
Core Viewpoint - Changjiang Electric Power announced a board resolution to invest approximately 26.6 billion yuan in the Gezhouba shipping capacity expansion project, which has raised concerns among small investors despite the company's stable performance and generous dividends [2]. Group 1: Shareholder Meeting Overview - The shareholder meeting held on August 15 resulted in the approval of the "ship lock" proposal, with 175.20 billion shares in favor (96.02%), 5.72 billion against (3.14%), and 1.55 billion abstentions (0.85%) [2]. - The meeting was attended by around 30 shareholders, primarily individual investors, many of whom have held shares for over 10 years [4]. Group 2: Investor Concerns - Some investors expressed frustration over the "ship lock" proposal, citing significant losses in their investments, with one investor noting a decrease in market value of over one million yuan [5]. - Despite the general disapproval of the proposal, shareholders acknowledged the investment value of Changjiang Electric Power, referring to it as a benchmark enterprise in the A-share market [5]. Group 3: Key Questions and Responses - Economic Benefits: The company stated that the economic benefits of the project cannot be assessed solely based on the Gezhouba project, as it relies heavily on favorable national policies [8]. - Corporate Governance: Concerns were raised about the absence of the chairman at shareholder meetings for eight years. The company assured that the chairman is involved in significant decisions and will strive for more engagement with shareholders [9]. - Impact on Minority Shareholders: The company emphasized that the proposal was carefully considered and aimed at protecting minority shareholders' interests, reaffirming its commitment to high cash dividends [10]. - Market Management: The company acknowledged shortcomings in market management and committed to improving communication and strategies in this area [10]. - Dividend Policy: The company confirmed that the project would not affect its dividend policy, which has maintained a payout ratio of no less than 70% since its listing [11]. - Debt Management: The company reported a significant reduction in financial expenses, projecting continued decreases in the future [14]. - Project Cost Impact: The financial team indicated that the project's annual cost impact would be minimal compared to the company's substantial cash flow [15].