雅戈尔2025年第三季度权益分派实施公告详细解读

一、公告要点速览

• 每股分红：每股现金红利0.08元（含税）
• 股权登记日：2026年3月26日
• 除权（息）日及红利发放日：2026年3月27日
• 差异化分红：本次分红为差异化分红方案
• 授权机制：本次分红方案已获2024年年度股东大会授权董事会决策，无需再次提交股东会审议

二、详细内容解读

1. 分红背景及决策流程

雅戈尔时尚股份有限公司（雅戈尔，600177）于2025年5月16日召开了2024年年度股东大会，授权董事会就2025年第一季度、半年度及第三季度利润分配进行决策。此次三次中期分红旨在提升投资者获得感，缩短股东获得红利的等待时间。2026年2月9日董事会会议审议通过了2025年第三季度利润分配方案。本次分红方案完全符合公司章程及已披露的股东回报规划。

2. 分红方案详情

• 分红对象：截至2026年3月26日股权登记日下午，登记在中国结算上海分公司账面上的所有股东。
• 分红基数：以剔除回购股份后的公司总股本为基数（4,503,441,933股），合计派发现金红利360,275,354.64元（含税）。
• 每股分配金额：每股现金红利0.08元（含税）。
• 除权（息）参考价：按前收盘价减去0.0779元计算。
• 分红方式：仅为现金分红，不实施送股或转增股本。

3. 差异化分红机制说明

公司实行差异化分红，即以剔除回购股份后的实际参与分配股本为基数计算总分红金额，确保每股分红金额保持不变。除权（息）参考价格为：（前收盘价格-0.0779元）。

4. 红利发放与税收政策

• 无限售条件流通股红利由中国结算上海分公司发放，投资者可于2026年3月27日通过指定证券营业部领取。
• 主要股东（如宁波雅戈尔控股有限公司、李如成等）直接由公司派发红利，回购专用账户股份不参与分红。
• 税务处理：
  • 个人股东及基金：根据持股期限差别化征收个人所得税。持股超过1年免税，1个月以内全额纳入应税收入，1个月以上至1年按50%计入，应税所得统一20%税率。
  • QFII、RQFII等合格境外机构投资者：预扣10%企业所得税，税后每股发放0.072元。若享受税收协定优惠，按照最新政策可直接按协定税率征收。
  • 沪港通投资者：同样按10%税率预扣，实际每股派发0.072元。
  • 其他法人股东：自行缴纳所得税，实际每股发放0.08元。

5. 投资者须知及潜在影响

• 分红密度大幅提升：公司实施多次中期分红，提升了分红频率，增强了投资者信心，有助于吸引长期资金和稳定公司估值，具有一定的价格敏感性。
• 差异化分红影响：回购股份不参与分红，实际分红基数减少，单股分红金额相对较高，可能推升股东回报率，正面影响股价。
• 除权（息）价格调整：除权（息）日价格调整机制明确，短期内可能对市场价格产生波动影响。
• 税务政策变化：境外机构投资者及个人投资者因税务处理差异，需注意实际到手红利金额，可能影响投资者结构及资金流向。
• 操作提示：未办理指定交易的投资者需及时办理，否则红利将暂由结算公司保管。

六、联系方式与咨询

如对本次权益分派有任何疑问，可联系雅戈尔证券部，电话：0574-56198177。

免责声明

本解读仅供投资者参考，不构成任何投资建议。投资者需根据自身情况谨慎决策，雅戈尔公司及本文编者不对因使用本文内容所导致的任何投资损失承担责任。

ENGLISH VERSION

YOUNGOR 2025 Q3 Dividend Distribution Implementation Announcement – In-Depth Details

Key Highlights

• Dividend per Share: RMB 0.08 per share (pre-tax)
• Record Date: March 26, 2026
• Ex-dividend and Payment Date: March 27, 2026
• Differentiated Dividend: This is a differentiated dividend plan
• Authorization Mechanism: Already approved by 2024 AGM and Board; no further shareholder vote required

Details for Investors

1. Background and Decision Process

Youngor authorized the Board to decide on three interim dividend distributions in 2025 to enhance shareholder value and shorten waiting time for payouts. The Q3 2025 dividend plan was approved by the Board on February 9, 2026, fully in line with the company charter and previous shareholder return commitments.

2. Dividend Details

• Eligible Shareholders: All shareholders registered by close of trade on March 26, 2026.
• Base for Distribution: Total shares minus shares in buyback account (actual base: 4,503,441,933 shares), total payout: RMB 360,275,354.64 (pre-tax).
• Per Share Dividend: RMB 0.08 per share (pre-tax).
• Ex-dividend Reference Price: Closing price minus RMB 0.0779.
• Distribution Method: Cash dividend only, no stock dividend or bonus issue.

3. Differentiated Dividend Mechanism

The dividend is calculated based on the total shares minus treasury shares, ensuring each shareholder receives a stable per-share amount. Ex-dividend price is adjusted by RMB 0.0779 per share.

4. Payment and Taxation

• Dividends for freely tradable shares will be distributed by China’s Central Securities Depository; investors can receive dividends at their designated securities firms on March 27, 2026.
• Main shareholders (e.g., Youngor Holdings, Li Rucheng, etc.) will receive dividends directly from the company; treasury shares are excluded from distribution.
• Taxation:
  • Individuals & Funds: Tax depends on holding period. Over 1 year: exempt; within 1 month: fully taxable; 1 month to 1 year: half taxable, all at 20% rate.
  • QFII/RQFII: Withholding at 10% corporate income tax, net payout RMB 0.072 per share; possible treaty benefits if information is filed.
  • Hong Kong Stock Connect Investors: Also 10% withholding, net RMB 0.072 per share.
  • Other Institutions: Responsible for their own taxes; gross payout RMB 0.08 per share.

5. Shareholder Notes and Potential Price Impact

• Increased Dividend Frequency: Three interim payouts per year increase shareholder returns and may support the share price.
• Differentiated Dividend Impact: Excluding treasury shares increases per-share payout for remaining shareholders, potentially raising effective yield and supporting valuation.
• Ex-dividend Price Adjustment: Clear pricing mechanism for ex-dividend day – potential for short-term price volatility.
• Tax Policy Awareness: Actual after-tax dividend may vary for different investors, especially foreign ones; be alert to changes that could affect net returns and market flows.
• Operational Reminder: Investors who have not completed designated trading procedures will have dividends temporarily held until procedures are completed.

Contact for Inquiries

For any questions, please contact Youngor Securities Department at 0574-56198177.

Disclaimer

This analysis is for reference only and does not constitute investment advice. Investors should make decisions based on their own circumstances. Neither Youngor nor the author is responsible for any losses resulting from reliance on this article.

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