青山纸业披露2025年度利润分配方案及2026年中期现金分红计划，投资者需密切关注

要点速览

• 2025年度利润分配方案：每股派现0.0086元（含税），总分红约1,927万元，分红率为35.24%。
• 2026年中期现金分红计划：预计分红金额不低于当期归属于上市公司股东净利润的30%。
• 分红方案需经股东大会审议通过，尚未最终实施。
• 公司强调分红不会影响正常经营与持续发展，且不存在触及风险警示条款情形。
• 近三年累计分红及回购高达2.53亿元，分红政策持续稳定。

详细内容解读

一、2025年度利润分配方案

截至2025年12月31日，福建省青山纸业股份有限公司母公司报表中期末未分配利润为3.25亿元。公司董事会决议拟向全体股东每股派发现金红利0.0086元（含税），以2025年末总股本22.41亿股计算，合计分红总额1,927.1万元（含税），占本年度归母净利润的35.24%。
值得注意的是，若股本发生变动，将保持分红总额不变，相应调整每股分配比例。

分红方案相关数据：

• 2025年末未分配利润：3.25亿元
• 2025年总分红：1,927.1万元（占净利润35.24%）
• 2025年归母净利润：5,468.4万元
• 近三年累计分红：8,391.7万元
• 近三年累计回购注销：1.69亿元
• 三年现金分红及回购总额占净利润比例高达290.49%

二、2026年中期现金分红计划

青山纸业提出2026年中期分红计划，授权董事会在2026年半年报披露后至三季报披露前，以现金方式分配中期利润，分红金额不低于当期归母净利润的30%。
分红前提包括：证监会及国资委相关规定、公司战略目标、未分配利润为正且当期盈利、现金流充足。
授权期限自2025年年度股东大会通过后至2026年年度股东大会召开前，董事会可在上述范围内制定并实施具体分红方案。

三、程序与合规性

2026年4月10日，公司董事会已审议通过本利润分配和中期分红议案，分红政策符合公司章程及已披露的股东回报规划。公司强调，分红安排不会对经营现金流产生重大影响，不影响公司正常经营和发展。

四、风险提示与投资者须知

• 本次分红方案尚需提交股东大会审议批准，存在不确定性。
• 公司未触及《上海证券交易所股票上市规则》第9.8.1条风险警示情形。
• 投资者需理性判断，注意潜在投资风险。

潜在影响与投资者关注点

本次披露的持续高比例分红及回购政策，显示公司重视投资者回报，且现金流健康、分红能力稳定。若股东大会顺利通过，分红政策的持续有望提振市场信心，或对股价形成正面支撑。然而，最终实施仍需股东会批准，投资者需密切关注后续公告与分红落地进展。

免责声明：本文信息仅供投资参考，不构成任何投资建议。投资有风险，决策需谨慎。

English Version

Qingshan Paper Announces 2025 Dividend Plan and 2026 Interim Cash Dividend Policy—Key Details for Investors

Highlights

• 2025 Dividend: RMB 0.0086 per share (pre-tax), total distribution ~RMB 19.27 million, payout ratio 35.24%.
• 2026 Interim Dividend: Payout at least 30% of net profit attributable to shareholders as cash dividend.
• Both plans require shareholder approval before implementation.
• Management states dividend will not impact company’s normal operations or cash flow.
• No risk warning triggers; dividend and buyback policies have been stable over recent years.

In-depth Details

1. 2025 Dividend Plan

As of December 31, 2025, Qingshan Paper’s parent company had RMB 325 million in undistributed profit. The board proposes a cash dividend of RMB 0.0086 per share (pre-tax), with the total dividend about RMB 19.27 million, representing 35.24% of annual net profit attributable to shareholders.
Notably, if the share capital changes before the record date, the total dividend amount will remain unchanged, and the per-share payout will be adjusted accordingly.

Key Data:

• Undistributed profit at year-end 2025: RMB 325 million
• Total 2025 dividend: RMB 19.27 million (35.24% payout ratio)
• 2025 net profit attributable: RMB 54.68 million
• Three-year cumulative cash dividend: RMB 83.92 million
• Three-year cumulative buyback cancellation: RMB 169 million
• Combined three-year payout (dividend + buyback) ratio: 290.49% of net profit

2. 2026 Interim Cash Dividend Policy

Qingshan Paper plans to authorize the board to declare a 2026 interim cash dividend after the half-year report and before the Q3 report, with the payout no less than 30% of interim net profit attributable to shareholders.
Preconditions include compliance with CSRC and SASAC rules, positive undistributed profits, profitability, and sufficient cash flow. The authorization lasts from approval at the 2025 AGM until the 2026 AGM.

3. Procedures and Compliance

The board approved these proposals on April 10, 2026. The dividend policy aligns with the articles of association and previously disclosed shareholder return plans. The company emphasizes that the dividend will not materially affect cash flow or ongoing operations.

4. Risks and Shareholder Information

• Dividend proposal requires AGM approval and is not finalized yet.
• No risk warning triggers under the Shanghai Stock Exchange listing rules.
• Investors should monitor for further announcements and exercise prudent judgment.

Potential Impact and Investor Takeaways

Qingshan Paper’s continued high dividend and buyback strategy demonstrates commitment to shareholder returns and stable cash flow. If approved, the policy could boost market confidence and potentially support the share price. However, implementation depends on shareholder approval, and investors should follow updates closely.

Disclaimer: The information above is for reference only and does not constitute investment advice. Please invest cautiously.

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