证券代码：430510 证券简称：丰光精密 公告编号：2023-006 青岛丰光精密机械股份有限公司 持股 5%以上股东减持股份进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 减持主体减持前基本情况 | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | 深圳市达晨创联股权投资 | 持股 5% | 9,999,500 | 7.5995% | 北京证券交易所上市 | | 基金合伙企业(有限合伙) | 以上股东 | | | 前取得 | 1 （三） 本次减持对公司的影响 本次减持符合股东已披露的减持计划，不会对公司产生不利影响。 三、 相关风险提示 （一） 减持计划实施的不确定性风险 截止本公告披露日，本次减持计划尚未实施完毕。在计划减持期间内，公司 股东将根据市场情况、公司股价情况等情形决定是否继续实施本次股份减持计 划。本次减持计划存在减持时间、数量、价格的不确定性，也存在是否按期实施 完成 ...

Revenue and Profit - The company's total revenue for 2022 is expected to be CNY 251.66 million, a decrease of 4.4% compared to the previous year[5] - Net profit attributable to shareholders is projected to be CNY 73.58 million, an increase of 50.39% year-on-year[5] - Basic earnings per share are expected to be CNY 0.56, reflecting a growth of 51.35% compared to the previous year[5] - The decrease in net profit after deducting non-recurring gains and losses is expected to be CNY 31.31 million, a decline of 28.14% year-on-year[5] - The company received a demolition compensation of CNY 44.12 million, contributing to the increase in net profit[6] Assets and Equity - The total assets at the end of the reporting period are estimated to be CNY 503.77 million, a year-on-year increase of 39.37%[5] - Shareholders' equity is projected to be CNY 393.49 million, up 23.07% from the beginning of the period[5] Operational Challenges - The decline in orders for semiconductor products is attributed to the impact of the pandemic and economic conditions[5] Investment and Expansion - The company has increased investment in machinery and construction to expand production capacity[7] Financial Reporting - The financial data presented is preliminary and subject to audit, highlighting the need for cautious investment decisions[8]

Financial Performance - The estimated net profit attributable to shareholders for 2022 is projected to be between 70 million to 75 million CNY, representing an increase of 43.07% to 53.29% compared to 48.93 million CNY in the same period last year[3]. - The significant increase in profit is attributed to the receipt of demolition compensation totaling 44.12 million CNY for the second factory, aimed at supporting the rapid development of Jiaozhou and meeting the construction requirements of the Qingdao Metro Line 8 branch project[4]. Audit Status - The financial data presented is preliminary and has not been audited by an accounting firm, thus it does not constitute a performance commitment to investors[5].

证券代码：430510 证券简称：丰光精密 公告编号：2023-003 青岛丰光精密机械股份有限公司 持股 5%以上股东减持股份计划公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 | 股东名称 | 计划减持 | 计划 减持 | 减持 | | 减持 | | | 减持价 | 拟减持股 | 拟减 持 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 数量（股） | | 方式 | | 期间 | | | 格区间 | 份来源 | | | | | 比例 | | | | | | | | 原因 | | 青岛丰光 | | | 大宗 | 2023 | 年 2 | 月 | 23 日 | 根据市 | 北京证券 | 经营 | | 投资管理 | 6,520,000 | 4.96% | | | | | | 场价格 | 交易所上 | 发展 | | | | | 交易 | -2023 | 年 8 | 月 | 22 日 | | | | | ...

2、会议召开地点：青岛胶州市胶州湾工业园太湖路 2 号公司二楼会议室。 证券代码：430510 证券简称：丰光精密 公告编号：2023-001 青岛丰光精密机械股份有限公司 2023 年第一次临时股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间：2023 年 1 月 6 日 出席和授权出席本次股东大会的股东共 3 名，持有表决权的股份总数 98,028,999 股，占公司有表决权股份总数的 74.50%。 其中通过网络投票参与本次股东大会的股东共 1 名，持有表决权的股份总数 6,488,999 股，占公司有表决权股份总数的 4.93%。 （三）公司董事、监事、高级管理人员出席或列席股东大会情况 1、公司在任董事 7 人，出席 7 人； 2、公司在任监事 3 人，出席 3 人； 3、会议召开方式：本次会议采用现场投票和网络投票相结合方式召开。 4、会议召集人：董事会。 5、会议主持人：会议由董事长李军先生主持。 6、召开情况合 ...

