长城证券发布2025年度利润分配预案：年度现金分红大幅提升，股东回报持续加强
长城证券股份有限公司（证券代码：002939）于2026年4月17日召开第三届董事会第二十次会议，审议并全票通过了《关于公司2025年度利润分配预案的议案》。该预案尚需提交2025年度股东大会审议。
一、利润分配预案的详细情况
- 以2025年度为分配基准，公司（母公司）2025年度实现净利润为2,280,800,077.70元，其他综合收益结转留存收益等影响65,779,678.50元，年初未分配利润为4,710,602,847.46元。
- 2025年度已向股东派发2024年度现金红利371,167,278.46元，以及2025年中期现金红利306,616,447.11元。
- 2025年末公司可供分配利润余额为6,379,398,878.09元。在依法提取法定公积金、一般风险准备、交易风险准备等共计684,296,658.17元后，2025年末未分配利润为5,695,102,219.92元。
- 依据监管规定，剔除公允价值变动收益部分后，2025年末未分配利润可用于现金分红部分为4,976,077,919.60元。
- 分配方案： 以公司现有总股本4,034,426,956股为基数，向全体股东每10股派发现金红利1.20元（含税），合计派发484,131,234.72元，不送红股，不以资本公积转增股本。
若实施前公司总股本发生变化，将按派发总额不变原则进行调整。
- 公司已于2025年12月19日实施2025年中期利润分配，派发现金红利306,616,447.11元。因此，2025年全年预计合计派发现金红利790,747,681.83元，占2025年度合并报表归属于上市公司股东净利润的33.63%。
- 2025年度未实施股份回购。
二、对股东和股价的潜在影响与关键信息
- 高分红比例： 2025年度现金分红总额达790,747,681.83元，较2024年度的524,475,501.22元大幅增长。其中，最近三年累计现金分红金额为1,779,182,281.92元，占最近三年平均净利润的99.40%。
- 持续稳健的盈利能力： 2025年度归属于上市公司股东的净利润为2,351,600,065.53元，较2024年和2023年有明显提升，显示公司盈利能力稳健提升。
- 分红政策稳健合规： 利润分配预案充分考虑公司经营发展、财务状况及投资者回报诉求，符合相关法律法规与公司章程规定，不会对公司现金流、偿债能力及持续经营产生重大不利影响。
- 风险提示： 公司未触及《深圳证券交易所股票上市规则》第9.8.1条等相关风险警示情形，分红方案合理合规。
- 对投资者的影响：
- 持续高比例分红彰显公司对股东回报的重视，有望增强市场信心，吸引价值投资者关注。
- 分红总额大幅提升，或对公司股价形成积极推动。
- 未实施股份回购，资金主要用于现金分红，表明公司现金流充裕，兼顾稳健经营和投资者回报。
三、历史分红及财务关键数据一览
| 项目 |
2025年度 |
2024年度 |
2023年度 |
| 现金分红总额（元） |
790,747,681.83 |
524,475,501.22 |
463,959,098.87 |
| 归属于上市公司股东的净利润（元） |
2,351,600,065.53 |
1,579,705,498.18 |
1,438,472,745.34 |
| 母公司报表本年度末累计未分配利润（元） |
5,695,102,219.92 |
– |
– |
| 最近三年累计现金分红总额（元） |
1,779,182,281.92 |
| 最近三年平均净利润（元） |
1,789,926,103.02 |
| 现金分红占最近三年平均净利润比例 |
99.40% |
结论：长城证券2025年度利润分配预案显示公司持续提升分红力度，盈利能力稳健增长，现金流充足，分红政策合规。此举有望进一步提升股东回报预期，增强市场信心，可能对公司股价产生积极影响。建议投资者密切关注后续股东大会的审议结果及分红实施进展。
免责声明：本报道仅为信息披露与投资者参考之用，不构成任何投资建议或买卖股票的依据。投资风险需由个人自行承担，建议投资者结合自身实际情况审慎决策。
Great Wall Securities issues 2025 profit distribution plan: Substantial increase in annual cash dividend, sustained shareholder returns
Great Wall Securities Co., Ltd. (Stock Code: 002939) held the 20th meeting of the third Board of Directors on April 17, 2026, and unanimously approved the “Proposal on the 2025 Profit Distribution Plan”. This plan is subject to approval by the 2025 Annual General Meeting of Shareholders.
