全聚德（002186.SZ）2025年度不进行利润分配公告深度解析

主要内容概览

2026年4月17日，中国全聚德（集团）股份有限公司（以下简称“全聚德”）发布公告，披露公司2025年度利润分配预案，即2025年度将不派发现金红利、不送红股，也不以公积金转增股本。本公告已经公司董事会审议通过，尚需提交2025年度股东大会审议。

关键财务数据与利润分配情况

• 截至2025年12月31日，合并报表未分配利润为-1.51亿元（-150,661,965.52元），母公司报表未分配利润为2.99亿元（299,505,506.23元）。
• 2025年合并报表实现归属于上市公司股东的净利润为775.17万元，母公司净利润276.80万元。
• 最近三个会计年度累计现金分红总额为0元，累计回购注销金额为1,536.78万元，平均净利润为3,397.40万元。
• 2025年度，公司不派发现金红利，也不进行送红股和公积金转增股本。

对股东及投资者的影响和说明

• 利润分配预案理由：根据相关法规及《公司章程》，上市公司进行利润分配需以母公司报表可供分配利润为依据，且应以母公司和合并报表可分配利润孰低确定分配比例。2025年度公司合并报表未分配利润为负值，因此不具备分红条件。
• 回购注销事项：2024年3月，公司完成了1,542,367股股份的回购注销（占注销前总股本0.50%），注册资本由30,846.3955万元变更为30,692.1588万元。此为公司近年来唯一回报股东的方式，但金额和影响有限。
• 风险提示：尽管合并报表未分配利润为负，但公司净利润为正值，未触及深圳证券交易所股票上市规则第9.8.1条关于实施其他风险警示的情形。公司目前没有强制性退市或ST风险。
• 资金安排及未来展望：公司强调本次不分红决策综合考虑了实际经营情况、未来业务发展及资金需求，有利于保障正常经营和未来发展。

投资者须知及可能影响股价的重要信息

对于投资者而言，公司连续三年未进行现金分红，且合并报表未分配利润持续为负，反映出公司盈利能力恢复有限，且历史亏损未能彻底消化，短期内难以通过分红回报股东。这种情况通常会被市场解读为公司成长性和盈利能力有待加强，可能对公司股票的投资价值和市场表现带来压力。此外，公司已通过小规模回购注销股份回报股东，但整体力度有限。

投资者还应关注2025年度股东大会对该预案的表决结果，以及公司未来盈利能力和经营状况的改善情况。

备查文件

• 《中国全聚德（集团）股份有限公司2025年度审计报告》
• 董事会第十届六次会议决议
• 审计委员会2026年第三次会议决议

结语

总结来看，2025年度不分红决定体现了全聚德稳健审慎的财务政策，但也显示公司当前盈利能力和资本结构仍需进一步改善。投资者需持续关注公司经营业绩和后续财报披露，理性评估投资风险。

免责声明：本报道内容仅供参考，不构成任何投资建议。投资者据此操作，风险自负。敬请投资者仔细阅读公司公告并关注后续进展。

English version

In-depth Analysis: Quanjude (002186.SZ) Announces No Dividend Distribution for FY2025

Key Highlights

On April 17, 2026, Quanjude (Group) Co., Ltd. (“Quanjude”) announced its profit distribution proposal for 2025: No cash dividends, no bonus shares, and no capital reserve to share capital conversion will be carried out for FY2025. This proposal has been approved by the Board and will be submitted to the 2025 Annual General Meeting for consideration.

Key Financial Data and Profit Distribution Details

• As of December 31, 2025, consolidated retained earnings were negative RMB 150.66 million, while the parent company retained earnings stood at RMB 299.51 million.
• Net profit attributable to shareholders for 2025 was RMB 7.75 million (consolidated), and RMB 2.77 million for the parent company.
• In the past three accounting years, total cash dividends were zero, while the company repurchased and cancelled shares worth RMB 15.37 million. The average net profit for the last three years was RMB 33.97 million.
• For 2025, no cash dividends, bonus shares, or capital reserve to share capital conversion will be implemented.

Implications for Shareholders and Investors

• Reason for the proposal: According to relevant laws and the company’s articles, profit distribution must be based on the lower of the parent company’s or consolidated distributable profit. For 2025, the consolidated retained earnings remained negative, so the company did not meet the requirements for dividends.
• Share buyback and cancellation: In March 2024, the company completed a buyback and cancellation of 1,542,367 shares (0.5% of pre-cancellation total share capital), reducing registered capital by about RMB 1.54 million. This was the only form of recent shareholder return, with limited impact.
• Risk warning: Although the consolidated retained earnings remain negative, net profit is positive, so the company is not subject to forced delisting or “ST” risk warnings under Shenzhen Stock Exchange rules.
• Capital allocation and outlook: The Board emphasized that the no-dividend decision takes into account the company’s operational needs, future development, and capital requirements, aiming to ensure stable operations and future growth.

Investor Alerts and Potential Price-sensitive Information

For investors, the company’s persistent failure to pay dividends for three consecutive years, alongside sustained negative consolidated retained earnings, highlights ongoing profitability challenges and unaddressed historical losses. This could be seen as a signal of weak growth prospects and may put pressure on the stock’s valuation and market performance. The company’s limited share buyback and cancellation program provided only modest shareholder returns.

Investors should also closely monitor the upcoming AGM’s vote on this proposal and pay attention to the company’s future earnings and operational improvements.

Reference Documents

• 2025 Audit Report of Quanjude (Group) Co., Ltd.
• Board’s Tenth Session, Sixth Meeting Resolutions
• Audit Committee’s Third Meeting in 2026 Resolutions

Conclusion

In summary, the 2025 no-dividend plan reflects Quanjude’s prudent financial management, but also highlights the need for further improvement in profitability and capital structure. Investors should closely follow the company’s operational results and future disclosures, and make investment decisions with caution.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are responsible for their own decisions and should carefully review official announcements and monitor future developments.

View 全 聚 德 Historical chart here