小熊电器股份有限公司2025年度利润分配预案详细解读

一、报告关键要点

• 公司董事会已于2026年4月7日审议通过2025年度利润分配预案，需提交年度股东大会进一步审议。
• 2025年度归属于上市公司股东的净利润为392,540,862.97元，母公司净利润为243,350,064.52元。
• 母公司截至2025年12月31日累计可供分配利润达到1,687,470,612.87元。
• 利润分配预案为：以未来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数量为基数，向全体股东每10股派发现金红利13元（含税）。
• 本年度不送红股，不以公积金转增股本，现金分红总额预计为201,695,158.60元（含税），占本年度归属于上市公司股东净利润比例51.38%。
• 回购专用证券账户截至2026年3月31日累计持有股份683,400股，分红基数为155,150,122股。
• 如因可转债转股、股份回购、股权激励行权等原因导致分配权股份总额变动，分配总额将按比例调整。

二、股东需重点关注事项及潜在价格敏感信息

• 大额现金分红：2025年度现金分红总额为201,695,158.60元，分红比例高达51.38%，显示公司对股东利益的高度重视。
• 过去三年（2023-2025）累计现金分红金额542,939,371.40元，占平均净利润的144.71%，说明公司持续高分红策略。
• 财务状况稳健，母公司末累计未分配利润仍有1,687,470,612.87元。
• 公司未触及深圳证券交易所股票上市规则第9.8.1条第（九）项风险警示情形，分红方案合理、合法、合规。
• 分红方案尚需年度股东大会审议通过，存在一定不确定性。
• 公司2024、2025年交易性金融资产及相关项目金额分别为1,196,192,963.63元和799,448,354.96元，占总资产比例分别为19.44%和13.69%，资产结构稳健。

三、详细内容与分析

小熊电器股份有限公司公布的2025年度利润分配预案显示，公司2025年经营业绩持续向好，归属于上市公司股东的净利润接近4亿元，母公司净利润超2.4亿元。公司高度重视股东回报，拟以未来实施权益分派股权登记日登记的总股本扣除回购专用账户股份数量为基数，向全体股东每10股派发现金红利13元（含税），不送红股、不以公积金转增股本。
本次现金分红总额预计为2.02亿元，分红比例超过50%，分红力度大于部分行业公司，显示管理层对股东回报的承诺。值得关注的是，公司过去三年持续高现金分红，累计分红金额超5.4亿元，未触及任何风险警示情形，财务结构稳健，资产配置合理。
截至2026年3月31日，公司回购专用证券账户累计持有股份683,400股，分红基数为155,150,122股。分红总额将依据实际享有利润分配权的股份变动进行调整。
公司2024、2025年度交易性金融资产及相关项目金额分别占总资产的19.44%和13.69%，资产结构稳健，未出现风险警示。
投资者需注意，本预案需年度股东大会审议通过后方可实施，存在一定不确定性，建议密切关注后续公告。

四、风险提示

• 利润分配预案尚需年度股东大会审议通过，存在一定不确定性。
• 分红基数及总额可能因股份变动而调整，投资者需关注后续公告。

五、文件备查

• 第三届董事会第二十四次会议决议
• 第三届董事会审计委员会第十三次会议决议

免责声明

本文章仅供投资者参考，不构成任何投资建议。利润分配预案最终实施情况需以公司年度股东大会决议及后续公告为准。投资者需充分关注市场风险与公告信息。

English version:

Bear Electric Co., Ltd. 2025 Dividend Distribution Proposal Detailed Review

Key Points of the Report

• The Board approved the 2025 dividend proposal on April 7, 2026, pending approval at the annual shareholders’ meeting.
• Net profit attributable to shareholders in 2025: RMB 392,540,862.97; parent company net profit: RMB 243,350,064.52.
• As of Dec 31, 2025, the parent company’s accumulated distributable profit: RMB 1,687,470,612.87.
• Dividend plan: Based on total shares registered on the record date (excluding shares in the repurchase account), a cash dividend of RMB 13 (tax inclusive) per 10 shares will be paid to all shareholders.
• No bonus shares or capital increase from reserves for 2025; estimated total cash dividend: RMB 201,695,158.60 (tax inclusive), 51.38% of net profit attributable to shareholders.
• Repurchase account held 683,400 shares as of March 31, 2026; dividend base is 155,150,122 shares.
• If total dividend-eligible shares change due to convertible bonds, repurchase, or equity incentives, total distribution will be adjusted proportionally.

Important Shareholder Notes & Price Sensitive Information

• Significant cash dividend: RMB 201,695,158.60 for 2025, with a payout ratio of 51.38%, demonstrating strong commitment to shareholder returns.
• Three-year cumulative cash dividends (2023-2025): RMB 542,939,371.40, 144.71% of the average net profit — indicates sustained high dividend policy.
• Financial position solid, parent company retained profits at RMB 1,687,470,612.87.
• No risk warnings triggered under Shenzhen Stock Exchange rules; dividend plan is legal, compliant, and reasonable.
• Dividend proposal must be approved at the annual shareholders’ meeting, so there is some uncertainty.
• Trading financial assets and related items for 2024 and 2025 were RMB 1,196,192,963.63 and RMB 799,448,354.96 respectively, 19.44% and 13.69% of total assets, reflecting a stable asset structure.

Detailed Content & Analysis

Bear Electric’s 2025 dividend proposal reveals solid operating results, with net profit attributable to shareholders near RMB 400 million and parent company net profit over RMB 240 million. The company shows strong commitment to shareholder returns, proposing a cash dividend of RMB 13 (tax inclusive) per 10 shares, without bonus shares or capital increase from reserves.
The estimated total cash dividend is RMB 201.7 million, over 50% payout ratio, ranking among the highest in the industry. The company has consistently paid high cash dividends for three years, totaling over RMB 540 million, with a stable financial structure.
As of March 31, 2026, the repurchase account held 683,400 shares, with a dividend base of 155,150,122 shares. Total dividend will be adjusted if eligible shares change.
Trading financial assets and related items accounted for 19.44% and 13.69% of total assets in 2024 and 2025, showing prudent asset management.
Investors should note the proposal must be approved at the annual shareholders’ meeting and that there is some uncertainty. Follow-up announcements should be closely watched.

Risk Warning

• Dividend proposal must be approved at the annual shareholders’ meeting; there is uncertainty.
• Dividend base and total may be adjusted if share numbers change. Investors should monitor further announcements.

Files for Reference

• Resolution of the 24th meeting of the 3rd Board of Directors
• Resolution of the 13th meeting of the 3rd Board Audit Committee

Disclaimer

This article is for investor reference only and does not constitute investment advice. The final implementation of the dividend proposal depends on the shareholder meeting resolution and subsequent announcements. Investors must pay close attention to market risks and company disclosures.

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