Investment Rating - The report initiates coverage with an "Outperform" rating for Yihai International [5][8]. Core Views - Yihai International, rooted in Haidilao, is a leading player in the compound seasoning market, focusing on Chinese compound and convenient food products to drive new growth [3][4]. - The company is enhancing its product matrix and expanding its sales network while reducing reliance on related parties [3][4]. - The third-party revenue share has steadily increased, surpassing related party revenue since 2018, with a CAGR of 22.4% for third-party revenue from 2018 to 2023 [4][6]. - The company has planned capacity expansions both domestically and internationally to support long-term business growth [13][15]. Summary by Sections Company Overview - Yihai International originated as a supplier of hot pot base products for Haidilao and became independent in 2013, listing on the Hong Kong Stock Exchange in 2016 [5][6]. - The company has successfully reduced its dependence on Haidilao, with related party revenue dropping from 78.7% in 2017 to below 50% in 2023 [5][6]. Product Development - The company has optimized its product development organization, with 21 product teams led by 7 innovation committee members focusing on domestic and international markets [3][33]. - As of the end of 2023, Yihai launched 24 new hot pot seasoning products, 37 new Chinese compound seasoning products, and 40 new convenient food products [33][34]. Revenue and Profitability - The company expects revenues of 6.88 billion, 7.50 billion, and 8.07 billion RMB for 2024, 2025, and 2026, respectively, with net profits of 980 million, 1.11 billion, and 1.23 billion RMB [4][5]. - The gross margin improved to 31.6% in 2023, up 1.4 percentage points from the previous year, following a decline in raw material costs [18][19]. Market Trends - The compound seasoning market in China is growing rapidly, with a market size of 178.6 billion RMB in 2022, reflecting a 12.5% year-on-year growth [22][23]. - The penetration rate of compound seasonings in China is still low at 26%, indicating significant growth potential compared to more mature markets like Japan and South Korea [23][24]. Strategic Initiatives - The company is enhancing its sales efficiency through various management mechanisms, including a sales partner system and regional management strategies [9][10]. - Yihai is focusing on the B-end market, particularly with small and medium-sized restaurant chains, which are expanding rapidly [28][38].

Agreements and Contracts - The company renewed the Haidilao Master Sales Agreement on 17 October 2023 under similar terms, detailing the supply of Haidilao Customized Products, Yihai Retail Products, and convenient ready-to-eat food products to the Haidilao Group[6] - The Framework Sales and Purchase Agreements were renewed on 17 October 2023, covering the sales of condiment products and convenient ready-to-eat food products between the company and the Joint Venture[4] - The Shuhai Purchase Agreement was renewed on 17 October 2023 on similar terms[11] - The Shuhai Sales Agreement was renewed on 17 October 2023 on similar terms[12] - The warehouse storage service agreement between the company and Shuhai Supply Chain was dated 7 December 2020[15] - The Master Sales Agreement between Super Hi and the Company was renewed on 17 October 2023, continuing the supply of Super Hi Customized Products, Yihai Retail Products, and convenient ready-to-eat food products[19] Financial Performance - Revenue for 2023 reached RMB 6,147.573 million, showing a slight increase from RMB 6,147.011 million in 2022[31] - Gross profit for 2023 was RMB 1,941.304 million, up from RMB 1,853.882 million in 2022[31] - Profit before income tax for 2023 was RMB 1,264.117 million, compared to RMB 1,142.147 million in 2022[31] - Profit for the year 2023 was RMB 907.028 million, up from RMB 815.986 million in 2022[31] - Total assets for 2023 increased to RMB 6,054.438 million from RMB 5,551.293 million in 2022[32] - Non-current assets for 2023 were RMB 2,867.012 million, up from RMB 2,439.808 million in 2022[32] - Current assets for 2023 were RMB 3,187.426 million, compared to RMB 3,111.485 million in 2022[32] - Total equity for 2023 was RMB 5,089.410 million, up