乐通股份2025年度利润分配方案公告解读：连续亏损、无分红，投资者需警惕
一、公告要点及内容梳理
珠海市乐通化工股份有限公司（证券代码：002319，简称“乐通股份”）于2026年4月24日公告了2025年度利润分配方案，主要内容包括：
- 2025年度公司 不派发现金红利，不送红股，不以资本公积转增股本。
- 利润分配方案已于2026年4月22日通过公司第七届董事会第五次会议审议，尚需提交2025年度股东大会审议。
- 2025年度公司营业收入为406,018,009.24元，归属于上市公司股东的净利润为-10,033,232.06元（亏损）。
- 母公司2025年度净利润为-26,048,370.96元，年度未实现盈利，无需提取法定盈余公积金。
- 截至2025年底，公司累计未分配利润为-284,032,452.98元（含本年度亏损及上年度结转未分配利润）。
- 公司2024年度也未实施现金分红，2025年度未实现可供分配利润，连续两年无分红。
- 公司2025年度现金分红总额、回购注销总额均为0元，最近三年累计现金分红及回购注销总额为0元。
- 公司未触及深圳证券交易所相关规则规定的“其他风险警示”情形。
二、对股东及投资者的重要影响分析
此次利润分配方案及公司经营状况对投资者具有重大信息披露意义，并可能对公司股价产生影响，具体分析如下：
- 连续亏损、无分红：
- 公司2025年实现归母净利润为-1,003万元，母公司口径亏损更高达-2,604万元，且累计未分配利润持续为负，显示公司经营压力较大。
- 自2023-2025年连续三年，公司平均净利润为负（-1,033万元），三年未有任何现金分红和回购，投资回报缺乏。
- 连续两年无现金分红，可能影响投资者信心，尤其是追求分红收益的股东。
- 未触及强制风险警示，但持续亏损值得警惕：
- 公告明确公司未触及深交所第9.8.1条“其他风险警示”情形，但如果未来亏损进一步扩大或分红缺失持续加剧，风险警示概率将提升。
- 公司战略及未来展望：
- 公告称，为保障日常经营持续性及资金流动性，公司需保留资金，未实施利润分配。
- 公司董事会强调，利润分配政策符合《公司法》《上市规则》及公司章程，并考虑到公司长期发展战略。
- 投资者需密切关注：
- 公司盈利能力持续下滑及无分红政策，或将影响公司投资吸引力及市场估值。
- 若后续经营未见明显改善，不排除未来触及强制退市或风险警示的可能。
三、详细财务数据及背景
- 2025年度营业收入：406,018,009.24元
- 2025年度归母净利润：-10,033,232.06元
- 母公司2025年度净利润：-26,048,370.96元
- 累计未分配利润（合并报表）：-284,032,452.98元
- 累计未分配利润（母公司）：-328,107,342.22元
- 最近三个会计年度平均净利润：-10,339,895.21元
- 最近三年累计现金分红及回购：0元
公司已连续多年无现金分红，且累计亏损规模持续扩大，显示出公司经营、盈利压力显著。
四、结论与投资建议
乐通股份2025年度利润分配方案显示，公司持续亏损、无能力分红，且未来短期内扭亏难度较大。对寻求稳定分红回报的投资者而言，需高度关注公司经营后续变化及风险提示。短期内，公司股价或将因业绩及分红缺失承压，建议投资者保持谨慎，密切关注公司后续经营与财务公告。
免责声明：本文信息基于公司公告及相关财务数据，仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。
LeTong Chemical (002319): 2025 No Dividend Due to Continued Losses, Investors Should Be Alert
1. Key Highlights from the Announcement
Zhuhai LeTong Chemical Co., Ltd. (Stock Code: 002319, “LeTong”) released its 2025 profit distribution proposal on April 24, 2026, with the following main points:
- No cash dividend, no bonus shares, no capital reserve to share conversion for 2025.
- The proposal was approved by the Board on April 22, 2026, and will be submitted to the 2025 shareholders’ meeting.
- 2025 revenue was RMB 406,018,009.24; Net profit attributable to shareholders was -RMB 10,033,232.06 (loss).
- Parent company’s 2025 net profit: -RMB 26,048,370.96, so no statutory surplus reserve needed.
- As of end-2025, accumulated undistributed profit: -RMB 284,032,452.98 (including current year loss and previous years’ carried forward losses).
- No cash dividend in 2024 either, and no distributable profit realized in 2025, meaning two consecutive years with no dividend.
- 2025 cash dividend and share buyback totals are both zero; cumulative cash dividend and buyback over the past three years are also zero.
- The company has not triggered “other risk warning” conditions under Shenzhen Stock Exchange rules.
2. Implications for Shareholders and Investors
This profit distribution plan and company’s operating situation carry significant disclosure for investors and may impact share prices. Key points:
- Continued Losses and No Dividend:
- 2025 net profit attributable to shareholders: -RMB 10 million; parent company loss: -RMB 26 million; accumulated losses continue to mount, reflecting operational pressure.
- From 2023-2025, average net profit was negative (-RMB 10 million), with no cash dividend or buyback for three years; investor return is lacking.
- Two consecutive years with no cash dividend may impact investor confidence, especially for dividend-seeking shareholders.
- No Forced Risk Warning Yet, But Ongoing Losses Are Concerning:
- The company states it has not triggered the “other risk warning” under SZSE rules, but if losses continue or the lack of dividends persists, risk warnings may be imposed in future.
- Company Strategy and Outlook:
- To ensure operational continuity and liquidity, the company retains funds and does not distribute profits at this time.
- The Board states that the profit distribution policy complies with all laws, regulations, and company bylaws, and is based on long-term development needs.
- Investors Should Closely Monitor:
- Ongoing profit decline and lack of dividend may undermine investment appeal and company valuation.
- If business does not improve, regulatory risk warnings or delisting could become possible in the future.
3. Financial Data Recap
- 2025 revenue: RMB 406,018,009.24
- 2025 net profit attributable to shareholders: -RMB 10,033,232.06
- Parent company 2025 net profit: -RMB 26,048,370.96
- Consolidated accumulated losses: -RMB 284,032,452.98
- Parent company accumulated losses: -RMB 328,107,342.22
- Average net profit (2023-2025): -RMB 10,339,895.21
- Total cash dividend & buyback over three years: 0
The company has not paid cash dividends for years, and accumulated losses are growing, indicating significant operational and profitability pressures.
4. Conclusion and Investor Takeaways
LeTong’s 2025 profit distribution plan shows ongoing losses and inability to pay dividends, with slim prospects for a quick turnaround. For investors seeking stable returns, close monitoring of the company’s future performance and risk disclosures is advised. In the short term, share price may be pressured by poor earnings and lack of dividends; caution is warranted.
Disclaimer: This article is based on company disclosures and financial data for investor information only. It does not constitute investment advice. Investment involves risks—please exercise caution.
View 乐通股份 Historical chart here
