Huatong Meat(SZ:002840) Shang Hai Zheng Quan Bao·2025-10-13 19:25Summary of Key Points Core Viewpoint - Zhejiang Huaton Meat Products Co., Ltd. has announced a significant external guarantee situation, with the actual external guarantee balance exceeding 100% of the latest audited net assets, raising concerns about potential risks for investors [2][10]. Group 1: Guarantee Overview - The company signed a maximum guarantee contract with Zhejiang Tiantai Rural Commercial Bank on October 11, 2025, agreeing to provide a maximum guarantee of RMB 30 million for its wholly-owned subsidiary, Tiantai Huaton Food Co., Ltd., from October 11, 2025, to October 10, 2027 [2][7]. - The guarantee covers all creditor rights arising from the contract, including principal, interest, and other related costs [7]. Group 2: Guarantee Approval Process - The company’s board of directors and the first extraordinary general meeting of 2025 approved a total new guarantee limit of up to RMB 990 million for subsidiaries, with specific limits for subsidiaries with asset-liability ratios below and above 70% [3][9]. - The management adjusted the guarantee amounts for Tiantai Huaton and Lishui Lino Ecological Agriculture and Animal Husbandry Co., Ltd., increasing Tiantai Huaton's guarantee from RMB 40 million to RMB 60 million [4]. Group 3: Financial and Operational Context - As of the announcement date, the company has a total approved external guarantee amount of RMB 4.61225 billion, with an actual external guarantee balance of RMB 3.16525 billion, which is 130.19% of the audited net assets as of December 31, 2024 [10]. - The company has no overdue guarantees or losses due to guarantee-related lawsuits [10]. Group 4: Subsidiary Information - Tiantai Huaton Food Co., Ltd. is a wholly-owned subsidiary established on May 28, 2018, with a registered capital of RMB 5 million, primarily engaged in pig slaughtering and meat product sales [6].