青山纸业发布2025年度利润分配方案及2026年中期现金分红计划

要点速览

• 2025年度拟每股派发现金红利0.0086元（含税），分红总额为19,271,110.02元，占净利润35.24%
• 分红方案以实施权益分派股权登记日登记的总股本为基数，若总股本变动，将调整每股分配比例但维持分配总额不变
• 公司连续三年现金分红及回购注销总额远超监管要求，2023-2025年累计高达2.53亿元
• 2026年中期分红计划：计划授权董事会以现金方式分配2026年半年度利润，分红金额不低于归属于上市公司股东净利润的30%
• 董事会已于2026年4月10日审议通过相关议案，尚需股东大会审议通过
• 公司强调分红不会影响正常经营及持续发展

详细内容

一、2025年度利润分配方案详解

青山纸业（600103）近日公布了2025年度利润分配方案。根据致同会计师事务所审计，截至2025年12月31日，公司母公司报表未分配利润为3.25亿元。公司拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每股派发现金红利0.0086元（含税），合计拟派发现金红利19,271,110.02元（含税），占2025年度归属于上市公司股东净利润的35.24%。

需要注意的是，如果在权益分派股权登记日前公司总股本发生变动，公司将维持分配总额不变，按实际股本调整每股分配比例，并将另行公告。

二、分红与回购历史表现，监管合规性

近三年（2023-2025年），青山纸业现金分红总额分别为1,927万元、2,704万元与3,760万元，回购注销总额累计1.69亿元，三年累计回购及分红总额高达2.53亿元，平均现金分红比例达到290.49%，大幅高于监管“最近三年累计现金分红及回购注销总额不低于5000万元且分红比例不低于30%”的要求，公司不存在被实施风险警示的情形。

三、2026年中期现金分红计划

为加强上市公司常态化分红，提高投资者回报，公司拟提请股东会授权董事会在2026年半年报披露后至三季报披露前，以现金方式分配2026年半年度利润，现金分红金额不低于当期归母净利润的30%。

具体分红条件包括：

• 符合证监会及国资委相关分红规定
• 公司累计未分配利润为正，当期盈利
• 公司经营现金流满足正常发展需求

授权期限自2025年年度股东会审议通过之日起至2026年年度股东会召开之日止，董事会可在授权范围内制定并实施具体分红方案。

四、对投资者的影响及风险提示

青山纸业持续稳定的现金分红和回购政策，有助于增强市场对公司长期投资价值的信心，或将对公司股价形成正面支持。尤其是2026年中期现金分红比例不低于净利润30%的承诺，体现公司回馈股东的积极态度。

值得注意的是，以上利润分配及分红计划均需提交公司股东大会审议批准，尚未最终落地。公司同时提示，分红方案已充分考虑公司未来发展及资金需求，对经营现金流无重大影响，不会影响公司正常经营和持续发展。

重要事项提醒

• 本次分红方案及2026年中期分红计划尚需股东大会审议批准
• 投资者应理性判断投资风险，密切关注后续公告

免责声明： 本文内容仅供参考，不构成任何投资建议。投资者须自行判断并承担投资风险。最终分红实施以公司股东大会决议及后续公告为准。

English Version

Qingshan Paper Announces 2025 Dividend Plan and 2026 Interim Cash Dividend Policy

Key Highlights

• 2025: Proposed cash dividend of RMB 0.0086 per share (pre-tax), total payout RMB 19.27 million, 35.24% payout ratio
• Dividend based on total share capital as of record date; per-share amount adjusts if share capital changes, but total payout remains unchanged
• Three-year (2023-2025) cumulative cash dividend and buyback/cancellation amount reached RMB 253 million, well above regulatory requirements
• 2026 Interim Dividend: Board authorized to pay out at least 30% of H1 net profit as cash dividend after the 2026 interim results
• Board resolutions passed on April 10, 2026; final implementation requires AGM approval
• Company emphasizes dividend will not affect operations or sustainable development

Details

1. 2025 Dividend Plan

Qingshan Paper (600103) has announced its 2025 profit distribution proposal. As audited by Grant Thornton, the parent company’s undistributed profits stood at RMB 325 million as of December 31, 2025. The company plans to distribute RMB 0.0086 per share (pre-tax), totaling RMB 19.27 million, which represents 35.24% of attributable net profit for 2025.

Should the total share capital change before the record date, the per-share payout will be adjusted accordingly, but the total distribution will remain unchanged, and the company will announce any changes.

2. Strong Dividend & Buyback Track Record

In the past three years (2023-2025), Qingshan Paper paid cash dividends of RMB 19.27 million, RMB 27.04 million, and RMB 37.61 million, with cumulative buyback and cancellation amounting to RMB 169 million. The three-year total of cash dividends and buybacks reached RMB 253 million, with an average payout ratio of 290.49%—far exceeding the regulatory requirement of at least RMB 50 million and 30% payout ratio in three years. There is no risk warning flag on dividend compliance.

3. 2026 Interim Cash Dividend Plan

To promote regular cash dividends and enhance shareholder returns, the company seeks AGM authorization for the board to pay an interim cash dividend after the 2026 half-year results, with the total not less than 30% of H1 net profit.

Conditions for the payout include:

• Compliance with CSRC and SASAC dividend regulations
• Positive undistributed profit and interim net profit
• Sufficient operational cash flow

Authorization is valid from the 2025 AGM until the 2026 AGM.

4. Investor Impact & Risk Notice

Qingshan Paper’s robust and consistent dividend and buyback policy demonstrates its commitment to rewarding shareholders, which could positively impact the stock price. The interim dividend policy for 2026 is a strong signal of management’s confidence in future performance.

However, all proposals are subject to final approval at the AGM. Investors should monitor subsequent announcements and evaluate investment risks accordingly.

Important Reminders

• The dividend and interim distribution plan require AGM approval
• Investors should exercise caution and pay close attention to future disclosures

Disclaimer: This article is for information only and does not constitute investment advice. Investors should make their own decisions and bear any associated risks. Final implementation depends on AGM resolutions and further official announcements.

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