威胜信息技术股份有限公司差异化分红专项法律意见全解读

要点概述

• 威胜信息技术股份有限公司（简称“威胜信息”）就2025年度利润分配涉及的差异化分红事项，委托北京市金杜律师事务所出具专项法律意见。
• 公司于2025年1月～7月期间通过集中竞价回购公司股份合计4,231,424股，回购股份将用于股权激励或员工持股计划，回购价格上限经历两次调整，最终为每股不超过39.48元。
• 回购股份不享受利润分配权，公司基于此进行差异化分红安排。
• 2025年度利润分配方案：以实施权益分派股权登记日总股本扣除回购专户股份为基数，每10股派发现金红利3元（含税），不转增、不送股，合计分配金额为1.46亿元。
• 差异化分红对除权除息参考价格影响极小，仅为0.0071%，远低于1%的监管阈值。
• 金杜律师认为本次差异化分红合法合规，不存在损害上市公司及股东利益的情形。

详细解读

一、回购股份基本情况

威胜信息于2025年1月14日董事会决议通过集中竞价方式回购股份，回购资金总额不低于1亿元，不超过1.5亿元，最初回购价格上限为35元/股。2月10日将上限调整为40元/股。2024年年度利润分配方案实施后，回购价格上限相应调整为39.48元/股。2025年7月29日，公司已完成4,231,424股回购，所有回购股份将用于后续的股权激励或员工持股计划。根据监管规定，回购专用账户股份不参与利润分配。

二、2025年度差异化分红方案

经2026年3月20日股东会审议通过，2025年度利润分配方案如下：以权益分派登记日总股本491,685,175股，扣除回购专用账户股份4,231,424股后，为487,453,751股为基数，向全体股东每10股派发现金红利3元（含税），不进行资本公积转增股本，不送红股。总现金红利分配金额为146,236,125.30元（含税）。剩余未分配利润结转至以后年度。

三、差异化分红的计算方法与影响

• 实际分派的每股现金红利：0.3元/股
• 虚拟分派的现金红利：（487,453,751*0.3）÷491,685,175 ≈ 0.2974元/股
• 以2026年3月20日收盘价36.67元/股测算：
• 按虚拟分派计算的除权除息参考价：36.3726元/股
• 按实际分派计算的除权除息参考价：36.37元/股
• 差异化分红对除权除息参考价影响：仅为0.0071%，远低于1%的监管阈值，意味着对股价影响极小。

四、法律结论

金杜律师事务所认为，本次差异化分红事项符合《公司法》《证券法》《回购规则》《监管指引第7号》等法律法规要求，不存在损害上市公司及全体股东利益的情形。

对投资者的影响及关注事项

• 本次差异化分红安排，确保回购股份不享受分红，有利于保护其他股东的利益。
• 红利发放基数减少，单股分红金额小幅提升。
• 对除权除息参考价影响极为有限，不会对二级市场价格造成明显波动。
• 回购股份后续将用于股权激励，可能影响公司治理优化和员工激励水平。
• 整体方案显示公司治理合规、回报股东意愿明确，具备一定积极信号。

投资者须知及潜在价格敏感信息

• 分红方案已于2026年3月20日年度股东会通过，等待实施。
• 回购股份未参与分红，单股分红实际提升，对持股股东具有微小利好。
• 本次事项法律合规，不存在重大负面影响或潜在法律风险。
• 若后续回购股份用于员工持股或激励计划，可能对公司长期激励和股本结构产生影响，投资者可持续关注。

免责声明： 本文信息来源于公司公告及律师专项法律意见，仅供投资者参考，不构成投资建议。投资有风险，决策请谨慎。

English Version

In-Depth Analysis: Wasion Information Technology’s Differential Dividend Legal Opinion

Key Highlights

• Wasion Information Technology engaged King & Wood Mallesons to issue a special legal opinion on the differential dividend arrangement related to its 2025 annual profit distribution.
• The company repurchased 4,231,424 shares via centralized bidding between January and July 2025, with the repurchased shares earmarked for equity incentive or employee stock ownership plans. The repurchase price cap was adjusted twice, ending at RMB 39.48 per share.
• Repurchased shares are not entitled to profit distribution, prompting the company to implement a differential dividend scheme.
• 2025 Profit Distribution Plan: Based on the total share capital as of the ex-dividend date less shares in the repurchase account, a cash dividend of RMB 3 (tax inclusive) per 10 shares will be distributed. No bonus shares or capital reserve conversion. Total cash dividend: RMB 146 million.
• The effect of the differential dividend on the ex-dividend reference price is minimal, only 0.0071%, well below the 1% regulatory threshold.
• KWM legal opinion affirms the plan’s compliance, with no detriment to company or shareholder interests.

Detailed Breakdown

1. Share Repurchase Overview

On January 14, 2025, the board approved a repurchase of shares via centralized bidding, with a total fund allocation between RMB 100 million and 150 million. The price cap was first set at RMB 35/share, then raised to RMB 40/share, and finally adjusted to RMB 39.48/share after the 2024 profit distribution. By July 29, 2025, 4,231,424 shares had been repurchased. All repurchased shares will be used for equity incentive or employee stock ownership plans. According to regulations, repurchased shares do not participate in profit distribution.

2. 2025 Differential Dividend Plan

Approved at the shareholders’ meeting on March 20, 2026: Based on the total share capital of 491,685,175 shares as of the ex-dividend date, minus 4,231,424 shares in the repurchase account (net 487,453,751 shares), a cash dividend of RMB 3 per 10 shares (tax inclusive) will be distributed. No bonus shares or capital reserve transfers. Total cash dividend: RMB 146,236,125.30. Unallocated profits will be carried forward.

3. Calculation & Impact of Differential Dividend

• Actual cash dividend per share: RMB 0.3/share
• Virtual cash dividend per share: (487,453,751*0.3)/491,685,175 ≈ RMB 0.2974/share
• Ref. ex-dividend price based on Mar 20, 2026 close (RMB 36.67/share):
• Virtual calculation: RMB 36.3726/share
• Actual calculation: RMB 36.37/share
• Impact of differential dividend on ex-dividend price: Only 0.0071%, far below the 1% regulatory threshold, indicating negligible market impact.

4. Legal Conclusion

King & Wood Mallesons deem the plan in compliance with PRC Company Law, Securities Law, buyback rules, and Shanghai Stock Exchange guidance. There is no damage to the company or shareholders’ interests.

Investor Insights & Potential Price Sensitive Points

• Repurchased shares do not participate in dividends, marginally increasing per-share dividend for remaining shareholders.
• Dividend plan has been approved and is pending implementation.
• Impact on ex-dividend reference price is insignificant.
• Future use of repurchased shares for incentives may affect long-term governance and share structure – investors should monitor developments.
• The plan signals strong governance and shareholder return focus, a positive indicator for medium-long term investors.

Disclaimer: The information herein is based on official company and legal disclosures for reference only and does not constitute investment advice. Investment involves risk; please make decisions prudently.

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