南极电商股份有限公司2025年度利润分配预案深度解读

一、报告核心要点

• 利润分配预案出炉：南极电商董事会已审议通过2025年度利润分配预案，需提交年度股东大会审议。
• 分红方案：拟以2025年12月31日总股份2,454,870,403股为基数，每10股现金红利0.60元（含税），共计派发现金红利147,292,224.18元。
• 不送红股、不转增股本：本期不进行资本公积转增股本，不送红股。
• 利润及财务状况：2025年度合并报表归属于上市公司股东的净利润为-2.81亿元，母公司净利润为1.11亿元。
• 可分配利润充足：合并报表可分配利润达26.47亿元，母公司可分配利润17.26亿元。
• 剩余利润用途：母公司未分配利润1,578,677,178.03元将暂时用于补充流动资金或公司发展，结转以后年度分配。

二、对股东及股价影响的重点

• 净利润连续亏损：合并报表净利润为负（2025年：-2.81亿元，2024年：-2.36亿元），显示公司整体经营压力较大，或对投资者信心构成挑战。
• 现金分红政策稳健：尽管亏损，公司依然保持现金分红，近三年累计现金分红达4.42亿元，显示公司重视股东回报。
• 分红比例调整：2025年度现金分红金额较2024年大幅提升（2024年：98,194,816.12元，2025年：147,292,224.18元），或对股价形成一定支撑。
• 股本变动影响分红：若公司总股本因股权激励、可转债转股、股份回购等发生变动，将按分红比例不变原则调整分配总额。
• 未触及风险警示：公司未触及《股票上市规则》第9.8.1条第（九）项规定的其他风险警示情形，分红政策合规合理。
• 内幕信息控制：公司严格控制内幕信息知情人范围，并履行保密和严禁内幕交易的告知义务。
• 实施前需股东大会通过：预案需经2025年度股东大会审议批准后方可实施，投资者需密切关注后续表决情况。

三、详细财务数据

• 2025年度财务摘要：
  • 合并报表归属于上市公司股东净利润：-281,535,985.54元
  • 合并报表可分配利润：2,647,316,184.24元
  • 母公司净利润：110,828,689.19元
  • 母公司可分配利润：1,725,969,402.21元
  • 母公司资本公积余额：1,602,970,844.20元
  • 最近三年累计现金分红：441,876,672.54元
  • 最近三年平均净利润：-135,515,945.05元
• 分红方案细则：
  • 每10股派发现金红利0.60元（含税）
  • 总派发现金红利147,292,224.18元
  • 剩余未分配利润1,578,677,178.03元暂用于公司发展或流动资金
• 后续事项：
  • 利润分配预案需经股东大会审议批准
  • 分红派息股权登记日如总股本变动，将依法重新调整分配总额

四、投资者需要关注的关键风险和机会

• 公司持续亏损但分红：公司连续两年净利润为负，但依然实施现金分红，可能吸引追求稳定回报的投资者，但需警惕公司持续亏损风险。
• 股东大会通过与否：如利润分配方案未获股东大会通过，将影响分红实施，投资者需关注大会决议。
• 分红政策与股价支撑：现金分红提升，或对股价形成一定支撑；但公司整体利润亏损，可能影响长期估值。
• 内幕信息管理严格：公司已履行保密和严禁内幕交易义务，规避法律风险。

五、结论

南极电商2025年度利润分配预案显示公司重视股东回报，尽管整体业绩持续亏损，依然维持现金分红政策。分红金额提升或对股价形成支持，但公司经营压力不容忽视，投资者需密切关注股东大会表决及公司后续经营动态。

