重要内容提示： 1、原规划：公司实行连续、稳定的利润分配政策，在符合国家相关法律法 规、监管规则及《公司章程》规定的前提下，公司原则上每年进行一次利润分配； 董事会也可以根据公司的经营计划、盈利状况及资金需求状况等情况提议公司进 行中期分红。 江苏国泰国际集团股份有限公司 未来三年（2025年-2027年）股东分红回报规划 变更为： 现规划：公司实行连续、稳定的利润分配政策，在符合国家相关法律法规、 监管规则及《公司章程》规定的前提下，公司拟每年进行两到三次利润分配。 2、原规划：公司每年以现金方式分配的股利不少于当年实现可分配利润的 10%，同时，公司未来三年年均现金分红金额不低于未来三年实现的年均归属于 母公司股东净利润的30%。 变更为： 现规划：公司每年以现金方式分配的股利不少于当年实现可分配利润的40% （高于公司过去三年年均股利支付率），同时，公司未来三年年均现金分红金额 不低于未来三年实现的年均归属于母公司股东净利润的40%。 为完善和健全江苏国泰国际集团股份有限公司（以下简称"公司"）科学、 持续、稳定的分红决策和监督机制，更加积极回报投资者，引导投资者树立长期 投资和理性投资理念，综合考虑公 ...

| 证券代码：002091 | 证券简称：江苏国泰 | 公告编号：2025-66 | | --- | --- | --- | | 转债代码：127040 | 转债简称：国泰转债 | | 江苏国泰国际集团股份有限公司 关于终止使用部分闲置自有资金设立子公司开展证券投资的 公告 公司及子公司前期证券投资具体情况如下： （1）2018年，公司参与认购上海申达股份有限公司的非公开发行A股股票， 上海申达股份有限公司主要从事汽车纺织内饰、纺织新材料和进出口贸易等，与 公司存在产业协同。 （2）朗诗绿色管理系相关资产分配所得，公司控股子公司国裕有限公司零 成本获得朗诗绿色管理股票。 （3）2023年，公司控股子公司江苏瑞泰新能源材料股份有限公司参与认购 天际新能源科技股份有限公司非公开发行A股股票，天际新能源科技股份有限公 司主要产品包括六氟磷酸锂及相关氟化工产品，为江苏瑞泰新能源材料股份有限 公司的上游供应商，与江苏瑞泰新能源材料股份有限公司存在产业协同。 综上，上述前期证券投资系公司前期基于战略规划，长期持有与公司主营业 务相关的上市公司股票，并非以短期买卖股票套利为目的。公司后续将择机合规 逐步退出前期证券投资。 ...

| 证券代码：002091 | 证券简称：江苏国泰 | 公告编号：2025-67 | | --- | --- | --- | | 转债代码：127040 | 转债简称：国泰转债 | | 江苏国泰国际集团股份有限公司 江苏国泰国际集团股份有限公司（以下简称"公司"或"江苏国泰"）于 2025 年 8 月 23 日在信息披露网站巨潮资讯网（http://www.cninfo.com.cn）披露 了《关于召开 2025 年第一次临时股东大会的通知》（公告编号：2025-63），定 于 2025 年 9 月 10 日召开公司 2025 年第一次临时股东大会。 2025 年 8 月 24 日，公司第九届董事会第二十二次（临时）会议审议通过了 《关于重新制定未来三年（2025 年-2027 年）股东分红回报规划的议案》，该议 案尚须提交股东大会审议，具体内容详见巨潮资讯网（http://www.cninfo.com.cn）。 同日，公司董事会收到公司股东张家港保税区盛泰投资有限公司提交的《关于提 请江苏国泰国际集团股份有限公司董事会增加 2025 年第一次临时股东大会的临 时提案的函》，为提高决策效率，张家港保税区盛泰投 ...

1、审议通过《关于终止使用部分闲置自有资金设立子公司开展证券投资的议 案》，同意 9 票、反对 0 票、弃权 0 票。 本议案详细内容见公司指定信息披露报纸《证券时报》和指定信息披露网站 巨潮资讯网 http://www.cninfo.com.cn《江苏国泰：关于终止使用部分闲置自有资金 设立子公司开展证券投资的公告》。 2、审议通过《关于重新制定未来三年（2025 年-2027 年）股东分红回报规划 的议案》，原有《未来三年（2025 年-2027 年）股东分红回报规划》废止。同意 9 票、反对 0 票、弃权 0 票。 | 证券代码：002091 | 证券简称：江苏国泰 | 公告编号：2025-65 | | --- | --- | --- | | 转债代码：127040 | 转债简称：国泰转债 | | 江苏国泰国际集团股份有限公司 第九届董事会第二十二次（临时）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 江苏国泰国际集团股份有限公司（以下简称"公司"）第九届董事会第二十二 次（临时）会议，于 2025 年 8 月 2 ...