1. Details of the Profit Distribution Plan
- Based on the 2025 fiscal year, the parent company achieved a net profit of RMB 2,280,800,077.70, with other comprehensive income items influencing retained earnings by RMB 65,779,678.50. The undistributed profit at the beginning of the year was RMB 4,710,602,847.46.
- In 2025, cash dividends for 2024 of RMB 371,167,278.46 and interim cash dividends for 2025 of RMB 306,616,447.11 have already been distributed to shareholders.
- As of the end of 2025, the company’s distributable profit balance stands at RMB 6,379,398,878.09. After statutory appropriations of RMB 684,296,658.17, the undistributed profit at year-end 2025 is RMB 5,695,102,219.92.
- According to regulatory requirements, after deducting the portion not eligible for cash dividend, the distributable profit available for cash dividends is RMB 4,976,077,919.60.
- Distribution plan: Based on the current total share capital of 4,034,426,956 shares, a cash dividend of RMB 1.20 (including tax) per 10 shares will be distributed to all shareholders, totaling RMB 484,131,234.72. There will be no bonus shares and no capital reserve conversion to share capital. If the total share capital changes before implementation, the total distribution amount will remain unchanged and the scheme will be adjusted accordingly.
- The company already distributed an interim dividend of RMB 306,616,447.11 on December 19, 2025. Thus, the total expected cash dividend for the full year 2025 is RMB 790,747,681.83, accounting for 33.63% of the parent company’s 2025 net profit attributable to shareholders.
- No share repurchase was carried out in 2025.
2. Key Information for Shareholders and Potential Price Sensitivity
- High Dividend Payout Ratio: The total cash dividend for 2025 is RMB 790,747,681.83, a significant increase from 2024’s RMB 524,475,501.22. Over the last three years, total cash dividends reached RMB 1,779,182,281.92, accounting for 99.40% of the average net profit for the period.
- Sustained Profitability: The 2025 net profit attributable to shareholders is RMB 2,351,600,065.53, showing a strong upward trend from previous years.
- Compliance and Stability: The profit distribution plan fully considers the company’s operations, financial position, industry characteristics, and investor returns, complying with all relevant laws, regulations, and the company’s articles of association. It will not negatively impact cash flow, solvency, or continued stable operations.
- Risk Warning: The company does not trigger any risk warning scenarios as per Shenzhen Stock Exchange Listing Rules, Article 9.8.1.
- Impact on Investors:
- The company’s commitment to high-level cash dividends demonstrates a strong focus on shareholder returns and may boost market confidence, attracting value-oriented investors.
- The substantial increase in cash dividends could have a positive impact on the company’s share price.
- The absence of buybacks suggests available funds are focused on cash dividends, indicating a healthy cash position and sound operations.
3. Historical Dividends and Key Financial Data
| Item |
2025 |
2024 |
2023 |
| Total cash dividend (RMB) |
790,747,681.83 |
524,475,501.22 |
463,959,098.87 |
| Net profit attributable to shareholders (RMB) |
2,351,600,065.53 |
1,579,705,498.18 |
1,438,472,745.34 |
| Ending undistributed profit (parent company, RMB) |
5,695,102,219.92 |
– |
– |
| Three-year total cash dividend (RMB) |
1,779,182,281.92 |
| Three-year average net profit (RMB) |
1,789,926,103.02 |
| Total dividend/Three-year avg. net profit |
99.40% |
Conclusion: Great Wall Securities’ 2025 profit distribution plan demonstrates its commitment to increasing dividends, robust profitability, and solid cash flow. The high payout ratio and compliance with regulations reflect a focus on shareholder value and could positively impact the share price. Investors are advised to pay close attention to the outcome of the shareholder meeting and subsequent dividend implementation.
Disclaimer: This report is for informational purposes only and does not constitute investment advice. Investors should make decisions based on their own circumstances and bear all associated risks.
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