from RMB 4,537.021 million in 2022[32] - Revenue for 2023 remained stable at RMB 6,147.6 million, with a net profit of RMB 907.0 million, representing a year-on-year increase of 11.2%[49] - Revenue from hot pot condiments increased by 11.7% to RMB 4,091.7 million in 2023, accounting for 66.5% of total revenue[65] - Revenue from sales of hot pot condiments to related parties increased by 35.6% in 2023, driven by increased demand for offline consumption[65] - Revenue from sales of hot pot condiments to third parties decreased by 3.2% in 2023, due to competition from new small beef tallow hot pot soup flavoring products[65] - Revenue from Chinese-style compound condiments increased to RMB 621.4 million in 2023, representing 10.1% of total revenue[62] - Revenue from convenient ready-to-eat food products decreased to RMB 1,387.1 million in 2023, accounting for 22.6% of total revenue[62] - The average selling price per kg for hot pot condiments decreased to RMB 23.2 in 2023 from RMB 24.8 in 2022[60] - Sales volume of hot pot condiments increased to 176,034 tonnes in 2023, up from 148,048 tonnes in 2022[60] - Revenue from other products increased to RMB 47.4 million in 2023, representing 0.8% of total revenue[62] - Revenue from Chinese-style compound condiments increased by 9.2% to RMB621.4 million in 2023, accounting for 10.1% of total revenue[68] - Revenue from sales of Chinese-style compound condiments to third parties increased by 6.1%, while revenue from related parties surged by 176.6%[68] - Revenue from convenient ready-to-eat food products decreased by 25.8% to RMB1,387.1 million in 2023, accounting for 22.6% of total revenue[70] - Sales revenue from related parties (Haidilao Group, Super Hi Group, and Shuhai Supply Chain Group) increased by 35.0% to RMB2,010.8 million in 2023[73] - Sales revenue from distributors decreased by 11.5% to RMB3,805.0 million in 2023, primarily due to reduced demand for self-serving hot pot products[73] - E-commerce channel revenue decreased by 8.3% to RMB304.6 million in 2023, mainly due to lower sales of convenient ready-to-eat food products[73] - Northern China contributed 44.3% of total revenue, while Southern China accounted for 49.6% in 2023[76] - The company's cost of sales decreased by 2.0% to RMB4,206.3 million in 2023, driven by lower raw material prices[77] - Sales cost decreased by 2.0% from RMB 4,293.1 million in 2022 to RMB 4,206.3 million in 2023, primarily due to lower procurement prices of raw materials such as oils, peppercorns, and beef[78] - Gross profit increased by 4.7% from RMB 1,853.9 million in 2022 to RMB 1,941.3 million in 2023, with gross profit margin rising from 30.2% to 31.6%[79][80] - Distribution expenses decreased by 8.8% from RMB 646.6 million in 2022 to RMB 589.4 million in 2023, mainly due to reduced advertising and transportation costs[81][86] - Administrative expenses increased by 20.9% from RMB 227.8 million in 2022 to RMB 275.5 million in 2023, driven by higher travel, office expenses, and senior management bonuses[82][87] - Net profit increased by 11.2% from RMB 816.0 million in 2022 to RMB 907.0 million in 2023, with net profit margin rising from 13.3% to 14.8%[92][94] - Cash and cash equivalents increased to RMB 2,309.4 million in 2023 from RMB 1,880.5 million in 2022, primarily composed of RMB and USD[97][98] - Asset-liability ratio decreased from 18.3% in 2022 to 15.9% in 2023, with no bank borrowings[99][100] - Inventories decreased to RMB 370.5 million in 2023 from RMB 387.5 million in 2022, with turnover days improving from 33.3 days to 32.9 days[102] - Trade receivables increased to RMB 258.1 million in 2023 from RMB 155.6 million in 2022, mainly due to higher offline consumer demand and related party revenue[103] - Trade payables increased to RMB402.8 million as of 31 December 2023, up from RMB396.3 million in 2022, with turnover days rising from 29.4 days to 34.7 days[104] - Inventory decreased to RMB370.5 million as of 31 December 2023, down from RMB387.5 million in 2022, with turnover days decreasing from 33.3 days to 32.9 days[106] - Trade receivables increased to RMB258.1 million as of 31 December 2023, up from RMB155.6 million in 2022, with turnover days rising from 11.6 days to 12.3 days[107] - The company's