香江控股发布2025年度利润分配预案，分红比例下降引关注

公司现金分红大幅下降，未来分配政策需重点关注

一、主要内容摘要

• 每股派发现金红利0.005元（含税），即每10股0.05元，总分配约1,624.8万元。
• 利润分配基数为实施当日总股本，扣除已回购股份，若股本发生变动将做相应调整。
• 2025年可供分配利润约8.38亿元，资本公积约15.61亿元，盈余公积约4.15亿元。
• 分红金额较2024年度的3,574.6万元、2023年度的5.23亿元大幅减少。
• 公司2025年母公司净利润为3.07亿元，但2025年归属于上市公司股东的净利润为-8,830.2万元（亏损）。
• 公司未触及上海证券交易所股票上市规则第9.8.1条关于风险警示的条款。

二、对投资者的影响和重要事项

• 分红水平大幅下降：2025年度现金分红总额仅为1,624.8万元，远低于2024年度的3,574.6万元及2023年度的5.23亿元。
  此举可能引发市场对公司可持续分红能力及盈利能力的担忧，或对股价产生压力。
• 净利润出现亏损：2025年度归属于上市公司股东的净利润为-8,830.2万元，公司出现亏损。
  本次分红方案是在亏损情况下提出，显示公司或在平衡现金流与股东回报之间做出权衡。
• 未分配利润依然较高：分红后公司未分配利润仍有8.22亿元，为未来分红留下空间，但需关注公司盈利恢复情况。
• 公司现金流与经营能力：董事会认为本次现金分红不会对公司正常经营和长期发展造成影响，分红方案符合监管要求和公司章程。
• 回购股份情况：近三年公司未进行回购注销操作，未来回购政策尚不明朗。
• 后续流程：本预案需2025年年度股东大会审议通过，具体股权登记日待后续公告。

三、投资者需重点关注的风险与提示

• 分红减少与净利润亏损等基本面变化，可能引发市场负面情绪。
• 公司强调分红方案不会影响正常经营，但投资者需密切关注公司未来年度的盈利状况和分红政策动态。
• 本次利润分配不会触发风险警示，显示公司整体财务结构仍属稳健。

四、董事会决议情况

• 2026年4月10日召开董事会会议，全票通过分红预案，显示管理层对当前分红方案的高度一致性。
• 分红方案后续将提交2025年年度股东会审议，投资者需关注股东大会相关决议。

五、结论

香江控股本次2025年度利润分配预案分红水平大幅下降且公司净利润出现亏损，显示公司当前经营面临一定压力。分红政策的变化、盈利能力下滑等因素均属于可能影响公司股价的敏感信息，建议投资者保持关注公司后续公告与基本面变化。

免责声明： 本文内容仅供参考，不构成任何投资建议。投资者据此操作，风险自负。

English Version

Xiangjiang Holdings Announces 2025 Dividend Plan: Payout Drops Sharply, Investors Should Take Note

Dividend Significantly Reduced, Future Policy Worth Close Attention

1. Key Highlights

• Cash dividend of RMB 0.005 per share (tax inclusive), i.e., RMB 0.05 per 10 shares. Total distribution is approx. RMB 16.25 million.
• Dividend calculation is based on total share capital on the ex-dividend date, deducting repurchased shares. If share capital changes, payout will be adjusted accordingly.
• Distributable profit at end-2025 is around RMB 837.85 million; capital reserve is RMB 1.56 billion and surplus reserve is RMB 415.31 million.
• Payout sharply down from RMB 35.75 million in 2024 and RMB 522.95 million in 2023.
• Parent company net profit in 2025 is RMB 307.26 million, but net profit attributable to shareholders is negative—RMB -88.30 million (loss).
• The company has not triggered any risk warning clauses under Shanghai Stock Exchange listing rules.

2. Investor Impact and Price-Sensitive Information

• Significant Dividend Drop: 2025 cash dividend is only RMB 16.25 million, much lower than RMB 35.75 million in 2024 and RMB 522.95 million in 2023.
  This may raise market concerns over Xiajiang Holdings’ sustainable dividend capacity and profitability, potentially putting pressure on the stock price.
• Net Loss: 2025 net profit attributable to shareholders is a loss of RMB 88.3 million.
  The dividend is proposed despite the loss, indicating the company is balancing cash flow and shareholder returns.
• High Undistributed Profit: After the dividend, undistributed profit remains at RMB 822 million, leaving room for future dividends, but profitability recovery should be watched.
• Cash Flow & Operations: The board claims the dividend will not affect normal operations or long-term development, and the plan complies with regulatory and company rules.
• No Share Buyback: No share buyback in the past three years; future buyback policy remains unclear.
• Next Steps: The plan requires approval at the 2025 annual general meeting. Ex-dividend date will be announced later.

3. Risks and Investor Reminders

• Dividend reduction and net loss may trigger negative market sentiment.
• Although the board says the dividend will not impact operations, investors should closely monitor future profit and dividend policy changes.
• No risk warning is triggered, indicating overall financial structure remains stable.

4. Board Resolution

• On April 10, 2026, the board unanimously approved the dividend plan, reflecting high management consensus.
• The plan will be submitted for approval at the 2025 AGM—investors should follow up on the meeting’s resolutions.

5. Conclusion

Xiangjiang Holdings’ 2025 dividend plan features a sharp payout cut and an annual loss, highlighting current operational pressures. Changes in dividend policy and profitability are price-sensitive information and may affect the stock price. Investors are advised to monitor future disclosures and fundamentals.

Disclaimer: The above content is for reference only and does not constitute investment advice. Investors should operate at their own risk.

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