ST 八菱（002592）发布2025年度利润分配预案，拟大比例分红

要点摘要

• 公司2025年度净利润大幅增长，合并报表归属于上市公司股东的净利润为1.17亿元。
• 2025年度合计现金分红7,083万元，分红比例高达60.59%，显著高于监管要求。
• 利润分配预案需提交年度股东大会审议通过后方可实施。
• 公司2023、2024年度未分红，2025年首次大比例分红，反映经营状况显著改善。
• 未触及退市或其他风险警示条件。
• 未来若因股权激励、回购等导致股本变动，分配总额将做相应调整。

详细解读

一、利润分配方案主要内容

南宁八菱科技股份有限公司（ST 八菱，代码002592）于2026年3月27日召开董事会，审议通过了2025年度利润分配预案。本次利润分配以2025年12月31日公司可供分配利润为基准，母公司报表未分配利润为6,352万元，合并报表未分配利润为2.74亿元，按孰低原则取母公司报表利润作为分配依据。

公司拟以实施分配方案时股权登记日的总股本为基数，向全体股东每10股派发现金红利0.5元（含税），预计现金分红总额为1,417万元。本次不送红股、不转增股本，剩余未分配利润将结转以后年度。

值得注意的是，2025年前三季度公司已实施现金分红5,667万元，全年累计分红总额达7,083万元，占合并报表净利润的60.59%，分红力度远超相关监管要求，极具分红诚意。

二、对股东及股价的潜在影响

• 分红比例高，彰显公司盈利能力与现金流改善：2023-2024年公司因未分配利润为负，未进行分红。2025年首次大额分红，表明公司经营状况和财务结构显著好转，市场或将予以积极反馈。
• 分红方案具备调整机制：如后续因股权激励行权、股份回购等导致总股本发生变动，现金分红总额将根据分配比例予以调整，确保分配公平。
• 不涉及风险警示：公司未触及《深圳证券交易所股票上市规则》第9.8.1条所规定的其他风险警示情形，合规性高，分红有保障。
• 分红方案尚需年度股东大会审议：能否最终实施存在不确定性，但如顺利通过，将直接提升股东当期现金回报，可能对股价形成正面驱动。

三、分红方案合理性与可持续性

公司明确，本次分红预案制定综合考量了当前经营状况、未来业务发展资金需求及现金流，既充分保障全体股东的投资回报，也不会影响公司正常经营和长远发展。2025年，公司通过使用公积金弥补此前年度亏损，实现合并与母公司报表未分配利润双双转正，为高比例分红提供坚实基础。

四、投资者需关注事项

• 本次利润分配预案尚需2025年年度股东大会审议通过，最终能否实施及实施时间均存在不确定性，敬请投资者予以关注。
• 如方案获通过，公司将另行公告明确股权登记日、除权除息日及红利发放日。

五、备查文件

• 大信会计师事务所出具的2025年度审计报告
• 公司董事会决议文件

结论

本次ST八菱2025年度利润分配预案为近年来首次大比例分红，反映出公司经营基本面大幅改善，现金流充沛。大比例现金分红不仅提升了股东回报，也强化了市场信心，若年度股东大会顺利通过，预计将对公司股价产生积极影响。投资者应关注后续股东大会进程及相关公告，理性判断投资机会与风险。

免责声明

本文所述内容仅供参考，不构成任何投资建议或买卖依据。投资有风险，决策请审慎，股东和投资者应关注公司后续公告及相关政策变化。

English Version

ST Baling (002592) Announces 2025 Profit Distribution Plan: High Dividend Payout Ratio

Key Highlights

• 2025 net profit (attributable to listed company shareholders) reaches RMB 116.91 million, a significant increase.
• Total cash dividend for 2025 will be RMB 70.83 million, with a payout ratio of 60.59%—well above regulatory requirements.
• The profit distribution plan must be approved at the annual shareholders’ meeting before implementation.
• No dividends were issued in 2023 and 2024; 2025 marks the first large-scale dividend, signaling a notable business recovery.
• The company does not trigger any delisting or risk warning requirements.
• The plan includes adjustment mechanisms for future equity changes.

Detailed Analysis

1. Main Content of the Profit Distribution Plan

Nanning Baling Technology Co., Ltd. (ST Baling, 002592) held a board meeting on March 27, 2026, approving the 2025 profit distribution plan. The plan is based on distributable profits as of December 31, 2025. The parent company’s undistributed profit is RMB 63.52 million, and the consolidated report’s undistributed profit is RMB 273.84 million; the lower value (parent company) is used for the distribution base.

The company proposes a cash dividend of RMB 0.5 (pre-tax) per 10 shares, with a total expected payout of RMB 14.17 million. There will be no bonus shares or capital reserve conversion to equity. Remaining undistributed profits will be carried forward to future years.

Notably, in addition to the proposed dividend, the company already distributed RMB 56.67 million in cash dividends for the first three quarters of 2025, bringing the full-year total to RMB 70.83 million—a payout ratio of 60.59%, showing strong shareholder commitment.

2. Potential Impacts on Shareholders and Share Price

• High payout ratio signals improved profitability and cash flow: No dividends in 2023 and 2024 due to negative undistributed profits; 2025’s high dividend reflects a robust financial turnaround and could be well-received by the market.
• Adjustable dividend plan: If future equity changes occur (e.g., ESOP exercise, buybacks), the cash dividend total will be adjusted to maintain fairness.
• No risk warnings triggered: The company meets all regulatory requirements, and the distribution is compliant and secure.
• Shareholder approval pending: The plan’s implementation depends on approval at the annual shareholders’ meeting; if passed, the high payout could positively impact the share price.

3. Plan Rationale and Sustainability

The company states that the distribution plan considers current operations, future business needs, and cash flow. The plan ensures reasonable shareholder returns without affecting ongoing operations or long-term strategy. The company also used capital reserves to offset past losses, laying a solid foundation for high dividends in 2025.

4. Matters for Investors’ Attention

• This plan awaits approval at the 2025 annual shareholders’ meeting; implementation and timing remain uncertain—investors should monitor developments.
• If approved, the company will announce the record date, ex-dividend date, and payment date separately.

5. Reference Files

• Auditor’s report from DaXin CPA
• Board resolutions

Conclusion

ST Baling’s 2025 profit distribution plan marks a significant turnaround and commitment to rewarding shareholders. The high payout ratio, strong profit recovery, and compliance with regulations could drive positive sentiment and share price, pending shareholder approval. Investors should follow subsequent disclosures and assess risks carefully.

Disclaimer

This news article is for reference only and does not constitute investment advice. Investments involve risks. Please make decisions prudently and monitor official company announcements for updates.

View ST八菱 Historical chart here