湘财股份2025年度利润分配方案公告深度解读

一、公告核心要点

• 公司2025年度已通过集中竞价方式回购股份，金额达3,571.03万元（不含交易费用），该金额占本年度归属于上市公司股东净利润的7.69%。
• 2025年度，公司拟不进行现金分红，不送红股，也不进行资本公积金转增股本或其他形式的分配。
• 公司现金分红情况未触及《上海证券交易所股票上市规则》第9.8.1条第一款第（八）项规定的风险警示情形。
• 利润分配方案需提交股东大会审议。

二、详细财务数据及历史分红情况

• 2025年度归属于上市公司股东的净利润为464,125,694.21元，母公司期末可供分配利润为488,730,700.79元。
• 最近三个会计年度（2023-2025），累计现金分红金额为99,967,502.01元，占年均净利润的43.29%，现金分红比例未低于30%。
• 2025年度现金分红及回购金额合计3,571.03万元，低于年度净利润的30%，主要原因是公司战略发展规划及资金需求。

三、对股东及投资者的重要影响与说明

• 未分配利润用途：公司留存未分配利润，将用于匹配战略发展规划及未来资金需求，保障公司稳健可持续发展，提升综合竞争力，以期为股东创造更大的长期价值。
• 现金分红决策便利：公司已采取多项措施，充分保障中小股东参与现金分红决策，包括信息披露、网络投票、投资者热线、电子邮箱、上证e互动等渠道。
• 投资者回报措施：公司承诺以“创新驱动发展、管理提升效益”为理念，通过“提质增效重回报”行动，不断提高盈利能力和投资者回报水平。
• 行业与战略背景：2025年证券行业将迎来高质量发展的深化阶段，政策红利、财富管理转型、机构业务升级、金融科技赋能成为核心驱动。公司将聚焦主营业务高质量发展，巩固核心业务竞争优势，深入贯彻“金融+实业+投资”战略。
• 风险提示：本方案不会对公司经营现金流产生重大影响，不会影响正常生产经营和长期发展。最终实施需股东大会审议通过。

四、对股价的潜在影响

本公告可能对公司股价产生影响。由于2025年度不进行现金分红且分红比例低于30%，部分投资者可能对公司分红政策感到不满，短期内或对股价形成一定压力。但公司强调资金留存用于战略发展和长期价值创造，若能有效提升盈利和竞争力，长期或对股价形成正面支撑。此外，分红政策未触及风险警示条款，表明公司运营稳健。

五、决策程序及后续事项

• 公司于2026年3月20日召开第十届董事会第十八次会议，审议通过了利润分配方案（表决结果：同意9票，反对0票，弃权0票）。
• 该方案符合公司章程及已披露的股东回报规划，需提交2025年度股东大会审议通过后方可实施。

六、投资者须知

• 公司当前分红政策以回购股份替代现金分红，符合监管规定。
• 分红政策的调整与战略发展密切相关，股东需关注公司长期发展规划与资金配置。
• 请广大投资者密切关注股东大会决议及公司后续公告，理性投资。

免责声明：本文仅为信息解读，不构成投资建议。投资者应结合自身风险承受能力及市场情况，审慎决策。公司利润分配方案尚需股东大会审议通过，最终结果以公司公告为准。

English Version

Deep Dive: Xiangcai Shares 2025 Profit Distribution Plan Announcement

Key Points

• The company repurchased shares via centralized bidding in 2025, with a total value of RMB 35.71 million (excluding transaction fees), accounting for 7.69% of net profit attributable to shareholders.
• For 2025, the company plans not to pay cash dividends, issue bonus shares, or convert capital reserve into share capital or other forms of distribution.
• The dividend policy does not trigger any risk warnings under Article 9.8.1 of the Shanghai Stock Exchange Listing Rules.
• The profit distribution plan is subject to shareholder approval.

Detailed Financial Data & Historical Dividend

• Net profit attributable to shareholders in 2025: RMB 464.13 million; undistributed profit at parent level: RMB 488.73 million.
• In the past three years (2023-2025), cumulative cash dividends totaled RMB 99.97 million, accounting for 43.29% of average annual net profit, not below the 30% threshold.
• The combined amount of cash dividends and share repurchase in 2025 is RMB 35.71 million, below 30% of annual net profit, mainly due to strategic and funding needs.

Material Information for Shareholders and Investors

• Use of Undistributed Profits: Retained profits will be used for strategic growth and future funding requirements, supporting sustainable development and competitiveness, aiming for greater long-term shareholder value.
• Facilitating Dividend Decision Participation: Multiple measures ensure minority shareholders can participate in dividend decisions: prompt information disclosure, online voting, investor hotlines, email, and SSE e-interaction.
• Investor Return Measures: The company commits to “innovation-driven growth, management efficiency enhancement”, with a focus on quality improvement and investor returns, aiming to boost profitability and shareholder rewards.
• Industry and Strategy Background: 2025 marks a year of deepened high-quality development in China’s capital market; policy tailwinds, wealth management transformation, institutional business upgrade, and fintech empowerment are core drivers. The company will focus on core business, strengthen competitive advantages, and implement its “finance + industry + investment” strategy.
• Risk Alert: The plan does not materially affect cash flow or normal operations; final execution depends on shareholder approval.

Potential Impact on Share Price

This announcement could affect the share price. The absence of a cash dividend in 2025 and a dividend ratio below 30% may disappoint some investors, possibly putting short-term pressure on the stock. However, if strategic capital retention leads to improved profitability and competitiveness, it could support the share price in the long run. The dividend policy does not trigger regulatory risk warnings, indicating sound operations.

Decision Process and Next Steps

• On March 20, 2026, the company held its 18th Board meeting of the 10th session, approving the profit distribution plan (votes: 9 in favor, 0 against, 0 abstentions).
• The plan complies with the company’s articles and disclosed shareholder return policy, and awaits shareholder meeting approval before implementation.

Investor Reminders

• The current dividend policy substitutes share repurchases for cash dividends, aligning with regulations.
• Dividend policy changes are closely tied to strategic plans and capital allocation; shareholders should monitor these developments.
• Investors are advised to closely follow shareholder meeting resolutions and subsequent announcements, and invest rationally.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consider their own risk tolerance and market conditions before making decisions. The profit distribution plan is subject to shareholder approval; final results are based on company announcements.

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