中信证券发布2025年度利润分配方案，现金分红比例再创新高

要点概览

• 每股分红：2025年度每10股派发现金红利人民币7.00元（含税），即每股0.70元。
• 分红总额：全年现金分红总额高达人民币103.74亿元（含税）。
• 分红比例：2025年度现金分红总额占归属于上市公司普通股股东净利润的35.73%，最近三年平均分红率高达109.02%。
• 实施条件：本计划已获董事会通过，尚需提交股东大会审议。
• 分红时间：股东大会审议通过后两个月内实施，具体股权登记日及发放日将另行公告。
• 港币支付：H股股东可选择人民币或等值港币，汇率按公告日前五个工作日中国人民银行公布的平均基准汇率折算。
• 盈利能力：2025年归母净利润为人民币290.37亿元，母公司报表未分配利润高达613.53亿元。
• 风险提示：公司未触及任何其他风险警示情形，分红方案不会对每股收益、现金流及正常经营产生重大不利影响。

详细解读

2026年3月26日，中信证券股份有限公司董事会审议通过了公司2025年度利润分配方案。根据会计师事务所审计结果，截至2025年12月31日，公司期末可供分配利润为679.57亿元，具备充足的分红能力。

分红方案亮点

1. 现金分红为主：2025年度全部采用现金分红，A股及H股股东每10股派发现金红利人民币4.10元（含税），加上中期已派发现金红利4.297958亿元，全年累计每10股派发现金红利7.00元（含税）。
2. 分红基数与调整机制：分红方案以实施权益分派股权登记日登记的总股本为基数，目前总股本为148.21亿股。若股本在董事会决议日至实施前发生变动，则维持分配总额不变，每股分配金额将相应调整，确保利益公平。
3. 支付方式及货币：现金红利以人民币计值和支付，H股股东可选择等值港币，汇率以公告日前五个工作日中国人民银行公布的人民币兑港币平均基准价为准。

对投资者的影响与潜在利好

• 分红率显著提升，价值回报可观：2025年度分红总额达103.74亿元，占归母净利润35.73%，高于监管红线30%，显示公司高度重视股东回报，有望吸引长期资金关注并提升公司估值。
• 持续稳健盈利，分红可持续性强：2025年归母净利润290.37亿元，三年累计分红251.21亿元，分红比例高达109.02%，显示公司盈利能力强，分红政策稳定。
• 未触及风险警示条款：公司未触及上交所股票上市规则第9.8.1条相关风险警示条款，分红政策稳健，风险可控。
• 分红时间明确，流动性有保障：股东大会审议通过后两个月内分红到账，便于投资者安排资金计划。
• 港币分红机制便利：H股股东可按最新汇率折算港币，降低汇率波动带来的不确定性，提升国际投资者吸引力。

重要注意事项

• 本次分红方案尚需提交公司股东大会审议，相关时间安排请持续关注公司公告。
• 股东应关注权益分派股权登记日，以及A股及H股各自的股息发放和登记时间，避免因疏忽错过权益。
• 如在董事会决议日至实施期间公司股本发生变动，每股分红金额将调整，但分红总额不变，具体方案将另行公告。
• 本次分红不会对公司每股收益、现金流及正常经营构成不利影响。

结语

总体来看，中信证券本次大比例现金分红方案再次彰显了公司优异的盈利能力与对股东回报的重视。高分红率及分红稳定性，有望提升公司二级市场估值，增强投资者信心，对公司股价形成正面推动。建议投资者持续关注公司后续公告，及时把握分红红利。

免责声明：本新闻稿仅供参考，不构成任何投资建议或邀约。投资有风险，入市需谨慎。请以公司正式公告及上市公司相关信息为准。

English Version

CITIC Securities Announces 2025 Dividend Plan—Cash Payouts Hit New High

Key Highlights

• Dividend per Share: RMB 0.70 per share (RMB 7.00 per 10 shares, pre-tax) for 2025.
• Total Dividend: Cash dividend for the year reaches RMB 10.374 billion (pre-tax).
• Payout Ratio: 35.73% of 2025 net profit attributable to ordinary shareholders. The three-year average payout ratio is as high as 109.02%.
• Implementation: Approved by the Board, pending shareholder meeting approval.
• Payout Timeline: To be distributed within two months after shareholder meeting approval; specific record and distribution dates to be announced.
• HKD Payment: H-shareholders can choose to receive cash dividends in RMB or equivalent HKD, based on the average RMB-HKD exchange rate over the five business days prior to the shareholder meeting.
• Profitability: 2025 net profit attributable to shareholders stands at RMB 29.037 billion, with undistributed profits at RMB 61.353 billion.
• Risk Warning: The company does not trigger any other risk warning conditions. The dividend plan will not materially impact EPS, cash flows, or normal operations.

Detailed Analysis

On March 26, 2026, the Board of CITIC Securities Co., Ltd. reviewed and approved the 2025 profit distribution plan. As of December 31, 2025, the company has RMB 67.96 billion in distributable profits, providing a solid foundation for dividend payouts.

Dividend Plan Highlights

1. All-Cash Dividend: 2025’s payout is entirely in cash. Both A-share and H-share holders will receive RMB 4.10 per 10 shares (pre-tax) for the year-end distribution, plus RMB 4.297958 billion in interim dividends already paid, totaling RMB 7.00 per 10 shares (pre-tax).
2. Base and Adjustment Mechanism: The dividend is based on total share capital as of the record date. The current total share capital is 14.82 billion shares. If the share base changes between Board approval and implementation, the total payout remains unchanged and per-share payout will be adjusted accordingly.
3. Currency and Payment: Cash dividends are calculated and paid in RMB, with H-shareholders able to opt for HKD at the prevailing exchange rate.

Impacts and Potential Positives for Investors

• Significant Payout Ratio: A 35.73% payout ratio for 2025, well above the regulatory minimum of 30%, signals strong shareholder returns and could attract long-term investors, supporting a higher valuation.
• Sustained Profitability: 2025 net profit is RMB 29.037 billion, with a three-year cumulative dividend of RMB 25.121 billion and payout ratio at 109.02%, demonstrating robust and sustainable earnings.
• No Risk Warnings: The company does not trigger any of the Shanghai Stock Exchange’s risk warning clauses, indicating a stable and prudent policy.
• Clear Timeline: Dividends will be paid within two months post shareholder approval, supporting investor liquidity and planning.
• International Appeal: H-shareholders can receive dividends in HKD, reducing FX risk and broadening international investor appeal.

Important Reminders

• The dividend distribution plan is subject to shareholder meeting approval—monitor company announcements for exact dates.
• Shareholders should pay attention to the record date and ex-dividend date to ensure eligibility.
• If share capital changes before implementation, the per-share dividend will be adjusted but the total payout remains the same; changes will be announced.
• This dividend plan will not negatively impact EPS, cash flow, or normal operations.

Conclusion

In summary, CITIC Securities’ high dividend payout for 2025 underscores its robust profitability and commitment to shareholder returns. The generous and stable payout is likely to boost investor confidence and support the share price. Investors are advised to follow future company announcements for final details and execution.

Disclaimer: This news report is for informational purposes only and does not constitute investment advice. Please refer to official company announcements for final and authoritative information. Investing involves risks; please make decisions carefully.

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