招商银行发布2025年度利润分配方案，全年每股拟分红2.016元
要点梳理
- 全年每股分红：招商银行计划2025年度每股现金分红人民币2.016元（含税），扣除中期已派后，本次每股实际派发1.003元（含税）。
- 分红基数：以实施分红派息股权登记日登记的A股与H股总股本为基数。截至2025年12月31日，总股本为25,219,845,601股。
- 派息总额：全年派发现金红利约人民币508.43亿元（含税），本次拟派发现金红利约252.96亿元（含税）。
- 分红比例：现金分红占合并报表归属普通股股东净利润比例为35.34%，超过监管30%的最低要求。
- 实施流程：此次利润分配方案需提交2025年度股东大会审议通过后方可实施。
- 支付方式：以人民币计值和宣布，A股股东以人民币支付，H股股东可选择港币或人民币，港币金额按股东大会前一周汇率折算。
- 未分配利润：截至2025年12月31日，母公司未分配利润为人民币5,919.19亿元，除本次分红外结转下年。
- 不实施转增股本：2025年度不进行资本公积金转增股本。
- 风险提示：公司本次分红方案不会对每股收益、经营现金流造成重大影响，不影响正常经营及长期发展。
- 合规性：分红比例连续三年均超过30%，不触及上交所其他风险警示情形。
详细内容解读
招商银行股份有限公司（600036.SH）于2026年3月27日发布了2025年度利润分配方案。董事会全票通过，拟将该方案提交2025年度股东大会审议。这一分红方案是基于安永华明会计师事务所审计的中国会计准则合并报表口径，归属于普通股股东的净利润为人民币1,438.74亿元，现金分红比例达到35.34%。
根据公司法及相关监管规定，招商银行将从2025年度净利润中提取10%法定盈余公积（金）人民币136.18亿元，1.5%计提一般准备人民币76.88亿元，同时按照公募基金托管费收入的2.5%提取风险准备金人民币0.62亿元。
具体实施方面，全年每股将分红2.016元（含税），本次拟派1.003元（含税），总计拟派现金红利约252.96亿元（含税）。港币派息部分将以股东会前一周中国人民银行公布的汇率折算，保证H股股东利益不受汇率大幅波动影响。
值得注意的是，招商银行连续三年现金分红比例均高于30%，累计三年分红总额达人民币1,510.17亿元，未出现回购注销情况，显示公司持续稳定的分红政策和良好的盈利能力。此外，公司未分配利润高达人民币5,919.19亿元，为未来持续分红奠定坚实基础。
公司表示，本次利润分配方案不会对每股收益、经营现金流等主要财务指标产生重大影响，也不会影响公司的正常经营和长期发展。方案完全符合公司章程和监管要求，不触及上海证券交易所股票上市规则的风险警示条款。
对股东及股价的影响
- 高额分红提升回报：分红比例远超监管红线，充分彰显招商银行现金流实力和对股东的高度回馈，有助于吸引长期投资者，提升市场关注度。
- 稳健经营预期：持续高比例分红及充足未分配利润，预示公司未来分红有保障，有利于提升投资者信心。
- 分红实施需股东会通过：投资者需关注2025年度股东会决议，若获顺利通过，分红落地将成为重要利好事件，可能推动股价上扬。
投资者关注事项
- 分红方案尚需2025年度股东大会投票通过，实施时点及股权登记日以后续公告为准。
- H股投资者需关注汇率波动对派息金额的影响。
- 公司未实施股份回购或转增股本，分红为主要股东回报方式。
免责声明
本文仅供投资者参考，不构成任何投资建议。投资者据此操作，风险自负。请密切关注公司后续公告及相关股东大会进展。
China Merchants Bank Announces 2025 Dividend Payout Plan: 2.016 Yuan Per Share for the Full Year
Key Highlights
- Annual Dividend Per Share: CMB proposes a cash dividend of RMB 2.016 per share (tax inclusive) for 2025. After deducting interim dividends, the actual payout for this round is RMB 1.003 per share (tax inclusive).
- Dividend Base: The dividend will be based on the total A-share and H-share ordinary shares registered on the record date. As of Dec 31, 2025, total share capital stands at 25,219,845,601 shares.
- Total Dividend Amount: The annual cash dividend payout is approximately RMB 50.843 billion (tax inclusive), with about RMB 25.296 billion for this round.
- Payout Ratio: The dividend represents 35.34% of net profit attributable to ordinary shareholders, exceeding the regulatory minimum of 30%.
- Implementation: The plan is subject to approval at the 2025 Annual General Meeting (AGM).
- Payment Method: Dividends will be declared and paid in RMB to A-share holders, and in RMB or HKD to H-share holders, with HKD amounts converted using the PBOC rate from the week before the AGM.
- Undistributed Profits: As of Dec 31, 2025, undistributed profits at the parent level are RMB 591.919 billion; unallocated profits after dividend payout will be carried forward.
- No Bonus Share Issue: No capital reserve to share capital transfer for 2025.
- Risk Statement: The plan will not materially affect EPS, operating cash flow, or the company’s long-term operations.
- Compliance: The payout ratio has exceeded 30% for three consecutive years, and does not trigger other exchange risk warnings.
Detailed Analysis
China Merchants Bank Co., Ltd. (600036.SH) announced its 2025 dividend payout plan on March 27, 2026. The plan was unanimously approved by the Board and submitted for AGM approval. Based on audited consolidated financials per Chinese GAAP, net profit attributable to ordinary shareholders stands at RMB 143.874 billion, with a cash payout ratio of 35.34%.
In accordance with corporate law and regulatory requirements, the bank will set aside 10% of net profit (RMB 13.618 billion) as statutory surplus reserves, 1.5% (RMB 7.688 billion) as general provisions, and 2.5% of public fund custody fee income (RMB 62 million) as risk reserves.
Specifically, for 2025, the bank will pay a total of RMB 2.016 per share (tax inclusive), with this round at RMB 1.003 per share (tax inclusive). HKD dividends will be converted at the PBOC rate from the week before the AGM, protecting H-share holders from currency fluctuations.
Notably, CMB has maintained a payout ratio above 30% for three straight years, with cumulative cash dividends totaling RMB 151.017 billion over this period and no share buybacks, reflecting stable dividend policies and robust profitability. The company’s undistributed profits of RMB 591.919 billion provide a strong base for future dividends.
The bank states this payout will not materially impact EPS, operating cash flow, or long-term business operations. The plan fully complies with company articles and regulatory requirements, with no risk warnings triggered under Shanghai Stock Exchange rules.
Shareholder and Share Price Impact
- High Dividend Enhances Returns: A payout well above regulatory requirements demonstrates CMB’s strong cash flow and commitment to rewarding shareholders, which may attract long-term investors and increase market interest.
- Stable Outlook: Sustained high payout ratios and ample undistributed profits signal continued dividend potential, boosting investor confidence.
- Key Date: Investors should watch for AGM approval—if passed, the payout will be a significant positive catalyst for share price.
Investor Focus Points
- The dividend plan is subject to AGM approval; record date and payout timing will be announced later.
- H-share investors should pay attention to FX impacts on dividend amounts.
- No share buyback or bonus share issue; cash payout remains the primary way to return value.
Disclaimer
This article is for investor information only and does not constitute investment advice. Investors should act at their own risk and monitor future company announcements and AGM developments.
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