中石化石油机械股份有限公司2025年度拟不进行利润分配，投资者需关注公司盈利能力与分红政策

要点摘要

• 2025年度利润分配方案：公司2025年度不派发现金红利，不送红股，也不以公积金转增股本。
• 母公司未分配利润为负：截至2025年末，母公司报表未分配利润为-7.03亿元，合并报表未分配利润为3.03亿元。
• 董事会、审计委员会、独立董事均已审议通过：利润分配预案已经董事会、审计委员会与独立董事会议一致通过，尚需股东大会审议。
• 2025年归母净利润同比大降：2025年实现归属于母公司净利润约1,085.8万元，较2024年的9,687.6万元大幅下降。
• 三年未分红：公司最近三个会计年度累计未实施任何现金分红或回购注销。
• 不触及风险警示：利润分配方案不涉及深圳证券交易所风险警示条款。
• 未来发展方向：公司将加大市场拓展和技术攻关，提升油气装备主业，发展氢能装备等新兴产业，切实提升盈利能力。

详细内容与投资者关注点

中石化石油机械股份有限公司（000852，简称“石化机械”）近日发布公告，称公司2025年度拟不进行利润分配，即不派发现金红利、不送红股、也不以公积金转增股本。此举对投资者尤其是依赖分红回报的股东影响较大，属于重要的公司事项。

母公司净利润与未分配利润状况

根据立信会计师事务所出具的审计报告，2025年公司实现归属于母公司净利润为10,858,163.44元，而截至2025年12月31日，母公司资产负债表未分配利润为-702,704,243.66元，合并报表未分配利润为303,258,194.03元。因母公司未分配利润为负，依据相关法规，公司不具备实施分红的条件。

值得注意的是，2025年归母净利润相比2024年（96,875,788.73元）出现大幅下滑，显示公司盈利能力出现明显波动。

历史分红情况与政策合规性

报告显示，公司最近三个会计年度累计未实施任何现金分红或回购注销，显示出持续不分红的态势。公司表示，利润分配预案严格遵循《深圳证券交易所股票上市规则》《上市公司监管指引第3号—上市公司现金分红》及《公司章程》等相关规定，合规合法，未损害股东尤其是中小股东的利益。

公司下属子公司2020-2024年累计向母公司分配利润合计1.9亿元，但即便如此也无法弥补母公司净利润亏空，不具备现金分红条件。

公司未来举措与发展方向

石化机械表示，未来将持续加大市场拓展和技术攻关力度，巩固和提升油气装备产业地位，加快发展氢能装备等新兴产业，并打造再制造和检测运维服务品牌，狠抓成本压降，切实提升盈利能力。公司承诺在确保持续健康稳定发展的前提下，积极履行利润分配政策，与投资者共享公司发展成果。

对投资者的影响与潜在价格敏感点

• 连续多年未分红，或影响市场对公司投资吸引力，尤其对依赖分红的投资者构成负面预期。
• 母公司持续亏损与净利润大幅下滑，反映公司经营压力较大，可能影响市场估值。
• 公司高举技术创新和产业升级大旗，若相关新兴业务快速落地，未来或存业绩改善空间。
• 本次利润分配预案尚需年度股东大会审议通过，相关进展值得投资者持续关注。

结语

总体来看，石化机械2025年不进行利润分配，反映公司目前盈利承压及自身分红能力有限，对市场和投资者情绪或有一定冲击。投资者应持续关注公司后续经营改善、产业升级及分红政策调整等动态，评估中长期投资价值。

免责声明：本文内容仅供参考，不构成任何投资建议。投资有风险，入市需谨慎。

English Version

Sinopec Oilfield Equipment Corporation Announces No Profit Distribution for 2025: Key Points for Investors

Key Highlights

• 2025 Profit Distribution Plan: No cash dividend, no bonus shares, and no capital reserve to be transferred to share capital for 2025.
• Negative Retained Earnings at Parent Level: As of year-end 2025, parent company’s retained earnings stand at -702 million RMB, consolidated retained earnings at 303 million RMB.
• Board, Audit Committee, and Independent Directors All Approved: The plan has been approved by all relevant internal governance bodies and awaits shareholder meeting approval.
• Sharp Drop in 2025 Net Profit: Net profit attributable to parent in 2025 is about 10.86 million RMB, a significant drop from 96.88 million RMB in 2024.
• No Dividend for Three Consecutive Years: The company has not implemented any cash dividends or share buybacks for the past three years.
• No Regulatory Risk Warning Triggered: The plan does not trigger Shenzhen Stock Exchange risk warning clauses.
• Future Strategy: The company will focus on market expansion, technology upgrades, strengthening oil and gas equipment, developing hydrogen equipment and new businesses, and improving profitability.

Details and Investor Focus

Sinopec Oilfield Equipment Corporation (000852, “SOE”) has issued an announcement stating it will not distribute profits for 2025. This means no cash dividend, no bonus shares, and no transfer of capital reserve to share capital, a significant move for investors, especially those who rely on dividend returns.

Profit and Retained Earnings Situation

According to the audited financials, net profit attributable to the parent company in 2025 is 10.86 million RMB, while as of December 31, 2025, parent company retained earnings are negative at -702.70 million RMB, and consolidated retained earnings are 303.26 million RMB. Due to the negative parent-level retained earnings, the company does not meet the statutory or regulatory requirements for profit distribution.

Notably, net profit for 2025 dropped sharply compared to 2024’s 96.88 million RMB, reflecting significant volatility in profitability.

Dividend History and Policy Compliance

The report shows that for the past three years, the company has not implemented any cash dividend or share buyback, indicating a persistent no-dividend stance. The company emphasizes that the plan strictly follows the Shenzhen Stock Exchange regulations and its own articles of association, stating it has not harmed the interests of shareholders, especially minority shareholders.

Subsidiaries cumulatively paid 190 million RMB in dividends to the parent from 2020 to 2024, but this was insufficient to offset the parent company’s accumulated losses, so no dividend is possible.

Future Moves and Strategic Focus

The company pledges to intensify market expansion and technological innovation, strengthen its oil and gas equipment business, accelerate hydrogen equipment and other new businesses, build up remanufacturing and maintenance services, and cut costs to improve profitability. It promises to actively fulfill its dividend policy when conditions allow.

Investor Impact and Price-Sensitive Points

• Multi-year no-dividend policy may reduce the company’s investment appeal, especially for yield-focused investors.
• Sustained parent company losses and sharp net profit decline reflect operational pressure and may affect market valuation.
• Company’s focus on innovation and new industries could improve results if successful, offering potential upside.
• This profit distribution plan must still be approved at the annual shareholder meeting; investors should monitor ongoing updates.

Conclusion

In summary, SOE’s plan not to distribute profits in 2025 highlights current profitability pressures and limited dividend capacity, possibly impacting market sentiment. Investors should closely watch for business improvement, industrial upgrades, and any future changes in the dividend policy to assess long-term value.

Disclaimer: This article is for information purposes only and does not constitute investment advice. Investment involves risk. Please act prudently.

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