法律意见书 | 台 胜本品 - 男 山东国鹰琴岛(青岛) 律师事务所 关于青岛丰光精密机械股份有限公司 2023 年第一次临时股东大会的法律意见书 致:青岛丰光精密机械股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民 共和国证券法》(以下简称"《证券法》")、《北京证券交易所股票上市规则 (试行)》等有关法律、法规、规范性文件及《青岛丰光精密机械股份有限公司 章程》（以下简称"《公司章程》"）的有关规定,山东国曜琴岛(青岛)律师 事务所(以下简称"本所")接受青岛丰光精密机械股份有限公司(以下简称"丰 光精密"或"公司"）的委托,指派本所律师出席 2023年 1 月 6 日召开的丰光 精密 2023 年第一次临时股东大会(以下简称"本次会议"),并按照律师行业 公认的业务标准、道德规范和勤勉尽责精神，出具本法律意见书。 本所律师本次所发表的法律意见,仅依据本法律意见书出具日以前发生或存 在的事实并基于本所律师对有关法律、法规和规范性文件的理解而形成。在本法 律意见书中,本所律师仅就公司本次会议的召集和召开程序、出席会议人员和召 集人的资格、会议的表决程序和表决结果等事项进行核查 ...

Financial Performance - Net profit attributable to shareholders decreased by 30.74% to RMB 27,530,874.06 from RMB 39,748,294.09 in the same period last year[19] - Operating income for the first nine months of 2022 was RMB 189,458,087.66, a decrease of 2.65% from RMB 194,615,291.16 in the previous year[19] - In Q3 2022, operating income was RMB 62,009,144.28, down 5.52% from RMB 65,631,251.51 in Q3 2021[20] - Net profit attributable to shareholders in Q3 2022 increased by 21.72% to RMB 14,532,628.87 compared to RMB 11,939,562.52 in Q3 2021[20] - Basic earnings per share for the first nine months decreased by 30.00% to RMB 0.21 from RMB 0.30 in the previous year[19] - The operating profit for the first nine months of 2022 was CNY 24,664,285.12, down from CNY 45,573,677.08 in the same period of 2021[56] - The total profit for the first nine months of 2022 was CNY 31,342,228.64, compared to CNY 45,205,714.82 in the first nine months of 2021, indicating a decline of 30.7%[56] Cash Flow - Cash flow from operating activities for the first nine months was RMB 44,162,297.84, a decrease of 9.95% from RMB 49,042,363.17 in the previous year[19] - The company reported a net cash flow from operating activities of RMB 21,502,883.98 in Q3 2022, an increase of 27.40% from RMB 16,878,538.45 in Q3 2021[20] - The net cash flow from operating activities for the first three quarters of 2022 was 44.16 million yuan, a decrease of 9.95% year-on-year, primarily due to increased cash outflows for goods and employee payments[24] - Total cash inflow from operating activities was ¥222,373,535.30, up from ¥211,346,147.38 in the same period last year, reflecting a growth of approximately 5.4%[60] - The net cash flow from financing activities increased by 194.68% year-on-year to 48.16 million yuan, mainly due to bank loans obtained for daily operational funding and cooperative factory project construction[24] - The net cash flow from financing activities was ¥48,158,510.06, a recovery from a net outflow of -¥50,866,545.98 in the same quarter last year[61] Assets and Liabilities - Total assets increased by 24.62% to RMB 450,460,557.34 compared to RMB 361,457,397.80 at the end of the previous year[19] - The company's total liabilities to assets ratio (consolidated) was 22.86%, compared to 11.54% at the end of the previous year[19] - Fixed assets at the end of the reporting period amounted to 185.31 million yuan, an increase of 26.86% compared to the end of the previous year, primarily due to significant machinery purchases to expand production and sales capacity[21] - Current liabilities rose to CNY 66,760,262.33 from CNY 40,650,611.47, which is an increase of approximately 64.4%[43] - Total liabilities as of Q3 2022 amounted to CNY 102,926,766.55, significantly higher than CNY 41,729,653.83 in the previous year[51] Shareholder Information - The total number of ordinary shares at the end of the reporting period was 131.58 million, with the largest shareholder holding 60.66% of the shares[29] - The company has committed to maintaining stable stock prices and fulfilling shareholder return commitments, which have been followed as per the reporting requirements[35] Government Subsidies and Non-Recurring Items - Non-recurring gains and losses totaled 8.11 million yuan after tax, with government subsidies contributing significantly to this figure[25] - The company received government subsidies amounting to 2.85 million yuan, which were closely related to its business operations[25] Research and Development - Research and development expenses for Q3 2022 were CNY 3,501,350.68, a decrease of 20.8% from CNY 4,419,533.75 in Q3 2021[51] Legal and Compliance - There were no significant legal disputes, external guarantees, or related party transactions reported during the quarter[33] - The company has made commitments to avoid competition and ensure compliance with various operational guidelines, which have been adhered to during the reporting period[36] Inventory and Current Assets - Inventory levels increased to CNY 50,263,060.07 from CNY 44,078,763.84, reflecting a rise of approximately 14%[42] - As of September 30, 2022, total current assets amounted to CNY 170,560,746.96, an increase from CNY 162,291,116.62 in the previous year, representing a growth of approximately 8.3%[42]