免责声明

本文章仅为信息披露与分析，不构成投资建议。投资者请结合自身风险偏好，理性决策，并关注公司后续公告与股东大会决议。

ENGLISH VERSION

Detailed Analysis of Nanji E-Commerce’s 2025 Profit Distribution Plan

1. Key Points of the Report

• Profit Distribution Proposal: The Board of Directors has approved the 2025 profit distribution plan, pending shareholder meeting approval.
• Dividend Scheme: Based on the total shares as of December 31, 2025 (2,454,870,403 shares), a cash dividend of RMB 0.60 (tax included) per 10 shares is proposed, totaling RMB 147,292,224.18.
• No Bonus Shares or Capital Increase: There will be no bonus shares or capital reserve conversion to share capital this period.
• Profit and Financial Status: The consolidated net profit attributable to shareholders in 2025 is RMB -281 million, while the parent company net profit is RMB 110 million.
• Sufficient Distributable Profits: Consolidated distributable profit is RMB 2.65 billion; parent company distributable profit is RMB 1.73 billion.
• Remaining Profit Usage: Undistributed profit of RMB 1,578,677,178.03 at the parent company will be used for working capital or company development, to be distributed in future years.

2. Shareholder and Share Price Sensitive Points

• Continued Net Loss: Consolidated net profit is negative for two consecutive years (2025: -281 million, 2024: -236 million), indicating operating pressure and possible impact on investor confidence.
• Stable Dividend Policy: Despite losses, the company maintains cash dividends. Total dividends over the past three years reached RMB 442 million, showing commitment to shareholder returns.
• Dividend Increase: The 2025 dividend is much higher than 2024 (2024: RMB 98 million, 2025: RMB 147 million), which may support the share price.
• Share Capital Changes: If total share capital changes due to stock incentives, convertible bonds, or share buybacks, the distribution amount will be adjusted according to the unchanged dividend ratio.
• No Risk Warning Triggered: The company does not trigger other risk warnings under listing rules and maintains compliance.
• Strict Insider Information Control: The company has strictly controlled the scope of insiders and has enforced confidentiality and anti-insider trading obligations.
• Shareholder Approval Required: The plan must be approved by the 2025 shareholders’ meeting before implementation. Investors should monitor the results closely.

3. Detailed Financial Data

• 2025 Financial Summary:
  • Consolidated net profit attributable to shareholders: RMB -281,535,985.54
  • Consolidated distributable profit: RMB 2,647,316,184.24
  • Parent company net profit: RMB 110,828,689.19
  • Parent company distributable profit: RMB 1,725,969,402.21
  • Parent company capital reserve balance: RMB 1,602,970,844.20
  • Three-year cumulative cash dividend: RMB 441,876,672.54
  • Three-year average net profit: RMB -135,515,945.05
• Dividend Scheme Details:
  • Cash dividend of RMB 0.60 (tax included) per 10 shares
  • Total cash dividend: RMB 147,292,224.18
  • Remaining undistributed profit of RMB 1,578,677,178.03 used for development or liquidity
• Further Notes:
  • Plan subject to shareholder meeting approval
  • If share capital changes, dividend amount will be adjusted accordingly

4. Critical Risks and Opportunities for Investors

• Continued Losses but Dividend: Losses for two consecutive years but continued dividend may attract yield-seeking investors. However, ongoing losses pose risks.
• Shareholder Meeting Outcome: If not approved, dividend will not be implemented. Investors should closely monitor the meeting.
• Dividend Policy and Price Support: Increased dividend may support the share price, but continued losses could impact long-term valuation.
• Insider Information Management: Company has met confidentiality and anti-insider trading obligations, reducing legal risk.

5. Conclusion

Nanji E-Commerce’s 2025 profit distribution plan demonstrates a strong commitment to shareholder returns. Despite continued losses, the company maintains and increases the dividend. This could support the share price in the short term, but investors should remain alert to operating risks and closely track shareholder meeting decisions and subsequent company developments.

Disclaimer

This article is for informational and analytical purposes only and does not constitute investment advice. Investors should make rational decisions based on their own risk preferences and stay updated with company announcements and shareholder meeting resolutions.

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