debt-to-equity ratio decreased to 1.7% as of 31 December 2023, down from 2.5% in 2022[111] Corporate Governance and Board Structure - The company's financial statements for the year ended 31 December 2023 were audited by PricewaterhouseCoopers[4] - The Board of Directors includes Mr. Sean Shi as Chairman and Mr. Guo Qiang as Chief Executive Officer[21] - The Audit Committee is chaired by Ms. Cui Jin, with Mr. Qian Mingxing and Ms. Ye Shujun as members[22] - The Company's auditor is PricewaterhouseCoopers, registered as a certified public accountant and public interest entity auditor[25] - The Board emphasizes that corporate culture is fundamental to the Group's long-term business success, economic achievements, and sustainable growth[156] - The Company is committed to developing a positive and progressive culture based on its purpose, values, and strategy[156] - The company's corporate culture emphasizes the mission "Easy & Tasty" and the value "To change your destiny with your own hands," which is deeply ingrained in every employee[158] - The company regularly reviews its compliance with the Corporate Governance Code and was in full compliance during the year ended 31 December 2023[160] - The Board is responsible for major decisions, including approval of policies, strategies, risk management, and significant financial and operational matters[163] - The Board composition in 2023 included 5 executive directors, 1 non-executive director, and 4 independent non-executive directors, with changes occurring in March 2024[168] - The company ensures that all independent non-executive directors meet the independence requirements set out in the Listing Rules, with annual written confirmations received[169] - Ms. Cui Jin was appointed as an independent non-executive Director on 26 March 2024 and confirmed her understanding of her obligations as a Director[171][174] - The Board met five times during the year ended 31 December 2023 to review and approve financial results, dividend distribution, and other key matters[183] - The Company held an annual general meeting on 18 May 2023 and an extraordinary general meeting on 13 December 2023, with all proposed resolutions passed by poll vote[184][186] - Each newly appointed Director receives formal induction to understand the Company's business and regulatory responsibilities[179] - Directors received training on ESG matters, regulatory updates, and anti-corruption policies during the year ended 31 December 2023[180] - The chairman held a meeting with independent non-executive Directors without the presence of other Directors during the year ended 31 December 2023[184] - All directors attended 5 out of 5 board meetings and 2 out of 2 general meetings during the reporting period[187] - Regular board meeting notices are served to directors at least 14 days in advance, with board papers sent at least 3 days before meetings[190] - The company maintains clear separation of roles between Chairman (Mr. Sean Shi) and CEO (Mr. Guo Qiang)[193] - The Audit Committee consists of 3 independent non-executive directors and meets at least twice annually[197] - The company has established three board committees: Audit, Remuneration, and Nomination, all with written terms of reference[194] - Board committees can seek independent professional advice at company expense when necessary[194] - The Audit Committee oversees external auditor relationships, financial reporting, and internal controls[198] - Ms. Cui Jin was appointed as independent non-executive director and Audit Committee chair on March 26, 2024[197] - The company provides directors with separate access to senior management when needed[190] - Board meeting minutes are circulated to directors for comments within a reasonable time after meetings[191] - The Audit Committee held three meetings during the year ended 31 December 2023[200] - Reviewed the audited annual results and financial report for the year ended 31 December 2022[200] - Reviewed the unaudited interim results and financial report for the six months ended 30 June 2023[200] - Reviewed the financial reporting and compliance procedures[200] - Reviewed the policies and practices on corporate governance[200] - Reviewed the compliance with the Corporate Governance