历史上多为担保集中发生地的浙江、山东、河南三省，本次再度成为上市公司对外担保的焦点区域。

History for more concentrated guarantee of zhejiang、shandong、Henan province，This once again become the focus of the listed company external security area。

　　其中，上市房企之间的互相担保仍为浙江地区担保圈最明显特征。根据同花顺(300033,股吧)IFIND数据统计显示，2011年发生正额担保的43家浙江公司中，有10家为房地产企业，总计发生担保数额约为32.63亿元，占担保总额超过三成。

Among them，The each other between enterprises listed room guarantee for zhejiang area still guarantee circle the most obvious characteristics。According to the straight flush(300033,Shares it)IFIND data statistics show，What happened in 2011 is the forehead of 43 security home in zhejiang，For real estate enterprises with 10，Total amount guarantee happen about 3.263 billion yuan，More than thirty percent of the total amount of guarantee。

　　除了单笔担保数额较大之外，浙江当地房企还采用“抱团取暖”方式抵御房地产调控的严冬。其中，2011年年底，绿城集团资金链陷入危机，同城上市房企滨江集团(002244,股吧)火速救急，为其4.3亿元的委托贷款提供担保。而2011年9月，新湖中宝(600208,股吧)也与绿城中国签订了高达3亿元的互保协议。

In addition to single pen guarantee outside a large amount，Zhejiang local enterprises still adopt the room“BaoTuan heating”Against the regulation of the real estate way of winter。Among them，By the end of 2011，Green city group fund chain in crisis，City room binjiang group listed enterprises(002244,Shares it)Speeding emergency，For the 430 million yuan entrust loan to provide security。And in September 2011，The new lake treasure(600208,Shares it)Also with green city on the China signed a mutual as high as 300 million yuan of the agreement。

　　此外，不少未上市房地产企业也纷纷与当地上市企业签订互保协议相互扶持，其中仙琚制药(002332,股吧)与浙江耀江实业集团（下称“耀江实业”）、升华集团控股公司分别签订了2亿元和8000万元互保协议，而海越股份(600387,股吧)与海亮集团和耀江实业分别签订了2.5亿元和8000万元的互保协议。

In addition，Many not yet on the market in succession and local real estate enterprise also signed the agreement listed enterprises each other mutual support，One fairy Ju pharmaceutical(002332,Shares it)And zhejiang yaojiang river industrial group（Said the“Yao river industrial”）、The sublimation of the holding company each signed for 200 million yuan and 80 million yuan each other the agreement，And the more the shares(600387,Shares it)And the sea bright group and Stanley river industrial each signed for 250 million yuan and 80 million yuan for the mutual agreement。

　　“现在经济情况不好，从实体经济到信贷面，存在很多不确定性风险，我们行对公司对外担保历来是不信任，要求其担保额度一般不超过资本金的5倍。”一位浙江地区国有银行人士向记者透露。

“Now the economic situation is not good，From the solid economic to credit face，There are many uncertainty risk，We do to external security company is always distrust，Ask its guarantee amount in general not more than five times the capital。”A state-owned bank in zhejiang province people has revealed。

　　“今年上半年以来经济持续低迷，实体经济的不振也使得银行自身对坏账风险更加警惕，银行是风险保守型的机构，所以大家都在观望。”其指出。

“Continued economic downturn since the first half of this year，In the real economy is also making the Banks to risk more aware of their bad loans，Bank is the risk of type conservative institution，So people are watching。”It said。

　　而山东方面，则围绕化工和棉纺两大行业延伸的巨额担保、互保危机。其中，位于潍坊的*ST海龙和位于德州的ST德棉，成为当地两大担保圈危机爆发的导火索。

And shandong aspects，The chemical and cotton spinning around two big industry extensions of the huge guarantee、Mutual the crisis。Among them，Located in weifang * ST the dragon and the ST's cotton in Texas，Become a local two big guarantee circle crisis fuse。

　　不过对此，德州当地一位国有银行人士则向记者表示，近期的确有几家企业存在资金链情况恶劣，即将面对倒闭风险，但德州当地企业的担保情况并不像外界传言的那么严重。

But this，Texas a local state-owned Banks to reporters who are，Recent have several enterprise existence capital chain conditions，Will face the risk of collapse，But Texas local enterprise the guarantee is not like talk outside so serious。

