Core Viewpoint - Bull Group (603195) announced a differentiated dividend distribution plan, which includes a cash dividend of 2.40 yuan per share (tax included) and a capital increase of 0.40 shares per share, effective June 9, 2025 [2][3]. Group 1: Trading Information - As of May 30, 2025, Bull Group's stock closed at 70.8 yuan, down 0.49%, with a turnover rate of 0.12% and a trading volume of 15,200 shares, resulting in a transaction amount of 108 million yuan [1]. - On the same day, the net inflow of main funds was 8.0569 million yuan, while retail funds experienced a net outflow of 1.4921 million yuan [2][5]. Group 2: Company Announcements - The annual equity distribution plan for 2024 was announced, detailing a cash dividend of 2.40 yuan per share and a capital increase of 0.40 shares per share, with the record date set for June 6, 2025, and the payment date on June 9, 2025 [2][5]. - The total cash dividend amount to be distributed is approximately 3.101 billion yuan (tax included), based on a total share capital of 1,292,158,890 shares, excluding shares in the repurchase account [3]. - The new total share capital after the capital increase will be 1,809,022,417 shares, with an estimated diluted earnings per share of 2.37 yuan for the fiscal year 2024 [2][3]. Group 3: Legal Opinions - A special legal opinion was issued regarding the differentiated dividend distribution, confirming that the plan complies with relevant laws and regulations, and does not harm the interests of the company or its shareholders [3]. - The company has repurchased 3,925,383 shares as of June 25, 2024, with the majority allocated for special talent shareholding plans and restricted stock incentive plans [3].

Core Viewpoint - The company is implementing a differentiated dividend distribution plan based on its share repurchase program, which aligns with relevant laws and regulations [1][6][7] Group 1: Reasons for Differentiated Dividend Distribution - The board of directors approved a share repurchase plan to use the repurchased shares for employee stock incentive plans and employee shareholding plans, with a total of 3,925,383 shares repurchased by June 25, 2024 [2][3] - The remaining shares in the repurchase account are not entitled to voting rights or profit distribution, which allows for the differentiated dividend distribution for the fiscal year 2024 [3][4] Group 2: Dividend Distribution Plan - The company plans to distribute a cash dividend of 2.40 yuan per share (tax included) and a capital reserve conversion of 0.40 shares per share to all shareholders, based on a total share capital of 1,292,158,890 shares [4][5] - The total cash dividend to be distributed amounts to approximately 3,101,181,160.80 yuan (tax included) [4] Group 3: Ex-Dividend Calculation - The ex-dividend reference price is calculated using the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [5] - The calculated ex-dividend reference price based on the closing price of 72.95 yuan per share is approximately 50.39 yuan [5][6] Group 4: Compliance and Conclusion - The differentiated dividend distribution complies with the Company Law, Securities Law, and relevant self-regulatory guidelines, ensuring no harm to the interests of the company and all shareholders [6][7]

Core Points - The company announced a cash dividend of 2.40 yuan per share (including tax) and a capital reserve conversion of 0.40 shares for every share held [3][5][8] - The profit distribution and capital reserve conversion plan was approved at the annual shareholders' meeting on May 15, 2025 [3][5] - The record date for the cash dividend and stock conversion is June 6, 2025, with the ex-dividend date also set for June 9, 2025 [3][5] Dividend and Capital Increase Details - The total number of shares before the capital increase was 1,292,158,890, which will increase to 1,809,022,417 after the conversion [8] - The cash dividend will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [5][6] - The company will not withhold corporate income tax for domestic institutional investors, while QFII investors will have a 10% tax withheld, resulting in a net cash dividend of 2.16 yuan per share [7][8] Share Structure Changes - The number of unrestricted circulating shares will increase from 1,286,461,637 to 1,801,046,263 after the capital increase [8] - The total number of shares will be adjusted based on the conversion of capital reserves, with the final figures subject to confirmation by the China Securities Depository and Clearing Corporation [8] - The diluted earnings per share for the fiscal year 2024 will be calculated based on the new total share capital of 1,809,022,417 shares [8]

