DEEJ(000423) 新浪财经·2025-03-24 06:47Core Viewpoint - Dong-E E-Jiao has announced a substantial cash dividend of 1.555 billion, maintaining a high dividend payout ratio of 99.84%, which positions it among the top in the capital market for 2024 [1] Financial Performance - The company reported an annual revenue of 5.921 billion, reflecting a year-on-year growth of 25.57% [1] - The net profit attributable to shareholders reached 1.557 billion, marking a year-on-year increase of 35.29% [1] - The total cash dividend planned for shareholders is 818 million, with a previous distribution of 737 million in the first half of 2024, bringing the total to 1.555 billion, which is only 200 million less than the annual net profit [1] Shareholder Structure - The largest shareholder, China Resources Group, holds a 23.50% stake, while the second-largest shareholder, China Resources Pharmaceutical Investment Co., Ltd., has a 9.99% stake [1] - The remaining top ten shareholders are predominantly public funds, with only one individual investor, Zhang Xuan, among them [1] Management Changes - The management team has seen significant turnover, with four different chairpersons in the last five years, raising concerns about strategic continuity and stability [2] - The current board composition is heavily influenced by China Resources, with only three independent directors and limited representation from long-term employees [2] Equity Incentive Plan - The company has faced criticism regarding its equity incentive plan, which was revised to lower performance targets for 2025 compared to 2024 [3] - The revised plan includes performance conditions such as a minimum return on equity of 11.5% and a compound annual growth rate of net profit of at least 15% from 2023 [3] - Given that the company's return on equity for 2024 is projected at 14.6%, achieving the revised targets may not be challenging, leading to skepticism about the plan's effectiveness [3]