　　“我们一直按照上级银行和有关监管执行部门的要求进行贷款，个人感觉今年以来借款情况跟往年一样，并没有刻意收缩借款资金。”上述国有银行人士向记者表示，“不过近期德州的确有2家加工型企业因为自身经营问题严重，所以造成资金短缺，使得这两家企业问题相对严重，但整个德州的企业资金情况还是比较正常的。”

“We have been according to ranking bank executive departments and the relevant supervision requirements of loans，The individual feels since this year with loan as ever，And not trying to shrink borrowing money。”The state-owned Banks to reporters who，“But recent Texas have two processing enterprises for their business problem is serious，This caused the shortage of capital，Make this two enterprises relatively serious problems，But Texas enterprise capital or more normal。”

　　而在河南方面，则由资源性企业经营不景气导致的业绩低迷，运营资金不足下的大幅借债，最终逐渐以上下游企业之纵向、互保企业之横向两大方向传导。

And in henan，By the enterprise management to the resource sluggish performance downturn，Operation of a debt under insufficient funds，Finally the downstream enterprises gradually above the vertical、The enterprise of each horizontal two directions conduction。

　　

山东：化工纺织行业下行 倒逼企业担保链 shandong：Chemical textile industry DaoBi downlink enterprise guarantee chain

　　事实上，与很多担保圈相互抱团不同的是，山东担保圈一向较为松散。

In fact，And a lot of guarantee each other different is BaoTuan circle，Shandong guarantee circle has always been relatively loose。

　　根据同花顺数据统计，2011年山东地区共有18家上市公司发生正额对外担保，分别为*ST海龙、江泉实业(600212,股吧)、渤海活塞(600960,股吧)、软控股份(002073,股吧)、青岛双星(000599,股吧)、胜利股份(000407,股吧)、通裕重工(300185,股吧)、ST德棉、青岛碱业(600229,股吧)、新潮实业(600777,股吧)、华纺股份(600448,股吧)、太阳纸业(002078,股吧)、山东矿机(002526,股吧)、滨化股份(601678,股吧)、华东数控(002248,股吧)、亚星化学(600319,股吧)、山东如意(002193,股吧)和*ST大成。

According to the statistical data straight flush，A total of 18 in shandong province in 2011 companies listed on the forehead to happen is external security，* * * * ST sea dragons respectively、JiangQuan industrial(600212,Shares it)、Bohai piston(600960,Shares it)、Soft holding a(002073,Shares it)、Qingdao binary(000599,Shares it)、Victory shares(000407,Shares it)、Tong yu heavy industry(300185,Shares it)、ST demian、Qingdao JianYe(600229,Shares it)、Trendy industrial(600777,Shares it)、China shares spinning(600448,Shares it)、The sun paper(002078,Shares it)、Shandong ore machine(002526,Shares it)、Shore shares of(601678,Shares it)、East China CNC(002248,Shares it)、Yaxing chemical(600319,Shares it)、Shandong flexibly(002193,Shares it)And * ST dacheng。

　　而从所在城市来看，上述18家企业分布得颇为分散，涉及潍坊、临沂、滨州、青岛、济南、禹城、聊城、德州、烟台、兖州、威海、济宁、淄博13个城市。

And from the city to see，The above 18 companies are quite separate，Involved in weifang、linyi、binzhou、Qingdao、jinan、yucheng、liaocheng、Texas、yantai、yanzhou、weihai、jining、Zibo 13 cities。

　　记者在采访中了解到，由于各地区政府对企业融资贷款扶持政策的不同，山东下属各城市自身的担保圈文化亦存在较大不同。

Reporter in an interview to understand，Due to the enterprise financing loans around the district government support policies are different，Shandong subordinate cities own guarantee circle there is also rather different culture。

　　“烟台虽然是山东下属重要工业城市，但是担保圈资金断裂问题就鲜有发生。主要原因是因为当地较大的几家担保公司均为政府控股的国资企业，在挑选担保贷款客户时候对风险要求的程度较高，出现坏账的可能性较低。”一家烟台当地担保公司人士告诉记者。

