安徽皖维高新材料股份有限公司发布未来三年（2026-2028）股东分红回报规划

主要内容概述

安徽皖维高新材料股份有限公司（简称“公司”）董事会近日发布了2026年至2028年未来三年股东分红回报规划。此举旨在完善公司分红决策和监督机制，增强投资者回报的可预期性，进一步规范利润分配行为，提升分红政策的透明度和稳定性，积极回应广大投资者特别是中小投资者的利益关切。

规划制定的核心要素

• 制定依据： 基于《公司法》《上市公司监管指引第3号》等相关法律法规及《公司章程》，综合考虑公司盈利能力、发展规划、股东回报、社会资金成本及外部融资环境等多重因素。
• 规划目的： 通过制度化安排，保持利润分配政策的连续性和稳定性，促进长期投资和理性投资理念的建立。
• 原则： 既注重公司持续经营和可持续发展，又保障投资者的合理回报，并充分听取独立董事和中小股东的意见。

2026-2028年分红回报具体安排

1. 分配形式与优先级

公司未来三年将采取现金、股票或两者结合的方式分配股利，优先考虑现金分红。现金分红是主要形式，股票分红或现金与股票结合方式将在公司业绩和股价等条件适合时采用。

2. 分红条件

• 公司当年盈利且累计未分配利润为正，满足正常生产经营和发展所需资金的前提下，原则上每年进行至少一次利润分配。
• 若营业收入和净利润增长显著，或需调整股本结构，可优先考虑股票分红或现金与股票结合的方式。
• 若最近年度审计报告为非无保留意见、审计报告带有持续经营重大不确定性段落，或资产负债率高于80%、经营性现金流量净额为负，则可不分红。

3. 分红时间安排

公司可进行年度分红、中期分红，具体方案根据实际经营和财务状况由董事会制定，提交股东会审议通过。

4. 现金分红政策

• 连续三年以现金方式累计分配利润不低于三年实现年均可分配利润的30%。如因特殊情况无法达标，董事会需向股东会特别说明。
• 若经营活动现金流量净额连续两年为负，不得进行高比例现金分红。
• 若公司经营状况良好且董事会认为股票价格与股本规模不匹配，可在满足现金分红的基础上追加股票股利分配。

5. 差异化现金分红政策

• 公司成熟期且无重大资金需求时，现金分红比例不低于80%。
• 成熟期但有重大资金需求时，比例不低于40%。
• 成长期且有重大资金需求时，比例不低于20%。
• 若发展阶段不易区分但有重大资金支出安排，参照上述执行。

6. 利润分配决策及调整机制

• 利润分配方案由董事会综合业绩、经营计划及资金需求拟定，董事会审议通过后提交股东会审议。
• 利润分配政策如需调整，须充分论证后提交股东会，经2/3以上表决权通过。公司需主动听取中小股东意见，并将其作为制定政策的重要参考。
• 公司利润分配政策不得随意变更，外部或内部环境发生较大变化时，董事会可提出调整方案，由审计委员会提出建议，最终由股东会特别决议通过。

对股东和股价的潜在影响

• 分红政策稳定： 明确的三年分红规划和差异化政策，有利于提升公司分红的持续性和可预期性，增强投资者信心，助力股价稳定或提升。
• 现金分红优先： 提高现金分红比例，特别是在公司经营良好和无重大资金支出情况下，短期内有望提升股东实际获得的回报，对市场估值形成正面支撑。
• 分红政策调整机制透明： 细致的政策调整机制和对中小股东的保护，有助于减少政策变动对市场预期的负面影响。
• 分红暂停条件清晰： 对于资产负债率高、现金流为负或审计意见不佳情形，明确暂停分红，有助于公司稳健经营，但可能在极端情况下对股价产生阶段性压力。

投资者应重点关注

• 公司未来三年将高度重视现金分红，若公司盈利持续提升，投资者有望获得较高比例的现金分红回报。
• 分红政策的连续性和调整机制透明，将成为公司吸引长期资金和提升市场估值的重要基石。
• 投资者需关注公司经营现金流变化及年度审计报告情况，以判断分红政策是否会受到影响。

免责声明

本文内容仅供参考，不构成任何投资建议。投资者应根据自身实际情况进行独立判断和决策。公司分红政策的实施受公司盈利状况、现金流、审计意见等多种因素影响，存在调整或暂停的可能。请密切关注公司公告及相关法律法规变化。