Code and the disclosure requirement in the corporate governance report[200] - Reviewed the code of conduct and compliance manuals for employees and Directors[200] - Reviewed the risk management and internal control systems[200] - Reviewed the internal audit work of the risk management and internal audit department[200] - Reviewed the work of the external auditor[200] Business Strategy and Operations - The company plans to optimize the incentive-based plan for the R&D and product innovation team starting in 2024[35] - The company will explore and implement an online operation model suitable for its development status and product matrix[35] - The company's sales channels covered 34 provincial and administrative regions in China and 49 overseas countries and regions as of December 31, 2023[51] - The company implemented a multi-brand strategy, focusing on the "Magic Cook" and "Haidilao" brands, and enhanced brand awareness through online and offline communication platforms[46] - The company optimized supply capacity by improving self-production ratio, overseas supply capacity, and intelligent production levels, aiming to enhance overall supply chain efficiency[47] - The company focused on product R&D, adhering to a "project-based products" system, and strengthened product launch standards to improve success rates[44] - The company faced challenges in B2B business due to insufficient experience and lack of effective marketing strategies and service systems for small and large B2B clients[39] - The company plans to adjust sales team compensation and performance evaluation schemes in 2024 to encourage market expansion and improve overall performance[39] - The company aims to enrich its product matrix and explore marketing strategies and service systems for the B2B sector to enhance market competitiveness and customer satisfaction[40][41] - The company strengthened channel management by optimizing partner assessment systems and improving management and personnel incentive systems[43] - The company continued to expand its B2B and overseas markets, aiming to meet multi-level and diversified consumer demands[44] - The Group's sales revenue from related parties in 2023 was RMB2,010.8 million, a year-on-year increase of 35.0%[54] - The Group launched 24 new hot pot condiment products, 37 Chinese-style compound condiment products, and 40 convenient ready-to-eat food products in 2023[57] - As of December 31, 2023, the Group had 62 hot pot condiment products, 68 Chinese-style compound condiment products, and 72 convenient ready-to-eat food products on sale[57] - The Group operated 9 flagship stores on e-commerce platforms such as Tmall.com, JD.com, and Pinduoduo as of December 31, 2023[53] - The Group implemented a refined management system for sales channels, increasing data capture dimensions to improve operational efficiency[52] - The Group expanded its product price band and target audience to enhance market coverage and channel satisfaction[52] - The Group optimized its e-commerce organizational structure and improved the standardization and synergy of online store operations[53] - The Group adjusted overseas product taste, packaging, and promotional language to better align with local market preferences[56] - The Group established an overseas product R&D team to explore local food culture and habits, aiming to enrich the product pipeline[56] - The Group focused on long-term product category planning and optimized its product structure to meet diversified market needs[56] - In 2024, the company will focus on product R&D, overseas expansion, brand promotion, channel building, and supply chain optimization[118] - The company plans to enhance R&D capabilities, launch new products, and improve existing ones to meet diverse consumer demands[119] - Overseas business will focus on local flavor-based products, expanding category matrix, and optimizing supply chain with the completion of the Southeast Asia supply center[121] - The company will implement a multi-brand strategy, enhancing brand recognition through online and offline marketing and interactive campaigns[122] - Channel building efforts will focus on improving efficiency, optimizing personnel incentives, and strengthening distributor management through