山东益生种畜禽股份有限公司
2025年度利润分配和资本公积金转增股本方案详细解读

2026年3月26日，山东益生种畜禽股份有限公司（益生股份，股票代码：002458）发布了关于2025年度利润分配及资本公积金转增股本方案的重要公告。此次公告内容值得所有投资者与股东高度关注，以下为本次公告的详细解读：

一、审议与决策程序

• 2026年3月24日，公司第七届董事会第四次会议以7票全票通过了《关于2025年度利润分配和资本公积金转增股本方案的议案》，该议案尚需提交2025年度股东大会审议。

二、利润分配及资本公积金转增股本方案具体细则

• 利润总额：2025年度实现归属于上市公司股东的净利润1.65亿元（165,420,013.21元），法定盈余公积提取额为1,067.12万元，任意公积金和亏损弥补均为0。
• 可供分配利润：截至2025年12月31日，公司合并报表可供分配利润为14.56亿元，母公司报表可供分配利润为12.16亿元。依据相关规定，最终以孰低者即母公司报表为准。
• 利润分配基数：报告期末公司总股本为1,106,412,915股，回购专用证券账户持有23,812,500股，实际享有利润分配权的股份为1,082,600,415股。
• 分配方案：本次利润分配不派发现金红利，也不送红股，而是以资本公积金向全体股东每10股转增3股，即共计转增324,780,124股，转增后公司总股本将增至1,431,193,039股。
• 后续调整机制：公告后至实施前如因股权激励、可转债转股、股份回购等情况导致分配基数变化，公司将按转增比例不变原则进行调整。

三、现金分红与风险事项

• 2025年度已派发现金红利总额为1.63亿元（162,709,697.25元），该金额为2025年半年度现金分红金额，全年未进行年度现金分红。
• 最近三年累计现金分红总额为6.02亿元，三年年均净利润为4.03亿元，累计现金分红占年均净利润比例达149.27%。
• 2025年未进行年度现金分红的主要原因是：2025年半年度现金分红叠加股份回购金额共2.54亿元，占年度净利润的153.94%，已充分体现对股东回报。
• 重要提示：公司本次利润分配方案不触及深圳证券交易所股票上市规则有关其他风险警示的情形，不会影响公司正常经营及行业水平，与同行业上市公司不存在重大差异。

四、未分配利润用途与投资者利益保障

• 未分配利润将结转至下年度，用于公司日常生产运营、研发投入及后续利润分配，保障公司持续健康发展，增强抗风险能力和核心竞争力。
• 公司为中小股东参与决策提供便利，将在股东大会中采用现场及网络投票，并单独计票、公开披露中小股东表决情况。
• 公司承诺未来将继续以现金分红为主要形式，结合股份回购、转增股本等多元方式回馈投资者。
• 2024、2025年未开展交易性金融资产、衍生金融资产、债权投资等非经营性投资活动，资金用途透明，风险可控。

五、对股东及股票价格的潜在影响

• 资本公积金大规模转增股本（每10股转增3股）将显著提升公司流通盘，增强股票流动性，对市场投资者具有较大吸引力，可能带来股价波动。
• 2025年度未再进行年度现金分红，短期内对依赖现金分红的投资者或许有负面影响，但公司已在半年度进行了较高比例分红并实施回购，显示管理层对投资者回报的高度重视。
• 公司未触及风险警示，且资金集中用于主营业务发展，表明公司运营稳健，为中长期投资者带来信心。

免责声明

本文仅为根据山东益生种畜禽股份有限公司2025年度利润分配及资本公积金转增股本方案公告所做的详细解读，不构成任何投资建议或买卖指引。投资者据此操作，风险自负。

English Version

Yisheng Livestock 2025 Profit Distribution & Capital Reserve-to-Equity Plan: Investor-Focused Analysis

On March 26, 2026, Shandong Yisheng Livestock & Poultry Breeding Co., Ltd. (Yisheng Livestock, stock code: 002458) released a major announcement regarding its 2025 profit distribution and capital reserve-to-equity transfer plan. The following is a comprehensive interpretation of the announcement, with all key details for shareholders and investors:

1. Review and Approval Process

• On March 24, 2026, the company’s 7th Board of Directors (4th meeting) unanimously passed the plan, which will be submitted to the 2025 Annual Shareholders’ Meeting for final approval.

2. Detailed Plan for Profit Distribution & Capital Reserve to Equity Transfer

• Total Profit: In 2025, net profit attributable to shareholders was RMB 165.42 million. Mandatory surplus reserve: RMB 10.67 million; no arbitrary reserve or loss compensation.
• Distributable Profit: As of Dec 31, 2025, distributable profits in the consolidated financial statements were RMB 1.456 billion; parent company, RMB 1.216 billion. Profit distribution is based on the lower of the two (parent company).
• Distribution Base: Total shares at year-end: 1,106,412,915; shares held in buyback account: 23,812,500; actual shares eligible for distribution: 1,082,600,415.
• Distribution Proposal: No cash dividend or bonus shares in this round. Instead, 3 shares will be transferred to shareholders from the capital reserve for every 10 shares held, a total of 324,780,124 new shares. After the transfer, total share capital will rise to 1,431,193,039 shares.
• Adjustment Mechanism: If events such as stock incentive exercises, convertible bonds, or further buybacks change the base, the transfer ratio will be maintained and total shares adjusted accordingly.

3. Cash Dividend and Risk Issues

• 2025 interim cash dividend paid: RMB 162.7 million; no annual dividend.
• Three-year cumulative cash dividends: RMB 602 million; average annual net profit: RMB 403 million; three-year dividends as a percentage of average net profit: 149.27%.
• Reason for no year-end dividend: The 2025 interim dividend and buybacks already totaled RMB 254 million, 153.94% of 2025 net profit, fully delivering shareholder returns.
• Important: The plan does not trigger any risk warnings as per Shenzhen Stock Exchange rules and will not adversely affect company operations or sector standing.

4. Use of Retained Profits & Investor Safeguards

• Retained profits will be carried forward to next year for operating, R&D, future distributions, and working capital, ensuring healthy development and risk resilience.
• The company ensures convenience for minority shareholders to participate in voting via both on-site and online methods, with their votes counted and disclosed separately.
• Yisheng will continue to focus on cash dividends, stock buybacks, and bonus shares as investor return measures, with no speculative investments in financial assets in 2024-2025.

5. Potential Impact on Shareholders and Share Price

• The large-scale capital reserve transfer (3 new shares per 10 held) will significantly increase the tradable float and may drive share price volatility due to improved liquidity and investor appeal.
• The absence of a year-end cash dividend may disappoint investors focused on short-term income, yet the substantial interim dividend and buybacks demonstrate management’s commitment to shareholder returns.
• Not triggering any risk warnings, with all funds channeled to main business, the company’s operation appears robust, boosting long-term investor confidence.

Disclaimer

This article is a detailed analysis based on the official announcement by Yisheng Livestock regarding its 2025 profit distribution and capital reserve transfer plan. It does not constitute investment advice. Investors should act at their own risk.

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