关于公牛集团股份有限公司 差异化权益分派事项的专项法律意见 上海仁盈律师事务所 SHANGHAI RENYING LAW FIRM 地址：上海市徐汇区田林路 487 号 20 号楼宝石大楼 705 室邮编：200233 电话（Tel）：021-61255878 传真（Fax）：021-61255877 网站：www.renyinglawfirm.com 上海仁盈律师事务所 关于公牛集团股份有限公司 差异化权益分派事项的专项法律意见 致：公牛集团股份有限公司 上海仁盈律师事务所（以下简称"本所"）接受公牛集团股份有限公司（以下 简称"公司"）的委托，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》"）《上海证券交易所上市公司 自律监管指引第 7 号——回购股份》等法律、法规、规章和其他规范性文件以及 《公牛集团股份有限公司章程》（以下简称"《公司章程》"）的规定，就公司差异 化权益分派事项（以下简称"本次差异化分红"）出具本专项法律意见（以下简 称"本专项法律意见"）。 为出具本专项法律意见，本所律师声明如下： 1、本所律师仅针对本专项法律意见出具日之前已经 ...

差异化分红送转： 是 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。 重要内容提示： | | | | | 新增无限售 | 现金红利发 | | --- | --- | --- | --- | --- | --- | | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 条件流通股 | 放日 | | | | | | 份上市日 | | | Ａ股 | 2025/6/6 | － | 2025/6/9 | 2025/6/9 | 2025/6/9 | 证券代码：603195 证券简称：公牛集团 公告编号：2025-039 公牛集团股份有限公司2024年年度权益分派实施公告 一、 通过分配、转增股本方案的股东会届次和日期 本次利润分配及转增股本方案经公司2025 年 5 月 15 日的2024年年度股东会审议通过。 二、 分配、转增股本方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： （1）经 2025 ...

Investment Rating - The report maintains a positive outlook on the pet supplies sector, AI glasses, and the home improvement market, highlighting potential acquisition opportunities and new product launches [2][6][27]. Core Insights - The report emphasizes the resilience of essential consumer goods in the personal care sector, with a notable trend towards domestic brands, particularly during promotional events like the 618 sales [6][14]. - The pet supplies market is experiencing consolidation opportunities, with companies like Tianyuan Pet and Yiyi Co. being recommended for their strong market positions and growth potential [6][7]. - The AI glasses segment is expected to see significant product launches in the latter half of 2025, driven by collaborations between major tech companies [12][20]. - The report highlights the positive impact of government policies on the real estate market, which is anticipated to stabilize and boost related sectors, including home improvement [27][28]. Summary by Sections New Consumer Trends - The report identifies the pet supplies sector as a key area for mergers and acquisitions, recommending companies such as Tianyuan Pet and Yiyi Co. for their strong market presence and growth prospects [6][7]. - AI glasses are positioned for growth with new product launches expected from major players like Google and XREAL, indicating a robust market expansion [12][20]. Personal Care Sector - The personal care market shows resilience, with domestic brands gaining traction, particularly during promotional periods [14]. - Recommended companies in this sector include Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to benefit from the ongoing consumer trends [14][15]. Home Improvement and Real Estate - The report notes that government initiatives are likely to support the real estate market, leading to improved conditions for the home improvement sector [27][28]. - Companies like Sophia and Oppein Home are highlighted for their potential to benefit from the anticipated recovery in the housing market [23][27]. Paper Industry - The report mentions a price increase in the paper sector, with expectations for price stabilization due to supply adjustments [25]. - Recommended companies in this space include Sun Paper, which is noted for its integrated operations and cost advantages [25]. Export and Trade - The report discusses the impact of tariff changes on exports, particularly in the light industrial sector, with a focus on companies that have a strong competitive edge [6][20].

