招商积余披露2025年度利润分配预案：高比例现金分红，股东回报显著

【2026年3月14日，深圳】 招商局积余产业运营服务股份有限公司（证券代码：001914，简称“招商积余”）发布了2025年度利润分配预案，方案显示公司将继续实施大比例现金分红，彰显对股东回报的高度重视。
以下是对公告的详细解读，投资者需重点关注的内容如下：

一、2025年度利润分配方案核心内容

• 以2025年末公司总股本1,053,719,858股为基数，向全体股东每10股派发现金红利2.60元（含税）。
• 合计现金股利分配金额为273,967,163.08元。
• 剩余未分配利润留存至下一年度，本年度不进行资本公积金转增股本。
• 如果在方案实施期间享有利润分配权的股份总额发生变化，将按分配总额不变的原则对每股分红金额进行调整。

二、利润分配预案审批流程及合规性

• 2026年3月11日至12日，预案先后获得董事会审计委员会、独立董事专门会议及第十一届董事会第四次会议全票通过。
• 审议过程认为预案兼顾公司可持续发展与投资者权益，符合《公司章程》《公司三年（2024-2026年）股东回报规划》及相关法律法规。
• 该议案尚需提交2025年度股东大会审议通过，方可正式实施。

三、2025年度公司经营业绩及分红能力

• 经毕马威华振会计师事务所审计，2025年度招商积余实现归属于上市公司股东的净利润为654,579,171.43元，母公司净利润为205,913,396.94元。
• 2025年末，母公司累计可供分配利润高达3,202,477,933.14元，合并报表未分配利润为6,104,961,586.54元。
• 2025年，公司已通过回购专用证券账户累计回购股份5,726,202股，累计使用金额68,106,301.96元（不含交易费用）。
• 2025年度现金分红及已实施股份回购总额为342,073,465.04元，占本年度归属于上市公司股东净利润的52.26%。

四、分红方案连续性及风险事项

• 2023-2025年累计现金分红总额为7.08亿元，累计现金分红及回购注销总额为7.86亿元，占最近三年平均净利润的95.28%，分红比例居行业前列。
• 公司2025年度现金分红方案未触及《深圳证券交易所股票上市规则》第9.8.1条规定的实施其他风险警示情形。
• 2025年分红方案继续保持稳定性与持续性，未涉及资本公积金转增股本，保留充足利润以支持公司长期发展。

五、对股东及股价的潜在影响——值得关注的敏感信息

• 公司保持高比例现金分红，显示出强劲的盈利能力和对中小股东的高度重视，预计将对股价形成积极支撑。
• 公司分红率显著高于行业平均水平，叠加持续回购股份，有望提升每股收益和投资价值。
• 连续三年高比例分红，有望吸引更多价值投资者关注。
• 公告强调分红方案的调整机制，确保在股份变动情况下分红总额不变，保障所有股东利益。

六、后续安排

该利润分配预案尚需提交公司2025年度股东大会审议通过，敬请投资者密切关注后续公告及表决结果。

七、备查文件

• 第十一届董事会第四次会议决议
• 董事会审计委员会2026年第三次会议决议
• 独立董事专门会议2026年第一次会议决议
• 回购注销金额的相关证明

免责声明：本文仅为对招商局积余产业运营服务股份有限公司公告的客观整理与解读，不构成任何投资建议。投资者据此进行操作，风险自负。

China Merchants Shekou Industrial Operation Service Co., Ltd. 2025 Dividend Plan Detailed Analysis – Key Points for Investors

[Shenzhen, March 14, 2026] China Merchants Shekou Industrial Operation Service Co., Ltd. (Stock Code: 001914, “CMSK”) released its 2025 profit distribution plan, continuing its high cash dividend payout and demonstrating a strong commitment to shareholder returns.
Below is a detailed breakdown of the announcement and the points investors should pay special attention to:

1. Core Details of the 2025 Profit Distribution Plan

• Based on a total share capital of 1,053,719,858 shares at the end of 2025, the company will distribute a cash dividend of RMB 2.60 (tax inclusive) for every 10 shares to all shareholders.
• Total cash dividend payout will reach RMB 273,967,163.08.
• Undistributed profits will be retained for the next year. No capital reserve to share capital conversion will be carried out this year.
• If the number of shares with dividend rights changes during implementation, the per-share dividend will be adjusted to ensure the total payout remains unchanged.

2. Approval Process and Compliance

• From March 11 to 12, 2026, the plan was unanimously approved by the Audit Committee, Independent Directors, and the Board of Directors.
• The review concluded the plan balances sustainable development and shareholder interests, complying with the Articles of Association, the three-year shareholder return plan (2024-2026), and relevant laws and regulations.
• The plan still requires approval at the 2025 Annual General Meeting before implementation.

3. 2025 Performance and Dividend Capacity

• Audited by KPMG Huazhen, in 2025, CMSK achieved a net profit attributable to shareholders of RMB 654,579,171.43; parent company net profit was RMB 205,913,396.94.
• Undistributed profit at the parent level at year-end: RMB 3,202,477,933.14; at the consolidated level: RMB 6,104,961,586.54.
• In 2025, the company repurchased 5,726,202 shares for RMB 68,106,301.96 (excluding transaction fees).
• Total for 2025 cash dividends plus share buybacks: RMB 342,073,465.04, representing 52.26% of annual net profit attributable to shareholders.

4. Dividend Continuity and Risk

• For 2023-2025, cumulative cash dividends reached RMB 708 million; total dividends and buybacks RMB 786 million, representing 95.28% of the average net profit over the three years—well above industry averages.
• The 2025 plan does not trigger any risk alerts under Shenzhen Stock Exchange Listing Rules 9.8.1.
• No capital reserve transfer to share capital; sufficient profits retained to support long-term development.

5. Potential Impact on Shareholders and Share Price – Key Sensitive Information

• The continued high payout ratio underscores strong profitability and a focus on minority shareholders, likely supporting the share price.
• Dividend and buyback levels well exceed industry average, potentially boosting EPS and investment value.
• Three consecutive years of high dividends could attract more value-focused investors.
• The plan’s adjustment mechanism ensures total dividend payout remains unchanged in the event of share number changes, protecting all shareholders.

6. Next Steps

The plan requires approval at the 2025 AGM; investors should closely monitor further disclosures and voting outcomes.

7. Reference Documents

• Board of Directors meeting resolutions
• Audit Committee meeting resolutions
• Independent Directors meeting resolutions
• Proof of buyback and cancellation amounts

Disclaimer: This article is an objective summary and analysis of the public announcement by China Merchants Shekou Industrial Operation Service Co., Ltd. and does not constitute investment advice. Investors act at their own risk.

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