“Yantai although is an important industrial city of shandong subordinates，But guarantee fund fracture problem is few circle happen。The main reason is because the local larger several security companies are all government holding inspected the enterprise，In choosing a guaranteed loans to the requirements of the customer risk degree is higher，In a lower risk of bad loans。”A local security company of yantai people told reporters。

　　而人士表示，烟台政府很早就拿出部分财政资金，跟几家大型当地担保公司合作，向当地中小企业提供“过桥资金”，对于急需资金的企业提供百万左右的小额贷款，缓解资金压力。

And the people said，Yantai government is in the early portion of the finances，With several large local security companies，To the local small and medium-sized enterprises provide“Bridge funds”，The urgent need for funds provide millions of enterprise around small loans，Ease financial pressures。

　　而记者注意到，本次*ST海龙担保圈所在地的山东潍坊，则是历史上“担保危机”高发区。

And reporters noticed，The * ST sea dragons guarantee the location of the circle shandong weifang，Is history“Security crisis”takes。

　　值得注意的是，早在*ST海龙出事7年前的2005年，围绕在另一潍坊地区上市公司*ST巨力周围就曾形成高达5亿元的担保圈，涉及到山东海龙、青鸟华光等潍坊多家大型企业。

Note the，As early as in * ST sea dragons an accident seven years ago in 2005，In another around in weifang prefecture * ST listed company can have formed around as high as 500 million yuan of the guarantee of the circle，Involves shandong sea dragons、Hua birds "and weifang a number of large enterprises。

　　为了防止担保圈坍塌，危及到地方经济，潍坊市政府出面，促成了*ST巨力的重组，也就是现在的“潍柴重机(000880,股吧)（000880）”。而七年一轮回，前述被波及的山东海龙本次再度涉入担保圈危机之中，不过已经变成镜头主角。

In order to prevent the collapse of security circles，Endanger the local economy，Weifang government，* * * * ST contributed to the restructuring of the can，What is now“Weichai juki(000880,Shares it)（000880）”。And seven years a rebirth，The foregoing is affected the involvement of shandong dragon again guarantee circle crisis，But has become lens protagonist。

　　“可能跟当地企业的国有背景有关，*ST海龙实际控制人为潍坊国资委，可能行政干预力度较大，无关联对外担保情况频繁。不过好处是企业负担比较小，毕竟是国有企业，出事了政府肯定不能坐视不管。”上述人士向记者分析。

“With local state-owned enterprises may be related background，* ST sea dragons to control the actual human weifang state-owned assets supervision，May administrative intervention larger efforts，Linked not foreign guaranty frequently。But good enterprise burden is relatively small，After all is state-owned enterprise，The government certainly had through inaction。”The personage analysis to the reporter。

　　浙鲁豫上市公司对外担保调查：三地“大不同” Zhejiang luyu listed company external security investigation：three“different”

　　除政策因素之外，在行业方面，由于伴随外需不足，原材料价格的持续增长，以山东地区为代表的一批化工企业普遍业绩下滑。今年一季度，山东省28家化工上市公司中，共有18家净利润出现同比下滑，最为严重的三家分别为青岛碱业、亚星化学和*ST黄海，同比分别下滑103.53倍、4.23倍和2.83倍。

Besides policy factors besides，In the industry，Due to insufficient with foreign demand，The continued growth of the prices of raw materials，In shandong province as a representative of a group of chemical enterprise general performance to slide。In the first quarter of this year，Shandong province 28 companies listed company in chemical industry，There were 18 year-on-year decline in home net profit，The most serious three for Qingdao JianYe respectively、Yaxing chemical and * ST yellow sea，Respectively compared to the 103.53 times decline、4.23 times and 2.83 times。

　　而在业绩大幅下滑，“自身难保”同时，上述多家化工企业还担负数额重大的对外担保。根据同花顺IFND数据统计，2011年*ST海龙、青岛双星、胜利股份、青岛碱业、滨化股份、亚星化学六大化工企业构成的担保总额达15.66亿元，占该地区对外担保总比重的31.58%。

