Tianjin TEDA Co., Ltd.(SZ:000652) Shang Hai Zheng Quan Bao·2025-09-03 21:31Summary of Key Points Core Viewpoint - The company, Tianjin TEDA Resource Recycling Group Co., Ltd., has announced the provision of guarantees for its subsidiaries, which raises concerns regarding the potential risks associated with high levels of debt and guarantees provided. Group 1: Guarantee Overview - The company is providing a total guarantee of 1.115 billion yuan, which accounts for 194.39% of the company's most recent audited net assets [1][32] - The guarantees include 820.2 million yuan for subsidiaries with a debt ratio exceeding 70%, representing 142.99% of the company's net assets [1][32] - The guarantees are primarily for Tianjin TEDA Energy Group Co., Ltd. and Tianjin TEDA Clean Materials Co., Ltd. [3][31] Group 2: Financing Applications - Tianjin TEDA Energy has applied for financing from Langfang Bank totaling 40 million yuan and 30 million yuan, with the company providing a joint liability guarantee of 15 million yuan [1][12][18] - Tianjin TEDA Clean Materials has applied for financing of 10 million yuan from both Bohai Bank and Shanghai Bank, with the company providing joint liability guarantees for these amounts [2][24][28] Group 3: Guarantee Limits and Financial Data - The company approved a guarantee limit of 2.37 billion yuan for Tianjin TEDA Energy and 100 million yuan for Tianjin TEDA Clean Materials for the year 2025 [3][31] - The remaining guarantee balances after the current guarantees will be 2.36 billion yuan for Tianjin TEDA Energy and 48.72 million yuan for Tianjin TEDA Clean Materials [3][31] Group 4: Subsidiary Information - Tianjin TEDA Energy was established on May 31, 1999, with a registered capital of 251.96 million yuan, and its main business includes geological exploration and sales of various materials [4][9] - Tianjin TEDA Clean Materials was established on March 4, 2004, with a registered capital of 80 million yuan, focusing on manufacturing and sales of textile products and bio-based materials [8][9] Group 5: Board of Directors' Opinion - The board believes that the risks associated with the guarantees are manageable, given the asset quality of the subsidiaries, and that the guarantees do not harm the company's interests [31]