Workflow
直击股东大会|266亿元投资案引中小股东质疑 公司董秘称“长江电力没有变”

Core Viewpoint - Changjiang Electric Power, known as a "cash cow" in the A-share market, is facing scrutiny from minority shareholders due to a significant investment of 26.6 billion yuan in the Gezhouba shipping capacity expansion project, raising concerns about its impact on company performance and dividends [1][9][10]. Group 1: Company Overview - Changjiang Electric Power has a market capitalization of approximately 676.1 billion yuan and is recognized as the largest power listed company in China and the largest hydropower listed company globally [4][12]. - The company has consistently distributed over 20 billion yuan in dividends annually for the past three years, with a planned cash dividend of 23.074 billion yuan for 2024, representing 71% of its net profit attributable to shareholders [4][10]. Group 2: Shareholder Concerns - Minority shareholders expressed dissatisfaction with the absence of the chairman at the shareholder meeting, highlighting the importance of leadership presence in corporate governance [6][7]. - Concerns were raised regarding the potential impact of the 26.6 billion yuan investment on future company performance and dividend payouts, with shareholders questioning the commercial return mechanisms associated with the project [9][10][11]. Group 3: Investment Details - The Gezhouba shipping capacity expansion project has a total construction period of 91 months, including a 12-month preparatory phase, and aims to enhance the operational safety and efficiency of the Yangtze River navigation [10]. - The company clarified that the investment aligns with its asset ownership and is expected to generate depreciation costs of approximately 600 million yuan annually, while maintaining a strong cash flow of nearly 60 billion yuan from operating activities [11][12]. Group 4: Voting Outcome - During the shareholder meeting, all proposals, including the controversial investment, received over 99% approval, with the Gezhouba project specifically garnering 96.02% support [12]. - The company emphasized its commitment to high cash dividends and the protection of minority shareholder rights, despite the significant investment [13].