But the decline in performance，“Itself would”At the same time，The above several chemical enterprise also take significant foreign guaranty amount。According to the statistical data IFND straight flush，2011 * ST sea dragons、Qingdao binary、Victory shares、Qingdao JianYe、Shore shares of、Yaxing chemical six chemical enterprise in the composition of the guarantee amounting to $1.566 billion，Account for over of the region and the share of total external security by 31.58%。

　　此外实体经济萎靡，银行基于坏账风险的控制而提高贷款门槛，成为上市公司和企业之间产生大幅借贷担保金的直接刺激原因。

In addition the entity a recession，Banks on the bad debt risk control and improve loan threshold，Become public listed companies and enterprises have greatly between the direct stimulation causes such lending。

　　“山东当地关于坏账的信贷管理部控制得很厉害，事实上银行催收的手腕也很厉害，各种方法都会使用，所以坏账率在我们这里其实控制得较好。”前述当地国有银行人士向记者指出。

“Shandong about bad credit management department of local control badly，In fact the bank collection wrist also is very severe，Various methods will use，So we here in debt defaults, actually control better。”The local state-owned Banks to reporters who pointed out。

　　河南：资源大省核心工业受冲击下的脆弱担保圈 henan：Resources province impact of core industrial fragile security circles

　　作为2011年GDP总量列全国第五位、中西部第一位的经济大省，去年四季度以来实体经济的加速下滑也直接冲击到河南省诸多工业企业。

As part of the 2011 GDP the fifth column、The first big economic province，Since the last quarter of last year to the real economy and an accelerated decline a direct impact on many industrial enterprises in henan province。

　　作为资源和重工业大省的河南，当地钢铁、有色、水泥等重工业企业无疑遭受冲击。伴随实体经济持续低迷和大宗商品价格不断跳水，笼罩在上述企业头上的担保链条终于开始破裂。

As resources and heavy industry of henan province，The local steel、non-ferrous、Cement, and other heavy industry undoubtedly hit。Along with the economic downturn and entity for commodities prices have plunged，Enveloped in the enterprise head guarantee chain finally began to break down。

　　其中，伴随部分钢铁企业钢材需求不足，停工减产直接影响到上游数量庞多的中小企业。“钢铁企业虽然营业收入和利润情况不好，但它们都是背靠政府的国有大型企业，实际资金问题没有那么严重，真正存在融资危机的是我们这些民营中小企业。”7月20日，一位洛阳当地主营耐火材料的中型规模企业董事长向记者透露。

Among them，With part of the steel enterprise steel demand，Shutdown cut directly affect the number of small and medium-sized enterprise bonds。“Steel enterprise although business revenue and profit is very poor，But they are backed by the government's large state-owned enterprises，The actual capital problem was not that serious，Really exist the crisis is our financing these small and medium-sized private enterprises。”July 20,，A local's main refractories luoyang medium scale enterprise the chairman has revealed。

　　根据该董事长介绍，其公司生产的硅砖等耐火材料常年销往攀钢集团、包钢集团及下属上市企业。“今年以来，钢铁等重工业的上游企业都很艰难，由于经济低迷，工业生产不断减产停工，直接冲击到上游企业的产品需求，资金链断链的情况时有发生。”

According to the chairman is introduced，The company produces the GuiZhuan refractory material such as perennial sold to pangang group、Clad steel group and subordinate listed enterprises。“Since this year，Steel and other heavy industry upstream of the enterprise all very difficult，Because of the economic downturn，Industrial production cut constantly to stop，A direct impact on the enterprise product demand，Capital chain is broken chains situation happen from time to tome。”

　　记者从业内了解到，在民营资本扎堆的耐火材料行业，融资本身就颇为困难。在行业低迷时期，为了解决资金短缺问题，企业间只能通过互保获取银行贷款，或者直接找担保公司。

The reporter from inside to understand，In private capital of refractory industry cluster，Financing itself is rather difficult。In the industry downturns，In order to solve the shortage of capital problem，The enterprise can only get through each other between the bank loan，Or get a guarantee。

　　“目前，在洛阳，甚至整个河南的企业圈子里，都有大量担保情况存在。最近因为经济情况一再恶劣，跑路老板并不在少数。”上述董事长略带无奈地告诉记者。

“At present，In luoyang，Even the henan enterprise circles，Numerous security situation exists。Recently because the economy bad again and again，The boss is not in a few run road。”The above the chairman takes helplessly told reporters。

