Bestsun Energy(SH:600681) Mei Ri Jing Ji Xin Wen·2025-04-26 06:07Core Viewpoint - Baichuan Energy has announced a generous profit distribution plan for 2024, proposing a total cash dividend of 315 million yuan, with a high dividend payout ratio of 98.77%, reflecting the company's commitment to high dividend policies despite declining performance and shareholder sell-offs [1][2][5]. Group 1: Dividend Distribution - The total cash dividend for 2024 will reach 315 million yuan, with a dividend payout ratio of 98.77% and a dividend yield of 6.62% as of April 25 [2][3]. - Baichuan Energy has maintained high dividend payouts for eight consecutive years, with the highest total dividend amounting to 597 million yuan in 2019 [3][4]. - The company has implemented a semi-annual dividend strategy since 2021, increasing the frequency of dividend payments [2][3]. Group 2: Shareholder Dynamics - The top ten shareholders hold a cumulative stake of 69.31%, with the controlling shareholder, Langfang Baichuan Asset Management Co., Ltd., owning 35.37% [4][9]. - Notably, three major shareholders, including the controlling shareholder, have reduced their stakes in 2024, with a total reduction of 8.11% [6][7]. - The controlling shareholder's first sell-off in five years occurred in 2024, raising concerns about the company's future performance [5][6]. Group 3: Financial Performance - Baichuan Energy's net profit for 2024 is reported at 319 million yuan, a decline of 13.41% year-on-year, and a significant drop of 68.29% from its peak in 2018 [8]. - The company's gross profit margin has decreased from 31.55% in 2018 to 15.34% in 2024, indicating ongoing challenges in profitability [8]. - The company attributes its declining performance to high gas procurement costs and reduced installation volumes influenced by the real estate market [8].