兰花科创2025年度不进行利润分配：亏损超5亿元，三年现金分红远超净利润
山西兰花科技创业股份有限公司（600123.SH，以下称“兰花科创”）于2026年4月24日发布了2025年度利润分配预案公告，内容显示公司2025年度将不进行利润分配，包括不派发现金红利、不送红股，也不以资本公积转增股本。
公告要点
- 2025年度归母净利润为-5.40亿元，母公司净利润为-4.34亿元，均为亏损。
- 截至2025年12月31日，母公司期末可分配利润为负数，不满足利润分配条件。
- 2025年度不派发现金红利、不送红股、不转增股本。
- 本次利润分配预案已通过董事会审议，尚需提交2025年度股东大会审议通过。
- 过去三年（2023-2025）累计现金分红总额高达13.35亿元，累计现金分红及回购注销总额达14.35亿元，远高于同期平均净利润。
- 2024年度和2023年度分别现金分红2.21亿元和11.13亿元，回购注销1亿元。
- 三年平均净利润为7.58亿元，三年累计分红比例达189.18%，远超监管红线（30%）。
- 没有触及任何风险警示情形，公司认为本次未分配利润预案符合公司发展阶段和实际经营情况。
对股东及股价的潜在影响
- 2025年度巨额亏损可能对市场信心产生负面影响，投资者需密切关注公司经营修复进展。
- 连续三年高额分红后首次暂停分红，或对依赖现金分红的投资者构成直接影响。
- 公司强调预案有利于公司长远稳定发展，避免因利润分配导致资金链紧张。
- 需警惕公司未来年度的持续经营能力，若亏损未能及时扭转，可能拖累公司估值。
- 利润分配预案尚需股东大会审议，投资者应关注后续股东大会决议及公司后续披露。
财务数据一览
| 项目 |
2025年度 |
2024年度 |
2023年度 |
| 现金分红总额（元） |
0 |
220,986,003.15 |
1,113,840,000.00 |
| 回购注销总额（元） |
0 |
100,023,930.44 |
— |
| 归母净利润（元） |
-539,924,732.77 |
717,680,156.76 |
2,097,609,135.27 |
| 三年累计现金分红（元） |
1,334,826,003.15 |
| 三年累计现分红及回购（元） |
1,434,849,933.59 |
| 三年平均净利润（元） |
758,454,853.1 |
| 现金分红比例（%） |
189.18% |
结论
兰花科创2025年度巨额亏损，首次暂停现金分红，并披露三年累计分红比例远超净利润。此举或将对依赖分红的投资者信心造成冲击。公司强调预案旨在保障持续经营和长远利益，投资者需持续关注公司经营修复及后续重要决策，警惕因业绩亏损可能带来的股价波动。
免责声明：本文仅为信息披露整理，不构成任何投资建议。投资有风险，决策需谨慎。
LanHua Kechuang Announces No Profit Distribution for 2025 Amid Heavy Losses, Dividend Ratio in Three Years Exceeds Profits
Shanxi LanHua Science & Technology Venture Co., Ltd. (600123.SH, “LanHua Kechuang”) released its 2025 profit distribution proposal on April 24, 2026. According to the announcement, the company will not conduct any profit distribution for 2025, including no cash dividends, bonus shares, or capital reserve to share capital transfers.
Key Highlights
- Net profit attributable to shareholders in 2025 is -539 million yuan; parent company net profit is -434 million yuan, both in the red.
- As of December 31, 2025, the parent company’s undistributed profit is negative, failing to meet the conditions for profit distribution.
- No cash dividends, bonus shares, or capital reserve transfers for 2025.
- The proposal has passed the board of directors but still needs to be approved at the 2025 annual shareholders’ meeting.
- Over the past three years (2023-2025), cumulative cash dividends reached 1.335 billion yuan, and total cash dividends plus share buybacks reached 1.435 billion yuan, far exceeding the average net profit for the period.
- Cash dividends of 221 million yuan and 1.113 billion yuan were distributed in 2024 and 2023 respectively, with share buybacks totaling 100 million yuan.
- Three-year average net profit is 758 million yuan, and the cumulative dividend payout ratio reached 189.18%, much higher than the regulatory baseline (30%).
- No risk warning clauses have been triggered; the company believes the proposal aligns with its development stage and practical operational situation.
Potential Impact on Shareholders and Share Price
- Significant loss in 2025 may undermine market confidence; investors should closely monitor recovery progress.
- After three years of high cash dividends, the company is suspending dividends for the first time, which could affect yield-seeking investors.
- The company emphasizes the proposal supports long-term stability and avoids funding pressure from profit distribution.
- Investors should be wary of the company’s future ongoing profitability; continued losses may weigh on valuation.
- The proposal still needs shareholder approval; follow up on the shareholder meeting and further disclosures.
Key Financials at a Glance
| Item |
2025 |
2024 |
2023 |
| Cash dividend total (yuan) |
0 |
220,986,003.15 |
1,113,840,000.00 |
| Share buyback total (yuan) |
0 |
100,023,930.44 |
— |
| Net profit attributable to shareholders (yuan) |
-539,924,732.77 |
717,680,156.76 |
2,097,609,135.27 |
| 3-year cumulative cash dividend (yuan) |
1,334,826,003.15 |
| 3-year cumulative dividend + buyback (yuan) |
1,434,849,933.59 |
| 3-year average net profit (yuan) |
758,454,853.1 |
| Cash dividend ratio (%) |
189.18% |
Conclusion
LanHua Kechuang reported a substantial loss in 2025 and will not pay a dividend for the first time after three years of high payouts, with the total dividends far surpassing net profits. This development may negatively affect dividend-seeking investors and overall market confidence. The company maintains that the move is for long-term health and operational stability. Investors should stay alert to recovery progress and outcome of the upcoming shareholders’ meeting, as well as potential share price volatility due to ongoing losses.
Disclaimer: This article is for information purposes only and does not constitute investment advice. Please make investment decisions cautiously.
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