　　另一边，比大型钢铁企业资金链还要困难的则是当地有色金属企业。今年伊始，老牌国有企业郑州铝业24亿元担保危机率先浮出水面，牵涉河南当地众多知名企业和百余家担保公司，波及面极广。

The other side，Large steel enterprise capital chain than the more difficult is that local non-ferrous metals enterprise。At the beginning of this year，The old state-owned enterprise zhengzhou aluminium 2.4 billion yuan guarantee crisis takes the lead in surface，Henan involved many famous enterprises and local over guarantee company，Down very wide。

　　其中，当地上市公司多氟多(002407,股吧)和太龙药业(600222,股吧)作为郑州铝业的长期互保企业，迅速遭受冲击。受累郑州铝业债务清偿危机，多氟多只得将对郑州铝业的2500万元担保确认为预计负债和营业外支出。

Among them，Local listed companies more fluorine(002407,Shares it)And too dragon pharmaceutical(600222,Shares it)As the long-term mutual the aluminum zhengzhou enterprise，Quickly hit。Zhengzhou aluminium debt burden liquidity crisis，Much more to zhengzhou fluorine can only 25 million yuan of aluminum guarantee recognized as an estimated debts and non-operating expenditures。

　　令人意想不到的是，相对于多氟多当初提供担保时，郑州铝业出具的一份颇为亮丽的财务数据，其后由公司债权人提供的另一份2011年11月由相关会计师事务所对郑州铝业做出的审计报告则大为令人咋舌。

Unexpected is，Relative to many more fluorine had provides a guaranty，Zhengzhou aluminium a rather beautiful issued by the financial data，By the company to provide creditors by another November of 2011 by relevant accounting firm to zhengzhou aluminium make audit reports, whose startling originality greatly。

　　根据2011年11月多氟多披露的公告显示，截至2011年9月，郑州铝业共实现营业收入13.6亿元，净利润8580万元，资产总额为12.6亿元，净资产为7.6亿元，资产负债率仅为39.37%。

According to the November 2011 much more disclosure announcement fluorine，By September 2011，Aluminum zhengzhou total business income is 1.36 billion yuan realization，Net profit of 85.8 million yuan，Total assets of 1.26 billion yuan，Net assets of 760 million yuan，The asset-liability ratio is only 39.37%。

　　然而，根据后续债权人提供的事务所对郑州铝业出具的审计报告，截止2011年9月，郑州铝业负债已经高达14.6亿元，早已资不抵债。

however，According to the follow-up of the firm to provide creditors of the auditing reports issued by the aluminum zhengzhou，By September of 2011，Zhengzhou aluminium liabilities have as high as 1.46 billion yuan，Had insolvency。

　　相比郑州铝业的四处借款，另一主营铝产品生产经营的同行业公司中孚实业(600595,股吧)则不断向无关联公司提供贷款担保。

Compared with the aluminum zhengzhou around the loan，Another main product production of aluminum industry company zhongfu industrial(600595,Shares it)The company constantly linked not to provide loan guarantees。

　　3月24日，中孚实业发布公告称，2012年度将为银湖铝业提供最高额为4.65亿元人民币的担保额度，而截至2011年12月31日，本公司为银湖铝业累计担保实际金额为1.6亿元人民币，这意味着，较去年全年的不超过

March 24,，Zhongfu industrial issued announcement said，【 introduction 】 silver lake aluminium for year 2012 will provide RMB 465 million yuan of the mortgage guarantee amount，And by December 31, 2011，【 introduction 】 silver lake for aluminum company accumulated guarantee the actual value of RMB 160 million，This means that，More than last year

　　1.65亿元授信担保贷款，中孚实业对银湖铝业的担保金额大幅增长了190.625%。

165 million yuan credit guarantee loans，【 introduction 】 silver lake to the aluminium industry zhongfu guaranteed amount for a sharp increase of 190.625%。

　　同一日，中孚实业还向欧凯实业、林丰铝业、中山控股三家控股子公司分别提供最高达10.3亿元、7.88亿元、6.2亿元的担保金额。

The same day,，Zhongfu industrial also to the kay industry、LinFeng aluminium、Zhongshan holding three subsidiary companies which provide up to $1.03 billion of respectively、$788 million、The guarantee of the $620 million amount。

