AVICHM(SH:600765) Zheng Quan Shi Bao Wang·2025-07-23 03:16Core Viewpoint - Recently, AVIC Heavy Machinery (600765.SH) revised its company articles to include a commitment to distribute at least 30% of the annual net profit attributable to shareholders as cash dividends, reflecting the company's dedication to enhancing investor returns and market value management [1][2]. Group 1: Dividend Policy and Corporate Governance - The new articles of association institutionalize a minimum cash dividend distribution of 30% of the annual net profit, showcasing the company's commitment to stable returns for investors [1]. - This move aligns with national policies aimed at improving the quality of listed companies and enhancing investor return mechanisms, particularly encouraging state-owned enterprises to adopt stable dividend and buyback strategies [1][2]. - AVIC Heavy Machinery has maintained a leading position in shareholder returns over the past two years, with a consistent 30% dividend payout ratio, indicating strong fundamental support [2]. Group 2: Financial Performance and Market Position - In 2023, the company achieved a net profit of 1.329 billion yuan, with cash dividends totaling 399 million yuan, maintaining a 30% payout ratio [2]. - For 2024, the projected net profit is 640 million yuan, with cash dividends expected to be 192 million yuan, again sustaining the 30% payout ratio [2]. - The company reported a revenue of approximately 5.751 billion yuan for the first half of 2025, a year-on-year decrease of about 4.5%, but still meeting 50.01% of its annual target [2]. - In Q2, the company achieved revenue of approximately 3.445 billion yuan, a year-on-year increase of about 11.20%, while net profit attributable to shareholders was approximately 289 million yuan, reflecting a year-on-year decrease of about 28.82% [3]. - The commercial aviation business grew by approximately 22% year-on-year, and the civil business grew by approximately 25%, indicating strong operational resilience during industry adjustments [3].