招商银行发布2025年度利润分配方案，全年每股分红2.016元
2026年3月27日，招商银行股份有限公司（A股代码：600036）公布了2025年度利润分配方案。该方案将提交至2025年度股东大会审议通过后实施。这一公告对于所有投资者和潜在股东来说，具有重要的参考和决策价值，以下为详细解读：
一、主要分红内容
- 全年每股现金分红为人民币2.016元（含税），其中本次分红为每股1.003元（含税）。2025年度已实施中期现金分红，现阶段分配为剩余部分。
- 分红金额及分红基数：截至2025年12月31日，公司普通股总股本为25,219,845,601股。全年合计现金红利约为人民币508.43亿元（含税），本次拟派现金红利约为252.96亿元（含税）。
- 分红比例：2025年度现金分红比例为35.34%（即现金分红占合并报表归属于普通股股东净利润的比例），高于监管要求的30%。
- 分红支付方式：以人民币向A股股东支付，以港币或人民币向H股股东支付，港币金额按公告前一周汇率结算。
- 未分配利润结转：其余未分配利润将结转至下一年度，不实施资本公积金转增股本。
二、利润分配方案细节
- 利润分配基于2025年度经安永华明会计师事务所审计的净利润：合并报表归属于普通股股东的净利润为人民币1438.74亿元，母公司报表净利润为1361.84亿元。
- 法定提取及准备金：
- 提取法定盈余公积人民币136.18亿元（按净利润10%）
- 计提一般准备人民币76.88亿元（按资产余额1.5%差额）
- 计提公募基金托管业务风险准备金人民币0.62亿元（按收入2.5%）
- 不涉及资本公积金转增股本：2025年度不进行资本公积金转增股本操作。
三、历史分红及持续合规
- 持续稳定的分红政策：2023~2025年三年累计现金分红总额1510.17亿元，三年平均净利润1429.09亿元，累计分红比例达105.67%。
- 无风险警示：公司未触及上海证券交易所相关规则的风险警示情形，现金分红比例高于30%监管要求。
- 2025年末母公司报表未分配利润：高达人民币5919.19亿元，为未来分红提供充足空间。
四、决策程序与后续安排
- 2026年3月27日，公司第十三届董事会第十三次会议全票通过该分配方案，并提交2025年度股东大会审议。
- 方案实施需待2025年度股东会审议通过后方可执行，具体股权登记日将另行公告。
五、对股东和股价的潜在影响
- 高额且持续提升的分红水平，显示招商银行稳健的盈利能力和良好的股东回报策略，或将增强市场对公司投资价值的认可。
- 充裕的未分配利润和高分红比例，未来持续分红预期强烈，对长期价值投资者具有吸引力。
- 未触及任何风险警示，保证公司经营稳健，有助于提升市场信心并可能正面影响公司股价。
六、风险提示
- 本次利润分配方案不会对招商银行每股收益、经营现金流产生重大影响，不影响公司正常经营和长期发展。
- 利润分配方案尚需股东大会审议通过后实施，具体安排及股权登记日请关注后续公告。
免责声明：本文内容仅供投资者参考，不构成任何投资建议。投资者据此操作，风险自负。请以公司正式公告及监管机构信息为准。
China Merchants Bank Announces 2025 Dividend Plan: RMB 2.016 Per Share for the Year
On March 27, 2026, China Merchants Bank Co., Ltd. (A-share code: 600036) released its 2025 profit distribution plan, to be implemented after approval at the 2025 Annual Shareholders’ Meeting. This announcement provides critical information for all investors and potential shareholders. Here is a detailed breakdown:
I. Key Dividend Details
- Full-year cash dividend is RMB 2.016 per share (tax inclusive), with the current round distributing RMB 1.003 per share (tax inclusive). The company has already distributed the interim dividend for 2025; this announcement concerns the remaining amount.
- Dividend amount and base: As of December 31, 2025, total ordinary share capital stands at 25,219,845,601 shares. The total annual cash dividend is approximately RMB 50.843 billion (tax inclusive), with this round distributing about RMB 25.296 billion (tax inclusive).
- Dividend payout ratio: The 2025 cash dividend ratio is 35.34% (cash dividends as a percentage of consolidated net profit attributable to ordinary shareholders), exceeding the regulatory requirement of 30%.
- Dividend payment method: Paid in RMB to A-share holders, and in RMB or HKD to H-share holders, with HKD amount calculated based on the PBOC average exchange rate during the week before the shareholders’ meeting.
- Undistributed profits: Remaining undistributed profits will be carried forward to the next year; no conversion of capital reserve into share capital will occur in 2025.
II. Profit Distribution Details
- Profit distribution is based on 2025 audited net profit: Consolidated net profit attributable to ordinary shareholders is RMB 143.874 billion; parent company net profit is RMB 136.184 billion.
- Statutory withdrawal and reserves:
- Statutory surplus reserve of RMB 13.618 billion (10% of net profit)
- General reserve of RMB 7.688 billion (1.5% of risk-bearing asset balance)
- Public fund custody business risk reserve of RMB 0.062 billion (2.5% of custody income)
- No conversion of capital reserve to share capital: No such operation for 2025.
III. Historical Dividend and Regulatory Compliance
- Stable and high dividend policy: Total cash dividends for 2023-2025 are RMB 151.017 billion, with a three-year average net profit of RMB 142.909 billion, and an accumulated payout ratio of 105.67%.
- No risk warnings: The company does not trigger any risk warning situations under SSE rules, and dividend payout ratio exceeds the 30% regulatory requirement.
- 2025 year-end undistributed profit: RMB 591.919 billion, providing strong capacity for future dividends.
IV. Decision Procedures and Next Steps
- On March 27, 2026, the company’s 13th Board of Directors (13th meeting) unanimously approved the plan and will submit it to the 2025 Annual Shareholders’ Meeting.
- Implementation is pending shareholders’ approval; specific record dates will be announced later.
V. Potential Impact on Shareholders and Share Price
- The high and consistent dividend payout demonstrates CMB’s solid profitability and shareholder return strategy, likely enhancing market recognition of its investment value.
- Ample undistributed profits and a high payout ratio support expectations for continued dividends, attractive to long-term investors.
- No risk warnings ensure CMB’s stable operations, boosting market confidence and potentially supporting share price performance.
VI. Risk Reminder
- This profit distribution plan will not materially affect CMB’s EPS or operating cash flow, nor will it impact regular operations or long-term development.
- The plan is subject to approval at the shareholders’ meeting; please monitor further announcements for implementation details and record dates.
Disclaimer: The above content is for reference only and does not constitute investment advice. Investors act at their own risk. Please refer to the company’s official announcements and regulatory disclosures.
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