上海电力发布2025年度利润分配及2026年中期分红授权方案，分红总额创历史新高

【2026年4月14日，上海】上海电力股份有限公司（600021）于2026年4月14日公布了2025年度利润分配方案及提请股东会授权董事会决定2026年中期利润分配具体方案的公告。公司计划大幅提升现金分红比例，并简化未来中期利润分配流程，进一步提升对股东的回报力度。这一方案将提交至公司股东大会审议，相关表决结果有望对公司股票估值及市场表现产生明显影响。

一、2025年度利润分配方案要点

• 拟每股派发现金红利0.37元（含税），以2025年12月31日的总股本2,821,234,945股为基数，预计合计派发现金红利1,043,856,929.65元（含税）。本次分红金额大幅超过往年，创下公司新高。
• 分红比例显著提升，预计分红金额占2025年度合并报表扣除永续债利息后归属于上市公司普通股股东净利润的42.45%，大幅高于往年。
• 如公司在权益分派的股权登记日前总股本发生变动，公司将维持每股分配比例不变，并调整分配总额，具体调整情况将另行公告。
• 本次利润分配方案尚需提交公司股东会审议通过后方可实施。
• 公司未触及上交所《股票上市规则》第9.8.1条规定的风险警示情形，现金分红比例高达112.20%，远超监管红线，显示出公司稳健的盈利能力和良好的资金状况。

二、2025年度财务情况及分红可持续性分析

• 2025年度母公司净利润为1,605,888,163.05元，扣除10%法定盈余公积和相关分红、永续债利息后，2025年末可供分配利润余额为1,178,044,841.28元。
• 近三年累计现金分红总额为2,395,893,879.25元，平均净利润为2,135,338,629.74元，体现公司持续稳定的分红能力。
• 未分配利润充足，能够支持本次和未来的分红安排。

三、2026年中期利润分配授权事项

• 公司提请股东会授权董事会在2026年中期，若归属于上市公司股东的净利润及累计未分配利润均为正数且公司现金流充裕的前提下，决定并实施中期利润分配方案。
• 中期利润分配金额上限为对应期间归属于上市公司股东的净利润，具体金额和是否实施将由董事会根据2026年中期业绩及资金状况确定。
• 该授权的有效期为自2025年年度股东会审议通过之日起至2027年4月30日止，方案需获得股东大会审议通过。

四、公司决策程序与表决情况

• 2026年4月8日，公司第三次审计与风险委员会会议审议通过相关议案；
• 2026年4月10日，第九届董事会第八次会议以全票通过该项分红及授权议案。
• 所有相关议案均提交至公司股东大会审议。

五、投资者需重点关注的潜在影响

• 显著提升的分红水平将极大提升公司对价值投资者的吸引力，预计对公司A股二级市场估值形成有力支撑。
• 公司简化分红流程，提高分红频次，预示未来分红政策更为灵活，有望提升市场对公司长期稳定分红的信心。
• 本次利润分配及中期分红授权方案尚需股东大会审议通过，方案能否顺利通过及后续实施进程，值得投资者持续关注。
• 公司分红能力、现金流及资本结构均显示良好，短期内不会影响公司经营和发展。

六、风险提示

• 本次利润分配方案及2026年中期利润分配授权事项尚需提交公司股东会审议通过后方可实施，存在未获通过的可能性。
• 投资者应关注分红事项实施进展，注意相关投资风险。

免责声明：本文内容仅供参考，不构成任何投资建议。投资者据此操作，风险自负。

Shanghai Electric Power Announces Record 2025 Dividend Plan and Mid-Year Dividend Authorization for 2026

[Shanghai, April 14, 2026] Shanghai Electric Power Co., Ltd. (600021) announced on April 14, 2026, a substantial increase in its 2025 cash dividend payout and proposed a streamlined process for mid-year dividend distribution in 2026. These proposals, subject to shareholder approval, reflect the company’s commitment to enhancing shareholder returns and may have a significant impact on the company’s share valuation and market performance.

Key Points of the 2025 Profit Distribution Plan

• Proposed cash dividend of RMB 0.37 per share (pre-tax), based on the total share capital of 2,821,234,945 shares as of December 31, 2025, totaling approximately RMB 1,043,856,929.65. This marks a record-high payout for the company.
• Dividend payout ratio notably increased, representing 42.45% of net profit attributable to ordinary shareholders (after perpetual bond interest) in the consolidated 2025 financial statements.
• If there are any changes to total share capital before the ex-dividend registration date, the per-share distribution ratio will remain unchanged, with the total payout adjusted accordingly and disclosed separately.
• The proposal is subject to shareholder approval at the general meeting.
• No risk warning as per Shanghai Stock Exchange Listing Rules; the cash dividend ratio is 112.20%, well above regulatory requirements, reflecting strong profitability and robust liquidity.

2025 Financials and Dividend Sustainability

• 2025 parent company net profit: RMB 1,605,888,163.05; after deducting statutory reserves, dividends, and perpetual bond interest, distributable profit at year-end stands at RMB 1,178,044,841.28.
• Three-year cumulative cash dividend: RMB 2,395,893,879.25; average net profit: RMB 2,135,338,629.74, illustrating consistent and sustainable dividend capability.
• Unallocated retained earnings remain ample for current and future distributions.

2026 Interim Dividend Authorization

• The board seeks shareholder authorization to determine and implement a mid-year dividend plan in 2026, provided that net profit and retained earnings are both positive and cash flow suffices for ongoing operations and development.
• Mid-year dividend cap: not to exceed net profit attributable to shareholders during the interim period. The board will decide on the exact amount and whether to proceed based on 2026 interim results and financial position.
• Authorization valid from the 2025 annual shareholder meeting’s approval date until April 30, 2027.

Decision Process and Voting

• On April 8, 2026, the Audit & Risk Committee approved the proposals, which were unanimously passed at the 8th meeting of the company’s 9th Board of Directors on April 10, 2026.
• All proposals are pending shareholder meeting approval.

Investor Takeaways and Potential Market Impact

• Significantly increased dividend payout could attract more value-oriented investors, likely supporting the company’s A-share valuation.
• Simplified and more frequent dividend distributions signal a flexible and shareholder-friendly policy, potentially boosting market confidence in the company’s long-term payout stability.
• Final implementation depends on shareholder approval. Investors should closely monitor the progress and vote outcomes.
• The company’s dividend capability, cash flow, and capital structure remain strong, not expected to negatively impact operations or growth in the short term.

Risk Warning

• The proposed dividend plan and interim dividend authorization are subject to shareholder approval and may not be enacted if not passed.
• Investors should remain aware of the progress and associated risks regarding these dividend proposals.

Disclaimer: The above is for information only and does not constitute investment advice. Investors are solely responsible for their investment actions.

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