金隅冀东水泥集团2025年度利润分配预案深度解读

一、公告要点概览

• 公司名称：金隅冀东水泥集团股份有限公司（证券代码：000401，证券简称：金隅冀东）
• 公告事项：2025年度利润分配预案
• 董事会通过时间：2026年3月25日（第十届董事会第二十五次会议）
• 利润分配预案尚需2025年度股东大会审议批准

二、利润分配方案详细内容

• 本次分配为2025年度利润分配
• 经审计的2025年度财务数据：
  • 归属于母公司净利润：218,704,132.86元
  • 年末可供分配利润（合并）：6,761,375,559.57元
  • 母公司实现净利润：308,876,641.67元
  • 母公司年末可供分配利润：11,251,377,748.83元
• 利润分配方案：
  • 以股权登记日的总股数为基数，每10股派发现金红利1.00元（含税）
  • 不送红股，不以公积金转增股本
  • 以2025年12月31日总股本2,658,216,778股为基数，预计分配现金红利265,821,677.80元（含税）
  • 本年度不涉及半年度分红、季度分红或股份回购
  • 2025年度现金分红总额占本年度净利润的121.54%
• 分红方案实施时，如股份总数变动，分红总额将按每股比例调整

三、近三年分红情况及风险提示

• 近三年现金分红总额：
  • 2025年度：265,821,677.80元（预计，待实施）
  • 2024年度：265,821,623.80元
  • 2023年度：0元
• 近三年累计现金分红：531,643,301.60元
  • 无回购注销
  • 三年平均净利润为负：-756,897,700.17元
• 2023、2024、2025年公司均出现净利润为负或较低，但累计分红远超平均净利润
• 公司说明不触及深圳证券交易所第9.8.1条第（九）项的其他风险警示情形
• 公司现金分红方案合法合规，实施后不影响偿债能力，过去12个月及未来12个月不存在用募集资金补充流动资金情况

四、投资者关注重点与潜在影响

• 大额分红与低利润形成反差：2025年度分红总额占净利润比例高达121.54%。而近三年平均净利润为负，显示公司在利润不高甚至亏损情况下持续派现，这一策略可能吸引寻求高分红回报的投资者，但也引发公司未来可持续分红能力的关注。
• 现金流与偿债能力无明显风险：公司表示分红不会影响偿债能力，短期财务稳定性有一定保障。
• 股息政策稳定：连续两年高额分红，显示公司重视股东回报，有助于提振投资者信心，短期内对股价有正面支持。
• 未涉及股份回购和资本公积转增，分红为唯一回报方式。
• 盈利能力仍需关注：公司2023、2024年均出现亏损，2025年净利润虽转正但绝对值不高，持续分红策略是否可持续，值得投资者密切关注。

五、备查文件

• 德勤华永会计师事务所出具的《2025年度审计报告》
• 第十届董事会第二十五次会议决议

六、结论

本次公告最重要的信息：金隅冀东水泥在净利润水平较低甚至三年平均为负的情况下，依然持续高比例分红，显示公司以现金分红回报投资者的坚定态度。该举措短期内有望提升公司股价和市场关注度，但公司盈利能力和未来分红可持续性是投资者后续需要关注的关键风险点。

免责声明：本文仅为资讯解读，不构成任何投资建议。投资决策请以公司公告及自身判断为准，股市有风险，投资需谨慎。

English translation:

Detailed Analysis of BBMG Jidong Cement Group’s 2025 Profit Distribution Proposal

1. Key Points Overview

• Company: BBMG Jidong Cement Group Co., Ltd. (Stock Code: 000401, Stock Short Name: BBMG Jidong)
• Announcement: 2025 Annual Profit Distribution Proposal
• Board Meeting Date: March 25, 2026 (10th Board, 25th meeting)
• Proposal pending approval by the 2025 Annual Shareholders’ Meeting

2. Detailed Profit Distribution Plan

• This distribution is for the 2025 fiscal year
• Audited 2025 Financial Data:
  • Net profit attributable to the parent: RMB 218,704,132.86
  • End-of-year distributable profit (consolidated): RMB 6,761,375,559.57
  • Parent company net profit: RMB 308,876,641.67
  • Parent company end-of-year distributable profit: RMB 11,251,377,748.83
• Distribution Plan:
  • Based on the total number of shares on the record date, a cash dividend of RMB 1.00 (tax inclusive) will be distributed for every 10 shares
  • No bonus shares, no capital reserve capitalization
  • Based on total shares as of December 31, 2025 (2,658,216,778 shares), the expected cash dividend is RMB 265,821,677.80 (tax inclusive)
  • No interim, quarterly dividends, or share buybacks involved this year
  • 2025 cash dividend amount is 121.54% of the year’s net profit
• If total shares change at implementation, the total dividend amount will be adjusted according to the per-share ratio

3. Dividend History and Risk Disclosure

• Recent three years’ cash dividends:
  • 2025: RMB 265,821,677.80 (estimated, pending implementation)
  • 2024: RMB 265,821,623.80
  • 2023: RMB 0
• Cumulative cash dividends over three years: RMB 531,643,301.60
  • No share buybacks or cancellations
  • Three-year average net profit is negative: -RMB 756,897,700.17
• 2023, 2024, and 2025 all saw low or negative net profit, but cumulative dividends significantly exceeded average net profit
• Company states it does not trigger other risk warnings as per Shenzhen Stock Exchange rules
• Dividend plan is legal and compliant, does not affect debt repayment ability, and there is no use of raised funds for working capital in the past or next 12 months

4. Investor Focus & Potential Impact

• High Dividend vs. Low Profit: 2025 dividend amount is 121.54% of net profit. Despite negative or low profits over three years, the company continues cash dividends. This may attract high dividend seekers but raises questions about future sustainability.
• Cashflow and Solvency Not at Risk: Company claims dividend won’t affect solvency. Short-term financial stability appears ensured.
• Stable Dividend Policy: High cash dividend for two consecutive years, showing a commitment to shareholder returns and supporting stock price in the short term.
• No buybacks or bonus shares, only dividend payout.
• Profitability Needs Attention: The company was in loss in 2023, 2024, and only modest profit in 2025. Whether this dividend policy is sustainable deserves close attention.

5. Reference Documents

• Deloitte’s 2025 Annual Audit Report
• Resolution of the 25th Meeting of the 10th Board

6. Conclusion

The critical message: BBMG Jidong Cement is maintaining high dividend payouts even as average profits have been negative in recent years, signaling a strong commitment to cash returns for investors. This could lift the share price and market focus in the short term, but continued profitability and dividend sustainability are key risks for investors to monitor.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please refer to official disclosures and use personal judgment for investment decisions. Stock market investments carry risks—exercise caution.

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