seminars and new product launches[123] - The Group plans to expand its overseas business by obtaining "halal" certification and adjusting flavors to meet local market demands, aiming to increase overseas sales and brand recognition[124] - The Bazhou Phase II project in Hebei Province, with an annual production capacity of 28,000 tonnes, was operational in Q1 2024, targeting northern and northeastern China to optimize logistics costs and peak-season capacity[126] - Yihai Anhui Technology's beef tallow production base, with a planned annual capacity of 57,000 tonnes, is expected to be operational in Q2 2024, focusing on internal demand and B2B customers[128] - The Thai factory, with an annual production capacity of 15,000 tonnes, began operations in Q2 2023, primarily serving the Southeast Asian market and expanding to other overseas regions[129] - The Group will continue to optimize its e-commerce channels, differentiating online and offline product selections to enhance consumer experience and operational efficiency[125][127] - The Group is implementing a multi-brand strategy, including "Haidilao" and "Kuai Shou Xiao Chu," to improve brand loyalty and consumer engagement through marketing and product diversification[124] - The Group is strengthening its supply chain efficiency in Southeast Asia, aiming to reduce logistics costs and expand market coverage in the region[124] - The Group is actively seeking strategic investment opportunities to enhance synergies in product R&D, portfolio expansion, and cost control[130] Leadership and Management - Jingyuan Investment is held 68% by Mr. Zhang Yong and Ms. Shu Ping, and 32% by Mr. Sean Shi and his wife[8] - The Joint Venture, Fuhai (Shanghai) Food Technology Co., Ltd., is a 60%-owned subsidiary of the company[8] - Leda Haisheng is held approximately 62.70% by Beijing Yihan Management Consulting Co., Ltd., 29.70% by Mr. Sean Shi and his wife, and 7.60% by five independent third parties[8] - Shuhai Supply Chain is held approximately 42.72% by Leda Haisheng, 26.17% by Jianyang Jinghai Investment Co., Ltd., and 31.11% by 23 independent third parties[13] - Sichuan Haidilao Catering Co., Ltd. is owned 50% by Jingyuan Investment, 25.50% by Mr. Zhang Yong, and 8% each by Ms. Hailey Lee, Ms. Shu Ping, and Mr. Sean Shi[17] - Super Hi International Holding Ltd. (Super Hi) is listed on the Hong Kong Stock Exchange with stock code 9658[18] - Super Hi Customized Products include hot pot soup flavorings, hot pot dipping sauce, and Chinese-style compound condiment products manufactured using Super Hi Group's formulas[19] - Yihai Retail Products are manufactured using the Group's own formulas and sold through Haidilao Group's hot pot restaurants and

公司研 究 证 券研究 报 告 消费者服务 2024年04月10日 颐 海国际（01579.HK）2023年报点评 推 荐 （维持） 目标价：19.98港元 关联方明显复苏，分红比例提升 当前价：15.06港元 事项： 华创证券研究所  颐海国际公告23年业绩，期内公司实现主营收入 61.48 亿元，同比持平；实 现归母净利润 8.53 亿元，同比增长 14.9%，归母净利率为13.85%（+1.81pct）， 证券分析师：王薇娜 分期来看，2023H2 实现主营收入 35.31 亿元，同比增长 2.1%；实现归母净 电话：010-66500993 利润为 4.95 亿元，同比增长 3.3%。23年现金分红比例为89.84%，较之前年 份明显提升。 邮箱：wangweina@hcyjs.com 评论： 执业编 号：S0360517040002  关联方受益于海底捞等恢复明显，23年关联方实现收入20.1亿元，同比增长 公司基本数据 35%，其中火锅底料/中式复调/方便食品分别实现收入19/0.29/0.83亿元，同比 增长36%/177%/5%，23年关联方收入占比为32.71%（去年同期为24.23%） ...

关联方持续修复，第三方增长承压 颐海国际（1579.HK）/食品 证券研究报告/公司点评 2024年4月5日 加工 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：15.22 港元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 6,163 6,156 7,034 7,841 8,582 分析师：范劲松 增长率yoy% 3% 0% 14% 11% 9% 执业证书编号：S0740517030001 净利润（百万元） 742 853 994 1,105 1,211 电话：021-20315733 增长率yoy% -3% 15% 17% 11% 10% 每股收益（元） 0.72 0.82 0.96 1.07 1.17 Email：fanjs@zts.com.cn 每股现金流量 1.23 1.33 0.97 1.25 1.26 分析师：熊欣慰 净资产收益率 18% 19% 19% 18% 18% 执业证书编号：S0740519080002 P/E 19.3 16.8 14.4 12.9 ...

公司研究 | 动态跟踪 颐海国际 01579.HK 买入（维持） 关联方改善明显，盈利能力提升 股价（2024年04月03日） 15.22港元 目标价格 23.09港元 52周最高价/最低价 24.93/9.24港元 ————颐海国际 2023 年年度业绩公告点评 总股本/流通H股（万股） 103,670/103,670 H股市值（百万港币） 15,779 核心观点 国家/地区 中国 行业 食品饮料 ⚫ 事件：1）公司发布2023 年年度业绩公告，2023年实现营业收入61.5 亿元 报告发布日期 2024年04月04日 /yoy+0.01%，归母净利润8.5亿元/yoy+14.9%；2）公司拟派发截至2023年12月 31日的末期股息每股0.8154港元，登记日为2024年5月30日，派息日为2024 1周 1月 3月 12月 年6月18日，分红率90%。 绝对表现% 4.97 39.63 29.86 -34.55 ⚫ 关联方收入改善明显，第三方业务有所承压。1）分渠道看，公司23年关联方/经销 相对表现% 2.94 38.81 29.39 -16.5 恒生指数% 2.03 0.82 0.47 -18.05 ...

