中国广核电力股份有限公司2025年度利润分配方案深度解读

核心亮点一览

• 现金分红方案：公司2025年度拟以实施时股权登记日的股本为基数，向全体股东每10股派发现金红利人民币0.86元（含税），预计总现金分红约43.43亿元。
• 不送红股、不转增股本：本次利润分配不送红股，也不以资本公积金转增股本。
• 分红比例提升：分红总额约占2025年度归属于公司股东净利润的44.47%，实现分红比例稳步提升。
• 股本及未分配利润：报告期末总股本为50,498,611,100股，合并报表未分配利润为534.48亿元。
• 近三年分红情况：最近三年累计现金分红总额达138.87亿元，未进行股份回购。
• 资本性投资持续增长：2025年台山二期、防城港三期项目获国务院核准，全年实现多个核电项目机组开工，公司未来资本开支将持续增长。
• 风险警示：该分红方案不触及深交所股票上市规则第9.8.1条规定的风险警示情形。
• 资产结构稳健：本年末金融资产等占总资产比例仅0.75%，资产结构稳健。
• 股东会审议：方案已通过董事会及独立董事专门会议审议，将提交2025年度股东会表决。

对股东及投资者的重大影响

• 稳定且提升的分红政策：公司持续履行2020年《未来五年（2021年-2025年）股东分红回报规划》承诺，分红比例适度增长，有助于提升投资者信心，强化长期股东回报。
• 现金分红充足，流动性增强：高比例现金分红意味着公司盈利能力优良且现金流稳健，未来资本性开支增长也未影响分红水平，这对价值投资者具有吸引力。
• 项目核准及扩张潜力：多项核电项目获批和开工，显示公司在国家“双碳”战略背景下具备持续成长潜力，有望带动未来业绩和股价表现。
• 无风险警示：公司分红方案未触及任何风险警示情形，说明公司财务健康，经营稳健。
• 可转债转股影响：若因可转债转股导致股本变化，公司将按照每股派息金额不变，调整现金分红总额，保障分红公平。

详细数据披露

资产结构及投资情况

公司本年末金融资产占比仅0.75%，包括离退休人员保险投资计划和持有外部单位股权等，资产结构稳健，未受大额投机性投资影响。

未来展望

随着国家“双碳”战略及能源革命的推进，核能行业正处于战略机遇期。公司台山二期、防城港三期等项目获得核准，多个机组开工，资本开支将持续增长。分红政策的稳定与提升，有望增强投资者对公司未来业绩和股价的信心。

结语

中国广核电力股份有限公司2025年度利润分配方案，体现了公司强劲的盈利能力、稳健的财务状况和对股东回报的高度重视。结合国家政策红利和公司扩张战略，利润分配方案具备显著的投资价值和股价驱动潜力，值得股东和投资者重点关注。

免责声明：本文信息仅供参考，不构成任何投资建议。投资者应结合自身情况，注意市场风险。本公司利润分配方案尚需股东会审议通过，最终分红政策以实际公告为准。

English Version

China General Nuclear Power Corporation 2025 Profit Distribution Plan – In-Depth Analysis

Key Highlights

• Cash Dividend Plan: For 2025, the company proposes a cash dividend of RMB 0.86 (tax inclusive) per 10 shares, based on the shareholding at the record date, totaling approximately RMB 4.343 billion.
• No Bonus Shares or Capitalization: No bonus shares will be issued, nor will capital reserves be converted to share capital.
• Dividend Ratio Increase: The total dividend equals about 44.47% of net profit attributable to shareholders in 2025, marking a steady increase in payout ratio.
• Share Capital & Retained Earnings: Total share capital at period end: 5,049,861,100 shares; consolidated retained earnings: RMB 53.448 billion.
• Three-Year Dividend Record: Total cash dividends for the past three years: RMB 13.887 billion; no share buy-backs.
• Continued Capital Investment: In 2025, Taishan Phase II and Fangchenggang Phase III projects approved by the State Council; multiple nuclear power units commenced, indicating ongoing capital expenditure growth.
• No Risk Warnings: The dividend plan does not trigger risk warnings under Shenzhen Stock Exchange Rule 9.8.1.
• Stable Asset Structure: Financial assets at year-end account for only 0.75% of total assets; asset structure is stable.
• To Be Approved at Shareholders’ Meeting: The plan has passed Board and Independent Directors meetings, pending shareholder meeting approval.

Significance for Shareholders & Investors

• Stable and Increased Dividend Policy: The company continues to deliver on its 2020 “Five-Year Shareholder Dividend Return Plan,” with a moderate increase in dividend payout, enhancing investor confidence and long-term returns.
• Strong Cash Dividend & Liquidity: High dividend payout reflects robust profitability and cash flow, even as capital expenditure rises, attractive for value investors.
• Project Approvals & Growth Potential: Multiple nuclear projects approved and started, showing strategic growth potential under the national “Dual-Carbon” policy, likely to drive future earnings and share price.
• No Risk Warning: The plan does not trigger any risk warning, indicating sound financial health and stable operations.
• Convertible Bonds Impact: If share capital changes due to convertible bonds, the per-share dividend will remain unchanged, with the total payout adjusted accordingly to ensure fairness.

Detailed Financial Data

Asset Structure & Investment

At year-end, financial assets (including pension plan investments and external equity holdings) account for only 0.75% of total assets, reflecting a stable asset base with minimal speculative investments.

Looking Forward

With the national “Dual-Carbon” strategy and energy revolution advancing, the nuclear industry is at a strategic turning point. The approval and commencement of multiple projects (Taishan II, Fangchenggang III, etc.) indicate ongoing capital expenditure growth. The stable and improving dividend policy is likely to boost investor confidence in future performance and share price.

Conclusion

China General Nuclear Power’s 2025 profit distribution plan demonstrates strong profitability, financial stability, and a commitment to shareholder returns. Coupled with policy tailwinds and expansion strategy, the plan offers significant investment value and share price catalysts, making it highly relevant for shareholders and investors.

Disclaimer: The information herein is for reference only and does not constitute investment advice. Investors should consider their own circumstances and market risks. The final dividend policy is subject to shareholder approval and official announcements.

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