Group 1 - This week, 10 listed companies announced share buybacks and capital increase through special loans, including Weichai Power, which received a commitment letter for a buyback loan not exceeding 900 million yuan [1][2] - Weichai Power plans to repurchase shares amounting to 500 million to 1 billion yuan to cancel and reduce its registered capital [1][2] Group 2 - Jianyou Co. announced a buyback with loan support not exceeding 36 million yuan on May 22 [2] - Gongniu Group received a commitment letter for a buyback loan not exceeding 360 million yuan on May 22 [2] - Fenda Technology obtained a commitment letter for a buyback loan not exceeding 90 million yuan on May 21 [2] - Xingshuai Er received a commitment letter for a buyback loan not exceeding 34.55 million yuan on May 20 [2] - Hexing Packaging plans to repurchase shares between 50 million to 100 million yuan with a loan not exceeding 90 million yuan [2] - Anhui Construction's controlling shareholder received loan support not exceeding 180 million yuan for capital increase on May 23 [2] - Hubei Yihua's controlling shareholder obtained a commitment letter for a capital increase loan not exceeding 360 million yuan on May 22 [2] - Tunnel Co.'s controlling shareholder received loan support not exceeding 450 million yuan for capital increase on May 22 [2] - Shanghai Laishi's controlling shareholder plans to increase shares between 250 million to 500 million yuan with a loan not exceeding 450 million yuan [2]

Group 1 - The "China Listed Companies Value 100" list for 2024 highlights the importance of advanced manufacturing and AI innovation, high-quality development of private enterprises, and the cultivation of new consumption [1][2] - Yunnan Aluminum Co., Ltd. topped the list with a comprehensive score of 91.59, followed by Huayi Group, Beixin Building Materials, and COSCO Shipping Holdings [1] - The manufacturing sector leads with 67 listed companies, particularly in high-growth areas such as new energy, semiconductors, AI hardware, electronic manufacturing, and innovative pharmaceuticals [1] Group 2 - High-end liquor companies like Kweichow Moutai, Wuliangye, and Shanxi Fenjiu continue to rank on the list, while food and beverage companies like Haitian Flavoring and Dongpeng Special Drink achieve rapid growth through expanded sales channels [2] - The AI industry in China is projected to reach a scale of 269.7 billion yuan in 2024, with a compound annual growth rate of over 30% expected from 2025 to 2029 [2] - The "Data Asset Listed Companies Analysis Report" indicates that 100 companies disclosed data resource entries in their 2024 annual reports, with positive impacts on stock prices concentrated in high-relevance sectors like information technology [3]

证券代码：603195 证券简称：公牛集团 公告编号：2025-038 公牛集团股份有限公司 关于增加股份回购资金来源暨收到回购专项贷款承 诺函的公告 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。 （公告编号：2025-021）及《公牛集团股份有限公司关于以集中竞价交易方式回 购股份方案的回购报告书》（公告编号：2025-022）。 二、股份回购的进展情况 截至本公告日，公司尚未开始实施回购。 三、增加股份回购资金来源的情况 一、股份回购的基本情况 公牛集团股份有限公司（以下简称"公司"、"公牛集团"）于2025年4月23 日召开第三届董事会第九次会议，审议通过了《关于以集中竞价交易方式回购公 司股份方案的议案》，同意公司以自有资金通过集中竞价交易方式回购部分公司 股份，未来用于实施公司股权激励计划及员工持股计划。本次回购股份的价格上 限为人民币107元/股（含），回购股份资金总额不低于人民币25,000万元（含）， 不超过人民币40,000万元（含）。回购股份资金来源为自有资金。回购期限为自 公司第三届董事会第九次会议审议 ...

Core Viewpoint - The company has adjusted its share repurchase plan to include both self-funding and self-raised funds, including a special loan from a bank, to enhance its share buyback capacity [1] Group 1 - The company announced a change in the funding source for its share repurchase plan from "self-funding" to "self-funding and self-raised funds" [1] - The company received a loan commitment letter from CITIC Bank Ningbo Branch, promising a loan of up to 360 million yuan for the purpose of repurchasing its shares [1]