宁波联合集团股份有限公司
2025年度利润分配预案公告详解

一、报告关键要点

• 每股分配比例： A股每股派发现金红利0.06元（含税）。
• 利润分配基数： 以实施权益分派股权登记日登记的总股本为基数，若股本有变动，则维持每股分配比例不变，调整总额。
• 2025年底未分配利润： 16.56亿元人民币。
• 2025年净利润： 1.56亿元人民币，归属上市公司股东净利润0.84亿元，同比增长3.96%。
• 现金分红总额： 1,865.28万元，占本年度归属于上市公司股东净利润的22.10%。
• 不进行资本公积金转增股本。
• 分红比例低于30%原因： 房地产行业资金需求大，公司为增强抗风险能力、保障项目开发建设，选择保留更多现金。

二、对股东及潜在价格敏感信息的详细解析

本次分红方案虽维持了稳定的现金分红，但分红比例相较于净利润明显下降，仅为22.10%，低于A股市场普遍关注的30%分红红线。这主要是由于公司目前房地产开发业务资金需求大，土地储备不足，需为后续项目获取和开发留存更多资金。

重要的是，公司明确表示未来现金仍将优先用于房地产项目开发和新土地获取，旨在提升长期收益和股东价值。这将影响公司短期的分红回报，但有望提升未来业绩和市场竞争力。对于依赖分红收益的投资者，需关注公司战略调整可能对短期分红政策带来的波动。

• 截至2025年12月31日，公司总股本为310,880,000股。
• 分红总额1,865.28万元，剩余利润16.37亿元留待以后年度分配。
• 2025年公司营业收入为12.68亿元，同比下降29.06%。
• 子公司土地储备不足，未来需积极获取新开发用地。

公司强调，本次利润分配预案尚需2025年年度股东大会审议通过，最终实施时间及调整将另行公告。投资者应密切关注后续公告及公司年度业绩说明会，及时了解相关进展。

三、投资者须关注的风险与机会

• 公司处于房地产行业调整期，资金安全和业务持续性成为优先考量，分红比例低于市场预期或对短期股价构成压力。
• 公司战略聚焦于房地产项目开发和土地储备，有助于提升长期盈利能力和抗风险水平。
• 分红预案未触及上交所其他风险警示相关条款，表明公司经营稳健，无重大财务或合规风险暴露。

四、决策程序与后续安排

公司于2026年4月9-10日董事会通过本分红预案，将提交2025年年度股东大会审议，相关公告已在指定媒体及上交所网站披露。本预案符合公司章程及已披露的股东回报规划。

五、总结

本次利润分配预案反映出宁波联合在行业调整期内更注重资金安全与项目开发能力，短期内分红水平降低可能影响市场情绪，但公司意图储备充足现金以获取新项目和保障现有项目交付，长期有助于提升整体企业价值。投资者应密切关注公司后续土地获取和业务拓展进展，以及年度股东大会审议结果。

免责声明： 本文仅供投资者参考，不构成任何投资建议。投资者应结合公司公告、市场环境及自身风险承受能力，谨慎决策。

English Version

Ningbo United Group Co., Ltd.
2025 Annual Profit Distribution Plan Detailed Analysis

Key Highlights

• Dividend per share: RMB 0.06 (pre-tax) for A-shares.
• Dividend base: Based on total share capital on the record date; if share capital changes, the per-share ratio remains unchanged, total payout will be adjusted accordingly.
• Undistributed profits at 2025 year-end: RMB 1.655 billion.
• 2025 Net profit: RMB 156 million; Net profit attributable to shareholders: RMB 84.39 million, up 3.96% year-on-year.
• Total cash dividend: RMB 18.65 million, accounting for 22.10% of shareholder net profit.
• No capital reserve to share capital conversion.
• Reason for low dividend payout ratio: The company needs to retain more cash due to the high capital demands of real estate development, to enhance risk resistance and fund new projects.

What Shareholders Need to Know & Price-Sensitive Information

Although the company maintains a cash dividend, the payout ratio is only 22.10%, lower than the frequently watched 30% line in A-shares. This is mainly due to the company’s real estate business requiring significant cash for development and new land acquisition, as land reserves are currently insufficient.

Significantly, the company states that future retained profits will be primarily used for ongoing and new real estate projects, aiming to secure long-term returns and protect shareholder value. While this may reduce short-term dividends, it is expected to strengthen future performance and competitiveness. Investors focused on dividend income should be mindful of possible dividend policy fluctuations.

• As of December 31, 2025, total share capital is 310,880,000 shares.
• Total cash dividend is RMB 18.65 million, with RMB 1.637 billion retained for future years.
• 2025 revenue is RMB 1.27 billion, down 29.06% year-on-year.
• Subsidiaries have insufficient land reserves, necessitating active new land acquisition.

The company emphasizes that the profit distribution plan is subject to approval at the 2025 Annual Shareholders’ Meeting, and final arrangements will be separately announced. Investors should closely monitor subsequent disclosures and the company’s annual results briefing for updates.

Risks and Opportunities for Investors

• The company is in a real estate industry transition period, focusing on financial security and business continuity. The lower-than-expected dividend payout may pressure the share price in the short term.
• Strategic focus on real estate development and land reserves aims to boost long-term profitability and resilience.
• The dividend plan does not trigger risk warnings under the Shanghai Stock Exchange rules, indicating stable operations and no significant financial or compliance risks.

Decision Process & Next Steps

The Board approved the plan on April 9-10, 2026, and will submit it to the 2025 Annual Shareholders’ Meeting. Disclosures have been made in designated media and the Shanghai Stock Exchange website. The plan complies with the company’s articles and previously disclosed shareholder return policies.

Conclusion

Ningbo United’s 2025 profit distribution plan reflects a prudent approach in a challenging real estate environment, prioritizing cash reserves for ongoing and future projects over immediate dividend payouts. This may affect short-term market sentiment, but is expected to support sustained growth and shareholder value in the longer term. Investors should track the company’s land acquisition, business expansion, and AGM approval for further developments.

Disclaimer: This article is for reference only and does not constitute investment advice. Investors should make decisions prudently based on official disclosures, market conditions, and their own risk tolerance.

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