GDPD(SH:600795) Zheng Quan Shi Bao Wang·2025-08-25 05:17Core Viewpoint - The company, Guodian Power (600795), has announced a robust cash dividend plan for 2025-2027, ensuring a minimum of 60% of net profit will be distributed as dividends, highlighting its commitment to shareholder returns despite short-term revenue pressures [1][2]. Dividend Plan - The cash dividend plan stipulates that for the next three years, the total cash dividend (including interim dividends) will not be less than 60% of the net profit attributable to shareholders, provided that profits and cumulative undistributed profits are positive, and there are no significant investment plans exceeding 10% of total assets (approximately 51 billion) within 12 months [2]. - If the distributable profits are insufficient to meet the dividend standards, the company will supplement from cumulative undistributed profits [2]. - As of June 2025, the company reported cumulative undistributed profits of 54.018 billion, along with 68.7 billion in cash and financial assets, providing a solid financial cushion for the high dividend commitment [2]. Shareholder Rights Protection - The plan includes multiple mechanisms to protect the rights of minority shareholders, such as allowing independent directors to gather opinions from minority shareholders and submit dividend proposals for board review [3]. - The company will communicate with shareholders through various channels before the general meeting to address their concerns [3]. - Any adjustments to the dividend policy must be approved by at least two-thirds of the voting rights at the shareholders' meeting, ensuring stability and transparency in the dividend system [3]. Financial Performance - The company reported a significant increase of 56% in net profit after deducting non-recurring items, indicating strong operational resilience despite short-term revenue fluctuations [4]. - The growth is attributed to cost optimization in the thermal power sector and the expansion of renewable energy, with solar power being the primary contributor to new installations and a substantial increase in generation volume [4]. - The renewable energy segment has become a crucial growth driver, with net profit from wind and solar surpassing 30%, making it the second-largest profit source after thermal power [4]. - The company has ample projects under construction and in reserve, with clear targets for new installations, laying the groundwork for long-term profitability and dividend fulfillment [4]. - The company's 60% dividend floor is significantly higher than the industry average, and its stable profitability, supported by long-term coal contracts and over 20% of installed capacity from renewables, enhances the sustainability of high dividends [4]. - Based on the current stock price and a minimum dividend of 0.22 per share, the company’s dividend yield could reach 6.18%, which is approximately 1.5 times higher than the industry average [4].