云南交投生态科技股份有限公司2025年度利润分配公告深度解读

关键要点总结

• 公司2025年度末可供分配利润为负值，无法进行利润分配或资本公积转增股本。
• 2025年度归属于母公司所有者的净利润为-2,487.32万元，累计可供股东分配的利润为-106,583.72万元。
• 母公司本年度实现净利润为7,466.99万元，但累计可供分配利润仍为-95,735.56万元。
• 公司过去三年均未进行现金分红或回购注销，三年平均净利润为-3,451.15万元。
• 公司不触及深圳证券交易所股票上市规则第9.8.1条第（九）项的其他风险警示情形。
• 本次利润分配预案已获董事会审议通过，尚需提交股东大会审议。

投资者需关注的重点及潜在价格敏感信息

• 连续亏损及未分配利润为负：公司2025年度再次出现亏损，且累计未分配利润大幅为负，反映公司盈利能力持续承压，可能影响投资者对公司未来分红能力和长期价值的预期。
• 未进行现金分红及回购：公司过去三年均未实施现金分红或回购注销，显示公司资本回馈能力有限，可能令部分投资者失望，影响持股意愿。
• 不触及风险警示：尽管持续亏损，公司并未触及深交所相关风险警示规则，这意味着短期内不会被实施“其他风险警示”，但盈利改善仍是关键。
• 利润分配政策合法合规：本次利润分配预案符合相关法律法规及公司章程，有利于公司规范运作和未来发展。
• 需股东大会审议：最终利润分配方案仍需股东大会表决，投资者应关注后续会议及决议。

详细披露

云南交投生态科技股份有限公司（证券代码：002200，证券简称：*ST交投）于2026年3月28日发布2025年度利润分配公告。公司指出，经中审众环会计师事务所审计，2025年度公司实现归属于母公司所有者的净利润为-24,873,175.35元，年初未分配利润为-1,040,964,007.61元，致使年末累计可供股东分配的利润进一步下降至-1,065,837,182.96元。母公司虽然实现净利润74,669,887.90元，但由于历史亏损叠加，年末累计可供分配利润仍为-957,355,567.96元。

过去三年，公司均未进行现金分红或回购注销，累计现金分红及回购总额为零。三年平均净利润为-34,511,474.07元，反映公司业绩波动及亏损压力。根据深圳证券交易所股票上市规则第9.8.1条，公司未触及相关分红及风险警示标准，预案具备合法性、合规性及合理性。

利润分配预案已获公司第八届董事会第二十次会议审议通过，后续需提交股东大会审议。投资者应关注公司经营状况、分红政策调整及未来业绩改善情况，因持续亏损与分红能力受限可能影响公司估值及股价表现。

免责声明

本分析仅供参考，不构成任何投资建议。投资者需结合自身情况及市场风险独立判断，关注公司后续公告及经营变化。

English Version

In-depth Analysis of Yunnan Jiaotou Ecological Technology Co., Ltd. 2025 Profit Distribution Announcement

Key Highlights

• The company’s distributable profit at the end of 2025 is negative, so no profit distribution or capital reserve to share conversion will be carried out.
• 2025 net profit attributable to shareholders is -24.87 million RMB, with cumulative distributable profit at -1,065.84 million RMB.
• The parent company achieved a net profit of 74.67 million RMB in 2025, but cumulative distributable profit remains at -957.36 million RMB due to previous losses.
• No cash dividends or share buybacks in the past three years; average net profit over three years is -34.51 million RMB.
• The company does not trigger “other risk warnings” under Shenzhen Stock Exchange Listing Rules Article 9.8.1 (ix).
• The profit distribution proposal has been approved by the Board, pending shareholder meeting review.

Investor Considerations & Price Sensitive Information

• Continuous losses and negative retained earnings: The company posted another loss in 2025, with deeply negative retained earnings, signaling persistent pressure on profitability and possibly affecting expectations for future dividends and long-term value.
• No cash dividends or buybacks: No capital return actions were taken in the past three years, which may disappoint income-focused investors and impact willingness to hold shares.
• No risk warning triggered: Despite ongoing losses, the company does not meet criteria for “other risk warnings,” so its shares won’t be subject to special trading measures, but improvement in profitability remains critical.
• Legality and compliance of dividend policy: The proposal complies with relevant laws, regulations, and company charter, supporting company’s standardized operations and future development.
• Shareholder meeting to decide: Final approval depends on shareholder meeting; investors should monitor further developments and resolutions.

Detailed Disclosure

Yunnan Jiaotou Ecological Technology Co., Ltd. (Stock code: 002200, short name: *ST Jiaotou) released its 2025 profit distribution announcement on March 28, 2026. Audited by Zhongshen Zhonghuan CPA, the company reported net profit attributable to shareholders of -24,873,175.35 RMB for 2025, with undistributed profit at the beginning of the year at -1,040,964,007.61 RMB, resulting in cumulative distributable profit at year-end of -1,065,837,182.96 RMB. Although the parent company posted a net profit of 74,669,887.90 RMB, cumulative distributable profit remains negative due to accumulated losses.

Over the past three years, no cash dividends or share buybacks have been carried out, with cumulative cash dividends and buybacks totaling zero. Average net profit over three years is -34,511,474.07 RMB, reflecting continued volatility and loss pressure. According to the Shenzhen Stock Exchange Listing Rules Article 9.8.1, the company does not trigger relevant dividend or risk warning criteria, and the proposal is valid, compliant, and reasonable.

The profit distribution proposal has been approved at the 20th meeting of the eighth Board, pending shareholder meeting review. Investors should closely watch the company’s operating status, dividend policy adjustments, and future performance improvements, as persistent losses and limited dividend capacity may impact valuation and stock performance.

Disclaimer

This analysis is for informational purposes only and does not constitute investment advice. Investors should make independent judgments based on their own circumstances and market risks, and monitor subsequent announcements and changes in company operations.

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