证券代码：603985 证券简称：恒润股份公告编号：2025-097 江阴市恒润重工股份有限公司 关于为控股子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 为保证上述融资租赁业务的顺利实施，2025年11月21日公司与长江金租签署编号为Y011593-2503-X001- G001号《保证合同》，为上海润六尺在长江金租申请的融资租赁业务所负债务提供连带责任保证，担 保的合同租金总金额为人民币88,989,320.00元。本次担保事项中，上海润六尺其他少数股东未按股权比 例提供担保，被担保人未提供反担保措施。 （二）内部决策程序 公司分别于2025年9月12日、2025年9月29日召开第五届董事会第十二次会议及第五届董事会审计委员会 2025年第五次会议、2025年第二次临时股东会，审议通过了《关于控股子公司新增融资租赁业务并为其 提供担保的议案》，同意公司为上海润六尺提供不超过30,000.00万元的担保额度。本次担保额度的有效 期自公司股东会审议通过之日起至12个月止（即自2025年 ...

恒润股份公告称，为满足控股子公司上海润六尺生产经营所需资金，11月21日，公司为其与长江金租 8898.93万元的融资租赁业务提供连带责任保证。公司此前已审议通过为上海润六尺提供不超3亿元的担 保额度，有效期至2026年9月28日。截至公告披露日，公司及子公司担保总额23.44亿元，占2024年经审 计净资产的73.07%，无违规和逾期担保情形。 ...

Summary of Key Points Core Viewpoint - Shenzhen Zhiwei Intelligent Technology Co., Ltd. has approved a guarantee limit of up to RMB 6 billion for its subsidiaries to secure financing from banks and other financial institutions [2][3]. Group 1: Guarantee Overview - The company held its second board meeting on March 7, 2025, and the first extraordinary general meeting on March 24, 2025, to approve the guarantee limit for subsidiaries [2]. - The approved guarantee limit is valid for twelve months from the date of the extraordinary general meeting [2]. - The company signed a maximum guarantee contract with Industrial and Commercial Bank of China for a comprehensive credit limit of RMB 60 million for its wholly-owned subsidiary [2][6]. Group 2: Guarantee Details - The guarantee is a joint liability guarantee for the subsidiary Dongguan Zhiwei Intelligent Technology Co., Ltd. [6]. - The maximum guarantee amount is RMB 60 million, covering principal, interest, and various fees related to the debt [4][5]. - The guarantee period varies based on the type of contract, generally lasting three years after the expiration of the main contract [5]. Group 3: Current Guarantee Status - After this guarantee, the total guarantee amount by the company and its subsidiaries is RMB 600 million, which is 286.72% of the audited net assets for 2024 [7]. - The total outstanding guarantee balance is RMB 25.77 million, accounting for 1.23% of the audited net assets for 2024 [7]. - The company has no overdue guarantees or guarantees involving litigation [7].

Core Viewpoint - Jiangsu Jinzu is a leading financial leasing company in China, focusing on financing leasing business with a strong risk control system and extensive customer resources [1] Group 1: Business Performance - In Q3 2025, Jiangsu Jinzu achieved operating revenue of 4.638 billion yuan, ranking first in the industry, with net profit of 2.447 billion yuan, also ranking first [2] - The company reported a year-on-year increase of 17.2% in operating revenue and 9.8% in net profit for the first three quarters of 2025 [5][6] Group 2: Financial Ratios - As of Q3 2025, Jiangsu Jinzu's asset-liability ratio was 84.28%, higher than the industry average of 80.96% [3] - The gross profit margin for Q3 2025 was 70.49%, exceeding the industry average of 46.81% despite a decrease from the previous year's 74.91% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 10.98% to 59,000, while the average number of circulating A-shares held per household decreased by 9.89% [5] Group 4: Management Compensation - The chairman, Zhou Baiqing, received a salary of 2.9987 million yuan in 2024, an increase of 442,700 yuan from 2023 [4] Group 5: Asset Quality and Profitability - The non-performing loan ratio as of Q3 2025 was 0.90%, with a provision coverage ratio of 403%, indicating strong asset quality [5][6] - The net interest margin for the leasing business was 3.75%, reflecting an increase of 8 basis points year-on-year [5]

Core Points - Recently, China Merchants Finance Leasing Co., Ltd. has undergone a business change, increasing its registered capital from 5 billion RMB to 5.773 billion RMB, representing an approximate increase of 15% [1] - The company was established in November 2016 and is legally represented by Zhang Jian, with its business scope including finance leasing, leasing services, and purchasing leasing assets domestically and internationally [1] - The shareholders of the company include China Merchants Haitong Trading Co., Ltd., China Merchants Financial Holdings Co., Ltd., and China Merchants Heavy Industry (Shenzhen) Co., Ltd. [1]

