浙江嘉化能源化工股份有限公司公布2025年度差异化分红方案，回购股份不参与分红，影响有限
2024年6月，北京海润天睿律师事务所针对浙江嘉化能源化工股份有限公司（以下简称“嘉化能源”或“公司”）2025年度利润分配中的差异化分红事项出具了专项说明。此次公告内容对于投资者和股东来说具有一定的参考价值，以下为详细解读：
1. 关键内容摘要
- 公司2025年度利润分配方案已由2026年4月30日股东大会审议通过。
- 分红基数为2025年度股权登记日的总股本，扣除回购专户中的股份。
- 每10股派发现金红利2.50元（含税），不送红股、不进行资本公积转增股本，利润分配后公司股份总数不变。
- 截至公告日，公司总股本为1,311,309,122股，其中已回购股份15,000,000股不参与本次利润分配，实际参与分配股数为1,296,309,122股。
- 回购股份将部分注销，剩余部分存放于回购专用账户，根据相关法规，这部分股份不享有利润分配权利。
2. 对股东的重要影响及可能影响股价的因素
- 差异化分红的原因：公司基于经营实际和回购计划，对部分回购股份进行注销，剩余股份不参与分红。依据《公司法》、《证券法》及相关规定，回购专用账户内股份不享有分红权。
- 除权除息价格影响极小：律师专项说明详细测算了差异化分红对除权（息）参考价格的影响。以2026年4月30日收盘价8.17元/股为例，实际分配与虚拟分配的除权（息）价格仅相差0.0029元，影响比例为0.0366%，远低于1%。这意味着回购股份不参与分红对市场价格影响极小，几乎可以忽略不计。
- 公司治理规范，未损害全体股东利益：律师明确指出，公司本次差异化分红事项完全符合《公司法》、《证券法》、《自律指引7号》及公司章程要求，不存在损害上市公司及全体股东利益的情形。
3. 详细测算过程
- 实际每股分派现金红利为0.25元。
- 除权（息）参考价格为7.92元/股（8.17-0.25）。
- 若假设全部股份参与分红，虚拟分派现金红利为0.2471元/股，虚拟除权（息）参考价格为7.9229元/股。
- 两者差异为0.0029元，影响比例0.0366%。
4. 对投资者的提示
- 本次差异化分红为公司正常经营和资本运作下的合规安排，对公司股价的直接影响有限。
- 回购股份不参与分红已成为A股市场的常规操作，投资者无需对此产生过度担忧。
- 此次公告体现出公司治理的规范性和对中小股东权益的保障。
- 关注公司后续回购及注销进展，以及未来分红政策调整可能对公司价值产生的影响。
5. 结论
嘉化能源本次差异化分红事项合规合理，回购专用账户股份不参与分红对公司股价基本无实质性影响。投资者可继续关注公司后续经营及资本运作动态。
免责声明：本文仅为信息解读，不构成任何投资建议。投资有风险，决策需谨慎。
English Version
Zhejiang Jiahua Energy Chemical Co., Ltd. Announces 2025 Differential Dividend Plan, Repurchased Shares Excluded from Distribution, Impact Minimal
In June 2024, Beijing Hairun Tianrui Law Firm issued a special legal opinion on the differential dividend arrangement of Zhejiang Jiahua Energy Chemical Co., Ltd. (“Jiahua Energy” or the “Company”) for 2025. The announcement is noteworthy for investors and shareholders, and the key details are analyzed below:
1. Key Highlights
- The 2025 annual profit distribution plan was approved by the general meeting of shareholders on April 30, 2026.
- The dividend base is the total share capital on the equity registration date for the 2025 annual dividend, excluding shares in the repurchase account.
- A cash dividend of RMB 2.50 per 10 shares (tax included), with no bonus shares or capital reserve conversion; the total share capital remains unchanged after the distribution.
- As of the announcement, the company had a total share capital of 1,311,309,122 shares, of which 15,000,000 repurchased shares are excluded from this dividend, leaving 1,296,309,122 shares eligible for distribution.
- Some repurchased shares will be canceled; the remainder is held in a repurchase account and does not enjoy dividend rights according to regulations.
2. Shareholder-Relevant and Potentially Price-Sensitive Points
- Reason for Differential Dividend: Due to business needs and the purpose of its repurchase plan, part of the repurchased shares is canceled and the remaining shares are not eligible for dividends. Per the Company Law, Securities Law, and relevant rules, shares in the repurchase account do not enjoy profit distribution rights.
- Minimal Impact on Ex-rights Price: The legal opinion provides a detailed calculation, showing that the difference in ex-rights price between actual and “virtual” (all shares participating) distribution is only RMB 0.0029 (0.0366%), far less than 1%. This means the exclusion of repurchased shares has a negligible effect on the share price.
- Compliant Corporate Governance, No Harm to Shareholder Interests: The lawyers confirm the differential dividend strictly complies with all laws, regulations, and the company’s Articles of Association, and does not harm the company or shareholders.
3. Detailed Calculation
- Actual cash dividend per share is RMB 0.25.
- Ex-rights price is RMB 7.92/share (8.17-0.25).
- If all shares participated, “virtual” cash dividend would be RMB 0.2471/share, and the ex-rights price would be RMB 7.9229/share.
- The difference is RMB 0.0029, or 0.0366%.
4. Investor Alert
- This differential dividend is a compliance move under normal operations and capital arrangements, with minimal direct impact on the share price.
- Excluding repurchased shares from dividends is standard practice in A-share listed companies; investors need not worry.
- The announcement demonstrates sound corporate governance and protection of minority shareholder interests.
- Investors should monitor the company’s subsequent buyback and cancellation progress, as well as any future changes to the dividend policy that may affect company value.
5. Conclusion
Jiahua Energy’s 2025 differential dividend arrangement is compliant and reasonable, and the exclusion of repurchased shares has almost no substantial effect on share price. Investors are advised to keep watching the company’s ongoing business and capital moves.
Disclaimer: This article is for information purposes only and does not constitute investment advice. Please make investment decisions cautiously.
