，负债总额111,840.79，净资产164,220.21，营业收入53,801.17，净利润3,872.74
- 截至2025年12月31日（经审计）：资产总额274,067.05，负债总额113,871.14，净资产160,195.92，营业收入195,874.94，净利润6,113.51
4. 担保协议的主要条款
担保人为贵州赤天化股份有限公司和安佳矿业（全资子公司），担保方式为连带责任保证，主要范围包括主合同项下本金、利息、罚息、复利、违约金、损害赔偿金及实现债权的一切费用。保证期间自每笔业务还款期届满之日起三年。截止2026年7月21日，桐梓化工已累计提取贷款5,080万元，公司及安佳矿业提供了连带责任保证担保。
5. 担保的必要性及合理性
本次担保属于公司年度会议授权的范围，主要为满足子公司日常经营资金需求。公司为合并报表范围内全资子公司担保，能够有效控制风险，且不存在损害中小股东利益情形。公司管理层认为本次担保具有必要性和合理性，担保风险可控。
6. 担保规模及潜在风险
- 公司及控股子公司对外担保总额：193,807.44万元，占净资产85.37%
- 实际担保余额：121,892.86万元，占净资产53.69%
- 担保对象均为合并报表范围内子公司，无对外逾期担保
- 本次及累计担保金额已超过净资产50%，对投资者来说属于高度关注事项
投资者需重点关注与潜在影响
- 担保总额占净资产比例高达85.37%，属于较高水平，表明公司对子公司融资活动支持力度较大，但同时推高整体财务风险。
- 本次担保无反担保措施，若子公司经营出现风险，公司需承担连带责任。
- 担保均为合并报表子公司，管理层称风险可控，但需要投资者持续关注子公司经营和偿债能力。
- 如未来子公司出现流动性问题，可能对母公司现金流和股东权益造成影响，属于价格敏感信息，可能对股价产生较大影响。
结论
本次公告显示，赤天化在支持子公司业务、推进集团整体发展中持续加大担保力度，担保余额占净资产比例较高，显示公司对子公司经营风险承担较大责任。建议投资者密切关注公司及子公司经营状况、担保规模变化以及潜在财务风险。
免责声明：本报道仅供参考，不构成投资建议。投资者据此操作，风险自负。
English Version
Chitianhua’s Latest Progress on Guarantees for Subsidiaries: Guarantee Balance Reaches 85.37% of Net Assets
Key Highlights
- Guarantee Target: Guizhou Chitianhua Tongzi Chemical Co., Ltd. (wholly-owned subsidiary)
- Current Guarantee Amount: RMB 84 million
- Outstanding Guarantee Balance (excluding this time): RMB 749 million
- Total External Guarantee Amount: RMB 1,938.07 million
- Total External Guarantee as % of Latest Audited Net Assets: 85.37%
- Overdue Guarantee Amount: RMB 0; no overdue guarantees
- No counter-guarantee for this guarantee
In-Depth Details
1. Background and Progress of the Guarantee
Guizhou Chitianhua Co., Ltd. (the “Company”) signed a Maximum Guarantee Contract (No. 贵银遵义（桐梓）授2025071401高保01号) with Bank of Guizhou Tongzi Branch on July 15, 2025, providing a guarantee for its wholly-owned subsidiary, Guizhou Chitianhua Tongzi Chemical, up to RMB 84 million, for the period July 14, 2025 to July 13, 2026.
As the guarantee expired on July 13, 2026, to maintain the guarantee relationship, on July 2, 2026, after Tongzi Chemical repaid RMB 70 million in working capital loans, the bank issued a new RMB 50.8 million loan in the same month. The parties re-signed a maximum guarantee contract (No. 贵银遵义（桐梓）授2026062901高保01号), with the same principal guarantee ceiling (RMB 84 million), for the period July 9, 2026 to July 8, 2028. The current bank credit facility is RMB 70 million.
2. Complete Internal Approval Process
The company held a board meeting on April 27, 2026, and a shareholders’ meeting on May 18, 2026, authorizing guarantees for subsidiaries up to RMB 3,440 million. This guarantee is within the approved range, so no additional meetings are required.
3. Subsidiary Profile
- Subsidiary: Guizhou Chitianhua Tongzi Chemical Co., Ltd.
- Type: Wholly-owned subsidiary
- Legal Representative: Wu Deli
- Registered Capital: RMB 4,228 million
- Business Scope: Fertilizer and chemical production/sales, technical services, coal processing and sales, vehicle maintenance, with hazardous chemicals production subject to approval
- Key Financials (RMB million):
- As of Mar 31, 2026 (unaudited): Total assets 2,760.61; Total liabilities 1,118.41; Net assets 1,642.20; Revenue 538.01; Net profit 38.73
- As of Dec 31, 2025 (audited): Total assets 2,740.67; Total liabilities 1,138.71; Net assets 1,601.96; Revenue 1,958.75; Net profit 61.14
4. Main Guarantee Terms
Guarantors are Guizhou Chitianhua Co., Ltd. and its wholly-owned subsidiary Anjia Mining. The guarantee is joint and several liability, covering principal, interest, penalties, compound interest, compensation, and all costs of debt recovery. Guarantee period is three years after the due date of each specific business. As of July 21, 2026, Tongzi Chemical has withdrawn RMB 50.8 million in loans under the contract, with Chitianhua and Anjia Mining providing joint and several guarantees.
5. Necessity and Reasonableness
The guarantee is within the annual approval scope and aims to support the daily operation of the subsidiary. The company claims risks are controllable as the guarantee is for a wholly-owned subsidiary, and there is no damage to minority shareholders’ interests.
6. Scale and Potential Risks
- Total guarantees for the company and subsidiaries: RMB 1,938.07 million (85.37% of net assets)
- Actual guarantee balance: RMB 1,218.93 million (53.69% of net assets)
- All guarantees for consolidated subsidiaries; no overdue guarantees
- Current and cumulative guarantee amount exceeds 50% of net assets, which is a major concern for investors
Key Investor Takeaways & Potential Price Sensitivity
- Guarantee balance at 85.37% of net assets is high, reflecting strong support for subsidiaries but also increasing group financial risk.
- No counter-guarantee for this guarantee, so the parent company bears all risks if the subsidiary defaults.
- All guarantees are for consolidated subsidiaries, but investors should monitor subsidiary business and solvency closely.
- If the subsidiary faces liquidity issues, the parent company’s cash flow and shareholders’ equity could be affected. This is price-sensitive information and may move the share price significantly.
Conclusion
The announcement demonstrates Chitianhua’s continued commitment to supporting its subsidiaries, with guarantee balances representing a significant portion of net assets. Investors are advised to closely monitor both the company and its subsidiaries’ operating and financial dynamics, as well as changes in guarantee scale and associated risks.
Disclaimer: This article is for information only and does not constitute investment advice. Investors act at their own risk.
