雅戈尔时尚股份有限公司差异化分红专项核查法律意见书解读

雅戈尔时尚股份有限公司差异化分红专项核查意见详解

雅戈尔时尚股份有限公司（雅戈尔）近期获得浙江和义观达律师事务所出具的关于公司2025年第三季度利润分配涉及差异化分红的专项核查意见。该核查意见对本次差异化分红的原因、方案、计算依据及合法合规情况进行了详细分析，以下为投资者需关注的重点内容：

一、差异化分红产生的背景与原因

公司于2025年8月28日召开董事会，通过以集中竞价方式回购公司股份的议案，预计回购金额为5亿至9.6亿元人民币，回购价格不超过8元/股，回购股份将全部用于员工持股计划或股权激励。
回购过程中，公司多次调整回购价格上限，并披露回购进展。最终于2026年1月9日完成回购，实际回购股份为119,999,969股，占总股本2.6%。截至2026年3月5日，回购专用账户持有上述股份。
根据《上海证券交易所上市公司自律监管指引第7号——回购股份》，回购专用账户中的股份不享有利润分配、公积金转增股本等权利，因此公司实施差异化分红。

二、差异化分红方案具体内容

2024年度股东大会授权董事会制定2025年度中期分红方案。2025年第三季度利润分配方案为：以权益分派实施公告确定的股权登记日总股本（扣减回购账户股份）为基数，每股派发现金红利0.08元（含税）。
以2026年3月5日总股本4,623,441,902股扣减回购专用账户119,999,969股，实际参与分红的股本为4,503,441,933股，合计派发现金红利360,275,354.64元（含税）。本次分红不送红股，也不以资本公积金转增股本。
在权益分派股权登记日期间，如因回购或股权激励等导致总股本变动，公司将维持每股分配金额不变，调整分配总额。

三、差异化分红的计算依据与除权除息影响

除权除息参考价格计算公式为：前收盘价-现金红利。
以2026年3月5日收盘价6.91元/股为例，实际分派除权参考价为6.83元/股。采用虚拟分派方式计算参考价为6.8321元/股，两者差异仅为0.03%，对股价影响极小，低于1%的标准。

四、法律合规及投资者关注事项

律师核查结论认为本次差异化分红符合《公司法》、《证券法》、《回购股份指引》及公司章程规定，不存在损害公司及全体股东利益的情形。
差异化分红主要影响回购专用账户持有股份，不参与分红，实际参与分红股数减少，分红总额相应调整。
本次差异化分红对除权除息参考价影响极小，预计不会对公司股价造成明显波动。
回购股份后公司股本结构变化，员工持股计划和股权激励将增强公司治理与激励机制，长期对公司价值有正面作用。

五、投资者须知与潜在价格敏感信息

回购股份不参与分红，意味着实际分红股数减少，分红总额调整，但每股分红金额不变。
回购股份最终用途（员工持股、股权激励）将影响公司管理层与核心员工利益绑定，值得关注。
差异化分红虽然对除权除息参考价格影响很小，但回购行为、分红政策及股本结构变化均为投资者应重点关注的公司治理和资本运作信息。

免责声明：本文信息来源于浙江和义观达律师事务所专项核查意见，旨在为投资者提供参考，不构成投资建议。投资者需结合自身情况和市场环境做出决策，本文不对因投资行为产生的任何后果负法律责任。

Youngor Fashion Co., Ltd. Special Legal Review on Differential Dividend

Youngor Fashion Co., Ltd. (Youngor) recently received a special legal review from Zhejiang He Yi Guan Da Law Firm regarding the differential dividend arrangement for its Q3 2025 profit distribution. This review details the reasons, plan, calculation, and compliance for the differential dividend. Investors should take note of the following key points:

1. Background and Reason for Differential Dividend

On August 28, 2025, Youngor’s Board approved a share buyback proposal using RMB 500 million–960 million at a price not exceeding RMB 8/share, all for employee shareholding and equity incentives.
The buyback price cap was adjusted several times, and buyback progress disclosed. On January 9, 2026, the buyback completed with 119,999,969 shares repurchased, comprising 2.6% of total share capital. As of March 5, 2026, these shares are held in a dedicated buyback account.
According to Shanghai Stock Exchange rules, shares in the buyback account do not participate in profit distribution or capital increases, thus necessitating differential dividend implementation.

2. Details of Differential Dividend Scheme

The 2024 AGM authorized the Board to set mid-term dividend plans for 2025. For Q3 2025, the scheme is: cash dividend of RMB 0.08/share (tax included), based on the total shares at the record date minus buyback account shares.
Using March 5, 2026, figures: total shares are 4,623,441,902 minus 119,999,969 in buyback account, leaving 4,503,441,933 shares eligible for dividend. Total cash dividend is RMB 360,275,354.64 (tax included). No bonus shares or capital increases.
Dividend amount per share remains unchanged despite any share changes due to buyback or incentive grants; total payout is adjusted accordingly.

3. Calculation Basis and Ex-Dividend/Ex-Rights Impact

Ex-dividend reference price formula: previous closing price minus the cash dividend.
Example: March 5, 2026, closing price is RMB 6.91/share; actual ex-dividend reference is RMB 6.83/share. Virtual dividend calculation yields RMB 6.8321/share; difference is only 0.03%, below the 1% threshold—impact is minimal.

4. Legal Compliance and Investor Focus

The legal review concludes the differential dividend complies with Company Law, Securities Law, buyback rules, and company charter; no harm to company or shareholders’ interests.
Buyback account shares do not participate in dividends, reducing the number of shares receiving dividends and adjusting total payout.
Differential dividend has negligible effect on ex-dividend price, with no anticipated price volatility.
Buyback and subsequent allocation to employee shareholding and incentive plans may improve governance and incentivize key personnel, potentially positive for long-term company value.

5. Key Investor Takeaways & Price Sensitive Information

Buyback shares do not receive dividends; actual number of shares receiving dividends is reduced, but per-share dividend remains unchanged.
Final allocation of buyback shares (employee shareholding/equity incentive) will affect management and key employee interests—investors should monitor this closely.
While differential dividend impact on ex-dividend price is minimal, actions involving buyback, dividend policy, and share capital changes are significant corporate events for investors.

Disclaimer: The above information is sourced from Zhejiang He Yi Guan Da Law Firm’s special legal review, provided for investor reference only and does not constitute investment advice. Investors should evaluate the information in context and make decisions accordingly; this article bears no legal responsibility for investment outcomes.