Core Viewpoint - The trend of "physical dividends" is gaining momentum in the A-share market, with over 30 companies offering unique shareholder rewards that integrate their business and products in 2025 [2] Group 1: Overview of Physical Dividends - Companies are increasingly engaging in shareholder reward activities, with examples including tickets, food items, and discounts, reflecting a wave of "creative rewards" in the capital market [2][5] - The concept of "physical dividends" is popular among investors, who refer to these stocks as "wool stocks" that can be passed down through generations [2] - Experts warn that while this trend can strengthen shareholder relationships if aligned with long-term strategies, it risks becoming a short-term marketing gimmick if it deviates from core business [2] Group 2: Examples of Shareholder Rewards - Emei Mountain A (000888.SZ) offers tickets, cable cars, hotels, hot springs, skiing, and tea as rewards for shareholders holding over 500 shares [4] - Qianwei Central Kitchen (001215.SZ) provides product gift packages for shareholders holding 100 shares or more [4] - Other companies like Hainan Airlines (600221.SH) and Xiangxiang Cultural Tourism (600576.SH) offer various discounts and free access to attractions for all shareholders [4][5] Group 3: Industry Trends and Patterns - The consumer sector, particularly food and beverage, remains the primary driver of "creative rewards," with companies like Wufangzhai (603237.SH) giving out rice dumpling gift boxes [5] - Many companies have established regular "physical dividend" mechanisms, such as Xiangyuan Cultural Tourism (600576.SH), which has been rewarding shareholders for three consecutive years [6] - Continuous rewards are seen in companies like Zhongjing Food (300908.SZ), which provides mushroom sauce annually, and Jiahua Food (605300.SH), which has been giving coffee products for five years [7] Group 4: Strategic Implications - The trend of "physical dividends" represents a shift in investor relations management from a focus on financial returns to a more interactive value creation approach [8][9] - This strategy allows companies, especially small to mid-cap consumer firms, to reduce financial pressure while enhancing shareholder loyalty and market reach [10] - However, the sustainability of this model is questioned, as it relies heavily on the event's popularity and lacks fundamental support, which may lead to stock price volatility [10]

Core Viewpoint - The trend of "physical dividends" is gaining momentum in the A-share market, with over 30 companies offering unique shareholder rewards that integrate their core business and products in 2025, reflecting a shift towards enhancing shareholder relationships through tangible benefits [1][2]. Group 1: Company Initiatives - Companies like Emei Mountain A (000888.SZ) and Qianwei Yangchun (001215.SZ) are leading the trend by offering tickets, discounts, and product gift packages to shareholders, showcasing a variety of rewards across different sectors including tourism, consumption, and technology [1][2][4]. - A significant number of companies have established regular "physical dividend" mechanisms, such as Xiangyuan Culture (600576.SH) and Jiangjing Food (300908.SZ), which have consistently provided rewards to shareholders over multiple years [5][6]. Group 2: Market Dynamics - The "physical dividend" trend is primarily driven by small to mid-cap consumer companies, which leverage their products for shareholder rewards, thereby reducing financial pressure while enhancing market reach and shareholder loyalty [8][9]. - The practice of offering physical rewards is seen as a novel approach to investor relations and brand marketing, allowing companies to create a "value co-creation" environment with shareholders [6][7]. Group 3: Investor Sentiment - Shareholders are increasingly attracted to stocks with "physical dividend" offerings, often referred to as "wool stocks," indicating a growing interest in tangible benefits over traditional cash dividends [1][2]. - However, experts caution that while these initiatives can temporarily boost stock prices, their sustainability is contingent upon the underlying business fundamentals and cash flow quality [8][9].

证券代码：600221、900945 证券简称：海航控股、海控 B 股 编号：临 2025-117 海南航空控股股份有限公司 临时公告 关于股东回馈活动的补充公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 在 2025 年 12 月海南自由贸易港正式封关运作以及海南航空控股股份有限公司 （以下简称"公司"）加入辽宁方大集团 4 周年之际，公司推出股东回馈活动，以践 行上市公司股东回报责任，回馈广大投资人对新海航的认可和支持。详见公司于 2025 年 12 月 9 日披露的《关于股东回馈活动的自愿性信息披露公告》（编号：临 2025-116）。 根据活动开展情况及股东对本次活动建议，现拟对股东回馈活动方案作出补充说 明，具体如下： 一、补充活动范围 以 2025 年 10 月 9 日 15:00 交易结束后，当日在中国证券登记结算有限责任公司 上海分公司登记在册的持有本公司 A 股股票（股票代码：600221）的所有股东和 2025 年 10 月 15 日在中国证券登记结算有限责任公司上海分公司登记在册的持有本公司 B 股 ...

