康隆达特种防护为控股子公司天成锂业提供450万元担保，累计担保额超净资产110%
【要点摘要】
- 本次担保对象：江西天成锂业有限公司（康隆达控股51%）
- 担保金额：本次新增450万元连带责任保证担保
- 累计担保余额：16,038.71万元（不含本次），累计担保总额达72,633万元
- 担保比例：公司及控股子公司对外担保总额占净资产比例高达110.47%
- 风险警示：担保金额已超过净资产50%，且总担保额已超净资产100%，重大财务风险显现
- 实际控制：天成锂业为控股子公司，纳入并表范围
- 财务状况：天成锂业2026年一季度净亏损538.09万元，2025年全年净亏损7,850.37万元，资产负债率较高
【事件详细情况】
浙江康隆达特种防护科技股份有限公司（603665）公告，为支持控股子公司江西天成锂业有限公司的生产经营，公司与上饶银行股份有限公司上高支行签订《保证合同》，为天成锂业提供450万元人民币的连带责任保证担保。天成锂业其他两大股东宜春丙戊天成管理咨询中心（持股31.36%）和宜春亿源锂咨询中心（持股17.64%）亦共同提供担保。
此外，天成锂业还委托宜春市融资担保有限责任公司提供60%风险比例的信用担保。康隆达、天成管理及亿源锂需对宜融担保承担全额连带责任反担保。相关担保协议已获得公司2025年年度股东大会及董事会授权，无需单独再行董事会或股东大会审议。
【天成锂业基本面与财务数据】
- 主营业务：环保材料、非金属矿产品（含尾矿、废弃矿）加工销售与碳酸锂生产销售
- 2026年3月31日资产总额：75,390.39万元
- 负债总额：42,770.39万元
- 资产净额：32,620.00万元
- 2026年1-3月营收：11,451.53万元
- 2026年1-3月净亏损：538.09万元（2025年全年净亏损7,850.37万元）
【担保协议主要内容】
- 担保方式为连带责任保证，金额为450万元人民币，担保范围涵盖贷款本金、利息、罚息、违约金及实现债权的相关费用。
- 保证期间自主债务履行期限届满之日起三年，若债务展期，保证期间顺延。
- 反担保方面，康隆达需为宜融担保因履行担保责任产生的全部资金、利息及追偿费用提供连带保证，年利率高达24%。
【对股东的重大影响及风险提示】
- 担保总额高企：公司及控股子公司对外担保总额已达72,633万元，占净资产比例110.47%，远超50%和100%红线，表明公司整体担保风险和财务压力巨大。
- 天成锂业经营压力大：天成锂业连续亏损，2025年亏损高达7,850.37万元，2026年一季度依然亏损，偿债能力存疑。
- 或对公司估值及股价构成压力：若天成锂业经营持续恶化或无法按期偿还贷款，康隆达将面临较大代偿压力，可能影响公司利润、现金流与估值，进而影响股价。
- 担保风险可控性：天成锂业为控股子公司，公司拥有控制权，担保风险理论上可控，但高额担保和负债依然需高度关注。
【决策程序合规】
本次担保事项已履行相关内部决策流程，经第五届董事会第十九次会议及2025年年度股东大会批准，授权董事长或其代理人签署相关协议，担保额度在授权期内可循环使用。
【结论】
本公告反映出康隆达特种防护面临较高的财务杠杆与担保风险，尤其是控股子公司天成锂业经营持续亏损的背景下，新增担保及高比例担保余额值得投资者高度关注。此类重大担保事项极可能影响公司未来财务状况、盈利能力及资本市场表现，属于对股东极具价格敏感性的信息。
免责声明：本文仅为根据公司公告整理的投资参考信息，不构成任何投资建议。投资者须结合自身风险承受能力，关注公司最新公告及相关风险，审慎决策。股市有风险，投资需谨慎。
English Version
Kanglongda Provides RMB 4.5 Million Guarantee to Subsidiary Tiancheng Lithium, Total Guarantees Exceed 110% of Net Assets
Key Highlights
- Guarantee Target: Jiangxi Tiancheng Lithium Co., Ltd. (51% owned subsidiary of Kanglongda)
- Guarantee Amount: New incremental joint liability guarantee of RMB 4.5 million
- Outstanding Guarantee Balance: RMB 160.3871 million (excluding this), cumulative guarantees reach RMB 726.33 million
- Guarantee Proportion: Total guarantees by the company and subsidiaries reach 110.47% of net assets
- Risk Alert: Guarantee amount exceeds 50% of net assets, total guarantees exceed 100%, signaling significant financial risk
- Actual Control: Tiancheng Lithium is a consolidated subsidiary, under Kanglongda’s control
- Financials: Tiancheng Lithium posted a net loss of RMB 5.38 million in Q1 2026 and RMB 78.5 million loss in 2025, with a high debt ratio
Event Details
Zhejiang Kanglongda Special Protection Technology Co., Ltd. (603665) announced that, to support the production and operations of its majority-owned subsidiary Jiangxi Tiancheng Lithium, the company signed a guarantee contract with Bank of Shangrao (Shanggao branch), providing a joint liability guarantee of RMB 4.5 million. Other major shareholders, Yichun Bingwu Tiancheng Management Consulting Center (31.36%) and Yichun Yiyuan Lithium Consulting Center (17.64%), also provide joint guarantees.
