金宏气体2025年度差异化权益分派方案及影响详解
要点摘要
- 2025年度利润分配方案已获股东大会通过，每10股派发2.50元（含税）现金红利，不转增、不送红股。
- 回购专用账户内4,829,996股不参与本次利润分配。
- 实施差异化权益分派，对除权除息参考价格影响极小（约0.0049%），不影响单股分红数额。
- 东吴证券明确本次分派合法合规，无损全体股东利益。
详细内容
一、利润分配方案详情
金宏气体股份有限公司（简称“金宏气体”）2025年度股东大会于2026年4月20日审议通过了利润分配方案。公司2025年度归属于母公司股东的净利润为131,924,677.64元，期末未分配利润为789,823,786.34元。分配方案为按实施权益分派股权登记日的总股本，扣除回购专用证券账户中股份后，向全体股东每10股派发现金红利2.50元（含税），不进行转增和送红股。
如期间因可转债转股、股份回购、股权激励等导致总股本变动，公司将维持每股分配比例不变，并相应调整分配总额。
二、回购股份情况及影响
- 2021年9月3日，首次回购5,680,000股（2024年9月25日已注销）。
- 2024年7月23日，回购2,364,249股。
- 2025年2月12日，回购2,465,747股。
- 预计利润分配股权登记日前，回购专用账户（账号B884225130和B886844914）合计持有4,829,996股，不参与利润分配。
三、差异化权益分派的依据与除权除息安排
依据：回购股份自过户至专用账户之日起，丧失利润分配等权利，不参与分红。
分红基数：公司总股本为535,384,888股，扣除回购专用账户4,829,996股后，参与分配的股本为530,554,892股。
除权除息方案：
- 前收盘价为40.90元/股。
- 实际分派计算的除权参考价=（40.90-0.25）/（1+0）=40.65元/股。
- 虚拟分派现金红利=（530,554,892×0.25）/535,384,888≈0.248元/股。
- 虚拟分派计算的除权参考价=（40.90-0.248）/（1+0）=40.652元/股。
- 两者差异仅约0.0049%，影响极小。
四、对投资者的重要提示
- 回购股份不参与分红，保障了每位流通股东的实际分红利益不被稀释。
- 本次权益分派对除权除息参考价影响极小，分红分配方案稳定可靠。
- 东吴证券认为本次差异化权益分派合法合规，不损害上市公司及全体股东利益。
- 相关回购股份已部分注销，有效减少公司流通市值。
五、潜在价格敏感及影响
对股价的潜在影响：分红方案维持高稳定性，回购股份的注销有助于提升每股收益和分红水平，理论上对公司长期股东价值有正面影响，但因分红对除权价格影响极小，短期波动有限。投资者可关注公司持续回购及分红政策对估值和市场信心的正向推动。
免责声明：本文仅基于金宏气体公开披露材料整理，不构成任何投资建议。投资者据此操作，风险自担。
English Version
Detailed Analysis of JinHong Gas’s 2025 Differential Equity Distribution Plan
Highlights
- The 2025 profit distribution plan was approved: cash dividend of RMB 2.50 (tax included) per 10 shares, no conversion or bonus shares.
- 4,829,996 shares in repurchase accounts will not participate in this dividend distribution.
- Implementation of the differential equity distribution has minimal impact on the ex-rights price (about 0.0049%), and does not affect the per-share dividend amount.
- Dongwu Securities confirms the distribution is legal, compliant, and protects shareholders’ interests.
Details
1. Profit Distribution Plan Details
JinHong Gas Co., Ltd. (“JinHong Gas”) convened its 2025 annual shareholders’ meeting on April 20, 2026, and approved the profit distribution plan. The company’s net profit attributable to shareholders in 2025 is RMB 131,924,677.64, with undistributed profits of RMB 789,823,786.34 at year-end. The plan is to pay a cash dividend of RMB 2.50 (tax included) per 10 shares to all shareholders as registered on the equity distribution record date, excluding shares in repurchase accounts. No bonus or conversion shares will be issued.
If the total share capital changes due to convertible bonds, share repurchases, or equity incentives during this period, the per-share distribution ratio remains unchanged, and the total distribution amount will be adjusted accordingly.
2. Repurchased Shares and Impact
- September 3, 2021: Repurchased 5,680,000 shares (cancelled as of September 25, 2024).
- July 23, 2024: Repurchased 2,364,249 shares.
- February 12, 2025: Repurchased 2,465,747 shares.
- As of the dividend record date, repurchase accounts (B884225130 and B886844914) will hold a total of 4,829,996 shares, which will not participate in the distribution.
3. Basis and Ex-Rights/Ex-Dividend Calculation
Basis: Shares held in the repurchase account lose dividend rights upon transfer and do not participate in profit distribution.
Distribution Base: Total shares: 535,384,888; shares eligible for dividend: 530,554,892 after deducting repurchase account shares.
Ex-rights/Ex-dividend details:
- Previous closing price: RMB 40.90/share.
- Actual ex-rights reference price: (40.90-0.25)/(1+0)=40.65 RMB/share.
- Virtual cash dividend: (530,554,892×0.25)/535,384,888 ≈ RMB 0.248/share.
- Virtual ex-rights reference price: (40.90-0.248)/(1+0)=40.652 RMB/share.
- Difference is about 0.0049%—impact is minimal.
4. Important Reminders for Investors
- Repurchased shares do not participate in dividends, protecting the actual dividend benefit for circulating shareholders.
- The plan’s impact on ex-rights price is negligible, and dividend distribution remains stable.
- Dongwu Securities affirms the legality and compliance of the plan, with no harm to company or shareholder interests.
- Repurchased shares have been partially cancelled, effectively reducing the company’s outstanding shares.
5. Potential Share Price Sensitivity
Share Price Impact: The stable dividend plan and share cancellation boost per-share returns and may benefit shareholder value over the long term. However, as the impact on the ex-rights price is almost negligible, there should be minimal short-term volatility. Investors can monitor whether sustained repurchases and dividend policies support valuation and market confidence.
Disclaimer: This article is based on publicly disclosed information from JinHong Gas and does not constitute investment advice. Investors act at their own risk.
