CYPC(SH:600900) Xin Lang Cai Jing·2025-08-16 07:36Core Viewpoint - Changjiang Electric Power announced a board resolution to invest approximately 26.6 billion yuan in the construction of the Gezhouba shipping capacity expansion project, which has raised concerns among shareholders regarding its economic benefits and impact on dividends [1][3]. Group 1: Shareholder Meeting Insights - The shareholder meeting held on August 15 saw a significant turnout of around 30 shareholders, primarily individual investors, many of whom have held shares for over 10 years [2]. - Concerns were raised by shareholders regarding the "repair lock" proposal, with some expressing frustration over the decline in their investments [2]. - The management addressed various shareholder inquiries related to corporate governance, minority shareholder rights, dividend policies, and market capitalization management [2]. Group 2: Key Questions and Management Responses - The company emphasized that the "repair lock" proposal was carefully considered and aimed at ensuring long-term benefits, despite concerns about its economic viability [3]. - The absence of the chairman from shareholder meetings since 2017 was acknowledged, with assurances that important decisions are still being closely monitored by the chairman [3]. - Management reassured shareholders that the proposal would not adversely affect future dividend policies, maintaining a commitment to a dividend payout ratio of no less than 70% [4]. Group 3: Financial and Operational Outlook - The company reported that its operating net cash flow is close to 60 billion yuan annually, indicating that the financial impact of the "repair lock" project, averaging over 3 billion yuan per year, is manageable [3][4]. - Future capital expenditure projects similar to the "repair lock" proposal are unlikely, but management indicated that any such projects would allow sufficient time for investor adjustment [3].