国家电投集团水电股份有限公司2025年度利润分配预案详细解读

一、报告要点概述

• 每10股派发现金股利0.61元（含税），以权益分派实施公告确定的股权登记日的总股本为基数。
• 2025年12月31日总股本为4,380,206,201股，拟派发现金股利人民币267,192,578.26元（含税），占2025年归母净利润的50.2%。
• 分红方案需在2025年年度股东大会审议通过后实施。
• 公司不涉及其他风险警示情形，现金分红充分。
• 本次利润分配不送股、不转增股本。

二、方案详细内容

经致同会计师事务所审计，公司2025年度实现归属于上市公司股东净利润为532,212,883.35元，可供分配利润累计为3,772,769,422.66元。本年度利润分配预案为：以实施权益分派股权登记日登记的总股本为基数，向全体股东每10股派发现金股利人民币0.61元（含税）。若股本在权益分派前发生变动，将保持每股分配比例不变，总额相应调整并另行公告。

本次现金分红总额为267,192,578.26元（含税），派息率为50.2%。未分配利润结转至下一年度，金额为3,505,576,844.40元。本次利润分配不涉及送股、不进行资本公积转增股本。

过去三年累计现金分红2.89亿元，三年平均净利润2.07亿元，分红率高达139.61%，远超监管要求，不触及《上海证券交易所股票上市规则》第9.8.1条第一款第（八）项关于风险警示的情形。公司治理稳健，分红政策持续。

三、股东需重点关注事项

• 分红比例较高，分红率达50.2%，且三年分红累计占比139.61%，显示公司回报投资者的意愿强烈，或对公司价值及股价形成正面支撑，具有较强的价格敏感性。
• 分红方案尚需年度股东大会审议通过，如未通过将影响实际分红实施，投资者需关注议案最终表决结果。
• 若股权登记日前总股本发生变动，分配总额将调整，但分配比例不变，投资者需及时关注后续公告。
• 公司2025年度末未分配利润高达37.73亿元，为未来持续分红提供了保障。
• 本次现金分红不会对公司经营现金流和长期发展构成重大影响，公司现金流稳健。

四、决策与合规流程

利润分配预案已于2026年4月15日经第十一届董事会第二次会议全票通过，并将提交至2025年度股东大会审议。2026年3月31日的审计与风险委员会亦已审核通过，认为方案符合相关法律法规及公司章程，兼顾中小投资者利益。

五、风险提示

• 分红预案实施前需经股东大会审议通过，投资者应关注决议进展，存在未通过的风险。
• 公司现金流稳定，分红方案不会对日常生产经营产生重大不利影响。

六、结论

国家电投集团水电股份有限公司2025年度的分红方案无疑体现了公司对投资者的高度回报承诺。较高的分红比例、持续的分红政策，以及健康的财务状况，有望为公司股票的市场表现带来积极影响。投资者需密切关注后续分红实施的具体公告及年度股东大会的表决情况。

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。请关注公司后续公告及监管要求。

英文版：

Detailed Analysis: State Power Investment Corporation Hydropower Co., Ltd. 2025 Profit Distribution Plan

1. Key Highlights

• Cash dividend of RMB 0.61 (tax included) per 10 shares, based on the total share capital on the equity registration date specified in the distribution implementation announcement.
• As of December 31, 2025, total share capital is 4,380,206,201 shares. The proposed cash dividend payout totals RMB 267,192,578.26 (tax included), accounting for 50.2% of the 2025 net profit attributable to shareholders.
• The dividend plan will be implemented after approval at the 2025 annual shareholders’ meeting.
• The company does not trigger any other risk alerts; cash dividends are robust.
• No bonus shares or capital reserve transfers are involved in this dividend distribution.

2. Detailed Plan

According to the audit by Grant Thornton, the company achieved a net profit attributable to shareholders of RMB 532,212,883.35 for 2025, with cumulative distributable profits of RMB 3,772,769,422.66. The proposed profit distribution for 2025 is: based on the total share capital registered on the equity registration date, a cash dividend of RMB 0.61 (tax included) will be distributed for every 10 shares. If the total share capital changes before the equity registration date, the per-share distribution ratio will remain unchanged; the total distribution amount will be adjusted accordingly and announced separately.

The total cash dividend proposed is RMB 267,192,578.26 (tax included), with a payout ratio of 50.2%. The undistributed profits, totaling RMB 3,505,576,844.40, will be carried forward to the next year. No bonus shares or capital reserve transfers are involved.

Over the past three years, the company has cumulatively distributed cash dividends of RMB 289 million, with an average three-year net profit of RMB 207 million and a dividend payout ratio of 139.61%. This exceeds regulatory requirements and does not trigger risk warnings under SSE Listing Rules Article 9.8.1(8). The company demonstrates sound governance and a stable dividend policy.

3. Key Points for Shareholders

• High payout ratio of 50.2% for 2025 and a three-year cumulative payout of 139.61% indicate strong commitment to shareholder returns, potentially supporting the company’s valuation and share price—a highly price-sensitive factor.
• The dividend plan requires approval at the annual shareholders’ meeting. If not approved, actual dividend distribution will be affected; investors should track the final vote outcome.
• If total share capital changes before the equity registration date, the total payout will adjust, but the distribution ratio remains the same. Investors should monitor subsequent announcements.
• The undistributed profit at the end of 2025 stands at RMB 3.773 billion, ensuring future dividend capacity.
• The cash dividend plan will not materially impact the company’s operating cash flows or long-term development; cash flows remain healthy.

4. Decision-Making & Compliance Process

The dividend plan was unanimously approved at the 11th Board of Directors’ 2nd meeting on April 15, 2026, to be submitted for shareholders’ meeting approval. The Audit & Risk Committee also approved the plan on March 31, 2026, confirming compliance with laws, regulations, and the company charter, and safeguarding the interests of all—especially minority—shareholders.

5. Risk Disclosures

• The dividend plan is subject to shareholder meeting approval; there is a risk it may not be approved. Investors should monitor the resolution outcome.
• The company’s cash flows are stable, and the dividend plan will not adversely affect daily operations.

6. Conclusion

State Power Investment Corporation Hydropower Co., Ltd.’s 2025 dividend plan demonstrates a strong commitment to rewarding shareholders. The high payout ratio, consistent dividend policy, and robust financial position may positively influence the company’s share price. Investors should closely follow subsequent implementation announcements and the results of the annual shareholders’ meeting.

Disclaimer: This article is for reference only and does not constitute investment advice. Investors act at their own risk. Please monitor subsequent company announcements and regulatory requirements.

View 电投水电 Historical chart here