“清仓式分红”背后的资源配置隐忧 成大生物左手用超募资金补流右手大额分红

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, indicating a positive trend in shareholder returns and market stability [1] Summary by Sections Dividend Trends - In 2024, a total of 3,755 listed companies in the Shanghai and Shenzhen stock exchanges implemented cash dividends, with a total cash dividend amount of approximately 2.4 trillion yuan, marking an increase of 11.7% in the number of dividend-paying companies and a 14.7% increase in total dividend amount compared to 2023 [1] High Dividend Payouts - Some companies are engaging in "clearance-style dividends," where they distribute nearly all of their annual net profits as dividends. This practice raises concerns about the sustainability of the companies' future development and the efficiency of capital market resource allocation [1] Case Study: Chengda Bio - Chengda Bio reported a revenue of 1.676 billion yuan in 2024, a decrease of 4.22% year-on-year, and a net profit of 343 million yuan, down 26.42% year-on-year. The company has seen a continuous decline in revenue and net profit for three consecutive years since its listing [2] - Despite declining performance, Chengda Bio distributed a total cash dividend of 329 million yuan in 2024, with a dividend payout ratio of 96.06%. The largest shareholder, Liaoning Chengda Co., Ltd., holds 54.67% of the company's shares, indicating that a significant portion of the dividends benefits the major shareholder [2] Risks of High Dividend Strategies - The "clearance-style dividend" strategy, while appearing to provide substantial returns to shareholders, poses multiple risks. Distributing nearly all or exceeding the current net profit undermines the company's future development and risk reserves [3] - The practice of using excess funds from IPOs for dividends distorts the capital market's resource allocation function, as these funds should ideally support the company's growth rather than serve as a means for major shareholders to cash out [3] - High dividend payouts in companies with declining fundamentals raise questions about the fairness and rationality of such actions, potentially harming the long-term interests of minority shareholders and the company as a whole [3]