方大集团董事局主席方威 近日对重庆业务表示了强烈不满 —— " 事情都做了，但做得不理 想 " 。 《 BUG》栏目获悉，他在 集团总部周例会上 发表长篇 讲话 ， 直接批评了方大航空国际 总部工作，还在会上直接点名辽宁方大集团董事、副总裁兼方大航空国际总部董事长徐军， 直言 "徐军再这么干就得从严从重处理"。 对于海航的重庆战略落实情况，方威为什么表现得那么急迫？ 文 | 《BUG》栏目 刘丽丽 方威在内部会上点到徐军的名字总计 8次，甚至指出了很具体的细节问题，比如： " 徐军也要有危机感 ！ " " 希望徐军要转换思想，包括如果想回家可以请假，不要说 成 ' 上天津航空检查 '！" " 我在重庆调研了十来天，一直说没事，我一离开重庆，汇报的文件就报过来了，为什么不 早提？还给自己找理由。那你要是早汇报，我在重庆不是更方便现场协调吗？你们有问题不 提就证明脑子里没数，徐军再这么干就得从严从重处理。 " ………… 徐军是海航老资格，他于 1992年加入海航集团，曾担任北京首都航空总裁、天津航空董事 长，2018年2月起任海南航空控股股份有限公司总裁，2019年7月当选董事长并卸任总裁 职务。 2022年8月 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月9日航空机场板块较上一交易日下跌2.16%，海航控股领跌。当日上证指数报收于 3909.52，下跌0.37%。深证成指报收于13277.36，下跌0.39%。航空机场板块个股涨跌见下表： 从资金流向上来看，当日航空机场板块主力资金净流出2.32亿元，游资资金净流入1.4亿元，散户资金净 流入9258.36万元。航空机场板块个股资金流向见下表： ...

根据股东持股数量不同，海航给出的机票折扣不同。持股10万股以上自然人股东或机构股东代表（含10万股），可享海南航空及控股子公司执飞航班机票 市价9折购票优惠，如果是起飞或降落在海南地区的航班，可在机票市价9折购票优惠基础上叠加9折购票优惠。持股5万股至10万股的，享受9.5折，叠加 也是9.5折；持股5万股以下的，折扣均为9.8折。 海航推出的股东回馈引发投资者热议，主要关注点在于回馈力度是否有诚意，以及未来能否对股价形成有力支撑。有投资者称，"几十万就打九折，存支 付宝都比这实惠，还指望他涨，做梦了。"Wind数据显示，10月9日，海航控股收盘价为1.64元/股，10万股对应市值16.4万元，放入余额宝两个月可产生的 利息在290元左右，对比海航提供的机票折扣力度，近期需多次飞行的投资者可获得较大实惠。 齐鲁晚报·齐鲁壹点记者 黄寿赓 实习生 李名洋 继峨眉山A、千味央厨之后，12月8日晚间，海航控股（600221.SH）及海控B股也加入了A股公司"花式"股东回馈之列，为股东提供的是打折机票。 海航控股公告称，为感谢股东长期以来对海南航空的支持，在2025年12月海南自由贸易港正式封关运作以及海南航空加入辽 ...

2025年8月，海南航空推出"一人两宠"服务。李耀乐 摄 海南日报全媒体记者 邵长春 加入辽宁方大集团四周年，借力海南自贸港建设实现高质量发展—— 新海航海南航空：乘势而上，四载有为 二〇二五年十一月，海南航空全新引进的空客A330客机在海口美兰国际机场起飞。毛泽浩 摄 海南航空乘务员在全新空客A330飞机经济舱为旅客提供服务。王峻权 摄 通讯员 谭屈玲 2025年是"十四五"规划收官之年，也是"十五五"规划谋篇布局之年。在辽宁方大集团的坚实引领下，新 海航航空集团旗下海南航空历经"整顿年""巩固年""大发展年"至"创新年"四载淬炼，已完成蜕变重塑，蓄力 启航。今年12月18日，海南自贸港将正式启动全岛封关，作为主基地航司，海南航空正以党建为舵，安全为 锚，服务为翼，管理为擎，在新的历史起点上全速开启高质量发展新征程。 1 党建领航： 铸魂强基，把准高质量发展方向 "在执行飞行训练和航班保障任务中，我深切体会到，公司'党建为魂'的企业文化深入到安全运行的每个 环节。"海南航空飞行教员徐庆波表示。这份深刻的体验，正是海南航空以高质量党建引领企业发展，凝聚职 工队伍强大向心力的生动缩影。 党建领航，举旗定向。自2 ...

