鞍钢股份2025年度不进行利润分配及资本公积金转增股本公告解读

鞍钢股份2025年度拟不进行利润分配及资本公积金转增股本公告

公告要点

鞍钢股份（证券代码：000898）董事会于2026年3月30日审议通过，2025年度不派发现金红利、不送红股、不以公积金转增股本。
2025年度归属于上市公司股东的净利润为-4,068百万元，合并报表未分配利润为-4,389百万元，母公司报表未分配利润为2,123百万元。
过去三年公司未进行现金分红或回购注销，累计净利润为负值。
本议案尚需提交2025年度股东会审议。

详细解读

鞍钢股份有限公司董事会于2026年3月30日召开第十届董事会第六次会议，通过了《2025年度利润分配预案》。根据立信会计师事务所（特殊普通合伙）审计确认，按中国企业会计准则，公司2025年度归属于上市公司股东的净利润为-4,068百万元，合并报表未分配利润为-4,389百万元。母公司报表未分配利润为2,123百万元。

综合考虑公司发展及资金需求情况，为保障公司可持续发展和全体股东的长远利益，公司决定2025年度不派发现金红利、不送红股、不以公积金转增股本。此预案符合公司章程及相关法律法规，尤其是《关于进一步落实上市公司现金分红有关事项的通知》《上市公司监管指引第3号——上市公司现金分红》。

过去三年，鞍钢股份未进行任何现金分红或回购注销，累计净利润持续为负。根据公司公告，2025年度利润分配预案并未触及《股票上市规则》第9.8.1条第（九）项规定的其他风险警示情形。

对股东的影响与可能的股价影响

盈利持续为负：公司连续三年净利润为负，且未分配利润也为负，显示公司经营压力较大，盈利能力有待改善。
不分红不转增：2025年度再次不分红，意味着股东无法获得现金回报，或通过资本公积金增加股份，这对股东回报构成负面影响。
资金需求与发展：公司强调需要保留资金以支持发展，显示公司未来仍需资金支持，短期可能难以恢复分红。
股价敏感性：长期不分红、持续亏损可能导致投资者信心下降，影响股价表现。
风险警示：公告明确未触及其他风险警示情形，但持续亏损本身已是重要风险信号。

备查文件

2025年度审计报告
董事会第六次会议决议
审计与风险委员会2026年第二次会议决议
深交所要求的其他文件

总结

鞍钢股份2025年度继续不进行利润分配及资本公积金转增股本，主要原因是公司业绩持续亏损且资金需求较大。此举对股东回报构成负面影响，投资者需关注公司后续业绩改善与分红政策变化。

免责声明：本文仅供信息参考，不构成投资建议。投资者需结合自身情况及其他信息，谨慎决策。公司业绩与分红政策如有变动，股价可能会受到影响。

Ansteel Shares to Skip 2025 Dividend and Capital Reserve Conversion: Key Details

Key Points

Ansteel (Stock Code: 000898) Board approved on March 30, 2026: no cash dividend, no bonus shares, no capital reserve conversion for 2025.
2025 net profit attributable to shareholders: -4,068 million RMB; consolidated undistributed profit: -4,389 million RMB; parent company’s undistributed profit: 2,123 million RMB.
No cash dividend or share buyback over the past three years; accumulated net profit remains negative.
The proposal is pending approval at the 2025 Shareholders’ Meeting.

Detailed Analysis

On March 30, 2026, Ansteel’s Board held its 10th session, approving the 2025 profit distribution plan. Based on audit by Lixin CPA firm, under PRC accounting standards, 2025 net profit attributable to shareholders was -4,068 million RMB, with a consolidated undistributed profit of -4,389 million RMB. The parent company’s undistributed profit stands at 2,123 million RMB.

Considering the company’s development and funding needs, to safeguard sustainable growth and shareholders’ long-term interests, Ansteel decided not to pay cash dividends, issue bonus shares, or convert capital reserves to stock for 2025. This complies with company bylaws and relevant regulations, including the Notice on Further Implementing Cash Dividend Matters and Listed Company Supervision Guidelines No.3 – Cash Dividends.

Over the past three years, Ansteel has not conducted any cash dividends or share buybacks, with cumulative net profits remaining negative. The announcement states the 2025 plan does not trigger additional risk warnings under Stock Listing Rule Article 9.8.1.

Investor Impact & Potential Price Sensitivity

Continued Losses: The company has posted negative net profits for three consecutive years, with undistributed profits also negative, signaling persistent business challenges.
No Dividend/Bonus: Another year without dividend or capital reserve conversion means no direct shareholder returns, negatively affecting investor sentiment.
Funding Needs: The company stresses ongoing capital requirements for development, indicating further delays in dividend resumption.
Share Price Sensitivity: Persistent losses and no dividends may undermine investor confidence, potentially impacting share price.
Risk Warning: No regulatory risk warning triggered, but sustained losses are a material risk factor.

Reference Documents

2025 Audit Report
Board’s 6th meeting resolutions
Audit & Risk Committee 2026 2nd meeting resolutions
Other documents required by Shenzhen Stock Exchange

Summary

Ansteel will not conduct any profit distribution or capital reserve conversion for 2025 due to continued losses and funding needs. This negatively impacts shareholder returns. Investors should monitor future performance and dividend policy changes.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should act cautiously and consider other information before making decisions. Changes in performance or dividend policy may affect share prices.