方大特钢科技股份有限公司差异化分红法律意见书深度解读

报告主要内容与关键点

• 差异化分红背景：本次差异化分红源于公司回购股份专用账户中的股份根据相关法律规定，不享有利润分配、表决权、公积金转增、认购新股等权利，因此不参与年度利润分配。
• 回购股份明细：截至2026年5月13日，方大特钢通过上海证券交易所集中竞价交易方式累计回购50,052,659股，均存于回购专用证券账户，占总股本2,313,187,890股的约2.16%。
• 2025年度利润分配方案：每10股派发现金红利2元（含税），不送红股，不进行资本公积转增股本。分红基数为总股本扣除回购专用账户股份后，即2,263,135,231股，拟派发现金红利总额为452,627,046.20元，占年度归属于公司股东净利润的48.04%。
• 差异化分红对除权除息价格影响：以2026年5月13日收盘价5.38元/股计算，实际与虚拟分派除权除息参考价格均为5.18元/股，影响绝对值为0%，符合上海证券交易所规定的“影响在1%以下”。
• 法律合规性：律师事务所认为，差异化分红事项符合《公司法》、《证券法》、《回购规则》、《回购指引》及公司章程，不损害公司及全体股东利益。

对股东的影响与潜在股价变动因素

• 回购股份不参与分红：回购专用账户股份不参与本次年度利润分配，导致实际参与分红的股份总数减少，单股分红金额保持不变，但分红总额对应股东净利润比例较高（48.04%），显示公司现金分红力度强。
• 差异化分红对除权除息价格影响极小：除权除息参考价格影响为0%，不会造成股价大幅波动，显示公司分红安排合理，避免因股本变化导致价格剧烈波动。
• 分红方案已获董事会与股东大会审议通过：分红方案已于2026年3月20日董事会审议，并于4月10日股东大会通过，具备充分法律保障。投资者可安心分红方案执行。
• 回购行为释放积极信号：公司大规模回购股份累计金额超2亿元，显示管理层对公司价值有信心，有望提振市场情绪。

详细数据与分红计算

投资者需注意的事项

• 回购股份不参与分红，分红基数为扣除回购股份后的股本。
• 分红方案已获得董事会与股东大会通过，具有法律效力。
• 分红比例高，现金分红力度大，有利于投资者。
• 差异化分红对股价影响极小，除权除息参考价稳定。
• 公司回购行为积极，显示管理层对公司前景有信心。

可能影响股价的因素

• 高比例现金分红及大规模回购股份，有望提振公司股价。
• 分红方案稳定，除权除息价格影响极小，减少市场波动风险。

免责声明

本文章内容仅为信息披露解读，不构成任何投资建议。请投资者根据自身情况及专业意见谨慎决策。本文所引数据与法律意见基于官方律师事务所出具的法律意见书，相关事项最终以公司公告及监管机构批复为准。

English Version

In-depth Analysis: Grandall Law Firm’s Legal Opinion on Fushun Steel’s Differentiated Dividend

Key Points of the Legal Opinion

• Background of Differentiated Dividend: The differentiated dividend stems from shares held in the company’s buyback account, which, per regulations, do not enjoy dividend distribution, voting rights, bonus share conversion, new share subscriptions, etc. Thus, these shares are excluded from annual profit distribution.
• Details of Share Buyback: As of May 13, 2026, Fushun Steel has cumulatively repurchased 50,052,659 shares via centralized trading, which are all held in the dedicated buyback securities account. This accounts for about 2.16% of the total shares (2,313,187,890 shares).
• 2025 Annual Dividend Plan: Cash dividend of RMB 2 per 10 shares (tax included), no bonus shares, no capital reserve transfer. The dividend base is the total shares minus those in the buyback account, i.e., 2,263,135,231 shares. Total cash dividend proposed is RMB 452,627,046.20, representing 48.04% of net profit attributable to shareholders, indicating strong payout.
• Impact on Ex-Dividend Reference Price: Using the closing price of RMB 5.38/share on May 13, 2026, both actual and virtual ex-dividend reference prices are RMB 5.18/share, with an impact value of 0%, well within regulatory limits (<1%).
• Legal Compliance: The law firm concludes the differentiated dividend plan complies with Company Law, Securities Law, buyback regulations, and the corporate charter, with no harm to company or shareholder interests.

Shareholder Impact and Potential Price Sensitivity

• Buyback Shares Excluded from Dividend: The exclusion reduces the base for dividend distribution. Per-share dividend remains unchanged, but the total payout is high relative to net profit (48.04%), reflecting strong shareholder returns.
• Minimal Impact on Ex-Dividend Price: The ex-dividend price is unchanged, minimizing risk of price swings, and demonstrates prudent dividend planning.
• Dividend Plan Approved: The plan was approved by the board on March 20, 2026, and by shareholders on April 10, 2026, ensuring legal security for execution.
• Buyback Signals Management Confidence: Over RMB 200 million spent on buybacks, signaling management’s positive outlook, likely to boost market sentiment.

Detailed Data and Dividend Calculation

Investor Notices

• Buyback shares are excluded from dividend distribution; base is reduced but payout remains strong.
• Dividend plan has full legal approval.
• High payout ratio, strong cash dividend policy.
• Negligible impact on share price.
• Buyback signals positive management outlook.

Potential Price Movers

• High cash dividend and large buybacks may support share price.
• Stable dividend plan and minimal ex-dividend price impact reduce volatility risk.

Disclaimer

This article is for information purposes only and does not constitute investment advice. Investors should make independent decisions and consult professionals as needed. Data and legal opinions referenced are based on the official legal opinion issued by Grandall Law Firm; final matters are subject to company announcements and regulatory approval.

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