ST炼石发布2025年度利润分配预案：持续巨额亏损，拟不进行利润分配

炼石航空科技股份有限公司（证券代码：000697，证券简称：ST炼石）于2026年3月18日发布公告，披露了公司2025年度利润分配预案。本次公告及其内容对于投资者和潜在股东具有高度关注价值，尤其是在公司连续亏损、未分配利润大幅为负的背景下，相关决策对公司未来股价走势可能产生重要影响。

一、董事会审议情况与决议

• 2026年3月18日，公司召开了第十一届董事会第二十七次会议，经过9票同意、0票反对、0票弃权，全票通过了《2025年度利润分配预案》。
• 根据预案，公司2025年度不向股东派发现金红利、不送红股、也不以公积金转增股本。
• 该预案尚需提交2025年度股东大会审议。

二、2025年度财务状况摘要及利润分配方案

• 经信永中和会计师事务所审计，2025年度公司合并报表归属于上市公司股东的净利润为-518,017,174.90元，较上年进一步扩大亏损。
• 年初未分配利润为-3,573,238,868.84元，期末未分配利润为-4,091,256,043.74元。
• 母公司层面，2025年实现净利润-479,523,580.37元，年初未分配利润-3,233,056,099.16元，期末未分配利润-3,712,579,679.53元。
• 因2025年度合并及母公司期末未分配利润均为巨额负值，公司董事会提议2025年度不向股东分配利润。

三、利润分配方案详细情况

• 2025年度不派发现金红利，不进行回购注销，也不送红股。
• 最近三个会计年度，公司累计现金分红总额、累计回购注销总额均为0。
• 最近三个会计年度平均净利润为-347,197,449.68元，持续亏损。
• 公司已上市满三个完整会计年度，但未触及深圳证券交易所《股票上市规则》第9.8.1条（九）项规定的其他风险警示情形。

四、分红政策合理性及监管合规性说明

• 公司2025年度合并及母公司归属于上市公司股东净利润均为亏损，且合并及母公司未分配利润均为负值，不满足现金分红条件。
• 本次利润分配预案符合中国证监会及相关法律法规、公司章程关于现金分红的政策要求，充分考虑公司实际经营和盈利状况。

五、重要风险提示

• 截至报告期末，公司母公司报表层面和合并报表层面未分配利润分别为-3,712,579,679.53元和-4,091,256,043.74元，未弥补亏损金额极高。
• 公司经营持续亏损，短时间内难以实现盈利并满足分红条件，投资者需高度关注相关投资风险。
• 未来一段时间内，公司仍可能无法向投资者进行现金分红，这一情况可能对公司市场估值、股价走势等产生负面影响。

投资者须知（价格敏感信息）

• 公司持续多年亏损，且未分配利润为巨额负值，分红能力极弱，短期内难以恢复。
• 本次不分红决策虽未触及更高层次的风险警示，但已充分暴露经营困境，或将影响市场信心。
• 建议投资者充分评估公司当前财务状况及分红政策变化对股价和投资价值的潜在影响，理性决策。

免责声明：本文内容仅供参考，不构成任何投资建议。投资者应结合自身情况审慎决策，股市有风险，投资需谨慎。

English Version

ST LianShi Releases 2025 Profit Distribution Plan: Significant Losses Continue, No Profit Distribution Proposed

LianShi Aviation Technology Co., Ltd. (Stock Code: 000697, Stock Abbreviation: ST LianShi) announced on March 18, 2026, the disclosure of its 2025 profit distribution plan. This announcement is of high concern to investors and potential shareholders, especially given the company’s ongoing losses and significantly negative undistributed profits. The related decisions could materially impact future share price movements.

1. Board Review and Resolution

• On March 18, 2026, the company held its 27th meeting of the 11th Board of Directors, unanimously (9 votes in favor, 0 against, 0 abstain) passing the “2025 Profit Distribution Plan”.
• According to the plan, the company will not distribute cash dividends, issue bonus shares, or increase capital via capital reserves for 2025.
• This plan is still subject to shareholder approval at the 2025 annual general meeting.

2. 2025 Financial Summary and Profit Distribution Plan

• Audited by ShineWing Certified Public Accountants, the consolidated net profit attributable to shareholders for 2025 was -518,017,174.90 yuan, a further decline from last year.
• Beginning unappropriated profits: -3,573,238,868.84 yuan; year-end unappropriated profits: -4,091,256,043.74 yuan.
• At parent company level: net profit -479,523,580.37 yuan, beginning unappropriated profits -3,233,056,099.16 yuan, year-end unappropriated profits -3,712,579,679.53 yuan.
• Due to both consolidated and parent company year-end unappropriated profits being significantly negative, the Board proposes no profit distribution for 2025.

3. Details of the Profit Distribution Plan

• No cash dividends, share repurchases, or bonus shares will be distributed for 2025.
• Over the past three fiscal years, the company’s cumulative cash dividends and repurchase cancellations were both zero.
• Three-year average net profit: -347,197,449.68 yuan, indicating ongoing losses.
• The company has been listed for three full accounting years and has not triggered the risk warning conditions under Shenzhen Stock Exchange Rule 9.8.1 (ix).

4. Rationale and Compliance of Dividend Policy

• Both consolidated and parent company net profits attributable to shareholders were losses, and unappropriated profits were negative, not meeting cash dividend conditions.
• This profit distribution plan complies with CSRC and related laws, regulations, and company articles, fully considering the company’s actual operating and profitability conditions.

5. Important Risk Warnings

• As of the end of the reporting period, unappropriated profits at the parent and consolidated levels were -3,712,579,679.53 yuan and -4,091,256,043.74 yuan, showing extremely high accumulated losses.
• The company continues to operate at a loss and is unlikely to meet dividend conditions in the short term. Investors should pay close attention to the associated risks.
• For a considerable period, the company may not be able to distribute dividends to investors, which could negatively affect its market valuation and share price.

Key Points for Investors (Price Sensitive Information)

• The company has sustained losses for multiple years with extremely negative unappropriated profits, resulting in very weak dividend capacity and little chance of recovery in the short term.
• Although this no-dividend decision does not trigger a higher-level risk warning, it fully exposes operational difficulties, which may impact market confidence.
• Investors are advised to carefully assess the potential impact of the company’s current financial status and dividend policy changes on share price and investment value, and make rational decisions.

Disclaimer: This article is for reference only and does not constitute any investment advice. Investors should make prudent decisions based on their own circumstances. The stock market is risky; investment requires caution.

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