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问AI · 业绩下滑下担保是否加剧风险？

雷达财经 文|杨洋 编|李亦辉

3月16日，卓然股份（证券代码：688121）发布关于2025年度对外担保进展的公告。
Announcement on March 16, Zhuangran Co., Ltd. (stock code: 688121) published the progress of external guarantees for the year 2025.
公告显示，公司全资子公司卓然（靖江）设备制造有限公司为全资子公司江苏博颂能源科技有限公司与荣盛石化股份有限公司签署的供货合同及相关协议提供抵押担保，预计担保金额为人民币8亿元。
The announcement shows that the wholly-owned subsidiary Zhuangran (Jingjiang) Equipment Manufacturing Co., Ltd. provided mortgage guarantees for the supply contract and related agreements signed by its wholly-owned subsidiary Jiangsu Bosong Energy Technology Co., Ltd. and Rongsheng Petrochemical Co., Ltd., with an estimated guarantee amount of 800 million yuan.

本次担保在公司2024年年度股东大会授权额度范围内，担保对象为公司合并报表范围内子公司，担保金额未超出股东大会授权总额。
This guarantee is within the authorized limit of the company’s 2024 annual general meeting of shareholders, and the guarantee object is a subsidiary within the scope of the company’s consolidated financial statements, with the guarantee amount not exceeding the total authorized by the shareholders’ meeting.

本次抵押担保属于公司正常经营与融资活动的组成部分，预计不会对公司的日常运营与业务发展造成重大不利影响。
This mortgage guarantee is part of the company’s normal business and financing activities, and is expected not to have a significant adverse impact on the company’s daily operations and business development.
截至本公告披露日，公司及其控股子公司对外担保总额为人民币423,800.00万元，占公司2024年经审计净资产的比例为166.65%。
As of the date of this announcement, the total external guarantees of the company and its controlled subsidiaries amounted to 4,238 million yuan, accounting for 166.65% of the company’s audited net assets for 2024.

值得关注的是，卓然股份或还因信披问题面临索赔。
It is noteworthy that Zhuangran Co., Ltd. may also face claims due to information disclosure issues.

对此，已代理众多股票索赔、获赔的江苏胜衡律师事务所主任宋联民向雷达财经表示，根据证券法及相关规定，上市公司不当行为给投资者造成损失的，受损投资者可依法索赔。
In this regard, Song Lianmin, the director of Jiangsu Shengheng Law Firm, which has represented many stock claims and recoveries, told Radar Finance that under the Securities Law and relevant regulations, if the misconduct of a listed company causes losses to investors, the affected investors can claim compensation according to the law.
凡是在上市后到2025年12月19日之间买入，并且在2025年12月19日收盘时持有卓然股份股票的受损投资者，可通过公号“雷助吧”（雷助码：99）报名，免费参与索赔。
Any affected investors who purchased Zhuangran shares between the listing and December 19, 2025, and held them at the close on December 19, 2025, can register through the public account “Leizhubar” (Leizhu Code: 99) to participate in the claim for free.
获赔前无任何费用。
There are no fees before compensation.

天眼查资料显示，卓然股份成立于2002年07月29日，注册资本23361.4003万人民币，法定代表人张锦红，注册地址为上海市闵行区闵北路88弄1-30号104幢4楼D座。
Tianyancha data shows that Zhuangran Co., Ltd. was established on July 29, 2002, with a registered capital of 233,614,003 yuan. The legal representative is Zhang Jinhong, and the registered address is 104 D, Building 4, No. 1-30, Lane 88, Minbei Road, Minhang District, Shanghai.
主营业务为为石油化工、炼油、天然气化工等领域的客户提供设计、制造、安装和服务一体化的解决方案。
The main business is to provide integrated solutions of design, manufacturing, installation, and service for customers in the fields of petrochemicals, refining, and natural gas chemistry.

目前，公司董事长为张锦红，董秘为张笑毓，员工人数为661人，实际控制人为张锦红、张新宇。
Currently, the chairman of the company is Zhang Jinhong, the secretary of the board is Zhang Xiaoyu, the number of employees is 661, and the actual controllers are Zhang Jinhong and Zhang Xinyu.

公司参股公司13家，包括江苏博颂能源科技有限公司、上海卓然数智能源有限公司、卓然（浙江）新材料有限公司、卓然（靖江）设备制造有限公司、上海靖业工程咨询有限公司等。
The company has 13 affiliated companies, including Jiangsu Bosong Energy Technology Co., Ltd., Shanghai Zhuangran Smart Source Co., Ltd., Zhuangran (Zhejiang) New Materials Co., Ltd., Zhuangran (Jingjiang) Equipment Manufacturing Co., Ltd., Shanghai Jingye Engineering Consulting Co., Ltd., etc.

在业绩方面，公司2022年、2023年和2024年营业收入分别为29.36亿元、29.59亿元和28.38亿元，同比分别增长-24.74%、0.78%和-4.07%。
In terms of performance, the company’s operating revenues for 2022, 2023, and 2024 were 2.936 billion yuan, 2.959 billion yuan, and 2.838 billion yuan, with year-on-year growth rates of -24.74%, 0.78%, and -4.07%, respectively.
归母净利润分别为1.80亿元、1.54亿元和9476.92万元，归母净利润同比增长分别为-43.01%、-18.75%和-38.46%。
The attributable net profits were 180 million yuan, 154 million yuan, and 94.7692 million yuan, with year-on-year growth rates of -43.01%, -18.75%, and -38.46%, respectively.
同期，公司资产负债率分别为71.70%、65.23%和69.41%。
During the same period, the company’s asset-liability ratios were 71.70%, 65.23%, and 69.41%.

在风险方面，天眼查信息显示，公司自身天眼风险113条，周边天眼风险32条，历史天眼风险16条，预警提醒天眼风险60条。
In terms of risk, Tianyancha information shows that the company itself has 113 Tianyan risks, surrounding Tianyan risks of 32, historical Tianyan risks of 16, and warning Tianyan risks of 60.