浙江省围海建设集团股份有限公司2025年度利润分配预案深度解读

报告要点概要

• 公司2025年度实现归属于上市公司股东的净利润为2.73亿元，扭转了前两年亏损局面。
• 母公司2025年度净利润为1.7亿元，但累计未分配利润仍为负值。
• 因合并报表和母公司报表累计可供分配利润为负数，公司2025年度不进行利润分配，也不转增股本。
• 连续三年未进行现金分红，公司未触及深圳证券交易所实施其他风险警示的相关条款。

利润分配及资本公积金转增股本方案的详细情况

经华兴会计师事务所审计，浙江省围海建设集团股份有限公司2025年度实现归属于上市公司股东的净利润为273,367,972.45元，母公司净利润为169,951,381.21元。本年度未计提盈余公积，加上年初未分配利润-2,862,177,275.98元，截至2025年12月31日，合并报表实际可供股东分配利润为-2,368,530,028.31元，母公司报表实际可供股东分配利润为-2,692,225,894.77元。

鉴于公司累计可供分配利润为负数，依据《公司法》和《公司章程》规定，公司2025年度不进行利润分配，也不进行资本公积金转增股本或其他形式分配。

现金分红方案及风险警示

• 公司最近三年均未进行现金分红或回购注销，累计现金分红总额为0。
• 2025年度净利润为正值，但合并报表和母公司报表末未分配利润均为负，公司未触及深交所风险警示条款。
• 最近三个会计年度平均净利润为负（-4,941,461.42元），现金分红及回购金额远低于相关标准。
• 公司利润分配方案完全符合深交所和公司章程的规定，避免超分配风险。

对投资者的影响及重要事项

1. 盈利改善但分红未恢复：
公司2025年度扭亏为盈，净利润实现正值，但由于历史亏损积累，未分配利润仍为负，导致不能进行分红。这反映公司经营逐步改善，但尚未彻底摆脱历史包袱，分红政策未能恢复正常。

2. 分红政策将影响市场预期：
分红能力恢复往往是投资者关注的公司基本面转折点。围海建设虽然盈利转正，但分红仍需等待累计未分配利润回正，投资者需密切关注未来几年公司业绩和利润分配政策变化。

3. 风险警示未触及：
公司未触及深交所关于分红不足的风险警示条款，对公司股价形成风险的可能性较低，维持正常交易状态。

4. 长远发展与稳健经营：
公司表示不分红符合实际经营发展情况，有利于公司长远发展，表明管理层对资本结构和盈利质量的重视。

备查文件

• 2025年度审计报告
• 第七届董事会第三十四次会议决议

免责声明

本文章仅为信息披露与投资参考，不构成任何投资建议。投资者需结合自身情况与最新市场动态，审慎决策，风险自担。

English Version

Detailed Analysis of Zhejiang Weihe Construction Group Co., Ltd. 2025 Profit Distribution Plan

Key Highlights

• The company achieved a net profit attributable to shareholders of RMB 273 million in 2025, turning losses into gains after two consecutive years of losses.
• The parent company’s net profit was RMB 170 million, but accumulated undistributed profits remain negative.
• Due to negative distributable profits in both consolidated and parent company reports, no profit distribution or capital reserve transfer to equity will occur in 2025.
• There has been no cash dividend for three consecutive years, but the company does not trigger additional risk warnings under Shenzhen Stock Exchange rules.

Profit Distribution & Capital Reserve Transfer Details

Audited by Huaxing CPA, in 2025, Zhejiang Weihe Construction Group Co., Ltd. recorded a net profit of RMB 273,367,972.45 attributable to listed shareholders, with the parent company net profit at RMB 169,951,381.21. No statutory surplus reserve was accrued for the year. With an opening undistributed profit of RMB -2,862,177,275.98, as of December 31, 2025, the consolidated undistributed profit is RMB -2,368,530,028.31, and parent company undistributed profit is RMB -2,692,225,894.77.

Therefore, as distributable profits remain negative, according to the Company Law and Articles of Association, no profit distribution or capital reserve transfer to equity will occur this year.

Cash Dividend Plan & Risk Warning

• No cash dividend or share buyback was done in the past three years; cumulative cash dividend total is zero.
• 2025 net profit is positive, but undistributed profit remains negative, so company does not trigger Shenzhen Stock Exchange risk warning clauses.
• Three-year average net profit is negative (-RMB 4,941,461.42), and cash dividend/buyback is far below thresholds.
• The profit distribution plan adheres to exchange rules and Articles of Association, avoiding excessive payout risks.

Investor Impact & Material Information

1. Profit turnaround but no dividend resumption:
The company returned to profitability in 2025, but historical losses keep distributable profits negative, preventing dividends. This signals operational improvement but unresolved legacy issues; dividend policy resumption is pending.

2. Dividend policy affects investor expectations:
Restoring dividend capacity is a fundamental signal for investors. While Weihe Construction’s profit is positive, dividend payment awaits reversal of accumulated losses, so investors should monitor future earnings and distribution policy changes.

3. No risk warning triggered:
No risk warning is triggered under Shenzhen Stock Exchange rules, so no trading suspension or special treatment is expected, minimizing risk to share price.

4. Long-term development and prudent management:
Management states non-distribution aligns with actual business conditions and long-term development, showing focus on capital structure and earnings quality.

Reference Documents

• 2025 Audit Report
• Resolution of the 34th Meeting of the Seventh Board of Directors

Disclaimer

This article is for information disclosure and investment reference only. It does not constitute investment advice. Investors should make decisions prudently based on their own circumstances and the latest market developments. All risks are borne by the investor.

View ST围海 Historical chart here