上汽集团发布2025年度利润分配预案 拟派现超30亿元，分红比例达30%以上

主要内容摘要

• 上汽集团（600104.SH）董事会审议通过2025年度利润分配预案，每10股派发现金红利2.66元（含税），总派现金额超过30亿元。
• 本次分红不进行资本公积金转增。
• 分红基数为实施权益分派股权登记日登记的总股本扣除回购专用证券账户股份后的股本。
• 若分红前总股本发生变动，分红总额保持不变，每股分红比例将调整。
• 分红金额占2025年归属于上市公司股东净利润的30.07%。
• 最近三年累计分红金额占年均净利润的139.4%，远超30%的监管要求。
• 利润分配预案尚需股东大会审议通过。

详细解读

利润分配方案具体内容

上汽集团2025年度利润分配预案显示，截至2025年12月31日，母公司报表未分配利润为972.5亿元人民币。本次利润分配以权益分派实施时的实际总股本为基数，扣除回购专用证券账户股份，向全体股东派发每10股2.66元（含税）现金红利。以目前总股本11,495,277,504股，扣除70,388,293股回购股份后，享有分红权的总股本为11,424,889,211股，合计拟派发现金红利30.39亿元（含税）。
此次不进行资本公积金转增，分红方案一经实施后，公司未分配利润余额仍高达942.1亿元，为企业后续发展和分红留有充足空间。

分红方案的灵活性与调整机制

值得注意的是，自公告披露日至权益分派股权登记日期间，如公司分红权总股本发生变动（比如回购、增发等），公司将保持分红总额不变，相应调整每股分红比例，并将另行公告。这一做法保障了分红总金额的确定性，有利于投资者预期管理。

分红及回购历史对比与监管合规性

报告列明2023-2025年三年间，上汽集团现金分红总额累计82.77亿元，回购注销总额累计37.48亿元，合计分红及回购总额120.24亿元，远高于三年年均净利润的30%（达139.4%）。
依据《上海证券交易所股票上市规则》第9.8.1条，公司未触及因分红比例过低而被实施风险警示的情形，这显示公司治理规范，注重投资者回报。

公司决策流程透明，未来影响有限

利润分配预案由董事会全票通过（8票同意），并将提交2025年度股东大会审议。
公司特别提示，本次分红考虑了发展阶段和未来资金需求，不会对经营现金流和长期发展产生重大影响。这意味着公司在维持高分红政策的同时，仍有足够资金支持业务扩展和创新投入。

对投资者的影响与需关注事项

• 本次分红预案派现比例高，分红总额占净利润30%，体现公司对股东回报的重视，或将提振市场信心，对股价形成正面影响。
• 分红基数及每股分红比例存在调整可能，投资者需关注公司后续公告。
• 分红实施仍需获得股东大会批准，具备不确定性。
• 公司现金流充裕，分红政策稳定，长期投资价值凸显。

结语

上汽集团2025年度分红方案显示公司维持高比例分红、回报投资者的政策连续性，且财务稳健、合规经营。建议投资者关注后续分红基数调整及股东大会相关决议，结合市场环境审慎投资。

免责声明： 本文仅为信息披露整理及投资参考，不构成任何投资建议或买卖股票的依据。投资有风险，决策请独立判断并审慎评估自身风险承受能力。

English Version

SAIC Motor Proposes Over 3 Billion RMB Cash Dividend for 2025, Payout Ratio Above 30%

Key Highlights

• SAIC Motor (600104.SH) Board has approved the 2025 profit distribution plan, proposing a cash dividend of RMB 2.66 (tax inclusive) per 10 shares, totaling over RMB 3 billion.
• No bonus issue from capital reserves will be made.
• The dividend base will be the total share capital at the equity record date, excluding shares in the repurchase account.
• If share capital changes before the record date, the total payout remains unchanged, and the per share dividend will be adjusted accordingly.
• The proposed payout accounts for 30.07% of the 2025 net profit attributable to shareholders.
• Cumulative dividend payout over the past three years reached 139.4% of average net profit, well above the 30% regulatory threshold.
• This plan awaits shareholder approval at the Annual General Meeting.

In-Depth Analysis

Detailed Dividend Plan

According to the plan, as of December 31, 2025, the company’s retained earnings stood at RMB 97.25 billion. The dividend will be based on the effective total share capital at the record date, after subtracting repurchased shares. At the time of announcement, this means 11,424,889,211 shares are eligible, leading to a total cash dividend of RMB 3.039 billion (tax inclusive).
No bonus shares via capital reserve conversion will be issued. After this payout, retained earnings will still be RMB 94.21 billion, ensuring ample reserves for future growth and distributions.

Adjustment Mechanism for Dividend Base

Importantly, if any change in share capital entitled to dividend occurs between the announcement and the record date (e.g., due to repurchase or issuance), the total payout will remain fixed, and the per share dividend ratio will be adjusted accordingly, with further announcements to follow. This mechanism gives investors greater certainty about the total payout.

Dividend & Buyback History, Regulatory Compliance

Over 2023-2025, SAIC Motor distributed RMB 8.28 billion in cash dividends and RMB 3.75 billion via share repurchases and cancellations—a total of RMB 12.02 billion, 139.4% of the average net profit for the three years, well ahead of the 30% regulatory requirement.
The company is not at risk for regulatory warning due to low payout ratios, reflecting good governance and investor-friendly policies.

Transparent Decision Process, Limited Operational Impact

The plan was unanimously approved by the Board (8 in favor, 0 against, 0 abstain) and will be put to a shareholder vote at the 2025 AGM.
The company notes that the proposed payout takes into account growth stage and future capital needs, ensuring no material impact on operational cash flow or long-term strategy. This underscores both commitment to generous dividends and financial stability.

Investor Impact and Watch Points

• The high payout ratio and over RMB 3 billion cash dividend may boost investor confidence and potentially support the share price.
• The actual per share dividend may adjust pending changes in the eligible share base; investors should monitor company updates.
• The plan requires shareholder approval; there is inherent uncertainty until the AGM vote.
• Strong cash position and consistent payout policy underline long-term investment value.

Conclusion

SAIC Motor’s 2025 dividend proposal demonstrates a continued commitment to high shareholder returns, robust financials, and regulatory compliance. Investors are advised to track any changes to the share base and the outcome of the AGM, and to assess the proposal in light of broader market conditions.

Disclaimer: This article is for information purposes only and does not constitute investment advice. Please make independent investment decisions and assess your own risk tolerance.

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