中信出版集团2025年度利润分配预案详细解读

一、公告要点速览

• 利润分配预案： 以2025年12月31日公司总股本190,151,515股为基数，向全体股东每10股派发现金红利人民币1.90元（含税），合计派发现金红利36,128,787.85元（含税）。本次不进行送股及资本公积转增股本。
• 2025年度累计现金分红： 2025年中期利润分配已派发现金红利30,424,242.40元（含税），若本次预案获股东会通过，则全年累计分红66,553,030.25元（含税），占2025年归母净利润的51.16%。
• 公司盈利及分配能力： 截至2025年末，公司可供股东分配利润为1,159,573,339.87元，母公司可分配利润1,278,238,269.63元，远高于本次及年度全部分红金额，显示公司具备强劲的盈利和分红能力。
• 分红政策合规： 公司现金分红预案未触及深圳证券交易所创业板股票上市规则第9.4条相关风险警示情形。

二、投资者须知重点及潜在股价敏感事项

• 高分红率： 2025年年度累计现金分红占归母净利润的51.16%，高于监管要求的30%水平，显示公司回馈股东的积极态度，或将提振市场信心并对股价形成正面推动。
• 分红总额持续增长： 近三年（2023-2025年）累计现金分红总额达185,968,181.67元，超过三年平均净利润30%的监管要求，且逐年提升，体现出良好的盈利和现金流状况。
• 公司经营稳健： 2025年营业收入17.02亿元，归母净利润1.30亿元，研发投入1,994万元，三年研发投入占累计营业收入比例达1.23%，显示公司在分红同时也持续投入研发，保障未来成长。
• 分红实施前调整机制： 若公司股本在分红预案发布后至实施前发生变动，将按分配总额不变原则调整分配比例，保障所有股东利益。
• 实施需股东会批准： 本次分红预案仍需提交2025年年度股东大会审议通过后方可实施，存在一定不确定性。

三、详细数据披露

四、分红政策的合法合规性与合理性

本次利润分配预案依据《公司法》《上市公司监管指引第3号》等法规和公司章程，严格按照“合并报表、母公司报表中可供分配利润孰低原则”确定分红总额，符合监管和公司分红政策要求；同时，兼顾公司未来发展资金需求和投资者合理回报，分配政策具备合法性、合规性和合理性。

五、公司未来发展与投资风险提示

公司历年保持高分红策略，体现良好的治理和经营能力，有望增强投资者信心，提升公司估值。但本次利润分配预案尚需股东大会批准，最终分红方案存在不确定性。投资者应关注相关股东大会公告，理性投资、注意风险。

六、备查文件

• 公司第六届董事会第二次会议决议

免责声明： 本文内容仅供参考，不构成任何投资建议。公司实际分红方案以经股东大会审议批准的最终结果为准，投资者需注意投资风险。

English Translation

Detailed Analysis of CITIC Publishing Group’s 2025 Profit Distribution Plan

1. Key Highlights

• Profit Distribution Plan: Based on the total share capital of 190,151,515 shares as of December 31, 2025, a cash dividend of RMB 1.90 (tax inclusive) will be distributed for every 10 shares, totaling RMB 36,128,787.85 (tax inclusive). There will be no stock dividend or capital reserve transfer to share capital this time.
• Total Cash Dividends for 2025: An interim cash dividend of RMB 30,424,242.40 (tax inclusive) has already been paid out in 2025. If this proposal is approved by the shareholders, the total cash dividend for the year will reach RMB 66,553,030.25 (tax inclusive), accounting for 51.16% of the net profit attributable to the parent company for 2025.
• Profitability: As of the end of 2025, the company’s distributable profit stands at RMB 1,159,573,339.87, and the parent company’s distributable profit is RMB 1,278,238,269.63, far exceeding the annual dividend payments, demonstrating strong profit and distribution capability.
• Compliance: The cash dividend plan does not trigger any risk warning under Shenzhen Stock Exchange ChiNext Listing Rules Article 9.4.

2. Key Points for Investors & Potentially Price-Sensitive Issues

• High Dividend Payout Ratio: The total cash dividend for 2025 accounts for 51.16% of the net profit attributable to the parent company, well above the regulatory 30% threshold, signaling a strong commitment to shareholder returns, which may positively impact share price.
• Consistently Increasing Dividends: The cumulative cash dividend for the past three years (2023–2025) reached RMB 185,968,181.67, exceeding the average net profit for the period and demonstrating robust profitability and cash flow.
• Stable Operations: In 2025, the company posted operating revenue of RMB 1.702 billion, net profit attributable to the parent of RMB 130 million, and R&D investment of RMB 19.94 million with three-year cumulative R&D investment accounting for 1.23% of revenue, balancing dividends and future growth.
• Dividend Adjustment Mechanism: If the company’s share capital changes before the dividend is implemented, the payout ratio will be adjusted to keep the total dividend unchanged, protecting shareholder interests.
• Proposal Requires Shareholder Approval: The plan is subject to approval at the 2025 annual general meeting, and there is uncertainty until then.

3. Detailed Financial Data

4. Legality, Compliance, and Reasonableness of Dividend Policy

The distribution plan follows Company Law, regulatory guidelines, and the company’s Articles of Association, using the “lower of consolidated or parent company distributable profit” principle to determine the payout. The plan is legal, compliant, reasonable, and takes into account both future funding needs and shareholder returns.

5. Outlook and Risk Disclosure

CITIC Publishing maintains a high dividend payout strategy, reflecting solid governance and operations, which may boost investor confidence and potentially support share price. However, the plan is subject to shareholder approval, and investors should pay attention to the outcome of the general meeting and manage risks accordingly.

6. Documents for Inspection

• Resolution of the Second Meeting of the Sixth Board of Directors

Disclaimer: This article is for informational purposes only and does not constitute investment advice. The actual dividend plan is subject to approval by the shareholders’ meeting. Investors should be aware of risks.

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