Patents and R&D - The company obtained a total of 31 patents during the reporting period, including 1 invention patent and 30 utility model patents, bringing the cumulative total to 168 patents by the end of the reporting period[7]. - The company has a strong focus on research and development, which has led to the accumulation of mature production processes and a pool of core technical talents[14]. - The company emphasizes the importance of retaining and incentivizing skilled technical personnel, as the demand for such talent is expected to increase with business expansion[14]. Financial Performance - The company's operating revenue for the first half of 2022 was CNY 127,448,943.38, a decrease of 1.19% compared to CNY 128,984,039.65 in the same period last year[30]. - The net profit attributable to shareholders was CNY 12,998,245.19, reflecting a significant decline of 53.26% from CNY 27,808,731.57 year-on-year[30]. - The gross profit margin decreased to 31.78% from 38.31% in the previous year[30]. - The company's cash flow from operating activities was CNY 22,659,413.86, down 29.55% from CNY 32,163,824.72 in the same period last year[32]. - Basic earnings per share fell to CNY 0.10, a decrease of 52.38% compared to CNY 0.21 in the same period last year[30]. Assets and Liabilities - Total assets increased by 15.76% to CNY 418,420,062.12 compared to CNY 361,457,397.80 at the end of the previous year[31]. - Total liabilities surged by 105.10% to CNY 85,587,833.42 from CNY 41,729,653.83 at the end of the previous year[31]. - The current ratio decreased to 2.17 from 3.99 in the previous year, indicating a decline in short-term liquidity[31]. - Short-term borrowings rose by 155.52% to ¥23,023,275.00, reflecting the need for bank loans to supplement working capital due to significant capital expenditures[52]. Customer Concentration and Sales - The sales revenue from the top five customers for the first half of 2021 and 2022 were 9,578.72 million yuan and 9,220.16 million yuan, accounting for 74.26% and 72.35% of the total operating income, indicating a relatively high customer concentration risk[14]. - The company's foreign sales revenue for the first half of 2021 and 2022 were 3,906.74 million yuan and 3,912.30 million yuan, representing 31.33% and 31.62% of the main business income, respectively[14]. - The company aims to enhance product quality and service, actively develop new products, and expand its customer base to mitigate high customer concentration risks[73]. Market and Competition - The company is facing increasing market competition, necessitating continuous innovation and improvement in product quality to maintain its competitive edge[14]. - The semiconductor sector saw a significant decrease in orders, impacting the overall gross margin due to the pandemic and geopolitical tensions[39]. - The company plans to continue expanding its market presence by developing relationships with clients in other industries[40]. Governance and Risk Management - The company has established a relatively complete corporate governance structure, but the actual controller still holds 69.57% of the shares, which may lead to potential risks of improper control over financial and operational decisions[14]. - The company has a robust internal control system to manage accounts receivable and mitigate risks associated with customer defaults[76]. - The company has established a strict accounts receivable collection system, linking collection rates to sales performance to enhance dynamic management[77]. Environmental and Social Responsibility - The company has implemented a solar power generation system to contribute to national electricity supply, reflecting its commitment to environmental responsibility[71]. - The company has actively supported pandemic relief efforts by donating materials to frontline workers and assisting farmers with unsold produce during the pandemic[70]. - The company emphasizes employee training and safety, implementing measures to enhance skills and ensure a safe working environment[70]. Shareholder Commitments and Financial Integrity - The company has made a commitment to maintain the