江苏宁沪高速公路股份有限公司2025年度利润分配方案详解

要点概览

• 每股派发现金红利0.49元（含税），维持稳定分红政策。
• 2025年年度利润分配总额为人民币24.68亿元，约占净利润的53.73%。
• 若股本发生变动，分红总额不变，每股分配比例将调整。
• 三年累计分红比例高达157.05%，远超监管红线，无触及风险警示情形。
• 方案尚需提交2025年年度股东大会审议。

详细内容解读

江苏宁沪高速公路股份有限公司（简称“宁沪高速”，证券代码：600377）于2026年3月30日发布了2025年度利润分配方案公告。公司董事会及全体董事声明公告内容真实、准确、完整。

分红方案具体内容

• 分红金额： 2025年拟向全体股东每股派发现金红利人民币0.49元（含税）。以2025年12月31日总股本5,037,747,500股计算，合计拟派发现金红利人民币2,468,496,275元（含税）。
• 分红基数与调整机制： 如果在公告日至股权登记日期间，公司总股本因可转债转股、股份回购、股权激励等发生变动，公司将维持分红总额不变，相应调整每股分配比例，并将另行公告具体调整情况。此做法确保所有股东利益公平。
• 利润分配比例： 本年度分红总额占归属于上市公司股东净利润的比例为53.73%，显示公司盈利能力稳定，并持续回馈股东。

公司财务数据与分红历史

• 母公司报表未分配利润： 截至2025年12月31日，未分配利润为人民币127.82亿元。
• 最近三年累计现金分红： 2023-2025年累计现金分红人民币73.05亿元，三年平均净利润为人民币46.51亿元。
• 分红比例： 近三年累计现金分红比例高达157.05%，持续高于市场监管标准（30%），显示公司分红政策稳健，投资者回报充分。
• 回购注销： 报告期内无股份回购注销事项。

合规性与风险提示

• 公司分红方案未触及《上海证券交易所股票上市规则》第9.8.1条第一款第（八）项规定的风险警示情形，表明公司在合规与投资者回报方面表现良好。
• 独立董事认为本次分红方案兼顾公司发展和投资者回报，利益安排公允，严格履行决策程序，无损害中小股东利益情形。
• 公司表示，本次分红不会对经营现金流和公司持续发展产生重大影响，风险可控。

实施流程及注意事项

• 方案尚需提交2025年年度股东大会审议批准后方可实施。
• 分红实施的具体股权登记日、除息日等将另行公告。
• 投资者需关注后续公告，理性判断，注意投资风险。

对股东和投资者的影响及潜在价格敏感事项

• 高分红率： 持续高比例分红政策体现公司现金流充裕和盈利能力稳健，或对公司股价形成正面支撑。
• 分红金额与股本调整机制： 股本变动的情况下分红总额不变，体现公司对投资者利益的保护，有助于提升投资者信心。
• 无风险警示： 公司分红未触及监管风险警示条款，降低了因合规问题引发市场波动的概率。
• 需关注股东大会表决结果： 方案尚需最终表决通过，建议投资者密切留意相关进展。

免责声明

本文仅为信息披露和投资参考，不构成具体投资建议。投资有风险，决策需谨慎。请投资者关注公司后续公告，理性判断，注意相关风险。

English Version

In-depth Analysis of Jiangsu Expressway’s 2025 Annual Dividend Distribution Plan

Key Highlights

• Planned cash dividend of RMB 0.49/share (before tax), reflecting a stable payout policy.
• Total dividend payout for 2025 is RMB 2.468 billion, about 53.73% of annual net profit.
• If share capital changes before the record date, total payout remains unchanged, per-share rate will be adjusted.
• Three-year cumulative payout ratio is 157.05%, far exceeding regulatory requirements; no risk warning triggered.
• Plan is subject to approval by the 2025 Annual Shareholders’ Meeting.

Detailed Report

Jiangsu Expressway Co., Ltd. (“Jiangsu Expressway”, 600377.SH) announced its 2025 annual dividend plan on March 30, 2026. The Board confirms the disclosure is true, accurate and complete.

Dividend Proposal Details

• Dividend Amount: The company plans to pay RMB 0.49 (before tax) per share to all shareholders. Based on a total share capital of 5,037,747,500 shares as of December 31, 2025, the total payout will be RMB 2,468,496,275.
• Adjustment Mechanism: If share capital changes due to convertible bonds, share buybacks, equity incentives, etc. before the record date, the total payout remains the same but per share rate will be adjusted and announced.
• Payout Ratio: The payout represents 53.73% of net profit attributable to parent company shareholders, reflecting strong profitability and consistent returns to investors.

Financial Data & Dividend History

• Undistributed Profits: As of Dec 31, 2025, undistributed profits at the parent level were RMB 12.78 billion.
• Three-Year Cumulative Cash Dividends: From 2023-2025, total cash dividends reached RMB 7.305 billion; average annual net profit was RMB 4.651 billion.
• Payout Ratio: The three-year cumulative payout ratio is 157.05%, well above the regulatory threshold (30%), indicating a robust dividend policy and strong investor returns.
• No Share Buybacks/Cancelations: No share buybacks or cancellations during the period.

Compliance & Risk Reminders

• The dividend plan does not trigger any risk warning under Shanghai Stock Exchange Listing Rule 9.8.1(8), affirming the company’s compliance and commitment to investor returns.
• Independent directors believe the plan balances company development and shareholder returns, with proper procedures and no harm to minority shareholders.
• The company states the payout will not materially impact operational cash flows or ongoing growth; risk is controllable.

Implementation and Attention Points

• The plan requires approval at the 2025 Annual Shareholders’ Meeting before implementation.
• The specific record date and ex-dividend date will be announced separately.
• Investors should monitor subsequent announcements and judge investment risks rationally.

Potential Price-Sensitive Issues and Impact

• High Dividend Payout: Sustained high payout ratios signal strong cash flow and profitability, likely supporting the share price.
• Adjustment Mechanism: Commitment to keep total dividend unchanged despite share capital changes protects investor interests and may boost confidence.
• No Compliance Risk: No trigger of regulatory risk warnings reduces the likelihood of negative market reactions.
• Shareholder Approval Pending: The plan still needs shareholder approval; investors should closely follow the process.

Disclaimer

This article is for information disclosure and reference only. It does not constitute investment advice. Investments carry risks; please make decisions prudently and monitor follow-up company announcements.

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