中国巨石股份2025年度差异化权益分派事项详解：回购股份不参与分红，分派方案详述
要点概述
- 差异化权益分派：因股份回购用于股权激励，部分股份不参与2025年度利润分配。
- 回购股份情况：截至2025年11月24日，公司已回购股份34,528,223股，占总股本0.86%。该部分股份存放于回购专用证券账户，暂未授予激励对象。
- 分红方案：2025年度拟每10股派发现金红利1.90元（含税），共计拟派发现金红利754,035,615.95元（含税），不参与分红股份为回购专用账户内股份。
- 影响测算：差异化分派对除权(息)参考价格影响绝对值小于1%，影响极小。
- 合规性结论：律师认为本次差异化权益分派符合法律法规与公司章程，未损害中小股东利益。
详细内容
一、差异化权益分派的背景与原因
2025年9月24日，中国巨石股份有限公司董事会审议并通过以集中竞价交易方式回购公司股份的议案，拟将回购股份用于股权激励。该议案10月21日经股东大会通过，11月24日完成回购，回购股份总数为34,528,223股，占公司总股本的0.86%，全部存放于专用证券账户。
2025年12月31日，公司董事会通过2025年限制性股票激励计划草案，拟授予的限制性股票总量不超过3,452.82万股，占公司总股本的0.86%。截至本法律核查意见出具日，激励计划尚未经股东大会审议通过，回购股份未授予激励对象，仍存放于回购专用账户。
按照相关法律法规及上海证券交易所规定，回购专用证券账户中的股份不享有利润分配等权利，因此不参与2025年年度利润分配，需实施差异化权益分派。
二、具体分派方案
2025年度利润分配方案为：每10股派发现金红利1.90元（含税）。以公司总股本4,003,136,728股扣除回购股份34,528,223股后，参与分红股份为3,968,608,505股。合计拟派发现金红利754,035,615.95元（含税）。
若在公告日至权益分派股权登记日期间公司股本有变化（如可转债转股、股份回购注销、股权激励授予股份回购注销、重大资产重组等），公司将维持每股现金分红比例不变，并相应调整分红总额，具体调整另行公告。
三、对除权(息)价格的影响
按照交易规则，除权(息)参考价格=（前收盘价-现金红利）÷（1+流通股份变动比例）。由于本次分配仅为现金红利，无送股和转增股，流通股未变化，故流通股份变动比例为0。
实际分派与虚拟分派两种方式下，2026年5月6日收盘价36.99元/股，除权(息)参考价均为36.80元/股，差异为0，即对价格影响绝对值低于1%，影响非常小。
四、律师结论及合规性
北京市嘉源律师事务所认为，中国巨石本次差异化权益分派事项符合《公司法》《证券法》《上市规则》等相关法律法规及公司章程规定，不存在损害公司及其中小股东利益的情形。
投资者须知及可能的价格敏感信息
- 回购股份未参与分红，导致实际参与分红股份略少于总股本，分红总额相应减少。
- 未来如股本发生变化，分红总额将调整，但每股分红比例不变。
- 回购股份用于股权激励计划，若该激励计划后续实施，可能带来股份结构变动。
- 此次差异化分派对除权参考价影响极小，短期对二级市场价格影响有限，但中长期激励计划实施进展值得持续关注。
免责声明
本新闻稿仅供投资者及时了解上市公司最新公告及相关法律意见，所涉及内容不构成任何投资建议。投资有风险，请谨慎决策。
English Version
Detailed Review of China Jushi’s 2025 Differential Equity Distribution: Repurchased Shares Excluded from Dividend, Plan Outlined
Key Highlights
- Differential Equity Distribution: Due to share repurchase for equity incentive, certain shares are excluded from 2025 annual dividend distribution.
- Share Repurchase Details: As of Nov 24, 2025, the company has repurchased 34,528,223 shares (0.86% of total share capital), stored in a dedicated account, and not yet granted to incentive recipients.
- Dividend Plan: For 2025, the company plans to distribute a cash dividend of RMB 1.90 per 10 shares (tax-inclusive). Total planned dividend is RMB 754,035,615.95 (tax-inclusive), excluding shares in the repurchase account.
- Impact Assessment: The effect of the differential distribution on ex-dividend reference price is less than 1%, i.e., negligible.
- Compliance Conclusion: Lawyers confirm the arrangement complies with laws and company charter, with no harm to minority shareholders’ interests.
Details
1. Background and Reason
On Sep 24, 2025, China Jushi’s board approved a share repurchase via centralized bidding for equity incentive purposes. The proposal was passed at the Oct 21, 2025 EGM, with the repurchase completed on Nov 24, totalling 34,528,223 shares (0.86% of total share capital), all held in a designated account.
On Dec 31, 2025, the board passed the 2025 Restricted Stock Incentive Plan (draft), with a maximum of 34.5282 million shares to be granted (0.86% of share capital). As of the legal opinion date, the incentive plan has not been approved at the shareholders’ meeting, and repurchased shares have not been granted, still held in the dedicated account.
According to relevant laws and SSE rules, shares in the repurchase account are not entitled to dividend and related rights, necessitating differential equity distribution for the 2025 annual profit allocation.
2. Dividend Distribution Plan
The 2025 plan is to distribute RMB 1.90 in cash per 10 shares (tax-inclusive). After excluding 34,528,223 repurchased shares from the total share capital of 4,003,136,728 shares, the shares eligible for dividend are 3,968,608,505. The total planned cash dividend is RMB 754,035,615.95 (tax-inclusive).
If the share capital changes before the ex-dividend date (due to CB conversion, share repurchase/cancellation, incentive plan grants, or major asset restructuring), the per share dividend remains unchanged, with total payout adjusted accordingly, and will be announced separately.
3. Impact on Ex-dividend Reference Price
As per trading rules, ex-dividend reference price = (previous close – cash dividend) / (1 + change in tradable share ratio). Since only a cash dividend is involved (no bonus or conversion), the ratio is 0.
Using May 6, 2026 closing price of RMB 36.99, the ex-dividend reference price is RMB 36.80 under both actual and virtual distributions, meaning the impact is 0, i.e., less than 1%.
4. Legal Opinion
Jia Yuan Law Offices confirms that the differential equity distribution complies with all relevant laws, regulations, and the company charter, and does not harm the interests of the company or minority shareholders.
Investor Notes and Potentially Price-Sensitive Information
- Repurchased shares are excluded from the dividend, slightly reducing eligible shares and total payout.
- Future changes in share capital will adjust the total payout, but the per-share dividend will remain constant.
- Repurchased shares intended for equity incentives; implementation progress may affect share structure and be worth monitoring.
- This event has minimal immediate impact on the ex-dividend reference price and secondary market, but longer-term developments in the incentive plan may be more significant.
Disclaimer
This news report is for informational purposes only and does not constitute any investment advice. Investors should make their own decisions with due caution. Investing involves risks.
