江西江钨稀贵装备股份有限公司2025年度拟不进行利润分配公告深度解读

报告要点一览

• 公司董事会宣布2025年度不进行利润分配，也不进行资本公积转增股本或其他形式的分配。
• 2025年度归属于上市公司股东的净利润为-2.91亿元，母公司净利润为-4,229万元，均为亏损。
• 截至2025年末，合并报表未分配利润为-31.37亿元，母公司为-8.29亿元，均为负数。
• 此次利润分配预案尚需提交2025年年度股东大会审议。
• 公司声明未触及上交所关于实施其他风险警示的相关规定。
• 公告特别提醒投资者关注投资风险。

详细解读

江西江钨稀贵装备股份有限公司（证券代码：600397，简称“江钨装备”）于2026年4月20日发布重要公告，披露公司2025年度拟不进行利润分配方案。此次公告由董事会、全体董事保证内容真实、准确和完整，未有虚假记载、误导性陈述或重大遗漏。

利润分配方案详情

经中兴华会计师事务所（特殊普通合伙）审计，公司2025年度归属于上市公司股东的净利润为-291,336,869.78元，母公司年度净利润为-42,290,984.95元，均为亏损状态。公司合并报表期末未分配利润为-3,137,116,054.46元，母公司期末未分配利润为-829,464,774.24元。

根据《公司法》《上市公司监管指引第3号——上市公司现金分红》等法规及《公司章程》，由于母公司期末未分配利润为负，公司无可供分配利润。结合当前经营情况、未来发展规划和资金需求，公司为保障稳定经营与全体股东长远利益，决定2025年度不进行任何形式的利润分配或资本公积转增股本。

对股东及股价的影响

• 持续亏损及未分配利润为负，直接导致公司无法进行分红。分红预期落空，可能对投资者信心和公司股价造成一定负面影响，尤其是对于依赖分红回报的投资者。
• 公司未触及上交所相关风险警示条款，但需警惕因连续亏损带来的后续风险预期。若情况未有改善，未来不排除被实施其他风险警示的可能性。
• 公告指出公司将该议案提交年度股东大会审议，预示未来利润分配政策受公司经营业绩影响较大，投资者需密切关注公司后续经营数据与年度股东会决议。

决策流程及风险提示

该预案已于2026年4月17日经第九届董事会第八次会议审议通过，后续将提交2025年年度股东大会审议。公司特别提示，此次利润分配预案尚未最终实施，投资者应关注相关风险，理性决策。

投资者需要重点关注的问题

• 公司连续两年出现大额亏损，且未分配利润持续为负，需关注公司未来扭亏为盈的能力。
• 公司不分红或转增股本，短期内可能影响二级市场股价，需提高风险防范意识。
• 需持续留意公司后续的经营业绩公告及年度股东大会决议。

免责声明

以上内容仅为基于公司公告的深度解读，不构成任何投资建议。投资有风险，入市需谨慎。投资者请结合自身风险承受能力，理性判断，及时关注公司后续正式公告与相关业绩变动。

English Version:

In-depth Analysis of Jiangxi Jiangwu Rare & Precious Equipment Co., Ltd. 2025 No Dividend Distribution Plan

Key Highlights

• The Board announced no dividend distribution for 2025, nor any capital reserve conversion to share capital or other distribution forms.
• Net profit attributable to shareholders for 2025 is -291 million RMB, with the parent company net profit at -42.29 million RMB, both in a loss state.
• As of end-2025, accumulated undistributed profit on a consolidated basis is -3.137 billion RMB, and -829 million RMB for the parent company, both negative.
• This profit distribution proposal is subject to approval at the 2025 annual shareholders’ meeting.
• The company states it does not touch upon regulatory clauses that would trigger other risk warnings on the Shanghai Stock Exchange.
• The announcement specifically reminds investors to be cautious of related investment risks.

Detailed Analysis

Jiangxi Jiangwu Rare & Precious Equipment Co., Ltd. (stock code: 600397, “Jiangwu Equipment”) released a major announcement on April 20, 2026, disclosing its intention not to distribute profits for the 2025 fiscal year. The announcement is warranted for authenticity, accuracy, and completeness by the board and all directors, with no false records, misleading statements, or major omissions.

Details of the Profit Distribution Plan

Audited by Zhongxinghua CPA firm, the company reported a net loss attributable to shareholders of -291,336,869.78 RMB in 2025, with the parent company losing -42,290,984.95 RMB. As of year-end, the consolidated undistributed profit was -3,137,116,054.46 RMB and -829,464,774.24 RMB for the parent company, both in the negative.

In accordance with the Company Law, Listed Company Supervision Guidelines No.3 (Cash Dividend), and the Articles of Association, since the parent company’s undistributed profit is negative, there is no profit available for distribution. Taking into account current operations, future development, and capital needs, the company aims to protect stable operations and long-term shareholder interests by not making any profit or capital reserve distribution for 2025.

Impact on Shareholders and Share Price

• Continued losses and negative undistributed profit directly lead to no dividend distribution. The lack of dividend may negatively impact investor confidence and share price, especially for dividend-seeking investors.
• The company does not trigger Shanghai Stock Exchange risk warning clauses, but continuous losses may raise concerns about future risk warnings. If the situation does not improve, further risk alerts cannot be ruled out.
• The proposal will be submitted to the annual shareholders’ meeting, indicating future profit distribution policies are highly dependent on company performance. Investors should closely monitor subsequent performance disclosures and the results of the annual shareholders’ meeting.

Decision Process and Risk Reminder

The plan was approved at the 8th meeting of the 9th Board of Directors on April 17, 2026, and will be submitted for approval at the 2025 annual shareholders’ meeting. The company specifically warns that the plan is not finalized, and investors should be aware of the risks and make rational decisions.

Key Issues for Investors

• The company has reported significant losses for two consecutive years, with undistributed profits remaining negative. Investors should monitor the company’s ability to turn around its performance.
• No dividends or share capital conversion may impact the stock price in the short term. Risk awareness is essential.
• Continue to pay attention to future operating results announcements and annual shareholders’ meeting resolutions.

Disclaimer

The above is a deep analysis based on the company’s announcement and does not constitute investment advice. Investment involves risks, and investors should make rational decisions based on their own risk tolerance, and keep up with formal company disclosures and subsequent performance changes.

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