棕榈生态城镇发展股份有限公司2025年度利润分配专项说明——投资者关注要点详解

一、公告要点概述

棕榈生态城镇发展股份有限公司（以下简称“公司”或“棕榈股份”，证券代码：002431）于2026年4月23日召开第七届董事会第六次会议，审议通过了《关于2025年度利润分配预案的议案》，并于2026年4月24日发布公告。此次公告内容涉及公司2025年度利润分配政策、业绩状况、股份回购与注销、以及是否触及分红警示情形等多项投资者高度关注的事项。

二、2025年度利润及利润分配方案详细解读

• 业绩状况：
  • 2025年度，公司实现归属于上市公司股东的净利润为-11.91亿元（-1,190,561,508.45元），继续呈现大额亏损。
  • 截至2025年末，母公司可供分配利润为-35.61亿元（-3,560,795,815.58元），合并报表可供分配利润为-46.14亿元（-4,613,507,470.36元）。
  • 审计机构对公司2025年度财务报表出具了带持续经营重大不确定性段落的无保留意见审计报告，反映公司经营仍面临较大不确定性。
• 利润分配预案：
  • 考虑到公司2025年度净利润为负值，且未分配利润亦为负值，不具备现金分红、公积金转增股本或送红股的条件，2025年度拟不进行任何形式的利润分配。

三、股份回购与注销事项

• 2025年，公司通过集中竞价交易方式累计回购股份20,823,000股，回购总金额为50,049,719.29元（不包含交易费用）。
• 公司已于2025年12月18日将回购股份中的50%（即10,411,500股，金额25,024,859.64元）依法注销以减少注册资本，剩余50%拟用于未来实施股权激励。
• 按照证监会及深交所相关规定，已注销股份的回购金额25,024,859.64元视同当年现金分红，占2025年度归母净利润绝对值的2.10%。

四、近三年分红及回购情况一览

五、是否触及分红不达标风险警示

根据深交所《股票上市规则》第9.8.1条，公司因未分配现金红利的情况未触及因分红不达标而被实施其他风险警示的情形。原因在于，公司近三年均实现亏损，年均可分配利润为负，因此不具备分红条件。

六、不进行利润分配的原因及合理性

根据公司章程及《未来三年股东回报规划（2023-2025年）》，公司只有在实现可分配利润为正值且无重大投资或现金支出事项时方可现金分红。2023-2025年均为亏损，年均可分配利润为负，且2025年审计报告带持续经营重大不确定性段落，因此不进行现金分红，符合法律法规及公司章程要求。

七、决策程序与审议情况

• 董事会：第七届董事会第六次会议以9票同意、0票反对、0票弃权一致通过，并同意提交股东大会审议。
• 审计委员会：认为本次利润分配预案的合法性、合规性及合理性均符合规定，同意提交股东大会。

八、投资者需重点关注且可能影响股价的信息

• 公司已连续三年大额亏损，2025年度亏损超11亿元，累计未分配利润超46亿元，持续经营能力存在重大不确定性。
• 2025年度不分红且无送股、转增计划，意味着投资者短期内难以获得股东回报。
• 公司2025年实施部分股份回购并注销，虽视同现金分红，但金额有限，无法弥补业绩亏损对投资者的影响。
• 未触及分红警示，不会因分红不达标被实施其他风险警示，但整体经营状况依旧堪忧。

九、结论

棕榈股份2025年度财务状况恶化，三年连亏，累计未分配利润大幅为负，持续经营能力存在重大不确定性。公司不进行利润分配，虽有部分股份回购注销视同分红，但金额有限。整体来看，公司经营及现金流压力极大，短期内难以通过分红回报投资者，需高度关注公司后续经营及财务改善进展。该公告反映出公司经营基本面仍极度脆弱，或对股价构成下行压力，投资者应保持高度警惕。

