上海电力发布2025年度利润分配方案及2026年中期分红授权公告

要点概述

• 每股现金分红0.37元（含税），基于2025年末总股本2,821,234,945股，预计合计派发现金红利约10.44亿元。
• 本次分红金额占2025年度合并报表扣除永续债利息后归属于普通股股东净利润的42.45%。
• 利润分配方案和2026年中期利润分配授权事项需提交股东大会审议。
• 拟授权董事会制定并实施2026年中期利润分配方案，简化流程，提升分红频次。
• 公司未触及退市等风险警示条款。

详细内容

一、2025年度利润分配方案

经中汇会计师事务所（特殊普通合伙）审计，上海电力2025年度母公司净利润为16.06亿元，扣除按10%计提法定盈余公积1.61亿元，加上年初未分配利润8.29亿元，扣除2024年度红利7.89亿元及永续债利息3.08亿元后，2025年末可供分配利润余额为11.78亿元。

公司计划以2025年12月31日的总股本2,821,234,945股为基数，向全体股东每股派发现金红利0.37元（含税），预计合计派发现金红利10.44亿元。若股本在权益登记日前发生变动，将保持每股分红比例不变，相应调整分配总额，并另行公告。

二、分红持续增长，回报股东

最近三年，上海电力现金分红持续增长。2023-2025年三年累计现金分红23.96亿元，三年平均净利润21.35亿元，现金分红比例高达112.2%，远超监管规定的30%最低标准。公司未实施股票回购注销。

三、2026年中期利润分配授权

公司提议简化2026年中期分红流程，拟请股东大会授权董事会在满足：

• 归属于股东的净利润及累计未分配利润均为正，
• 现金流满足经营和发展需求，

的前提下，分红总额不超过当期净利润，自行决定中期利润分配并组织实施。授权有效期自2025年年度股东大会审议通过之日起至2027年4月30日止。

四、决策流程与风险提示

上述方案已于2026年4月8日经第三次审计与风险委员会、2026年4月10日第九届董事会第八次会议审议通过（13票同意，无反对、弃权），提交股东大会审议。

公司强调，本次利润分配方案充分考虑股东利益、公司发展阶段及未来资金需求，不会对每股收益、现金流及正常经营产生重大影响。但所有方案和授权仍需股东大会审议通过后实施，投资者需关注相关风险。

投资者需关注的潜在影响及价格敏感信息

• 分红比例和分红总额远超监管最低标准，显示公司盈利能力和现金流充沛，或有助于增强投资者对公司长期稳定分红的信心，对股价形成正面支撑。
• 中期分红授权若实施，将进一步提升分红灵活性和频次，有利于提升股东回报预期。
• 方案尚需股东大会批准，投资者应关注相关会议进展及后续公告。
• 公司未触及退市等重大风险警示条款，经营稳健。

结语

上海电力此次分红方案和中期利润分配授权显示公司回馈股东的积极态度及稳健经营策略，分红水平处于行业领先，有望提升市场关注与投资价值。建议投资者密切关注后续股东大会决议及公司公告，以把握投资机会和风险。

免责声明：本文为基于公司公告的新闻报道，仅供投资者参考，不构成投资建议。投资决策须结合个人风险承受能力及市场实际情况，请审慎决策。

English Version

Shanghai Electric Power Releases 2025 Dividend Plan and 2026 Interim Dividend Authorization

Key Highlights

• Proposed cash dividend of RMB 0.37 per share (before tax), based on a total share capital of 2,821,234,945 shares as of end-2025, totaling approximately RMB 1.044 billion in cash payout.
• This dividend represents 42.45% of the attributable net profit (after perpetual bond interest) to ordinary shareholders in 2025.
• Both the dividend plan and the authorization for the 2026 interim dividend require shareholder meeting approval.
• Board will be authorized to determine and execute the 2026 interim dividend, streamlining the process and potentially increasing dividend frequency.
• The company does not trigger any delisting or other risk warning clauses.

Detailed Information

1. 2025 Dividend Plan

After audit, Shanghai Electric Power’s parent net profit for 2025 is RMB 1.606 billion. After allocating 10% to statutory surplus reserve (RMB 160.59 million), adding undistributed profit at the beginning of the year (RMB 829 million), deducting 2024 dividends (RMB 788.69 million) and perpetual bond interest (RMB 307.71 million), the distributable profit balance at end-2025 is RMB 1.178 billion.

The company plans to distribute a cash dividend of RMB 0.37 per share (before tax) to all shareholders, based on the total share capital as of December 31, 2025. The total payout is estimated at RMB 1.044 billion. If the share capital changes before the record date, the per-share amount remains unchanged and the total amount will be adjusted and announced accordingly.

2. Consistent Dividend Growth, Strong Shareholder Returns

Over the past three years, Shanghai Electric Power’s cash dividends have continued to rise. From 2023 to 2025, cumulative cash dividends amounted to RMB 2.396 billion, with a three-year average net profit of RMB 2.135 billion. The cash dividend payout ratio reached 112.2%, well above the regulatory minimum of 30%. No share buybacks were conducted.

3. 2026 Interim Dividend Authorization

To further streamline the process and enhance shareholder returns, the company proposes that the board be authorized by the shareholders’ meeting to determine and implement the 2026 interim dividend plan, provided that:

• Net profit attributable to shareholders and cumulative undistributed profits are both positive; and
• Cash flow meets normal operating and development needs.

The total interim dividend shall not exceed the net profit for the period. The authorization will be valid from the date of the 2025 annual shareholders’ meeting approval until April 30, 2027.

4. Decision Procedures and Risk Reminders

The proposals were approved unanimously at the April 8, 2026 Audit & Risk Committee and the April 10, 2026 Board meeting (13 votes in favor, none opposed/abstained), and will be put to a shareholder vote.

The company emphasizes that the dividend plan, balancing shareholder interests, development stage, and future funding needs, will not materially affect EPS, cash flow or normal operations. However, implementation depends on shareholder approval; investors should monitor relevant announcements and risks.

Potential Impact and Price-Sensitive Information

• Dividend ratio and total payout greatly exceed regulatory minimums, reflecting strong profitability and cash flow, potentially boosting investor confidence and share price.
• Interim dividend authorization, if approved, improves payout flexibility and frequency, enhancing shareholder returns.
• Proposals are subject to shareholder approval; investors should monitor meeting progress and announcements.
• No delisting or major risk warnings triggered; operations remain stable.

Conclusion

Shanghai Electric Power’s dividend plan and interim payout authorization reflect a strong commitment to shareholder returns and prudent management. The high payout ratio positions the company as an industry leader and could attract greater market attention and investment. Investors are advised to follow subsequent shareholder meeting resolutions and announcements for opportunities and risks.

Disclaimer: This article is based on company disclosures and is for informational purposes only. It does not constitute investment advice. Please make investment decisions with due consideration to your risk tolerance and market conditions.

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