　　除了对子公司的高额担保，今年上半年以来，中孚实业和其控股子公司为两家无关联企业河南金丰煤业集团有限公司和河南博奥建设股份有限公司，合计提供最高为7000万元的对外担保。

In addition to the subsidiary company of high guarantee，Since the first half of this year，Zhongfu industrial and its holding company for two unrelated enterprise henan jinfeng coal group Co., LTD and henan bo Olympic construction Co., LTD，Provide the highest total external security for $70 million。

　　不过，与日益增大的无关联对外担保金额相对，公司今年业绩则是每况愈下。去年中孚实业尚在全行业低迷情况下净利润勉强微涨0.23%，但今年一季度，净利润则巨亏1.13亿元，较去年同期骤降337.53%。

but，With the increasing linked not foreign guaranty amount relative，The company this year performance is gone from bad to worse。Zhongfu industrial is still in the last year the industry downturn case closed up 0.23% net profit reluctantly，But the first quarter of this year，Net profit is the kui 113 million yuan，Plunged 337.53% compared to the same period last year。

　　事实上，业绩大幅下滑背后，滚动增加的对外担保无疑迫使公司加大借款额度，增加财务费用的支出。截至2011年12月31日，中孚实业及其控股子公司发生实际担保总额已经高达41.36亿元人民币，占最近一期经审计净资产的60.41%。

In fact，Performance behind the decline，The increase of the rolling external security force companies to increase borrowing limit undoubtedly，Increase financial expenditure of money。By December 31, 2011，Zhongfu industrial and its subsidiary actual guarantee volume has happened as high as 4.136 billion yuan，A recent issue of the audited account for 60.41% of the net assets。

　　今年一季度，中孚实业财务费用较去年同期增加53.57%至2.30亿元，而原因则为“融资规模增加和借款利率提高所致”。而同期公司资产负债率亦已高达72.73%。

In the first quarter of this year，Zhongfu industrial financial costs than the same period last year increased by 53.57% to 230 million yuan，And the reason is for“Financing scale increases and lending rates by improving”。Over the same period, the company also has the asset-liability ratio as high as 72.73%。

　　事实上，慷慨向外提供贷款的并非中孚实业一家，2011年，包括中孚实业在内的新野纺织(002087,股吧)，太龙药业，中原高速(600020,股吧)，通达股份(002560,股吧)，多氟多，中原内配(002448,股吧)，银鸽投资(600069,股吧)，同力水泥(000885,股吧)，利达光电(002189,股吧)10家企业均提供了大额对外担保，担保总额高达16.48亿元。

In fact，To provide loans to the generosity is not zhongfu industrial a，2011 years，Including zhongfu industrial, new item of textile(002087,Shares it)，Too dragon pharmaceutical，Zhongyuan high-speed(600020,Shares it)，Shares insight(002560,Shares it)，Much more fluorine，In central plains with(002448,Shares it)，Silver pigeons investment(600069,Shares it)，Tongli cement(000885,Shares it)，Boasts photoelectric(002189,Shares it)10 the enterprise all provide large foreign guaranty，The total amount of guarantee as high as 1.648 billion yuan。

　　浙江：房企互担依旧 光伏企业危机袭来 zhejiang：Each room enterprises are still photovoltaic enterprise crisis by storm

　　事实上，在浙江上市公司圈，除了老牌房企互保担保问题依然严重外，由光伏行业自身不景气引发的资金链危机也开始星火燎原。

In fact，In zhejiang listed company circle，In addition to the old mutual insurance guarantee high room problem still serious outside，By photovoltaic industry itself by recession capital chain crisis also began to spark set the prairie ablaze。

　　对光伏行业公司来说，一面是行业产能严重过剩，供需不平衡下的产品价格暴跌，另一边则是资金面对其热情的大幅消退，全行业正面临资金链条紧绷甚至断裂的风险。

On photovoltaic industry for the company，The industry is a serious surplus production capacity，Under unbalanced supply and demand of the product price has plummeted，The other side is facing the enthusiasm of a capital faded，The industry is facing fund chain tight even the risk of fracture。

