国货航2025年度利润分配方案详细解读

一、决策流程及背景

2026年4月9日，中国国际货运航空股份有限公司（简称“国货航”）召开了第二届董事会第十次会议，审议并通过了《关于2025年度利润分配方案的议案》。该议案需待2025年年度股东大会批准后方可执行。本次利润分配方案基于德勤华永会计师事务所（特殊普通合伙）出具的无保留意见审计报告制定，数据透明、真实，信息披露完整。

二、2025年度盈利及利润分配方案要点

• 2025年度归属于母公司净利润： 25.85亿元人民币
• 提取法定盈余公积： 2.53亿元
• 截至2025年12月31日未分配利润：
  • 母公司报表：63.69亿元
  • 合并报表：64.80亿元
• 现金分红方案：
  • 以实施权益分派股权登记日登记的总股本为基数，向全体股东每10股派发现金股利0.87元（含税）
  • 公司现有总股本为122.09亿股，预计共派发现金分红10.62亿元（含税），占2025年归母净利润的41.09%
  • 本次分红不进行送红股，不以资本公积金转增股本
  • 单个股东应得红利按四舍五入保留两位小数，合计金额与分红总额产生的尾差计入未分配利润或由公司统一处理
  • 若公司总股本发生变动，将维持每股派息金额不变，相应调整利润分配总额

三、与往年对比及分红合理性说明

• 2024年度分红总额为7.94亿元，2025年分红大幅提升至10.62亿元，显示公司盈利能力与回报股东意愿增强。
• 上市未满三个完整会计年度，不适用深交所股票上市规则第9.8.1条关于其他风险警示的规定。
• 公司2025年度利润分配方案充分考虑行业特性、发展阶段、盈利水平、偿债能力及未来资金需求，方案合规、合法、合理，不损害投资者利益，且不会影响公司正常经营与偿债能力。
• 最近三个会计年度累计现金分红为18.56亿元，平均净利润22.69亿元，现金分红比例较高，持续回报投资者。

四、财务状况亮点

• 2025年末公司合并报表累计未分配利润高达64.80亿元，具备持续分红能力。
• 2025年度非经营相关金融资产及流动资产合计金额为4.06亿元，占总资产1.35%，资产结构稳健风险可控。

五、公司发展前景与股东需知

• 本次分红方案充分体现公司对全体股东的回报承诺，有望增强市场对公司业绩与治理的信心。
• 分红占净利润比例提升，体现公司经营稳健、现金流充裕，未来有望继续维持较高分红水平。
• 公司上市时间较短，2024年12月30日刚上市，未来三年回报规划及分红政策值得投资者持续关注。
• 如在权益分派前公司总股本发生变动，将调整总分红金额，维持每股派息不变，保障投资者利益。

六、潜在价格敏感信息

• 分红比例提升至41.09%，额度增大，或对公司股价形成支撑和利好预期。
• 利润分配政策积极，展现公司现金流与盈利能力，可能吸引分红型投资者。
• 上市首年即高比例分红，彰显管理层对投资者的高度重视，或提升市场关注度。

七、备查文件

• 2025年度审计报告
• 第二届董事会第十次会议决议

总体来看，国货航2025年度利润分配方案显示公司盈利能力强、现金流充裕，分红政策积极，分红比例显著提升，有望提振市场信心并对股价形成正面推动。

免责声明： 本文内容仅供投资者参考，不构成任何投资建议。请投资者根据自身情况审慎决策，投资有风险，入市需谨慎。

ENGLISH VERSION

Detailed Analysis of China Cargo Airlines’ 2025 Profit Distribution Plan

1. Decision Process and Background

On April 9, 2026, China Cargo Airlines (short name: “CCA”) held its 10th meeting of the 2nd Board of Directors, approving the 2025 profit distribution proposal. This plan awaits approval at the 2025 Annual General Shareholders Meeting. The plan is based on an unqualified audit report by Deloitte, ensuring transparency and accuracy.

2. 2025 Profitability and Dividend Plan Highlights

• 2025 Net Profit Attributable to Parent: RMB 2.585 billion
• Statutory Surplus Reserve: RMB 253 million
• Undistributed Profit as of Dec 31, 2025:
  • Standalone: RMB 6.369 billion
  • Consolidated: RMB 6.480 billion
• Cash Dividend Plan:
  • Based on the total share capital on the equity registration date, all shareholders will receive RMB 0.87 (tax inclusive) for every 10 shares.
  • With current total share capital at 12.209 billion shares, total cash dividend is estimated at RMB 1.062 billion (tax inclusive), accounting for 41.09% of 2025 net profit.
  • No bonus shares or capital reserve conversions in this round.
  • Dividend amounts for individual shareholders are rounded to two decimal places; discrepancies are to be dealt with by the company.
  • If the total share capital changes before the record date, the per-share dividend remains unchanged, but the total distribution is adjusted accordingly.

3. Year-on-Year Comparison and Dividend Rationality

• 2024 dividend totaled RMB 793 million; 2025 increases significantly to RMB 1.062 billion, reflecting stronger earnings and shareholder returns.
• Not subject to Shenzhen Stock Exchange’s risk warning related to insufficient dividend ratio, as the company has not yet completed three full fiscal years since listing (listed Dec 30, 2024).
• The 2025 plan considers industry characteristics, development stage, business model, profitability, debt-paying ability, and future capital needs. The plan is compliant, legal, and reasonable, does not harm investor interests, and will not affect normal operations or solvency.
• In the past three years, cumulative cash dividends totaled RMB 1.855 billion, with an average net profit of RMB 2.269 billion—indicative of a high and consistent payout ratio.

4. Financial Condition Highlights

• As of end 2025, consolidated undistributed profits reach RMB 6.480 billion, supporting continued dividends going forward.
• Non-operational financial and liquid assets are RMB 406 million, accounting for 1.35% of total assets, indicating prudent asset structure and manageable risk.

5. Outlook and Points of Interest for Shareholders

• This dividend plan demonstrates the company’s commitment to rewarding shareholders, which may boost market confidence in CCA’s results and governance.
• Dividend payout ratio increase reflects robust operations and liquidity, suggesting sustainable high dividends in the future.
• Since CCA just listed at the end of 2024, its three-year shareholder return plan and dividend policies warrant ongoing investor attention.
• If the total share capital changes before the record date, the per-share dividend will be maintained, protecting shareholder interests.

6. Potentially Price-Sensitive Information

• Dividend payout ratio rises to 41.09%; the higher amount may support or boost share price expectations.
• Proactive dividend policy showcases strong cash flow and profitability, which could attract dividend-focused investors.
• High payout ratio in the first year of listing demonstrates management’s strong commitment to shareholder returns, likely to attract market attention.

7. Files on Record

• 2025 Audit Report
• 10th Meeting Resolution of the 2nd Board of Directors

In summary, China Cargo Airlines’ 2025 profit distribution plan highlights its strong earnings, ample cash flow, proactive dividend policy, and sharply rising payout ratio—all of which are likely to boost market confidence and positively impact the share price.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should make decisions based on their own judgment. Investment involves risks—please proceed with caution.

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