Core Viewpoint - Yuexiu Capital announced a significant reduction in its profit due to asset and credit impairment provisions, impacting its financial performance for 2025 [1] Financial Impact - The company will reduce its total profit for 2025 by approximately 1.499 billion yuan due to the impairment provisions [1] - The net profit attributable to the parent company's shareholders for the first three quarters of 2025 will decrease by about 770 million yuan [1] - The equity attributable to the parent company as of September 30, 2025, will also see a reduction of approximately 770 million yuan [1] Revenue Composition - For the first half of 2025, the revenue composition of Yuexiu Capital is as follows: - New energy business: 43.76% - Futures brokerage business: 27.38% - Financial leasing business: 23.45% - Non-performing asset management business: 4.68% - Investment management business: 1.55% [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Views - The company has demonstrated strong performance with a revenue of 4.638 billion RMB for the first three quarters of 2025, reflecting a year-on-year growth of 17.15%, and a net profit of 2.446 billion RMB, up 9.82% year-on-year [2]. - The asset scale of the company has steadily increased, reaching a total asset of 162 billion RMB by the end of Q3 2025, an 18% growth from the beginning of the year [3]. - The company has maintained a low non-performing loan ratio of 0.90% as of Q3 2025, with a provision coverage ratio of 403.01% [4]. - The company is expected to achieve a net profit of approximately 3.2 billion RMB in 2025, representing a 10% year-on-year growth, with a projected PB of 1.4x [5]. Summary by Sections Performance Review - In Q3 2025, the company achieved a revenue of 1.632 billion RMB, a year-on-year increase of 21.51% and a quarter-on-quarter increase of 11.62% [2]. Operational Analysis - The net interest margin for the leasing business was 3.75% for the first three quarters of 2025, an increase of 0.08 percentage points year-on-year [3]. - The company’s interest-earning asset yield was approximately 6.38%, while the cost of interest-bearing liabilities was about 2.25% [3]. Asset Quality - The company recorded a credit impairment loss of 276 million RMB in Q3 2025, compared to 347 million RMB in Q1 and 234 million RMB in Q2 [4]. Profit Forecast and Valuation - The company is projected to have a dividend yield of 4.7% in 2025, with stable growth in interest-earning assets supporting the expansion of the interest margin [5].

Core Viewpoint - Jiangsu Jinzu's stock price has shown a significant increase this year, with a 24.04% rise, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of October 27, Jiangsu Jinzu's stock price rose by 2.16% to 6.14 CNY per share, with a trading volume of 1.21 billion CNY and a market capitalization of 35.565 billion CNY [1]. - The stock has experienced a 5.14% increase over the last five trading days, an 11.03% increase over the last 20 days, and a 3.19% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Jiangsu Jinzu reported a net profit of 2.446 billion CNY, reflecting a year-on-year growth of 9.82% [2]. - The company has distributed a total of 7.637 billion CNY in dividends since its A-share listing, with 4.023 billion CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Jiangsu Jinzu had 59,000 shareholders, an increase of 10.98% from the previous period, with an average of 98,106 shares held per shareholder, a decrease of 9.88% [2]. - The top ten circulating shareholders include notable funds, with Huatai-PB SSE Dividend ETF holding 73.574 million shares, an increase of 4.088 million shares from the previous period [3].

Core Insights - ICBC Financial Leasing Co., Ltd. has increased its registered capital from 18 billion RMB to 33 billion RMB, representing an approximate 83% increase [1][1][1] Company Overview - The company was established in November 2007 and is legally represented by Zhang Zhenghua [1][1] - The business scope includes financing leasing, transfer and acquisition of leasing assets, fixed income securities investment, collection of leasing deposits from lessees, interbank borrowing, borrowing from financial institutions, overseas borrowing, and disposal of leased assets [1][1][1] Shareholder Information - ICBC Financial Leasing Co., Ltd. is wholly owned by Industrial and Commercial Bank of China (ICBC) [1]

Core Viewpoint - Jiangsu Jinzu's stock price has shown a positive trend with a year-to-date increase of 19.80%, reflecting strong market interest and performance in the leasing sector [1][2]. Financial Performance - As of June 30, 2025, Jiangsu Jinzu reported a net profit of 1.564 billion yuan, representing a year-on-year growth of 9.04% [2]. - The company has distributed a total of 7.637 billion yuan in dividends since its A-share listing, with 4.023 billion yuan distributed over the past three years [3]. Stock Market Activity - On October 17, 2023, Jiangsu Jinzu's stock rose by 2.07%, reaching 5.93 yuan per share, with a trading volume of 158 million yuan and a turnover rate of 0.47% [1]. - The stock's market capitalization stands at 34.349 billion yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 0.59% to 53,200, while the average number of circulating shares per person increased by 0.59% to 108,868 shares [2]. - The top ten circulating shareholders include significant entities such as Hong Kong Central Clearing Limited and Huatai-PB SSE Dividend ETF, with notable changes in their holdings [3]. Business Overview - Jiangsu Jinzu, established on April 23, 1988, specializes in financing leasing, with its main revenue sources including infrastructure (21.29%), transportation (20.28%), and energy and environmental protection (19.20%) [1].