COMEC(SH:600685) Zheng Quan Ri Bao·2025-04-30 00:46Core Viewpoint - The company, China Shipbuilding Defense, has provided a guarantee for its wholly-owned subsidiary, Guangzhou Wenchuan Heavy Industry Co., Ltd., amounting to RMB 9.31 billion, with a total guarantee balance of RMB 28.37 billion as of the announcement date [9][10]. Financial Data - The financial report for the first quarter of 2025 is unaudited, with no significant changes in the accounting data and financial indicators reported [3][7]. - The company has adjusted its financial statements from the previous year in accordance with new accounting standards, specifically regarding warranty costs being included in operating costs instead of sales expenses [4]. Shareholder Information - There are no changes in the top ten shareholders or the status of shares due to lending or borrowing activities [5]. Guarantee Details - The guarantee provided by the company’s subsidiary, Huangpu Wenchong, is for a project related to offshore wind farm foundation supply and transportation, with a total guarantee amount of RMB 9.31 billion [9][10]. - The decision-making process for the guarantee was approved in previous board meetings and aligns with the approved guarantee limits from the annual shareholder meeting [11][16]. Risk and Financial Health of the Guaranteed Entity - Guangzhou Wenchuan Heavy Industry Co., Ltd. has a debt-to-asset ratio exceeding 70%, which is a point of concern for investors [12]. - The financial data for Wenchuan Heavy Industry shows total assets of RMB 296.90 million and total liabilities of RMB 243.03 million as of March 31, 2025, with a net profit of -RMB 1.91 million for the first quarter of 2025 [13]. Overall Assessment - The guarantee is deemed necessary for the business development of Wenchuan Heavy Industry and is considered to be in the best interest of the company and its shareholders [15][16]. - The company has not reported any overdue guarantees, maintaining a balance of RMB 28.37 billion, which is 15.91% of the audited net assets attributable to shareholders [17].