Core Viewpoint - Hainan Airlines, under the leadership of Liaoning Fangda Group, is set to embark on a new journey of high-quality development as it prepares for the full operation of Hainan Free Trade Port by 2025, emphasizing safety, service, and management as key pillars of its strategy [1]. Group 1: Party Building and Corporate Culture - The company integrates "party building as the soul" into its corporate culture, enhancing employee cohesion and guiding development through a robust political responsibility framework [2][3]. - Since joining Liaoning Fangda Group, Hainan Airlines has conducted over 15,800 learning sessions on party principles, covering 492,000 participants, and organized more than 3,540 themed party activities [3][4]. Group 2: Safety Management - Hainan Airlines prioritizes safety, achieving over 10 million hours of safe flight and receiving the "Diamond One Star Award" from the Civil Aviation Administration, marking it as the first private airline to achieve this [5]. - The company has invested over 54.2 billion yuan in materials and maintenance since 2022, ensuring the safe return of over 369 grounded aircraft to service [5]. Group 3: Service Excellence - Hainan Airlines has been awarded the "SKYTRAX Five-Star Airline" title for the 14th time, reflecting its commitment to high-quality service and innovation [6]. - The airline has introduced various personalized services, including freshly brewed coffee and upgraded cabin experiences, enhancing passenger comfort and satisfaction [7][8]. Group 4: Management Transformation - The company reported a significant increase in revenue and net profit, with a revenue of 53.44 billion yuan and a net profit of 2.845 billion yuan in the first three quarters of 2025, marking a year-on-year growth of 30.93% [11]. - Hainan Airlines has optimized 293 internal regulations, completing 487 updates to enhance operational efficiency and compliance since joining Liaoning Fangda Group [12]. Group 5: Employee Welfare - The airline has implemented various welfare policies, including free meals and financial support for employees, with over 2 billion yuan spent on free meals and 4.66 billion yuan on holiday and birthday benefits [13][14]. - Hainan Airlines has conducted nearly 3,500 employee care activities, covering approximately 630,000 employees, and has increased salaries for frontline staff multiple times [14]. Group 6: Innovation and Technology - The company has invested in IT infrastructure and developed a matrix of systems to enhance operational safety and efficiency, including a multilingual intelligent customer service system [15]. - Hainan Airlines has achieved significant fuel savings through the implementation of a dynamic weight management system, saving 311 tons of fuel by November 2025 [16]. Group 7: Environmental Responsibility - The airline has reduced carbon emissions by approximately 1.317 million tons and improved fuel efficiency by 19.7% since joining Liaoning Fangda Group [17]. - Hainan Airlines has been recognized as a benchmark case for green low-carbon development in the aviation industry, reflecting its commitment to sustainable practices [17]. Group 8: Social Responsibility - The company has actively engaged in social responsibility initiatives, including providing free cataract surgeries in remote areas and supporting various community projects [19][20]. - Hainan Airlines has successfully completed critical flight operations for major national events, demonstrating its commitment to public service and safety [20]. Group 9: Future Development - As the Hainan Free Trade Port approaches full operation, Hainan Airlines is expanding its international route network, with plans to increase flights to key global destinations [21][22]. - The airline has successfully imported various aircraft under the "zero tariff" policy, significantly reducing operational costs and enhancing its fleet [22][23].

智通财经记者 | 陈怡轩 近日，海航控股（600221.SH）发布的两项增资决议引发行业关注：一项是放弃参与西部航空不少于15.5亿元的增资认缴，持股比例预计从28.43%被稀释至 13.94%；另一项是以7.5亿元自有资金增资海航货运有限公司。 两项动作方向截然相反，却指向统一逻辑：在盈利修复周期与高负债压力下，海航正不断调整资本配置路径。 海航方面向智通财经记者回应称，近年来国内航空货运企业陆续通过IPO等方式登陆资本市场，广受投资人认可，市值甚至追平或超越了航空客运企业。公 司看好货运板块，增资有助于把握市场增长机遇。 资产调优 海航破产重整距今已四年有余。自2021年辽宁方大集团接手海航以来，这家曾拥有庞杂资产版图的航空集团持续推进资产瘦身。 资本市场方面，分析师普遍对海航控股前景保持谨慎乐观态度。华源证券分析师指出，行业供需反转在即，鉴于公司处于业绩修复初期，经营效率提升下， 有望充分发挥先发资源优势及自贸港区位优势，利润弹性空间可期。 在资本投入上，海航控股过去两年偏向谨慎。最近一次公告是今年8月《第十届董事会第四十三次会议》上审议通过"增资子公司海航航空技术有限公司 16.35亿元人民币"一例， ...

来源：新海航丨海南航空HainanAirlines 新海航海南航空 乘势而上，四载有为 加入辽宁方大集团四周年 2025年是"十四五"规划收官之年，也是"十五五"规划谋篇布局之年。在辽宁方大集团的坚实引领下，新 海航旗下海南航空历经"整顿年""巩固年""大发展年"至"创新年"四载淬炼，已完成蜕变重塑，蓄力启 航。2025年，正值海南自贸港全岛封关运作进入倒计时，作为主基地航司，海南航空正以党建为舵，安 全为锚，服务为翼，管理为擎，在新的历史起点上全速开启高质量发展新征程。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 党建领航： 铸魂强基，把准高质量发展方向 "在执行飞行训练和航班保障任务中，我深切体会到，公司'党建为魂'的企业文化如同精密导航系统般 深入到安全运行的每个环节。当我在模拟机舱内指导学员处理特情时，'敬畏生命、敬畏规章、敬畏职 责'的安全理念始终是指引教学的核心标尺；当带队执行航班时，党员机组佩戴党员徽章亮明身份已成 为我们的标准流程。"海南航空飞行教员徐庆波表示。这份真挚的体验，正是海南航空以高质量党建引 领企业发展，凝聚职工队伍强大向心力的生动缩影。 党建领航，举 ...