CYPC(SH:600900) Zheng Quan Ri Bao Wang·2025-04-30 03:49Core Viewpoint - Under the guidance of policies, the market value management system of A-share listed companies, especially state-owned enterprises, has attracted significant attention from investors. China Yangtze Power Co., Ltd. (referred to as "Yangtze Power") disclosed its financial report and several important announcements regarding market value management on April 29 [1]. Market Value Management System - Yangtze Power has officially launched a market value management system aimed at enhancing company quality and implementing strategic management to improve investment value and shareholder return capabilities. The company plans to integrate market value management into its overall strategic planning, ensuring alignment with business development [3]. - The company will consider investor interests and returns in major decision-making processes, including corporate governance, daily operations, mergers and acquisitions, and financing, while maintaining prudent operations and avoiding blind expansion [3]. - Yangtze Power will monitor market reflections of its value and will analyze and address any significant discrepancies between market performance and company value [3]. - The company will explore capital operations, including mergers and acquisitions and share buybacks, to enhance asset quality and profitability, and will develop a dividend policy to balance shareholder returns with reinvestment needs [3]. Financial Performance - For the year 2024, Yangtze Power achieved operating revenue of 84.492 billion yuan, a year-on-year increase of 8.12%. The net profit attributable to shareholders was 32.496 billion yuan, up 19.28% year-on-year, while the net profit excluding non-recurring gains and losses was 32.507 billion yuan, reflecting an 18.17% increase [4]. - The company’s six domestic cascade power stations generated 295.904 billion kilowatt-hours of electricity in 2024, an increase of 19.641 billion kilowatt-hours, or 7.11% year-on-year. The revenue from the domestic hydropower sector grew by 7.87% to 74.479 billion yuan, with a gross profit margin of 62.51%, up 1.54 percentage points year-on-year [4]. - In the first quarter of 2025, Yangtze Power continued to show steady growth, with operating revenue of 17.015 billion yuan, a year-on-year increase of 8.68%, and a net profit attributable to shareholders of 5.181 billion yuan, reflecting a 30.56% year-on-year growth [4]. Dividend Distribution - Yangtze Power announced a profit distribution plan for 2024, proposing a cash dividend of 0.943 yuan per share, which includes an interim dividend of 0.21 yuan per share and a proposed final dividend of 0.733 yuan per share. The total cash dividend for 2024 is expected to be approximately 23.074 billion yuan, accounting for 71.00% of the net profit attributable to shareholders [5]. - This marks the third consecutive year that Yangtze Power has distributed over 20 billion yuan in dividends, with total cash dividends of 20.064 billion yuan in 2023 and 20.092 billion yuan in 2022 [6].