免责声明： 本文仅基于棕榈生态城镇发展股份有限公司公开信息整理，内容不构成投资建议。投资者据此操作，风险自负。请投资者关注公司后续公告及相关风险提示。

English Translation

Palm Eco-Town Development Co., Ltd. Announces 2025 Profit Distribution Special Statement—Key Details for Investors

1. Announcement Overview

Palm Eco-Town Development Co., Ltd. (“the Company”, stock code: 002431) held the 6th meeting of the 7th Board of Directors on April 23, 2026, and approved the 2025 profit distribution plan, with the announcement released on April 24, 2026. The announcement covers profit distribution policies for 2025, financial performance, share repurchase and cancellation, and whether the company triggers dividend risk alerts—issues of high concern to investors.

2. 2025 Profit and Distribution Plan Details

• Performance:
  • In 2025, the company posted a net loss attributable to shareholders of RMB -1.19 billion (-1,190,561,508.45), continuing large losses.
  • As of year-end 2025, the parent company’s distributable profit was RMB -3.56 billion, and the consolidated distributable profit was RMB -4.61 billion.
  • The auditor issued an unqualified opinion with an emphasis-of-matter paragraph regarding “substantial doubt about going concern,” indicating significant uncertainty about ongoing operations.
• Profit Distribution Plan:
  • As 2025 net profit and undistributed profits are both negative, the company will not conduct any form of profit distribution for 2025, including cash dividends, bonus shares or capital reserve capitalization.

3. Share Repurchase and Cancellation

• In 2025, the company repurchased 20,823,000 shares via centralized bidding, totaling RMB 50,049,719.29 (excluding transaction fees).
• Of these, 50% (10,411,500 shares, RMB 25,024,859.64) were cancelled on December 18, 2025, reducing registered capital; the rest is reserved for future equity incentives.
• According to CSRC and SZSE rules, the cancelled shares’ repurchase amount (RMB 25,024,859.64) is deemed as a cash dividend, accounting for 2.10% of the absolute value of 2025 net profit.

4. Dividend and Repurchase in Recent Three Years

5. Whether Dividend Warning is Triggered

According to SZSE Listing Rule 9.8.1, the company does not trigger a risk warning for insufficient dividend as it has been loss-making for three consecutive years, resulting in negative average distributable profit and thus does not meet the dividend requirement.

6. Reasonableness of No Dividend

According to the Articles of Association and the 2023-2025 Shareholder Return Plan, the company can only distribute cash dividends if distributable profits are positive and there are no major investment or cash outflow plans. With three consecutive years of losses and negative profits, and an audit opinion reflecting going concern uncertainty, the company is not conducting a cash dividend, in line with regulatory requirements.

7. Decision Process

• Board of Directors: The plan was unanimously approved (9 in favor, 0 against, 0 abstain) and will be submitted to the AGM.
• Audit Committee: Deems the plan legal, compliant, and reasonable, and approves its submission to the AGM.

8. Key Shareholder/Price-Sensitive Information

• The company has posted heavy losses for three consecutive years, with a 2025 loss over RMB 1.1 billion and cumulative undistributed profit over RMB 4.6 billion negative. There is significant uncertainty about its ability to continue as a going concern.
• No dividend, bonus share or capital increase for 2025, meaning no shareholder return in the short term.
• Partial share repurchase and cancellation, while deemed as a dividend, is limited in amount and cannot offset the performance loss impact on shareholders.
• No risk warning for insufficient dividend, but overall operations remain highly stressed.

9. Conclusion

Palm Eco-Town Development faces worsening financials, three consecutive years of large losses, severely negative undistributed profits, and significant going concern risk. No dividends will be distributed, and while there is some share repurchase and cancellation, the amount is limited. This announcement highlights a fragile fundamental situation, which may exert downward pressure on the share price. Investors should remain highly cautious and monitor future developments closely.

Disclaimer: This article is based solely on public information from Palm Eco-Town Development Co., Ltd. and does not constitute investment advice. Investors should operate at their own risk and pay attention to subsequent company disclosures and related risk warnings.

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