瑞财经 吴文婷12月16日，寒武纪股价走低。截至发稿时，其报1273元，跌4.42%，总市值约5368.05亿 元。 消息面上，昨日，寒武纪发布公告称，公司于2025年11月28日、2025年12月15日分别召开第三届董事会 第一次会议、2025年第二次临时股东会，审议通过了《关于使用公积金弥补亏损的议案》。 根据天健会计师事务所(特殊普通合伙)为公司出具的2024年度《审计报告》(天健审〔2025〕2943号)， 截至2024年12月31日，母公司财务报表累计未分配利润为-2,778,372,367.65元，盈余公积期末余额为0 元，资本公积期末余额为9,624,727,732.70元。 根据相关规定，公司拟使用母公司资本公积2,778,372,367.65元用于弥补母公司累计亏损。本次公积金弥 补亏损以公司2024年末母公司未分配利润负数弥补至零为限。 单位:元 币种:人民币 本报告期比 年初至报告期 上年同期增 末比上年同期 项目 年初至报告期末 本报告期 增减变动幅度 减变动幅度 (%) (%) 营业收入 1,726,780,892.57 1,332.52 4,607,424,363.66 2,386 ...

12月15日晚间，AI芯片厂商寒武纪发布公告称，公司拟使用母公司资本公积27.78亿元用于弥补母公司累计亏损。 本次公积金弥补亏损以公司 2024年末母公司未分配利润负数弥补至零为限。 根据天健会计师事务所(特殊普通合伙)为公司出具的2024年度《审计报告》(天健审(2025)2943号)，截至2024年12月31日，母公司财务报表 累计未分配利润为-27.78亿元，盈余公积期末余额为0元，资本公积期末余额为96.25亿元。 据了解，资本公积金弥补亏损，是2024年7月1日起施行的新《公司法》中允许的财务操作，指公司先用任意公积金和法定公积金弥补累计亏 损，仍不足的话，可按规定用特定范围的资本公积金填补亏损，且弥补以未分配利润负数冲减至零为限。 针对寒武纪拟以27.78亿元资本公积金弥补累计亏损的方案，市场普遍关注此类操作的常见性、潜在影响及风险。 对此，资深投行人士王骥跃在接受《科创板日报》记者采访时分析表示："资本公积补亏是新公司法才允许的事，市场上已有先例。该操作 对公司净资产和现金流均无实质影响，因此不会对正常经营有任何风险；而补亏完成后，公司年末未分配利润将由负转正，届时即可满足分 红所需的财务条件 ...

12月15日晚，寒武纪公告，公司于2025年11月28日、2025年12月15日分别召开第三届董事会第一 次会议、2025年第二次临时股东会，审议通过了《关于使用公积金弥补亏损的议案》。 根据天健会计师事务所（特殊普通合伙）为公司出具的2024年度《审计报告》，截至2024年12月31 日，母公司财务报表累计未分配利润为- 27.78亿元 ，盈余公积期末余额为0元，资本公积期末余额为 96.25亿元 。 公司拟使用母公司资本公积27.78亿元用于弥补母公司累计亏损。本次公积金弥补亏损以公司2024年 末母公司未分配利润负数弥补至零为限。 根据相关规定，公司现通知债权人，债权人可自接到通知之日起30日内或自公告披露之日起45日内要 求公司清偿债务或提供相应担保。 截至今日收盘，寒武纪报1331.90元，跌0.90%。 编辑丨瑜见 ...

Core Points - The company, Baihua Pharmaceutical (600721.SH), announced that it will hold a board and shareholder meeting on October 27, 2025, to approve the use of a total of 1.91 billion yuan from the parent company's surplus reserve and capital reserve to cover losses [1] - The negative retained earnings of the parent company are primarily due to goodwill impairment from a previous major asset restructuring, which has impacted the company's asset impairment [1] - The company has notified creditors that they can request debt repayment or corresponding guarantees within 30 days of receiving the notice or within 45 days from the date of the announcement [1]

