中国巨石股份有限公司2025年度利润分配方案深度解读

报告要点梳理

• 中国巨石股份有限公司（600176）公布2025年度利润分配方案，拟每10股派发现金红利1.90元（含税），不进行资本公积金转增股本。
• 本年度现金分红总额预计达到1,434,568,859.71元（含税），占2025年度归属于上市公司股东净利润的43.66%，分红比例处于高位。
• 公司2025年已实施首次中期分红，每10股派发现金红利1.70元（含税），中期分红金额达680,533,243.76元（含税）。本年度总现金红利预计达1.43亿元。
• 董事会声明利润分配方案不会对公司经营现金流产生重大影响，亦不会影响公司正常经营和长期发展。
• 公司最近三个会计年度累计现金分红金额高于最近三个会计年度年均净利润的30%，不触及《上海证券交易所股票上市规则》第9.8.1条第一款第（八）项风险警示情形。
• 公司总股本为4,003,136,728股，回购专用证券账户持有34,528,223股不参与本次分红，实际参与分红总股本为3,968,608,505股。
• 资本公积金余额为6,175,298,743.61元，2025年度暂不进行资本公积金转增股本。
• 利润分配方案需经2025年度股东大会审议通过后方可实施。
• 若股本因可转债转股、回购、股权激励、重大资产重组等发生变动，公司将保持每股分配比例不变，分配总额将相应调整。

对投资者和股东的重要影响

• 高分红比例：2025年度现金分红比例达到43.66%，远高于市场普遍30%分红要求，显示公司盈利能力强且对股东回报重视，可能对公司股价形成正面刺激。
• 持续稳定分红：近三年累计分红金额达3,496,184,274.63元，保持稳定分红政策，有助于提升市场信心和长期投资价值。
• 资本公积金充足但暂不转增股本：母公司资本公积金余额高达6.17亿元，表明公司财务稳健；但本年度不转增股本，有利于避免股本摊薄风险。
• 未触及风险警示：公司分红政策合理，未触及风险警示情形，市场风险较低。
• 方案需股东大会批准：利润分配方案尚需2025年度股东大会审议通过，投资者需关注后续会议进展及实施公告。
• 股本变动调整机制：若公司股本因转股、回购等发生变化，将保持每股分配比例不变，分配总额调整，投资者需关注后续公告。

详细数据与关键时间节点

• 2025年度归属于上市公司股东净利润：3,285,461,018.68元。
• 母公司净利润：1,375,635,843.82元，可供分配利润：856,800,366.40元。
• 2026年3月18日，公司总股本4,003,136,728股；回购账户持有股份34,528,223股不参与分红。
• 本次利润分配方案于2026年3月18日由董事会审议通过，将提交2025年度股东大会。
• 中期分红已实施，金额680,533,243.76元（含税）。
• 过去三年平均净利润：2,924,905,418.15元，累计现金分红3,496,184,274.63元。

潜在影响与投资建议

本次利润分配方案为中国巨石持续高分红政策的延续，显示公司盈利能力和对股东价值的重视。在A股高分红公司稀缺背景下，该方案有望吸引更多价值型投资者，提升公司股价和估值水平。投资者应关注股东大会审批进展及分红实施公告，尤其是分红基数调整和相关细节动态。若分红方案顺利实施，将是市场关注的正面信号，可能推动股价上行。

免责声明

本文章为财务信息解读，仅供投资者参考，不构成任何投资建议。投资者需结合自身情况及市场风险，谨慎决策。利润分配方案尚需股东大会审议通过，相关实施细节及时间以公司后续公告为准。

English Version

China Jushi Co., Ltd. 2025 Profit Distribution Plan Deep Dive

Key Report Highlights

• China Jushi (600176) announced its 2025 profit distribution plan: a cash dividend of RMB 1.90 (tax included) per 10 shares, with no capital reserve to be transferred to share capital.
• Total cash dividend for the year expected to reach RMB 1,434,568,859.71 (tax included), accounting for 43.66% of net profit attributable to shareholders—a high payout ratio.
• The company has already executed an interim dividend for 2025, RMB 1.70 (tax included) per 10 shares, totaling RMB 680,533,243.76.
• The board asserts the distribution plan will not significantly affect operating cash flow or long-term business development.
• Over the past three years, cumulative cash dividends exceeded 30% of average annual net profit, avoiding risk warning triggers under exchange rules.
• Total share capital: 4,003,136,728 shares; 34,528,223 shares held in a repurchase account do not participate, actual participating shares: 3,968,608,505.
• Capital reserve balance: RMB 6,175,298,743.61, but no capital reserve conversion planned for 2025.
• Distribution plan requires approval at the 2025 Annual General Meeting.
• If share capital changes due to convertible bonds, repurchases, incentives, M&A, etc., per-share ratio remains unchanged but total dividend will adjust.

Key Points for Investors and Shareholders

• High Dividend Payout: 43.66% payout for 2025, well above the common 30% threshold, indicating strong profitability and shareholder focus—potentially boosting share price.
• Consistent Dividends: Three-year cumulative payout of RMB 3.5 billion, reflecting stable policy and long-term value.
• Strong Capital Reserve, No Dilution: Capital reserve of RMB 6.17 billion, but no conversion, avoiding dilution risks.
• No Risk Warning Triggered: Reasonable dividend policy, low market risk.
• Approval Required: Plan pending AGM approval—investors should monitor meeting updates.
• Adjustment Mechanism: If share capital changes, per-share ratio stays, total dividend adjusts—watch for future announcements.

Detailed Data & Key Dates

• 2025 net profit attributable to shareholders: RMB 3,285,461,018.68.
• Parent company net profit: RMB 1,375,635,843.82; distributable profit: RMB 856,800,366.40.
• Share capital as of March 18, 2026: 4,003,136,728 shares; 34,528,223 in repurchase account excluded from dividend.
• Distribution plan approved by board on March 18, 2026, pending AGM.
• Interim dividend already paid: RMB 680,533,243.76.
• Three-year average net profit: RMB 2,924,905,418.15; cumulative dividend RMB 3,496,184,274.63.

Potential Impact & Investment Advice

The plan continues China Jushi’s high dividend policy, signaling strong profitability and shareholder value focus. In a market where high dividend stocks are rare, this plan may attract value investors and boost the company’s share price and valuation. Investors should monitor AGM approval and subsequent announcements, particularly regarding dividend base adjustments. If implemented smoothly, this will be a positive market signal, possibly driving share price higher.

Disclaimer

This article is a financial interpretation for reference only and does not constitute investment advice. Investors should make cautious decisions based on their own situation and market risks. The dividend plan requires AGM approval; implementation details and timing are subject to future company announcements.

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