白云机场发布2025年度利润分配方案：拟每股派现0.285元，分红比例再创新高

广州白云国际机场股份有限公司（600004）于2026年4月30日发布了2025年度利润分配方案公告，内容涉及现金分红、利润分配基准、未来分红政策等多项重要事项。本次公告涉及的内容具有较强的信息披露意义，投资者需重点关注。

一、2025年度利润分配方案要点

• 每股分红：拟每股派发现金红利0.285元（含税），不进行公积金转增。
• 分红基准：以实施权益分派股权登记日登记的总股本为基数，目前公司总股本为2,577,244,598股。
• 分红总额：合计拟派发现金红利734,514,710.43元（含税），占2025年归属于上市公司股东净利润的50.02%。
• 利润情况：截至2025年12月31日，母公司期末未分配利润为人民币3,929,541,956.49元，2025年归母净利润为1,468,348,737.38元。
• 分红调整机制：如股本因可转债转股、股份回购、股权激励授予、重大资产重组等变动，公司将维持分配总额不变，相应调整每股分配比例，并另行公告。
• 实施流程：本次利润分配方案尚需提交2025年年度股东大会审议通过后方可实施。

二、对投资者及股价的潜在影响

• 派息率大幅提升：2025年度分红比例高达50.02%，且最近三年累计现金分红比例达135.70%，远超监管要求的30%红线，有望大幅提升公司股东回报，对价值投资者构成重大利好。
• 净利润持续增长：公司2025年度净利润1,468,348,737.38元，较上年增长58.67%，显示公司经营持续改善，盈利能力提升。
• 未分配利润充裕：母公司未分配利润接近40亿元，为未来持续分红提供保障，显示公司财务健康。
• 不触及风险警示条款：本次分红方案不会触及《上海证券交易所股票上市规则》关于现金分红、利润分配的风险警示条款，说明公司经营稳健，分红政策符合法规要求。
• 分红对现金流影响有限：公司表示本次现金分红不会对经营现金流、生产经营及长期发展产生重大影响，显示公司资金链稳健，具备持续分红能力。

三、投资者须知及后续关注事项

• 实施时间待定：具体分红实施时间及股权登记日将于后续公告明确，股东需密切关注公司后续公告，及时行使相关权益。
• 股东大会审议：本次利润分配方案尚需提交年度股东大会审议通过，最终实施仍存在不确定性。
• 股本变动调整机制：如因可转债转股、回购注销等导致股本变动，公司将调整分配比例并另行公告，投资者需关注相关变动。

四、历史分红对比与持续回报能力

• 近三年分红逐年提升：公司2023、2024、2025年度现金分红总额分别为1.76亿元、3.72亿元、7.34亿元，显示分红能力持续增强。
• 回购注销为零：近三年公司未实施股份回购注销，分红全部以现金方式派发，增加股东获得感。

五、结论

本次利润分配方案突显白云机场持续提升股东回报的决心，分红比例及金额均创历史新高，且公司盈利能力、现金流状况良好，分红政策稳健。对于偏好高分红、稳健收益的投资者而言，公司具有较强的吸引力。投资者需关注后续实施细节及年度股东大会决议情况，及时把握投资机会。

免责声明：本报道内容仅供投资者参考，不构成任何投资建议。股票市场有风险，投资需谨慎。

Baiyun Airport Announces 2025 Profit Distribution Plan: Proposed Cash Dividend of 0.285 RMB Per Share, Dividend Payout Ratio Hits New High

Guangzhou Baiyun International Airport Co., Ltd. (600004) released its 2025 profit distribution plan on April 30, 2026, covering key details such as cash dividend, profit distribution basis, and future dividend policies. The announcement contains several price-sensitive information points that investors should pay close attention to.

1. Key Points of the 2025 Profit Distribution Plan

• Dividend per share: Proposed cash dividend of 0.285 RMB (pre-tax) per share. No capital reserve conversion to shares.
• Distribution basis: Based on the total share capital registered on the equity registration date for rights distribution. The current total share capital is 2,577,244,598 shares.
• Total dividend: The total proposed cash dividend is 734,514,710.43 RMB (pre-tax), accounting for 50.02% of the net profit attributable to shareholders in 2025.
• Profit status: As of December 31, 2025, the parent company’s undistributed profit stands at 3,929,541,956.49 RMB, with 2025 net profit attributable to shareholders at 1,468,348,737.38 RMB.
• Dividend adjustment mechanism: If the share capital changes due to convertible bonds, share repurchase, equity incentives, or major asset restructurings, the company will maintain the total dividend unchanged and adjust the per-share ratio accordingly, with further announcements as needed.
• Implementation process: The profit distribution plan is subject to approval by the 2025 annual general meeting of shareholders.

2. Potential Impact on Investors and Share Price

• Significant dividend payout increase: The 2025 dividend payout ratio reaches 50.02%, and the cumulative cash dividend ratio for the past three years is 135.70%, far exceeding the regulatory threshold of 30%. This robust return may attract value investors and support share price performance.
• Consistent profit growth: The company’s 2025 net profit is 1,468,348,737.38 RMB, up 58.67% year-on-year, reflecting ongoing operational improvement and stronger profitability.
• Ample undistributed profits: The parent company’s undistributed profits are close to 4 billion RMB, ensuring sustainable future dividends and highlighting financial health.
• No risk warning trigger: This dividend plan does not trigger any risk warnings stipulated by the Shanghai Stock Exchange listing rules, indicating stable operations and regulatory compliance.
• Limited cash flow impact: The company states the cash dividend will not materially affect operational cash flow or long-term development, evidencing a robust financial position.

3. What Investors Should Know & Future Attention Points

• Implementation date to be determined: The specific implementation date and registration date for the dividend will be announced later. Shareholders should monitor further disclosures to exercise their rights in a timely manner.
• Shareholder meeting approval required: The plan is subject to approval at the annual general meeting, so there remains some uncertainty.
• Share capital adjustment mechanism: If there are changes in share capital due to convertible bonds, share repurchases, etc., the dividend ratio will be adjusted and announced accordingly.

4. Historical Dividend Comparison & Sustainable Return Capability

• Rising dividends over the past three years: Cash dividends for 2023, 2024, and 2025 amounted to 176 million RMB, 372 million RMB, and 734 million RMB respectively, indicating strong and growing payout ability.
• No share buybacks: No share repurchases occurred in the past three years; all dividends were paid in cash, enhancing shareholder returns.

5. Conclusion

This profit distribution plan reflects Baiyun Airport’s commitment to enhancing shareholder returns, with both payout ratio and amount at historical highs. The company’s profitability and cash flow remain strong, and its dividend policy is stable. For investors favoring high and stable dividends, Baiyun Airport is an attractive choice. Investors should pay attention to subsequent details and annual general meeting resolutions to seize investment opportunities.

Disclaimer: This report is for investor reference only and does not constitute investment advice. Stock investment is risky; please invest cautiously.

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