华电国际发布2025年度利润分配方案，末期分红高达0.14元/股

要点速览

• 末期分红：公司建议2025年度末期每股派发现金红利0.14元（含税）。
• 全年合计分红：2025年度累计现金分红0.23元/股（含税），含半年度已派0.09元/股。
• 分红总额：若以2025年12月31日总股本11,611,774,184股计，全年拟派现金红利总额为2,670,708千元（含税），占可供分配归母净利润48.47%。
• 盈利能力强劲：2025年度归属于上市公司股东的净利润为5,510,033千元。
• 风险提示：本次分红需经股东大会审议通过后方可实施。
• 合规性良好：最近三年累计现金分红比例高达140.47%，远超监管要求，无被实施其他风险警示情形。

详细解读

华电国际电力股份有限公司（600027）于2026年3月26日公布了2025年度利润分配方案，内容显示公司将继续维持稳定且高比例的现金分红政策。结合2025年度的盈利水平及现金流状况，公司拟向截至权益分派股权登记日的全体股东每股派发现金红利0.14元（含税），加上已于半年度派发的0.09元/股，全年累计分红0.23元/股（含税）。

分红安排及财务数据

• 2025年12月31日总股本为11,611,774,184股，全年现金分红总额达2,670,708千元（含税）。
• 2025年度归属于母公司所有者的净利润为6,070,315千元，其中归属于上市公司股东的净利润为5,510,033千元。
• 本次分红金额占可分配归母净利润的48.47%，派息比例较高，显示公司对股东回报的高度重视。
• 公司报表末未分配利润为13,515,300千元，为公司未来持续分红提供了坚实基础。
• 2025年度已完成现金分红（中期）为1,045,060千元。

合规性与风险事项

• 最近三个会计年度累计现金分红总额为6,440,882千元，累计现金分红比例高达140.47%，远高于《上海证券交易所股票上市规则》要求的30%。
• 公司不存在触及被实施风险警示的情形，近三年无回购注销股份行为。
• 本次分红方案已于2026年3月26日董事会会议全票通过（12票同意），后续将提交股东大会审议。
• 公司承诺本次分红不会对经营现金流和公司正常经营、长期发展造成不利影响。

对股东和投资者的影响

作为A股市场中分红政策较为慷慨的电力企业，华电国际持续以高比例现金分红回馈股东，显示公司盈利能力稳健以及现金流充沛。本次高比例分红，特别是近三年持续高于监管红线，预计将进一步增强投资者对公司治理和业绩可持续性的信心，具有明显的正面股价催化效应。
但值得注意的是，该分红方案尚需2025年度股东大会审议通过，投资者应密切关注相关进展与公告。

投资者须知

• 本次利润分配将以实施权益分派股权登记日股东名册为准，最终分红方案以股东大会审议结果为准。
• 如在实施权益分派前总股本发生变动，每股分红金额不变，分配总额将作相应调整。
• 公司不存在法定风险警示情况，股东可放心参与分红。

免责声明

本文仅为信息披露，不构成任何投资建议。投资者据此操作，风险自负。请投资者关注公司公告及市场风险。

English Version

Huadian International Announces 2025 Profit Distribution Plan: 0.14 RMB Final Dividend per Share

Key Highlights

• Final Dividend: Proposed final cash dividend of 0.14 RMB per share (pre-tax) for 2025.
• Total Annual Dividend: 2025 total cash dividend is 0.23 RMB per share (pre-tax), including 0.09 RMB per share already distributed as interim dividend.
• Total Distribution: Based on the total share capital of 11,611,774,184 shares as of December 31, 2025, the total annual cash dividend will amount to 2,670,708 thousand RMB (pre-tax), accounting for 48.47% of distributable net profit attributable to the parent.
• Strong Profitability: 2025 net profit attributable to shareholders is 5,510,033 thousand RMB.
• Risk Reminder: The proposed dividend plan is subject to approval by the Annual General Meeting (AGM).
• Regulatory Compliance: The company’s average cash dividend payout over the past three years is 140.47%, well above regulatory requirements, with no risk warning triggers.

In-depth Analysis

Huadian International Power Co., Ltd. (600027) announced its 2025 profit distribution plan on March 26, 2026, maintaining its stable and high cash dividend policy. Considering its 2025 earnings performance and cash flow, the company plans to distribute a final cash dividend of 0.14 RMB per share (pre-tax) to all shareholders registered on the ex-dividend date. Including the interim dividend of 0.09 RMB per share, the total for 2025 will be 0.23 RMB per share (pre-tax).

Dividend Arrangement and Financial Data

• Total share capital as of December 31, 2025: 11,611,774,184 shares; total annual cash dividend: 2,670,708 thousand RMB (pre-tax).
• 2025 net profit attributable to the parent company: 6,070,315 thousand RMB; net profit attributable to shareholders: 5,510,033 thousand RMB.
• The payout ratio accounts for 48.47% of distributable parent net profit, demonstrating a high commitment to shareholder returns.
• Unappropriated profit at year-end: 13,515,300 thousand RMB, providing a solid foundation for future dividends.
• Interim cash dividend already paid for 2025: 1,045,060 thousand RMB.

Compliance and Risk Items

• The cumulative cash dividend over the past three accounting years is 6,440,882 thousand RMB, with an average payout ratio of 140.47%, far exceeding the Shanghai Stock Exchange’s 30% requirement.
• No trigger for risk warning under the listing rules; no share repurchase or cancellation in the past three years.
• This plan was unanimously approved by the Board (12 votes in favor) on March 26, 2026, and will be submitted to the AGM for final approval.
• The company assures that the distribution will not adversely impact its operating cash flow, regular operations, or long-term development.

Impact on Shareholders and Investors

As one of the most generous dividend payers among A-share power companies, Huadian International’s sustained high payout policy demonstrates robust profitability and solid cash flows. The high payout ratio over three consecutive years will likely further boost investor confidence in the company’s governance and earnings sustainability, serving as a positive catalyst for share price.
However, investors should note that the dividend plan is subject to approval at the 2025 AGM. Stay tuned for relevant company announcements.

Investor Notes

• The dividend distribution is based on shareholders registered on the ex-dividend date; final implementation depends on AGM approval.
• If the total share capital changes before implementation, the per-share dividend remains unchanged, with the total amount adjusted accordingly.
• No regulatory risk warning conditions exist; shareholders can participate in the distribution with confidence.

Disclaimer

This article is for information purposes only and does not constitute investment advice. Investors are responsible for their own decisions and should pay attention to company announcements and market risks.

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