Additionally, Tiancheng Lithium has commissioned Yichun City Financing Guarantee Co., Ltd. to provide a credit guarantee covering 60% of the risk. Kanglongda, Tiancheng Management, and Yiyuan Lithium must jointly provide a full counter-guarantee for this. The guarantee contract has already been authorized by the company’s 2025 annual shareholders’ meeting and the board, with no need for further separate meetings.
Tiancheng Lithium Business & Financials
- Main Business: R&D and sale of environmental materials, processing/sale of non-metallic minerals (including tailings, waste), lithium carbonate production and sales
- Total Assets (Mar 31, 2026): RMB 753.9039 million
- Total Liabilities: RMB 427.7039 million
- Net Assets: RMB 326.2 million
- Revenue (Q1 2026): RMB 114.5153 million
- Net Loss (Q1 2026): RMB 5.3809 million (2025 full-year net loss RMB 78.5037 million)
Main Guarantee Terms
- Joint liability guarantee, amounting to RMB 4.5 million, covering principal, interest, penalty, damages, and all costs of debt realization.
- Guarantee period is 3 years after expiry of the main debt; extensions apply if the main debt period is extended.
- For the counter-guarantee, Kanglongda shoulders all compensation, interest (up to 24% annualized), and all recovery costs for Yirong Guarantee’s obligations.
Major Impact and Risks for Shareholders
- High Guarantee Exposure: Total guarantees by the company and subsidiaries have reached RMB 726.33 million, accounting for 110.47% of net assets, well above regulatory warning lines (50% and 100%). This signals significant financial leverage and risk.
- Subsidiary Under Strain: Tiancheng Lithium is loss-making for consecutive years, with net losses of RMB 78.5 million in 2025 and RMB 5.38 million in Q1 2026, raising concerns on its debt service capability.
- Potential Share Price Impact: If Tiancheng Lithium’s operations deteriorate further or it defaults, Kanglongda faces significant compensation pressure, potentially impacting profits, cash flow, and market valuation, thus directly affecting share price.
- Controllability of Risk: As Tiancheng Lithium is a consolidated subsidiary, in theory, risk is manageable, but the high guarantee and high leverage warrant extra vigilance.
Compliance
The guarantee has followed all internal processes, approved by the board and the general meeting. The authorized guarantee limit can be used on a revolving basis within the authorization period.
Conclusion
This announcement shows that Kanglongda faces very high financial leverage and guarantee risks, especially given its majority-owned subsidiary’s consecutive heavy losses. The new and outstanding guarantees—far exceeding net assets—should be closely monitored by investors. Such major events are highly price-sensitive and could materially affect Kanglongda’s future financial performance, profitability, and market value.
Disclaimer: This article is a summary and analysis of disclosed company information for reference only and does not constitute investment advice. Investors should pay attention to the latest company announcements and related risks, and make cautious decisions according to their own risk tolerance. Stock markets are risky; invest prudently.
