CMC(SH:603122) Xin Lang Zheng Quan·2025-08-15 08:10Core 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 amounting to approximately 2.4 trillion yuan, marking a historical high in both scale and frequency [1] Group 1: 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] - The trend of high dividends is particularly notable among the 498 listed biopharmaceutical companies, with 43 companies having a dividend payout ratio exceeding 90%, and 32 of those exceeding 100% [2] Group 2: Company-Specific Analysis - For example, HeFu China reported a revenue of 939 million yuan in 2024, a decline of 14.05% year-on-year, and a net profit of 27.57 million yuan, down 41.58% year-on-year, despite maintaining a high dividend payout [2] - HeFu China's cash dividend for 2024 reached 52 million yuan, with a dividend payout ratio of 187.72%, indicating a trend of distributing more than the net profit [2][3] Group 3: Risks of High Dividend Policies - The phenomenon of "clearance-style dividends," where companies distribute nearly all of their net profits, raises concerns about future sustainability and financial reserves, potentially undermining funds for reinvestment and growth [1][3] - High dividend payouts, especially when funded by initial public offering (IPO) proceeds, can distort the capital market's resource allocation function, benefiting major shareholders at the expense of long-term company health and smaller shareholders [3]