Core Viewpoint - The company has established a shareholder dividend return plan for the next three years (2025-2027), committing to distribute at least 40% of the annual distributable profit as cash dividends each year [1] Group 1 - The company plans to distribute cash dividends amounting to no less than 40% of the annual distributable profit achieved in that year [1] - The average annual cash dividend amount over the next three years is set to be no less than 40% of the average annual net profit attributable to the parent company's shareholders [1] - The company intends to conduct two to three profit distributions each year, primarily in cash [1]

Core Viewpoint - Jiangsu Guotai, with a market capitalization of less than 12.4 billion yuan, plans to use no more than 13.8 billion yuan for "wealth management + stock trading," raising significant market attention [1] Group 1: Financial Strategy - The company intends to allocate up to 12 billion yuan for entrusted wealth management, primarily focusing on low to medium-risk financial products such as structured deposits, income certificates, and large-denomination certificates of deposit [1] - Additionally, Jiangsu Guotai plans to invest no more than 1.8306 billion yuan in securities, indicating a higher risk awareness due to the larger allocation towards wealth management compared to stock investments [1] Group 2: Alternative Options - The company has more prudent options available, such as using part of the 13.8 billion yuan to repay short-term loans, which would significantly reduce interest expenses and have an immediate positive effect on net profit [2] - Other viable strategies include distributing dividends or repurchasing shares, which could quickly enhance the company's investment value and boost investor confidence [2] Group 3: Risk Considerations - Relying on investment income rather than operational profits to provide returns to investors is not advisable, as investment losses can lead to significant stock price declines [3] - The company should adopt a more cautious and long-term approach to fund utilization, weighing the pros and cons of various options, with dividend distribution, share repurchase, and partial loan repayment being superior to the "wealth management + stock trading" strategy [3]

Core Viewpoint - Jiangsu Guotai's recent announcements regarding significant financial maneuvers, including plans to invest up to 138.3 billion yuan in financial products and securities, have raised concerns among investors about the company's strategic direction and financial health [1][7][24]. Financial Maneuvers - Jiangsu Guotai plans to use no more than 120 billion yuan of idle funds for entrusted wealth management and up to 18.31 billion yuan for securities investments, totaling 138.3 billion yuan, which exceeds the company's current market capitalization of 124 billion yuan by 11% [1][2][7]. - The company has a history of similar large-scale financial investments, including a previous announcement to use up to 115 billion yuan for wealth management in August 2024 and 10 billion yuan for securities investments in August 2023 [8][12]. Investment Performance - Despite the aggressive investment strategy, Jiangsu Guotai has reported cumulative losses exceeding 70 million yuan from its investment activities, underperforming the market significantly, as the Shanghai Composite Index rose by 2.76% in the same period [8][9][12]. - The company's investments in specific stocks, such as Shenda Co., have shown substantial losses, with a nearly 30% decline in value since acquisition [8][9]. Financial Health - The company's operating cash flow has been declining since 2022, dropping from 36.57 billion yuan to 16.87 billion yuan in 2024, indicating a severe cash flow issue [15][18]. - Although the company reported a revenue increase of 5.46% and a net profit growth of 10.85% in the first half of the year, these figures still reflect a significant gap compared to previous years [12][18]. Governance and Strategy Concerns - Jiangsu Guotai's decision to allocate substantial funds to financial investments rather than core business expansion or R&D raises questions about its governance and strategic priorities, especially as R&D expenditures have been consistently reduced [18][24]. - The company's high executive compensation, with the assistant president earning 7.75 million yuan annually, contrasts sharply with its declining investment in R&D and increasing sales expenses [21][24].

