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Qifan Cable provides 110 million yuan guarantee for its wholly-owned subsidiary
Radar Finance Text | Yang Yang Edited | Li Yihui
On March 6, QiFan Cable (Stock Code: 605222) announced that it will provide a joint liability guarantee of 110 million yuan to its wholly owned subsidiary, Chizhou QiFan Cable Co., Ltd. The guarantee period is three years from the due date of the debt under the autonomous contract.
Since the guaranteed party is a wholly owned subsidiary, the company can effectively control its daily operational risks and decision-making. This guarantee is within the annual guarantee authorization limit and does not require additional approval from the board of directors or shareholders.
As of now, the company’s total external guarantees amount to 1.855 billion yuan, accounting for 39.98% of its expected net assets at the end of 2024.
Tianyancha data shows that QiFan Cable was established on July 11, 1994, with a registered capital of 412.900871 million yuan. The legal representative is Zhou Guihua, and the registered address is No. 238, Zhenkang Road, Zhangyan Town, Jinshan District, Shanghai. Its main business includes the research and development, production, sales, and service of wires and cables.
Currently, the company’s chairman is Zhou Guihua, the secretary of the board is Chen Yongda, with 4,508 employees. The actual controllers are Zhou Guihua, Zhou Gonghua, and Zhou Guixing.
The company has 12 associated companies, including Chizhou QiFan Cable Co., Ltd., Shaanxi QiFan Cable Co., Ltd., Shanghai QiFan E-commerce Co., Ltd., Shanghai QiFan Wire & Cable Technology Co., Ltd., Guangdong QiFan Cable Co., Ltd., and others.
In terms of performance, the company’s revenue for 2022, 2023, and 2024 was 20.644 billion yuan, 23.348 billion yuan, and 22.764 billion yuan, respectively, with year-over-year growth of 9.36%, 13.10%, and -2.50%. Net profit attributable to the parent was 366 million yuan, 422 million yuan, and 136 million yuan, with year-over-year changes of -46.44%, 15.42%, and -67.98%. During the same period, the company’s asset-liability ratio was 65.69%, 66.22%, and 66.60%.
Regarding risks, Tianyancha data shows the company has 664 internal Tianyan risks, 92 surrounding risks, 650 historical risks, and 129 warning alert risks.