accuracy and integrity of its financial reporting and disclosures[88]. - The company will ensure effective use of raised funds to mitigate the impact of dilution on immediate returns[94]. - The company will publicly explain the reasons for any failure to fulfill commitments and may face penalties from regulatory bodies[96]. Changes in Personnel and Structure - The total number of employees increased from 407 to 433, representing a growth of approximately 6.4%[142]. - The company appointed a new financial director, Wang Xueliang, who transitioned from the role of financial director to a board member[140]. - The board of directors consists of 7 members, while the supervisory board has 3 members, and there are 3 senior management personnel[135]. Financial Reporting and Compliance - The financial report was approved by the board of directors on August 25, 2022, ensuring timely disclosure of financial performance[178]. - The company confirms that its financial statements are true and complete, reflecting its financial status and cash flows accurately[181]. - The company will adjust its financial statements if there are changes in control over subsidiaries[189].

Financial Performance - Operating revenue for the first quarter of 2022 was RMB 63,831,187.83, an increase of 7.76% compared to RMB 59,235,829.30 in the same period of 2021[19] - Net profit attributable to shareholders for Q1 2022 was RMB 4,217,026.80, a decrease of 63.54% from RMB 11,567,294.26 in Q1 2021[19] - The company's gross profit margin decreased by 7.45% compared to the same period last year, impacting overall net profit[21] - Basic earnings per share for Q1 2022 was RMB 0.03, down 66.67% from RMB 0.09 in Q1 2021[19] - The weighted average return on equity based on net profit attributable to shareholders was 1.31% for Q1 2022, down from 3.44% in the same period of 2021[19] - The company reported a net profit margin of approximately 7.5% for Q1 2022, compared to 8.0% in Q1 2021[48] - The gross profit margin for Q1 2022 was approximately 30.8%, compared to 38.5% in Q1 2021, indicating a decline in profitability[52] - The company's operating profit for Q1 2022 was CNY 5,094,259.15, a decrease of 63.8% from CNY 14,061,227.59 in Q1 2021[50] Assets and Liabilities - Total assets as of March 31, 2022, amounted to RMB 375,630,685.68, representing a 3.92% increase from RMB 361,457,397.80 at the end of 2021[19] - The total liabilities to total assets ratio (consolidated) was 13.76% as of March 31, 2022, compared to 11.54% at the end of 2021[19] - Current liabilities increased to CNY 50,616,359.56 in Q1 2022 from CNY 40,650,611.47 in Q1 2021, representing a rise of 24.5%[46] - Non-current liabilities remained stable at CNY 1,079,042.36, unchanged from the previous year[42] - The company's equity attributable to shareholders reached CNY 323,935,283.76, up from CNY 319,727,743.97, indicating a growth of 1.3%[42] Cash Flow - Net cash flow from operating activities increased by RMB 5,544,100.00, representing an 87.78% growth compared to RMB 6,316,157.07 in the same period of 2021[21] - Cash received from sales of goods and services in Q1 2022 was CNY 71,799,763.79, compared to CNY 54,263,300.43 in Q1 2021, indicating improved cash flow from operations[54] - Total cash inflow from operating activities was ¥72,331,797.37, up from ¥57,662,110.97 in the same period last year, representing a growth of 25.4%[55] - Cash outflow from operating activities totaled ¥60,471,572.05, compared to ¥51,345,953.90 in Q1 2021, reflecting an increase of 17.5%[55] - The ending cash and cash equivalents balance decreased to ¥43,698,660.05 from ¥77,916,240.31 year-over-year, a decline of 43.8%[56] Shareholder Information - The total number of unrestricted shares increased from 40,041,378 (30.43%) to 62,926,378 (47.82%) during the reporting period[25] - The number of restricted shares decreased from 91,540,000 (69.57%) to 68,655,000 (52.18%)[25] - The total share capital remained unchanged at 131,581,378 shares[26] - The number of shareholders holding common stock reached 5,213[26] - The largest shareholder, Qingdao Fengguang Investment Management Co., Ltd., holds 79,815,000 shares, representing 60.66% of the total[27] - The second-largest shareholder, Qingdao Dingshengquan Investment Enterprise (Limited Partnership), holds 11,725,000 shares, accounting for 8.91%[27] - The total shares held by the top ten shareholders amount to 118,704,294, which is 90.21% of the total[28] Operational Insights - The company