Core Viewpoint - Jiangsu Guotai's recent announcements regarding significant financial maneuvers, including plans to invest up to 138.3 billion yuan in financial products and securities, have raised concerns among investors about the company's strategic direction and financial management [1][3][9]. Group 1: Financial Maneuvers - Jiangsu Guotai plans to use up to 120 billion yuan of idle funds for entrusted wealth management and up to 18.31 billion yuan for securities investment, totaling 138.3 billion yuan, which exceeds the company's market capitalization of 124 billion yuan [1][6][9]. - The company has a history of significant financial investments, having previously announced similar plans in 2022 and 2023, indicating a pattern of aggressive financial strategies [12][14][15]. - Despite these investments, Jiangsu Guotai has reported cumulative losses exceeding 70 million yuan from its securities investments, underperforming compared to the market index [4][16][32]. Group 2: Operational Performance - The company's operating cash flow has been declining, with net cash flow from operating activities dropping from 36.57 billion yuan in 2022 to 16.87 billion yuan in 2024, indicating a concerning trend [23]. - Although the company reported a revenue increase of 5.46% and a net profit increase of 10.85% in the first half of the year, these figures still reflect a significant gap compared to previous years [20]. - Research and development expenditures have been consistently reduced, with a notable decline from 1.27 billion yuan in 2022 to 360 million yuan in the first half of 2025, raising questions about the company's commitment to innovation [26][32]. Group 3: Management and Governance - Jiangsu Guotai's management has been criticized for high executive compensation, with the assistant president earning 7.75 million yuan annually, while the company simultaneously reduces R&D spending [19][30]. - The disparity between high management salaries and declining investment in core business areas has led to skepticism regarding the company's governance and strategic priorities [5][32].

Core Viewpoint - The recent surge in A-share market has led to a renewed interest among listed companies in stock trading and investment, with Jiangsu Guotai announcing significant plans for both entrusted wealth management and securities investment [2][3]. Group 1: Investment Plans - Jiangsu Guotai plans to use no more than 120 billion RMB for entrusted wealth management and up to 18.3 billion RMB for securities investment, totaling over 138 billion RMB [2][6]. - The company has already invested 3.306 billion RMB in securities as part of its investment strategy [3]. - Other companies are also engaging in similar investment activities, with around 60 listed companies announcing plans to use idle funds for securities investment this year [2]. Group 2: Market Context - The Shanghai Composite Index surpassed the 3,800-point mark, reaching a 10-year high, with trading volumes exceeding 2.57 trillion RMB on August 22 [2]. - The current market rally is largely driven by liquidity, with various sources of funds entering the market, including foreign investments and retail investor participation [3]. Group 3: Financial Performance - Despite the enthusiasm for stock trading, Jiangsu Guotai's investment returns have been disappointing, with cumulative fair value changes from securities investments showing losses over the past three years [8]. - The company's cash balance has also been declining, indicating potential liquidity concerns [9]. Group 4: Project Termination - Jiangsu Guotai announced the termination of its lithium-ion battery electrolyte project, which was initially projected to generate significant revenue [10][12]. - The decision to halt the project was influenced by land delivery issues and a challenging industry environment characterized by overcapacity and declining prices [14][15].

Core Viewpoint - The recent surge in A-share market has led to a renewed interest among listed companies in stock trading and investment, with Jiangsu Guotai announcing significant plans for both entrusted wealth management and securities investment [1][3]. Group 1: Investment Plans - Jiangsu Guotai plans to use up to 12 billion yuan for entrusted wealth management and up to 1.83 billion yuan for securities investment, totaling over 13.8 billion yuan [1][6]. - The company has already invested 330.6 million yuan in securities as part of its investment strategy [6]. - A total of approximately 60 listed companies have announced plans to use idle funds for securities investment this year, with at least seven companies planning investments exceeding 1 billion yuan [3]. Group 2: Market Context - The Shanghai Composite Index surpassed the 3,800-point mark, reaching a 10-year high, with trading volumes exceeding 2.57 trillion yuan on August 22 [3]. - The current market rally is largely driven by liquidity, with various sources of funds entering the market, including retail investors and leveraged funds [5]. Group 3: Financial Performance - Jiangsu Guotai's securities investments have not yielded favorable returns, with cumulative fair value changes recorded as -60.45 million yuan for 2023, -69.27 million yuan for 2024, and -71.96 million yuan for the first half of 2025 [9]. - The company's cash balance has been declining, with 12.57 billion yuan reported as of June 2025, down from 14.73 billion yuan in December 2024 [9]. Group 4: Project Termination - Jiangsu Guotai announced the termination of its lithium-ion battery electrolyte project, which was initially projected to generate annual revenues of 15 billion yuan [10][12]. - The termination was attributed to land delivery issues and changes in the industry environment, including overcapacity and declining product prices [13][14].