宁波联合集团股份有限公司2025年度利润分配预案详解

核心要点摘要

• 每股派现：公司拟每股派发现金红利人民币0.06元（含税）。
• 分配基准：以实施权益分派股权登记日登记的总股本为基数，若股本发生变动，每股分配比例不变，总额相应调整。
• 现金分红总额：约1,865.28万元，占2025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。
• 利润留存：本年度末未分配利润16.37亿元，留待后续年度分配。

详细内容

一、利润分配方案具体内容

截至2025年12月31日，公司母公司报表期末未分配利润为16.56亿元。2025年度实现净利润1.56亿元，提取法定公积金1,562.59万元后，当年可供分配利润为1.41亿元，加上2024年未分配利润15.15亿元，合计可供分配利润16.56亿元。

本次拟向全体股东每股派发现金红利0.06元（含税），以总股本3.11亿股计，合计派发现金红利1,865.28万元（含税），剩余未分配利润16.37亿元继续留存。本年度不进行资本公积金转增股本，亦无股份回购及注销金额。

二、分红比例低于30%的原因及说明

• 行业特性：公司主营业务为热电、房地产开发及进出口贸易，房地产为资金密集型，需保持充裕资金储备以增强抗风险能力。
• 公司发展阶段：房地产业务尚处发展阶段，土地储备和独立开发项目有限，持续发展需资金支持。
• 盈利及资金需求：2025年公司营业收入为12.68亿元，同比减少29.06%；归母净利润8,438.74万元，同比增加3.96%。公司需为新项目开发、土地获取留存资金。
• 现金分红水平：2025年分红比例为22.10%，低于30%，主要因公司长期发展及抗风险考虑，需为住宅项目开发及新项目储备资金。
• 利润留存用途：留存利润将用于房地产项目开发、新土地获取，确保项目如期交付、公司持续健康发展。

三、决策程序与合规性

• 2026年4月9-10日，公司第十一届董事会第四次会议审议通过本利润分配预案，将提交2025年年度股东大会审议。
• 方案符合公司章程和已披露的股东回报规划。

四、对投资者的影响及风险提示

• 分红比例偏低可能引发市场关注：分红占净利润比例为22.10%，低于常规30%的监管指引，主要因公司战略要求和行业特性。投资者需注意公司战略重心偏向长期发展和资金储备。
• 未来业绩及资本运作不确定性：若公司未来获取土地或新项目进展不及预期，可能影响公司后续分红能力和业绩表现。
• 本分配预案尚待股东大会审议通过，存在变动可能。
• 公司将举办业绩说明会，与投资者沟通分红及经营安排。

五、历史分红情况简述

结论

宁波联合2025年度利润分配预案维持稳定的派息政策，体现公司在当前行业环境下稳健经营和合理资金分配的策略。分红比例低于30%虽可能引发股东及市场关注，但公司明确将未分配利润用于主营业务发展和新项目拓展，符合公司长远利益。预案需经年度股东大会通过后方可实施，投资者应关注后续进展及公司业绩说明会相关信息。

免责声明：本文基于宁波联合集团股份有限公司公告材料整理，内容仅供投资参考，不构成任何投资建议。投资有风险，决策需谨慎。
English Version (for reference only):

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

Key Highlights

• Cash Dividend per Share: RMB 0.06 (tax included).
• Distribution Base: Based on the total share capital registered on the record date; if there are changes in share capital, the per-share ratio remains unchanged, and the total amount is adjusted accordingly.
• Total Cash Dividend: RMB 18.65 million, accounting for 22.10% of 2025 net profit attributable to shareholders.
• No capital reserve to share conversion.
• Retained Profits: RMB 1.64 billion left for future distribution.

Details

1. Specifics of the Profit Distribution Plan

As of December 31, 2025, retained earnings at the parent company’s report reached RMB 1.66 billion. Net profit for 2025 was RMB 156 million, with RMB 15.6 million allocated for statutory reserves, leaving RMB 140 million distributable. Together with 2024’s retained earnings, the total distributable profit is RMB 1.66 billion.

The company plans to pay RMB 0.06 per share in cash dividends (tax included). With a total share capital of 311 million shares, this amounts to RMB 18.65 million in total dividends (tax included), with RMB 1.64 billion retained for future years. No share capital conversion or share buyback/cancellation this year.

2. Reasons for the Dividend Payout Ratio Below 30%

• Industry Characteristics: The company’s main business includes thermal power, real estate development, and import/export trading. As real estate is capital-intensive, sufficient reserves are needed for risk resistance.
• Development Stage: The real estate business is still developing, with limited land reserves and self-developed projects, requiring capital for new projects.
• Earnings & Capital Needs: 2025 revenue was RMB 1.27 billion, down 29.06% YoY; attributable net profit was RMB 84.39 million, up 3.96% YoY. Funds are needed for land and new project acquisitions.
• Dividend Level: The 2025 payout ratio is 22.10%, below 30%, mainly due to strategic needs for long-term growth and risk resistance.
• Use of Retained Profits: Retained profits will support real estate development and new land acquisition, ensuring timely project delivery and healthy company growth.

3. Decision Process & Compliance

• The plan was approved at the 11th Board’s 4th meeting on April 9-10, 2026, and will be submitted to the 2025 annual general meeting of shareholders.
• The plan complies with the company’s articles and existing shareholder return plan.

4. Impact on Investors & Risk Disclosure

• Lower payout ratio may attract market attention: At 22.10%, below the regulatory reference of 30%, due to company strategy and industry factors. Investors should note the company’s focus on long-term growth.
• Future performance and capital operations uncertain: If land or new project acquisition underperforms, it may affect future dividends and results.
• The distribution plan is subject to shareholder meeting approval and may change.
• Company will hold a performance briefing to communicate with investors.

5. Brief History of Dividend Distributions

Conclusion

Ningbo United’s 2025 profit distribution plan maintains stable dividends, reflecting prudent management and rational capital allocation in the current industry climate. The lower payout ratio may draw attention but aligns with the company’s long-term strategic interests. The plan is subject to shareholder approval; investors should monitor future updates and performance briefings.

Disclaimer: This article is compiled based on official disclosures from Ningbo United. It is for informational purposes only and does not constitute investment advice. Investment involves risks. Please make decisions cautiously.

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