南钢股份发布2025年下半年度利润分配预案，分红比例高达55%，持续高分红政策提振市场信心

一、报告要点概述

• 2025年下半年度利润分配预案：每股派发现金红利0.1372元（含税），以实施权益分派股权登记日登记的总股本为基数，预计合计派发现金红利8.46亿元（含税）。
• 2025年全年分红总额：上半年已派现7.31亿元（含税），全年合计分红总额达15.77亿元（含税），占2025年度归属于上市公司普通股股东净利润的55%。
• 分红政策延续高比例：过去三年累计分红42.59亿元，三年平均现金分红率高达176.37%，远超监管要求。
• 2026年起实施半年度分红：明确2024-2026年期间缩短分红周期，2026年上半年分红金额将为当期净利润的50%。
• 公司资金充足、分红稳定：利润分配预案综合考虑发展阶段和资金需求，不影响正常经营和长期发展。
• 暂无其他风险警示：公司不存在触及上交所风险警示情形，分红政策持续稳定。

二、对投资者和股东的重要影响与关注点

• 持续高分红政策，充分回馈股东：2025年合计分红比例高达55%，远超A股钢铁行业平均水平，显示公司持续高分红、回馈投资者的鲜明态度。
• 分红周期进一步缩短，提升股东收益的确定性：自2026年起，公司将年度分红周期缩短为半年一次，利好长期持有者，资金回流更快，有助于提升公司估值与市场关注度。
• 分红金额随股本动态调整：如权益分派前总股本发生变动，每股分配比例不变，分红总额相应调整，确保分红公平公正。
• 公司财务稳健，分红基础扎实：截至2025年末，公司母公司报表未分配利润高达39.66亿元，具备持续分红能力。
• 不存在其他风险警示，分红政策有保障：公司分红方案不触及上交所风险警示条款，未来分红政策具备持续性和可预期性，对股价形成有力支撑。
• 方案尚需年度股东大会通过：本次利润分配预案及2026年中期分红授权需提交2025年年度股东大会审议，投资者应关注后续大会安排。

三、详细内容解读

根据立信会计师事务所审计，截至2025年12月31日，南钢股份母公司报表期末可供分配利润达39.66亿元。2025年下半年度以股权登记日总股本61.65亿股为基数，派发现金红利0.1372元/股（含税），预计派发金额8.46亿元。加上2025年上半年已派现7.31亿元，全年合计分红15.77亿元，占2025年净利润的55%。

公司自2024-2026年实施新的股东回报规划，2026年起分红周期由年度调整为半年，2026年上半年分红金额为当期净利润的50%，并提请股东会授权董事会根据实际利润和分配政策制定具体方案。

过去三年，公司分红合计42.59亿元，三年平均分红率176.37%，显示公司积极回馈投资者的政策导向。2025年末，公司未分配利润仍有39.66亿元，分红基础雄厚。

风险提示方面，公司分红预案不会对经营现金流产生重大影响，不影响公司正常生产经营与长期发展，且不触及上交所关于其他风险警示的规定，分红政策具有高度稳定性和可预见性。

需要注意的是，预案需经2025年年度股东大会审议批准，2026年上半年分红方案需在董事会授权范围内具体制定，投资者应关注相关会议进展。

四、结语

本次南钢股份大比例分红及分红政策调整，彰显公司稳健财务实力和高度重视投资者回报的企业文化，预计将成为市场关注焦点，对公司股价有积极推动作用。建议投资者密切关注后续董事会和股东大会相关决议，提前布局。

免责声明：本资讯仅作为投资参考，不构成投资建议。市场有风险，投资需谨慎。

English Version

Nanjing Iron & Steel (NISCO) Announces High Dividend Payout for H2 2025; Maintains Robust Shareholder Return Policy

Key Highlights

• 2025 H2 Dividend Proposal: Cash dividend of RMB 0.1372 (pre-tax) per share, based on the total share capital as of the record date, with an estimated total payout of RMB 846 million (pre-tax).
• Full-Year 2025 Dividend: H1 dividend already paid: RMB 731 million (pre-tax); total annual dividend reaches RMB 1.577 billion (pre-tax), accounting for 55% of 2025 net profit attributable to shareholders.
• Consistent High Payout Policy: Total dividends over the past three years reached RMB 4.26 billion, with a three-year average payout ratio of 176.37%, far above regulatory requirements.
• Shortened Dividend Cycle from 2026: From 2024-2026, the company will shorten the dividend cycle to semi-annual. In H1 2026, the payout will be 50% of the net profit for that period.
• Solid Cash Position, Stable Dividends: The proposal fully considers future development and funding needs and will not impact company operations or long-term growth.
• No Other Risk Warnings: The company does not trigger any Shanghai Stock Exchange risk warnings; dividend policy remains stable.

Key Shareholder Considerations and Potential Price-Sensitive Information

• High Dividend Yield Rewards Shareholders: 2025 payout ratio of 55% is well above the industry average, signaling strong shareholder returns and potentially boosting market confidence and share price.
• Shortened Dividend Cycle Increases Certainty: From 2026, semi-annual payouts will return capital to shareholders more quickly and could support higher valuation multiples.
• Total Dividend Adjusted for Capital Changes: If the share capital changes before the record date, the per-share payout remains unchanged and the total amount is adjusted accordingly, ensuring fairness.
• Robust Financials Underpin Dividend Policy: Unappropriated profit at end-2025 stands at RMB 3.97 billion, supporting sustained dividend payments.
• No Regulatory Risk Warnings: The proposal does not trigger any regulatory warnings, and the payout policy appears sustainable—an important signal for investors.
• Shareholder Approval Still Required: The dividend plan and 2026 interim authorization must be approved at the 2025 Annual General Meeting; investors should watch for upcoming meeting dates and resolutions.

Detailed Analysis

According to audited results, as of December 31, 2025, NISCO’s parent company retained earnings stood at RMB 3.97 billion. The dividend for H2 2025 is set at RMB 0.1372 per share (pre-tax), based on 6.165 billion shares, totaling RMB 846 million. The company already paid RMB 731 million in the first half, bringing the full-year payout to RMB 1.577 billion, or 55% of 2025 net profit.

Under its 2024-2026 Shareholder Return Plan, from 2026 the company will shift to semi-annual dividends, with the H1 payout amounting to 50% of net profit. The board is seeking shareholder authorization to determine the specifics in line with actual profit and policy.

Over the past three years, NISCO has paid a total of RMB 4.26 billion in dividends with an average payout ratio of 176.37%, reflecting its commitment to rewarding investors. End-2025 retained earnings remain high at RMB 3.97 billion, supporting future distributions.

The company notes that the dividend will not materially affect cash flow or normal operations, and does not trigger any regulatory warnings. The policy is stable and predictable.

Note that the proposal requires approval at the 2025 AGM, and the H1 2026 dividend plan will be set by the board within the authorized scope. Investors should monitor developments.

Conclusion

NISCO’s high and stable dividend policy, combined with a move to more frequent payouts, demonstrates strong financial health and a shareholder-friendly approach. This is likely to attract market interest and may have a positive impact on the share price. Investors are advised to closely follow further board and shareholder meeting updates.

Disclaimer: This news is for reference only and does not constitute investment advice. Please assess risks carefully before investing.

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