plans to enhance employee compensation and benefits to improve morale and cohesion, which has impacted profit margins[21] - The company is focusing on expanding its market presence and investing in new product development to drive future growth[48] - Research and development expenses for Q1 2022 were CNY 3,161,432.58, slightly up from CNY 3,127,047.24 in Q1 2021, reflecting continued investment in innovation[50] Compliance and Commitments - There were no significant legal disputes or external guarantees during the reporting period[31] - The company has committed to avoiding competition with its major shareholders, which has been adhered to during the reporting period[32] - The company has made commitments regarding share lock-up, stock price stabilization, and measures to compensate for diluted immediate returns, all of which were fulfilled during the reporting period[33][34][35] - The company has not implemented any profit distribution or capital reserve transfer to increase share capital during the reporting period[37] - The company reported no instances of fund occupation during the reporting period, maintaining compliance with its commitments[34]

Strategic Partnerships and Agreements - The company signed a significant ten-year strategic cooperation procurement agreement with Aidiwozi Vacuum Pump Manufacturing (Qingdao) Co., Ltd. on December 28, 2021[7]. - The company signed a new ten-year strategic cooperation agreement with Edwards, expected to generate CNY 70.29 million in revenue for 2021, a 174.75% increase from 2019[45]. - The company signed a ten-year strategic cooperation procurement agreement and exclusive supply contract with Aidewoz Vacuum Pump Manufacturing (Qingdao) Co., Ltd. on December 28, 2021[158]. Financial Performance - The company's operating revenue for 2021 was RMB 263,255,141.31, representing a 43.57% increase compared to RMB 183,357,856.19 in 2020[30]. - The net profit attributable to shareholders for 2021 was RMB 48,927,132.65, up 46.39% from RMB 33,421,681.18 in the previous year[30]. - The gross profit margin for 2021 was 36.75%, a decrease from 37.92% in 2020[30]. - The total assets at the end of 2021 amounted to RMB 361,457,397.80, reflecting a 2.60% increase from RMB 352,291,372.41 at the end of 2020[31]. - The total liabilities increased by 87.79% to RMB 41,729,653.83 in 2021, compared to RMB 22,221,363.55 in 2020[31]. - The weighted average return on equity based on net profit attributable to shareholders was 15.06% in 2021, up from 12.05% in 2020[30]. - The basic earnings per share for 2021 was RMB 0.37, a 37.04% increase from RMB 0.27 in 2020[30]. - The company's current ratio decreased by 51.34% to 3.99 in 2021, down from 8.20 in 2020[31]. - The net assets attributable to shareholders at the end of 2021 were RMB 319,727,743.97, a decrease of 3.13% from RMB 330,070,008.86 at the end of 2020[31]. - The company's operating revenue for the period reached CNY 263.26 million, an increase of 43.57% compared to CNY 183.36 million in the previous year[61]. - The gross profit margin decreased to 36.75% from 37.92% year-on-year, indicating a slight decline in profitability despite increased revenue[61]. - The company's net profit for the period was CNY 48.93 million, representing a growth of 46.39% from CNY 33.42 million in the previous year[65]. Research and Development - A total of 33 patents were obtained during the reporting period, including 2 invention patents and 31 utility model patents, bringing the cumulative total to 137 patents by the end of the reporting period[8]. - The company's research and development expenses rose by 32.07% to CNY 14.34 million, emphasizing its commitment to innovation[61]. - The total number of R&D personnel increased to 72, with R&D personnel accounting for 17.07% of total employees, down from 17.69%[86]. - The DFM cylinder end plate processing technology has improved efficiency significantly, allowing for automation and replacing traditional fixtures[88]. - The processing technology for bearing seats has increased production efficiency by 2-3 times and reduced defect rates by 20%[88]. - The core component processing technology for servo motor brakes has achieved stable mass production, replacing imported products[89]. - The automotive intelligent electric water pump core component technology has improved production efficiency by nearly 50%[89]. Market and Industry Trends - The semiconductor market is projected to grow significantly, with global sales reaching $555.9 billion in 2021, a 26.2% increase year-over-year[95]. - China's integrated circuit industry sales exceeded 1 trillion yuan for the first time in 2021, with a year-over-year growth of 18.2%[96]. - The robot industry in China is projected to achieve an average annual revenue growth rate exceeding 20% by 2025, with manufacturing robot density expected to double[99]. - The semiconductor industry in China is expected to see significant domestic substitution opportunities due to high demand and insufficient supply capacity[97]. - The urban rail transit sector in China has seen rapid development, with 50 cities operating urban rail systems and a total operational line length of 9,192.62 kilometers by the end of 2021[101]. Customer Concentration and Sales - The company achieved sales revenue of 135.99 million yuan from its top five customers in 2020 and 199.85 million yuan in 2021, accounting for 74.17% and 75.92% of total revenue respectively[14]. - The company's foreign sales revenue was 51.81 million yuan in 2020 and 74.13 million yuan in 2021, representing 29.07% and 29.13% of main business income respectively[14]. - The main customer Atlas Copco Industrial Technique AB accounted for 26.95% of total sales, with total sales to the top five customers making up 75.92% of total revenue[73]. - The company emphasizes long-term cooperation with quality customers, with the longest partnership lasting 20 years, mitigating risks associated with customer concentration[14]. - The company reported a net accounts receivable of 64.75 million yuan in 2021, which constituted 39.90% of current assets, highlighting a significant risk in receivables management[111]. Governance and Compliance - The company has established a governance structure to mitigate risks associated with the actual controller's influence, ensuring fair treatment of all shareholders[110]. - The company has ongoing commitments related to stabilizing stock prices and increasing shareholdings, which are in progress[119]. - The company has made commitments to avoid competition with its controlling shareholder and related parties, ensuring no direct or indirect engagement in competing businesses[122]. - The company will ensure that any commitments made in the public offering document are truthful and complete, bearing legal responsibility for any misrepresentation[141]. - The company will provide timely and adequate disclosures regarding any failure to fulfill commitments[138]. Operational Efficiency and Investments - The company plans to continue expanding its market presence and investing in new product development to drive future growth[21]. - The company plans to enhance production efficiency through automation and process optimization, aiming to reduce reliance on manual labor[105]. - The company invested in multiple automated production lines, enhancing labor productivity and product quality[46]. - The company has initiated the construction of a new factory to meet growing downstream market demand and strengthen its market position[106]. - The company plans to invest CNY 130 million in the construction of the Shanghai Cooperation Organization factory in 2022, leading to no cash dividend distribution for the year[177]. Employee Management and Training - The total number of employees decreased from 416 at the beginning of the period to 407 at the end, reflecting a net reduction of 9 employees[188]. - The number of production personnel decreased from 269 to 253, with a net reduction of 16 employees, while sales personnel increased from 27 to 30, a net increase of 3 employees[188]. - Employee training focused on enhancing comprehensive qualities, management skills, and safety awareness, covering various training categories[189]. Financial Management and Shareholder Returns - The company distributed a cash dividend of CNY 4.50 per 10 shares on July 9, 2021, with no stock bonus or capital increase[176]. - The company will prioritize cash dividends when conditions allow, with a minimum cash distribution of 10% of distributable profits[133]. - The company aims to distribute no less than 30% of the average annual distributable profits over the last three years in cash dividends[133]. - The company will ensure that the remuneration system for directors and senior management is linked to the execution of return compensation measures[132]. - The company will disclose reasons for any failure to fulfill commitments and propose alternative commitments to protect investor interests[129].