浙商证券对华海药业差异化权益分派事项出具核查意见
要点摘要
- 华海药业发布2025年度利润分配方案：公司将以实施权益分派股权登记日登记的总股本，扣除回购专用证券账户股份后，向全体股东每股派发现金红利0.1元（含税）。
- 回购股份不参与分红：公司通过回购专用证券账户持有的股份将不参与本次利润分配。
- 可转债可能影响总股本：如在权益分派股权登记日前因可转债转股等导致总股本变动，公司将维持每股分配金额不变，仅调整分配总额。
- 除权除息价格影响极小：根据2026年5月26日收盘价16.09元/股计算，实际分派和虚拟分派的除权除息参考价格影响绝对值约为0.0031%，远低于1%的监管要求。
- 差异化分派符合法规：本次分派事项不存在法律法规违规，不损害公司及股东利益。
投资者需知重要信息
- 股息分红安排：此次分红为每股0.1元（含税）现金红利，基于扣除回购股份后的股本进行分配。
- 回购股份不参与分红：截至2026年5月26日，公司回购专用证券账户持有7,023,600股，不参与本次分红。
- 除权除息价格影响可忽略：差异化权益分派对除权除息参考价格的影响极小（仅0.0031%），不会引起股价大幅波动。
- 可转债转股风险提示：公司存在可转债转股的不确定性，可能影响参与分配的总股本和实际分配总额，但不会影响每股分配金额。
详细解读
浙商证券作为浙江华海药业股份有限公司（华海药业）向特定对象发行股票的保荐机构，对公司2025年度利润分配方案进行了审慎核查。本次利润分配方案已于2026年5月21日召开的年度股东大会审议通过。
根据决议，公司将在权益分派股权登记日，以扣除回购专用证券账户股份后的股本为基数，向全体股东每股派发现金红利0.1元（含税）。值得注意的是，通过公司回购专用证券账户持有的股份，将不参与此次利润分配。
考虑到公司目前存在可转换公司债券，且尚处于转股期，具体转股情况无法准确预测。计算时以2026年5月26日总股本1,497,252,196股，扣除回购股份7,023,600股后，参与分配股本总数为1,490,228,596股。
除权除息参考价按照上海证券交易所相关规定进行计算。以2026年5月26日收盘价16.09元/股为例，实际分派除权除息参考价为15.99元/股，虚拟分派除权除息参考价为15.9905元/股，两者差值仅为0.0031%，远低于1%的监管红线。这意味着本次差异化权益分派对市场价格的影响极为有限。
保荐机构浙商证券核查后认为，本次差异化权益分派事项符合法律法规和公司章程要求，不存在损害公司和全体股东利益的情形。
投资者需要关注：短期内分红方案极可能不会对华海药业股价产生实质性影响，因差异化分派对除权除息价格影响几乎可以忽略。但公司回购股份不参与分红、可转债转股的不确定性等，投资者仍需密切关注，尤其是潜在的总股本变动可能带来的长期影响。
免责声明
本文内容仅供参考，不构成任何投资建议。投资者需结合自身实际情况，独立判断相关风险。如有疑问请咨询专业投资顾问。本文不承担由此引发的任何直接或间接损失。
Zheshang Securities Issues Review Opinion on Huahai Pharmaceutical’s Differential Equity Distribution
Key Highlights
- 2025 Dividend Plan Announced: Huahai Pharmaceutical will distribute a cash dividend of RMB 0.1 (tax inclusive) per share to all shareholders, based on the total share capital on the equity registration date, excluding shares held in the company’s repurchase account.
- Repurchased Shares Excluded from Dividend: Shares held in the company’s repurchase account will not participate in this round of dividend distribution.
- Convertible Bonds May Affect Total Share Capital: If convertible bonds are converted before the equity registration date and the total share capital changes, the per share dividend amount remains unchanged, but the total distribution amount will be adjusted accordingly.
- Minimal Impact on Ex-Rights and Ex-Dividend Price: Based on the May 26, 2026 closing price of RMB 16.09/share, the absolute impact on the ex-rights and ex-dividend reference price is approximately 0.0031%, well below the regulatory threshold of 1%.
- Distribution Complies with Regulations: This differential equity distribution does not violate any relevant laws, regulations, or the company’s articles of association, and does not harm the interests of the company or its shareholders.
Key Points for Shareholders
- Dividend Arrangement: A cash dividend of RMB 0.1 (tax inclusive) per share will be distributed based on the share capital after deducting repurchased shares.
- Repurchased Shares Not Included: As of May 26, 2026, the company’s repurchase account holds 7,023,600 shares, which are excluded from the current dividend distribution.
- Negligible Impact on Ex-Dividend Price: The impact of differential equity distribution on the ex-dividend reference price is minimal (only 0.0031%), unlikely to cause significant price fluctuation.
- Convertible Bond Conversion Risk: There is some uncertainty regarding convertible bond conversions, which may impact the total number of shares participating in the dividend, but the per share dividend amount will remain unchanged.
Detailed Analysis
Zheshang Securities, as the sponsor for Huahai Pharmaceutical’s targeted share issuance, conducted a thorough review of the company’s 2025 profit distribution plan. The plan was approved at the company’s annual general meeting on May 21, 2026.
According to the resolution, the company will distribute a cash dividend of RMB 0.1 (tax inclusive) per share to all shareholders, based on the share capital on the equity registration date, after deducting shares held in the repurchase account. Notably, shares held in the repurchase account are excluded from the dividend.
Given the existence of convertible bonds, which are still in the conversion period and whose conversion status cannot be accurately predicted, calculations are based on the total share capital as of May 26, 2026: 1,497,252,196 shares, minus 7,023,600 repurchased shares, for a total of 1,490,228,596 shares eligible for the dividend.
The ex-rights and ex-dividend reference price is calculated in accordance with Shanghai Stock Exchange rules. Using the closing price of RMB 16.09/share on May 26, 2026 as an example, the actual ex-dividend reference price is RMB 15.99/share, and the virtual ex-dividend reference price is RMB 15.9905/share — a difference of just 0.0031%, far below the 1% regulatory threshold. This means the differential equity distribution will have a negligible effect on market pricing.
Zheshang Securities concluded that the differential equity distribution fully complies with relevant laws, regulations, and the company’s articles of association, and does not harm the interests of the company or its shareholders.
Investor Takeaway: In the short term, this dividend plan is unlikely to materially affect Huahai Pharmaceutical’s share price, as the impact on the ex-rights and ex-dividend price is negligible. However, investors should keep an eye on the excluded repurchased shares and the uncertainties surrounding convertible bond conversions, as these could impact the total number of shares for future dividend calculations.
Disclaimer
The content of this article is for reference only and does not constitute investment advice. Investors should make independent judgments based on their own circumstances and consult professional advisers if necessary. The author accepts no liability for any direct or indirect loss arising from the information provided herein.