English Version

Anhui Wanwei High-Tech Materials Co., Ltd. Releases Shareholder Dividend Return Plan for 2026-2028

Key Highlights

Anhui Wanwei High-Tech Materials Co., Ltd. (“the Company”) has published its shareholder dividend return plan for the next three years (2026-2028). The plan aims to improve the company’s dividend decision and supervision mechanism, enhance the predictability of investor returns, further standardize profit distribution, and boost the transparency and stability of its dividend policy. The company is actively responding to the interests of all shareholders, especially minority shareholders.

Core Elements of the Plan

• Basis: The plan is formulated in accordance with the Company Law, regulatory guidelines, and the Articles of Association, comprehensively considering profitability, development plans, shareholder returns, funding costs, and the external financing environment.
• Objective: To institutionalize profit distribution to ensure continuity and stability, and to promote long-term and rational investment concepts among shareholders.
• Principles: The plan balances the company’s sustainable operation and development with reasonable returns for investors, and fully considers the views of independent directors and minority shareholders.

Detailed Dividend Arrangements for 2026-2028

1. Distribution Forms & Priorities

The company will distribute dividends in cash, shares, or a combination of both, with a clear priority on cash dividends. Stock or hybrid dividends will be adopted if business performance and share price conditions are met.

2. Distribution Conditions

• Annual profit and positive retained earnings are required; at least one profit distribution per year is expected if operational funding needs are met.
• If revenue and net profit grow rapidly or capital structure needs adjustment, stock or hybrid dividends may be considered.
• No dividends if the latest audit opinion is qualified, contains uncertainty regarding going concern, if the asset-liability ratio exceeds 80%, or if operating cash flow is negative.

3. Dividend Timing

The company may distribute annual and/or interim dividends, with plans proposed by the board based on financial and operational status and subject to shareholder approval.

4. Cash Dividend Policy

• The total cash dividends over three consecutive years should be no less than 30% of the average annual distributable profit, except in special circumstances which must be explained to shareholders.
• If net operating cash flow is negative for two consecutive years, high-ratio cash dividends are prohibited.
• If business is strong and board deems stock dividends beneficial, stock bonuses may be added on top of cash dividends.

5. Differentiated Cash Dividend Policy

• During maturity phase with no major capital needs: cash dividend at least 80% of distribution.
• Maturity phase with major capital needs: at least 40% cash dividend.
• Growth phase with major capital needs: at least 20% cash dividend.
• If the development stage is unclear but there are major capital needs, follow the above provisions.

6. Dividend Decision and Adjustment Mechanism

• Dividend proposals are initiated by the board based on performance, future plans, and funds needed; they must be approved by the board and shareholders.
• Dividend policies require thorough argument if adjustment is needed; changes must be approved by a two-thirds majority at a shareholders’ meeting, with full consideration of minority shareholders’ voices.
• Policies cannot be changed without significant internal or external changes; audit committee may question or suggest amendments, and final decisions are made by special shareholders’ resolution.

Potential Impact on Shareholders and Share Price

• Stable Dividend Policy: A three-year plan with differentiated policy can enhance dividend sustainability and predictability, potentially strengthening investor confidence and supporting the share price.
• Priority on Cash Dividends: Higher cash payouts, especially when the company is in a solid financial position, could increase shareholder returns and positively influence market valuation.
• Transparent Policy Adjustment: Detailed adjustment mechanisms and minority shareholder protection could reduce the risk of negative market reactions to policy changes.
• Clear Suspension Conditions: Dividend suspension criteria (e.g., high leverage, negative cash flow, adverse audit opinions) support prudent operations, but could exert short-term pressure on the share price if triggered.

Key Points for Investors

• The company will prioritize cash dividends over the next three years; if profitability improves, high cash returns are likely.
• Continuity and transparency are foundational for attracting long-term capital and boosting valuation.
• Investors should monitor cash flow and audit reports to anticipate potential impacts on dividend policy.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should make independent decisions based on their own circumstances. The implementation of the company’s dividend policy depends on its profitability, cash flow, audit opinions, and other factors, and may be adjusted or suspended. Please follow official company announcements and regulatory changes closely.

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