Core Viewpoint - Baihua Pharmaceutical (600721.SH) announced plans to use a total of 1.91 billion yuan from its surplus reserve and capital reserve to cover losses, primarily due to goodwill impairment from a previous major asset restructuring [1] Group 1: Financial Actions - The company will hold a board and shareholder meeting on October 27, 2025, to review the proposal for using the surplus and capital reserves [1] - The total amount allocated for loss compensation is 1.91 billion yuan [1] Group 2: Reasons for Losses - The negative retained earnings of the parent company are mainly attributed to the impact of goodwill impairment from the previous major asset restructuring [1] Group 3: Creditor Notification - The company has notified creditors that they can request debt repayment or corresponding guarantees within 30 days from the receipt of the notice or 45 days from the announcement disclosure [1]

Group 1 - The stock price of Guangyuyuan (600771) closed at 21.91 yuan on August 15, 2025, with an increase of 1.67% and a turnover rate of 2.89% [1] - The trading volume was 141,500 shares, resulting in a total transaction amount of 309 million yuan [1] - On the same day, the net inflow of main funds was 10.659 million yuan, accounting for 3.45% of the total transaction amount [3][4] Group 2 - The company has received inquiries from investors regarding its plans to use capital reserves to cover losses, as several other companies have already announced similar intentions [1] - The company’s secretary indicated that any matters requiring disclosure will be addressed in company announcements [2][1] - The capital reserve compensation details have been fully implemented, with eight listed companies already announcing their plans to use capital reserves for loss compensation [1]

Core Viewpoint - The recent announcement by HNA Technology Co., Ltd. regarding the use of capital reserve to offset losses reflects a broader trend among listed companies aiming to meet profit distribution conditions for future dividends, facilitated by new regulations allowing such measures [1][2][3] Group 1: Regulatory Changes - The new Company Law allows the use of capital reserves to cover losses after exhausting discretionary and statutory reserves, with specific financial regulations established by the Ministry of Finance [2][4] - Since the implementation of the new Company Law, numerous companies have amended their articles of association to clarify the order of using reserves for loss coverage [2][4] Group 2: Market Impact - As of August 11, 2023, eight companies have announced plans to use capital reserves to offset losses, with four of these proposals already approved by temporary shareholder meetings [2][7] - It is estimated that over 650 listed companies could benefit from the new regulations, with a significant number expected to adopt this measure in the latter half of the year [7][8] Group 3: Financial Implications - Utilizing capital reserves to offset losses can improve financial statements, enhance market confidence, and potentially restore dividend eligibility, thus benefiting investor returns [3][4] - However, reliance on this method without improving core business performance may mislead investors regarding the company's actual financial health [4][9] Group 4: Investor Considerations - Investors are advised to monitor the sustainability of companies' profitability, as the use of capital reserves does not inherently resolve underlying issues of profitability [5][9] - Concerns have been raised about the potential for companies to engage in "ineffective loss offsetting," which could signal deeper financial troubles [7][9]

Core Viewpoint - The Ministry of Finance has issued a notice to clarify financial handling issues related to the Company Law and Foreign Investment Law, effective from July 1, 2024, focusing on the use of capital reserves to cover losses and the treatment of various funds in foreign-invested enterprises [1][4]. Group 1: Financial Regulations - The new Company Law mandates that capital reserves can only be used to cover losses after utilizing discretionary and statutory reserves, with specific conditions for using capital reserves [1][2]. - The notice specifies that non-monetary assets contributed as capital must be evaluated for pricing, ensuring proper asset assessment and internal governance [3][4]. - The notice emphasizes the need for board resolutions and shareholder meetings to approve the use of capital reserves for loss coverage, protecting shareholder rights [2][3]. Group 2: Treatment of Funds in Foreign-Invested Enterprises - Foreign-invested enterprises will transition from maintaining reserve funds to statutory and discretionary capital reserves, with specific management guidelines for these funds [4]. - The cancellation of the three funds (reserve fund, enterprise development fund, and employee reward and welfare fund) will alleviate financial pressure on foreign-invested enterprises, allowing for better liquidity and operational vitality [4][5]. - The new regulations aim to equalize the profit distribution system between foreign-invested and domestic enterprises, enhancing the business environment and stimulating innovation [4][5]. Group 3: Implementation and Compliance - Companies are advised to view the new regulations as a comprehensive test of corporate governance and internal control, emphasizing the importance of compliance and risk awareness [5][6]. - The Ministry of Finance plans to monitor the implementation of the notice and gather feedback from stakeholders to improve the effectiveness of the regulations [6].