[Table_MainInfo] 公司研究/食品 证券研究报告 颐海国际（1579.HK）公司研究报告 2024年03月30日 [Table_InvestInfo] 投资评级 优于大市 维持 关联方业务表现良好，分红比例显著提升 股票数据 [Table_Summary] [0T3a月ble28_S日t收oc盘k价In（foH] KD） 14.82 投资要点： 52周股价波动（HKD） 9.48-24.45 总股本（百万股） 1037 ⚫ 事件。公司发布 2023 年年报：23 年实现主营业务收入 61.48 亿元，同比 总市值（百万HKD） 15364 +0.01%，归母净利润 8.53 亿元，同比+14.92%，其中 23H2 实现主营业务 市场表现 收入35.31亿元，同比+2.11%，归母净利润4.95亿元，同比+3.35%。同时 [Table_QuoteInfo] 发布2023年派息方案，每股派发股息0.74元人民币，分红率为89.97%。 ⚫ 第三方业务表现承压，关联方收入持续恢复。分产品：23 年火锅调味料/中 式复调/方便速食收入分别同比+11.65%/+9.23%/-25.83%。23H2火锅 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 28 日 颐 海国际(01579.HK) 证券研究报告 方便速食短暂承压，关联方修复迅速 食品 投资评级 买入-A 事件： 维持评级 公司公布2023年年报。2023年实现营收61.47 亿元，同比持平；净 6 个月目标价 19.49港元 利润 9.07 亿元，同比+11.2%；归母净利润8.53 亿元，同比+14.9%。 股价 (2024-03-27) 14.50港元 其中 23H2 实现营收 35.3 亿元，同比+2.1%；净利润5.30 亿元，同比 +1.9%；归母净利润 4.95 亿元，同比+3.3%。公司 2023 年末宣派股息 交易数据 7.67 亿元，分红率约90%，按当日股价计算股息率约6.0%。 总市值(百万港元) 15,032.15 方便速食短暂承压，关联方修复迅速 流通市值(百万港元) 15,032.15 2023 年关联方/第三方分别营收 20.1/41.4 亿元，同比+35.0%/- 总股本(百万股) 1,036.70 11.2%，其中 23H2 关联方/第三方分别营收 11.2/24.3 亿元， ...

证券研究报告·海外公司点评·食物饮品(HS) 颐海国际（01579.HK） 2023 年报点评：业绩符合预期，产品矩阵化 2024 年 03月 28日 和渠道多元化并进 证券分析师 孙瑜 买入（维持） 执业证书：S0600523120002 suny@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 李昱哲 执业证书：S0600522090007 营业总收入（百万元） 6,147 6,148 6,984 7,809 8,662 liyzh@dwzq.com.cn 同比 3.4% 0.01% 13.6% 11.8% 10.9% 归母净利润（百万元） 742 853 1002 1127 1256 股价走势 同比 -3.2% 14.9% 17.5% 12.5% 11.4% 颐海国际 恒生指数 EPS（元/股） 0.71 0.81 0.96 1.08 1.20 16% P/E（现价&最新摊薄） 19 17 14 12 11 9% 2% -5% [关Ta键bl词e_：Ta#g大] 比例分红 #业绩符合预期 -12% -19 ...

智通财经APP获悉，大摩发布研究报告称，维持颐海国际(01579)"与大市同步"评级，将2024年至25年销 售预测上调3%至5%，料今明年销售分别增长11%及8%，净利润率则大致上保持稳定在13%至14%，目 标价由11.7港元上调至15.9港元。 该行表示，即使面临低基数及非旺季，料公司今年首季第三方销售增长达约20%。另预期集团今年看似 能实践销售达逾10%，并指出公司推出产品成功及扩张渠道，但需要等待实质执行结果出现。 ...

智通财经APP获悉，麦格理发布研究报告称，予颐海国际(01579)"跑赢大市"评级，并料公司将受惠于海 底捞(06862)启动加盟模式。计及去年业绩及在营销活动及管缐投资下利润率扩张略为放缓的假设，降 今明两年盈测分别1.2%及4.2%，目标价由18.4港元降2.2%至18港元。 报告中称，在投入成本放缓及供应链改善下，公司去年下半年取得强劲利润率扩张。公司宣派末期息每 股74分人民币，意味大幅提升派息比率，由对上一年的22%大升至85%，股息率5.5%。报告引述颐海管 理层称，如果有充足现金流，则会倾向提供吸引股东回报。 ...