　　浙江赛维的案子只是一个缩影，2012年上半年，另外两家同在绍兴的光伏企业向日葵和精功科技(002006,股吧)上半年预计将出现首次亏损。以向日葵为例，该公司最新公布的上半年业绩预告修正公告显示，预计今年上半年将亏损1.6亿元至1.7亿元，较去年同期盈利1.3亿元下滑了221.25%至228.83%。而在4月25日的一季报中，向日葵曾预计上半年净利润下滑50%以上。

Zhejiang "is just a case of dimensional existence，In the first half of 2012，Two other with shaoxing of photovoltaic enterprise sunflowers and fine work and science and technology(002006,Shares it)In the first half is expected to appear first losses。To sunflower for example，The company announced the latest of the first half performance forecast fixed announcement，The first half of the year is expected to loss 160 million yuan to 170 million yuan，Compared to the same period last year profit of 130 million yuan to a 221.25% decline from 228.83% to。And in April 25, a quarterly reports，Sunflower had been expected to net profit fell 50% in the first half or more。

　　值得注意的是，除了两家企业外，超日太阳(002506,股吧)、维科精华(600152,股吧)也进行了业绩修正，且均为向下修正。

Note the，In addition to the two companies，Super day the sun(002506,Shares it)、Group-based operations(600152,Shares it)The performance is fixed，And all for the downward revision。

　　伴随产品价格和利润的大幅下滑，光伏企业现金流的问题愈加凸显。WIND统计数据显示，今年一季度，A股79家光伏行业上市公司经营活动产生的现金流从去年四季度的117亿元大幅减少至2.95亿元，而同期其存货则从去年四季度末的587亿元进一步上升至628亿元。

Along with the product prices and a sharp decline in profits，Photovoltaic enterprise cash flow problems more prominence。WIND statistics show，In the first quarter of this year，A shares photovoltaic industry of 79 listed companies operating activities generated cash flow from the fourth quarter of last year 11.7 billion yuan sharply reduce to 295 million yuan，Over the same period, the inventory is from last year at the end of the fourth quarter of 58.7 billion yuan to 62.8 billion yuan rise further。

　　不过，尽管业绩大幅下滑、现金流日益紧张，但两家上市公司自身却存在巨额的对外担保。其中，2011年向日葵对外担保为1.92亿元，精功科技对外担保为1.85亿元。除此之外，今年上半年，精功科技还向子公司浙江精功新能源提供最高达5000万元的财务资助。

but，Despite a sharp decline in performance、Cash flow of the growing tension，But two listed companies are huge foreign itself guarantee。Among them，2011 foreign guarantee for 192 million yuan sunflowers，Fine work external security for 185 million yuan of science and technology。In addition，In the first half of this year，Fine work to subsidiary of science and technology of zhejiang reactive new energy to provide up to $50 million of financial aid。

　　记者注意到，在向日葵1.92亿元的对外担保中， 为非关联企业浙江古纤道新材料股份有限公司（以下简称为“浙江古纤道”）担保的金额高达1亿元。根据相关资料显示，浙江古纤道注册资本4.5亿，截至2011年6月30日，公司总资产375422.161429万元，净资产达125050.510675万元，2011年度上半年营业收入190382.260567万元，净利润达15667.314978万元。

Reporters noticed that，In the sunflower 192 million yuan of foreign guaranty， For the associated enterprises zhejiang ancient fiber way new material Co., LTD（Hereinafter referred to as the“Zhejiang ancient fine way”）The amount of guarantee as high as 100 million yuan。According to relevant data shows，Zhejiang ancient fine way registered capital 450 million，By June 30, 2011，The total assets of $3754221614.29，Net assets of 1250505106.75 yuan，In the first half of 2011 annual revenues of 1903822605.67 yuan，Net profit of 156673149.78 yuan。

　　事实上，向日葵为浙江古纤道提供担保历史可追溯到2009年，此外 2011年，另一家上市公司新湖中宝还对其增持3000万股权，成为浙江古纤道的新股东。

In fact，Sunflower for zhejiang ancient fine way to provide security history can be traced back to 2009，In addition in 2011，The other a listed company of its xinhu zhongbao around 30 million equity，Become the new way of zhejiang foreign shareholder。