国金证券披露2025年度利润分配方案，现金分红及回购注销总额达3.54亿元

要点摘要

• 公司拟每10股派发现金红利0.80元（含税），分红总金额2.95亿元（含税）。
• 2025年已回购并注销719.46万股，回购金额约5947万元。
• 现金分红及回购注销合计3.54亿元，占归母净利润的15.55%。
• 公司2025年净利润22.77亿元，母公司未分配利润114.97亿元。
• 三年累计现金分红及回购注销超14亿元，现金分红率达74.81%。
• 公司保持稳健资本结构，持续发力AI与金融科技创新。
• 本次分红方案尚需股东大会审议。

详细解读

分红及回购安排

国金证券（600109）于2026年4月22日董事会审议通过了2025年度利润分配方案。公司拟以2025年12月31日总股本37.05亿股，扣除回购专用账户股份2210.2万股后的36.83亿股为基数，向全体股东每10股派发现金红利0.80元（含税），分红总金额为2.95亿元（含税）。
值得注意的是，2025年公司已完成719.46万股的回购注销，回购价格区间为7.84-8.45元/股，回购总金额约5947万元。根据上市公司相关规定，回购注销金额计入年度现金分红总额，使得2025年度现金分红及回购注销总计3.54亿元，占年度归属于母公司股东净利润的15.55%。

业绩表现及分红能力

2025年，国金证券归属于上市公司股东的净利润为22.77亿元，母公司报表未分配利润高达114.97亿元，显示公司盈利能力和分红能力持续稳健。近三年累计现金分红12.53亿元，回购注销1.59亿元，合计14.13亿元，现金分红率达74.81%，显著高于监管30%的红线要求。

行业环境与公司战略

2025年A股市场活跃，证券行业竞争加剧。国金证券紧跟行业高质量发展要求，聚焦主责主业，持续推进十年发展战略，强化在投行、财富、机构、资管等板块的竞争优势。公司大力投入人工智能与金融科技，塑造AI友好型组织，并坚持“合规创造价值”的长期发展理念，提升风险管理能力。

资本结构及未来发展

公司资本结构稳健，流动性充裕，无到期未偿还债务。为支撑业务创新和战略发展，国金证券持续补充资本，优化财务结构，兼顾分红与资本效率。留存未分配利润将主要用于补充净资本、支持业务拓展和提升抗风险能力。

股东参与与投资者回报

本次利润分配方案需提交股东大会审议。公司将通过现场会议和网络投票结合的方式，便利中小投资者参与决策，并计划召开业绩说明会与投资者交流。国金证券强调“以投资者为本”，未来三年将继续科学安排现金分红与股份回购，增强投资者获得感。

风险提示

公司表示，本次利润分配方案已充分考虑公司发展阶段及资金需求，不会对每股收益、现金流或正常经营产生重大影响。

投资者关注要点

• 分红及回购力度：现金分红与回购注销金额高达3.54亿元，显示公司回报投资者的积极态度，有助于增强市场信心。
• 业绩持续增长：高额净利润和充足未分配利润为后续分红奠定基础。
• 行业地位提升：在资本市场高质量发展背景下，公司战略执行力和创新业务突破值得关注。
• 资本结构稳健：公司资金充裕，有能力支持持续创新和扩张。
• 方案尚需表决：分红方案尚待股东大会通过，投资者应关注相关会议和表决结果。

免责声明

本文仅为信息披露与分析，不构成任何投资建议。投资者据此操作，风险自担。

English version

GF Securities Announces 2025 Profit Distribution Plan: Total Cash Dividends and Buybacks Reach RMB 354 Million

Key Highlights

• Proposed cash dividend of RMB 0.80 (tax inclusive) for every 10 shares, total dividend payout RMB 294.66 million (tax inclusive).
• Buyback and cancellation of 7.19 million shares in 2025, buyback cost RMB 59.47 million.
• Total cash dividends and buybacks amount to RMB 354.13 million, 15.55% of annual net profit attributable to shareholders.
• 2025 net profit attributable to shareholders: RMB 2.28 billion; retained earnings: RMB 11.50 billion.
• Three-year cumulative cash dividends and buybacks exceed RMB 1.41 billion, with a payout ratio of 74.81%.
• Company maintains a stable capital structure and continues to invest in AI and fintech innovation.
• This dividend proposal is subject to shareholder approval.

Details

Dividend and Buyback Arrangements

GF Securities (600109) Board approved the 2025 profit distribution plan on April 22, 2026. Based on 3.705 billion shares (after deducting 22.1 million shares in the repurchase account), the company plans to distribute RMB 0.80 (tax inclusive) in cash dividends for every 10 shares, totaling RMB 294.66 million.
In addition, GF Securities completed the buyback and cancellation of 7.19 million shares in 2025, with a buyback price range of RMB 7.84-8.45 per share and total cost of RMB 59.47 million. According to regulations, the buyback cancellation amount is included in the annual cash dividend calculation. Thus, the total cash dividend and buyback for 2025 reaches RMB 354.13 million, accounting for 15.55% of net profit attributable to shareholders.

Performance and Payout Ability

In 2025, the company reported net profit attributable to shareholders of RMB 2.28 billion and retained earnings of RMB 11.50 billion, highlighting its strong and consistent payout ability. Over the past three years, total cash dividends reached RMB 1.25 billion and buybacks RMB 159 million, for a total of RMB 1.41 billion and a payout ratio of 74.81%, well above the 30% regulatory threshold.

Industry Environment and Strategy

2025 saw a resilient A-share market. Amidst intensifying industry competition, GF Securities focused on main business lines, continuously advanced its decade strategy, and reinforced its competitive advantages in investment banking, wealth management, institutional and asset management. The company is investing in AI and fintech, building an AI-friendly organization, and enhancing its long-term compliance and risk management.

Capital Structure and Outlook

GF Securities maintains a robust capital structure with ample liquidity and no overdue debts. To support innovation and development strategies, the company continues to strengthen its capital base and optimize its financial structure, balancing dividend payouts with capital efficiency. Retained earnings will primarily be used to supplement net capital and support business expansion and risk resistance.

Shareholder Participation and Investor Returns

The profit distribution plan is subject to shareholder approval. The company will facilitate small and medium investors’ participation via onsite and online voting, and plans to hold performance briefings. GF Securities promises to continue its investor-oriented philosophy, with scientific cash usage planning and diversified return measures in the coming three years.

Risk Alert

The company states that the distribution plan, considering development stage and funding needs, will not have a material impact on per share earnings, cash flows, or normal operations.

Key Takeaways for Investors

• Generous payout and buyback: Signals commitment to shareholder returns and could boost market confidence.
• Strong earnings: High profits and retained earnings secure future payouts.
• Industry positioning: Strategic execution and innovation breakthroughs are noteworthy.
• Stable capital base: Sufficient resources to support ongoing innovation and expansion.
• Pending approval: Investors should watch for shareholder meeting outcomes on the payout plan.

Disclaimer

This article is for information and analysis only and does not constitute investment advice. Investors are responsible for their own decisions and risks.

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