Core Viewpoint - The implementation of new policies in 2024 has led to a significant increase in cash dividends among listed companies in China's stock markets, with a total cash dividend amount of approximately 2.4 trillion yuan, marking a historical high in both scale and frequency [1] Summary by Sections Dividend Trends - In 2024, a total of 3,755 listed companies in the Shanghai and Shenzhen stock markets implemented cash dividends, with the number of dividend-paying companies and the total amount increasing by 11.7% and 14.7% respectively compared to 2023 [1] High Dividend Ratios - Among 498 listed biopharmaceutical companies, 43 had a dividend payout ratio exceeding 90%, with 32 companies surpassing 100% [2] - For instance, Yiqiao Shenzhou reported a cash dividend of 122 million yuan in 2024, with a payout ratio of 99.76%, despite a significant decline in revenue and net profit [2] Financial Health Concerns - Yiqiao Shenzhou's revenue decreased by 5.06% to 610 million yuan, and net profit fell by 53.13% to 122 million yuan in 2024 [2] - The company's cash reserves have been declining, with total cash and financial assets dropping from 58.02 billion yuan in 2022 to 39.49 billion yuan in 2024 [3] Use of IPO Proceeds - Yiqiao Shenzhou raised 49.8 billion yuan through its IPO, with a significant portion of the funds (83.15%) used to supplement working capital rather than for growth [3] - The practice of using excess IPO funds for dividends raises concerns about the distortion of capital market resource allocation [4] Risks of High Dividend Strategies - High dividend payouts, especially when funded by IPO proceeds, can lead to questions about fairness and the long-term interests of minority shareholders, particularly when the company's fundamentals are weakening [4]
“清仓式分红”敲响可持续发展警钟 义翘神州左手补流右手分红成实控人套现捷径?