宁波联合集团股份有限公司2025年年度报告摘要：主营业务、财务数据与未来发展分析

宁波联合集团股份有限公司2025年度报告要点深度解读

一、核心财务与经营表现

营业收入大幅下滑：2025年公司实现营业收入12.68亿元，同比下降29.06%。主要受子公司宁波联合集团进出口股份有限公司进口煤炭销售量大幅减少影响。
利润总额减少：2025年利润总额为5982万元，同比下降21.36%。主要由于温州和晟文旅投资有限公司的合营企业温州和欣置地有限公司开发商品房续销交付获利下降，导致投资收益减少。
净利润小幅增长：归属于上市公司股东的净利润为8439万元，同比增长3.96%。但扣除非经常性损益后的净利润为3937万元，同比下降36.79%。这表明主营业务盈利能力出现一定压力。
现金流显著改善：经营活动产生的现金流量净额为4.43亿元，相比上年负数大幅转正，显示公司在现金管理和回款方面取得突破性进展。
资产规模收缩：总资产从52.14亿元下降至45亿元，降幅为13.69%。
净资产小幅增长：归属于上市公司股东的净资产为34.14亿元，同比增长1.4%。
每股收益增长：基本每股收益和稀释每股收益均为0.27元，同比增长3.85%。

二、分红方案及未分配利润情况

2025年度公司拟以3.109亿股总股本为基数，每10股派发现金红利0.60元（含税），共计派发1,865万元。
年度末未分配利润高达16.37亿元，为历史高位，显示公司具备持续分红能力。
本年度不进行资本公积金转增股本。

三、主营业务板块表现与展望

1. 电力、热力生产与供应

全资子公司宁波经济技术开发区热电有限责任公司拥有4炉4机，总装机容量45MW，供热能力400T/h。
报告期受区域热负荷需求减弱及用能结构调整影响，供热量和发电量同比双降。
公司积极控制厂网损耗，筹划设备升级改造，寻求新增用热需求以提升韧性。

2. 房地产业务

公司在宁波、嵊泗、温州苍南和龙港等地拥有较强品牌影响力，开发传统住宅和文旅地产。
2025年受行业整体低迷影响，公司项目销售特别是文旅地产持续承压，但公司积极调整销售策略，优化营销模式，力争降低存量资产压力。
公司将继续探索文旅地产运营新模式，植入在地文化体验活动，提升资产变现能力。

3. 批发业务

进出口贸易业务以煤炭、化工、服装纺织、鞋类等商品为主，通过自营及为中小企业提供综合服务。
报告期内，全球贸易形势复杂，公司通过稳定老客户、拓展新市场和加强风险控制，保持贸易基本盘。

四、股东及股权结构变化

期末普通股股东总数为21,840户，较上一月减少396户。
控股股东为浙江荣盛控股集团有限责任公司，持股比例29.08%。
前十大股东中，机构和自然人投资者均有分布，公司股权较为分散。

五、潜在影响股价的重要事项

营业收入大幅下滑与利润结构变化对公司估值或带来压力，尤其是主营业务盈利能力下行信号可能引发市场关注。
公司经营现金流大幅改善、未分配利润创新高、持续分红能力强，有望提振投资者信心。
公司未出现退市风险警示或终止上市情形，经营基本面仍较为稳健。
受行业及政策周期影响，公司房地产和能源业务需持续关注外部变化对业绩的影响。

六、投资者应关注的风险与机会

行业调整周期内，公司主营业务短期承压，但现金流与资产质量改善显著，为中长期发展奠定基础。
高比例未分配利润及分红政策，彰显公司稳健经营和对股东回报的承诺。
未来若行业景气度恢复，公司或将迎来业绩反弹机会。

免责声明

本文仅为对宁波联合集团股份有限公司2025年年度报告摘要的分析解读，不构成任何投资建议。投资有风险，入市需谨慎。请投资者以公司在上海证券交易所公告的正式文件为准。

English Version

In-Depth Review: Ningbo United Group Co., Ltd. 2025 Annual Report Highlights

1. Key Financial and Operational Performance

Significant Decline in Revenue: 2025 operating revenue was RMB 1.27 billion, down 29.06% year-on-year, mainly due to a sharp fall in imported coal sales by its subsidiary.
Total Profit Down: Total profit came in at RMB 59.82 million, down 21.36% YoY, primarily due to reduced investment income from property sales by the associate in Wenzhou.
Net Profit Slightly Up: Net profit attributable to shareholders was RMB 84.39 million, up 3.96% YoY. However, net profit excluding non-recurring items dropped 36.79% to RMB 39.37 million, indicating some pressure on core earnings quality.
Operating Cash Flow Surged: Net cash flow from operating activities reached RMB 443 million, a significant turnaround from last year’s negative figure.
Asset Base Contracted: Total assets declined 13.69% to RMB 4.5 billion.
Shareholders’ Equity Rose Slightly: Net assets attributable to shareholders increased by 1.4% to RMB 3.41 billion.
EPS Grew: Basic and diluted EPS were RMB 0.27, up 3.85% YoY.

2. Dividend Policy & Undistributed Profits

Company plans a cash dividend of RMB 0.60 (tax included) per 10 shares, totaling RMB 18.65 million, based on total share capital of 310.88 million shares.
Undistributed profits at year-end reached RMB 1.637 billion, a record high, supporting continued dividend capacity.
No capital reserve conversion to share capital this year.

3. Segment Performance and Outlook

1. Power & Heat Production and Supply

Wholly-owned subsidiary operates 4 boilers and 4 turbines, with installed capacity of 45MW and heating capacity of 400T/h.
Facing weaker regional demand and energy structure adjustments, both heat supply and power generation declined YoY.
Company is optimizing operations, planning equipment upgrades, and seeking new demand to enhance resilience.

2. Real Estate

Strong brand recognition in Ningbo, Shengsi, Wenzhou Cangnan, and Longgang; develops residential and cultural tourism projects.
Ongoing market weakness weighed on sales, especially in cultural tourism properties. Company is adjusting sales and marketing to de-risk inventory.
Continued focus on innovative tourism property models and local cultural integration to boost asset utilization and realization.

3. Wholesale Business

Import-export business focuses on coal, chemicals, textiles, footwear, etc., providing both proprietary and comprehensive services to SMEs.
Despite global trade headwinds, company maintained trade volumes through customer retention, new market expansion, and risk management.

4. Shareholding and Ownership Structure

Registered shareholders at end of period: 21,840, down 396 from previous month.
Largest shareholder: Zhejiang Rongsheng Holding Group (29.08%).
Top 10 shareholders include a mix of institutions and individuals, indicating relatively dispersed ownership.

5. Price-Sensitive Matters for Investors

Significant revenue drop and pressured core earnings could impact company valuation and stock price.
Strong cash flow turnaround and substantial undistributed profits may support future dividends and bolster investor confidence.
No delisting or risk warning; company’s fundamentals remain stable.
Ongoing industry and policy cycles require vigilance for external impacts on property and energy segments.

6. Risks and Opportunities for Investors

Main business faces short-term pressure, but cash flow and balance sheet improvements provide a solid foundation for long-term growth.
High undistributed profits and steady dividends highlight management’s commitment to shareholder returns.
Potential for earnings rebound if sector fundamentals recover.

Disclaimer

This article is an independent analysis of Ningbo United Group Co., Ltd.’s 2025 annual report summary and does not constitute investment advice. Investments carry risk. Please refer to official company disclosures on the Shanghai Stock Exchange for authoritative information.