不炒股就“板”响？江苏国泰紧急叫停

Core Viewpoint - Jiangsu Guotai announced the termination of plans to use 1.5 billion RMB of idle funds to establish a subsidiary for securities investment, emphasizing a long-term investment strategy rather than short-term trading [1] Group 1: Company Actions and Financial Decisions - On August 25, Jiangsu Guotai's stock price reached a limit up at 8.36 RMB per share following the board's decision to halt the use of 1.5 billion RMB for securities investment [1] - The company previously planned to invest up to 12 billion RMB in entrusted wealth management and 1.83 billion RMB in securities investment, totaling 138.3 billion RMB, which exceeds 11% of its current market value [1] - Jiangsu Guotai terminated a 15.38 billion RMB lithium-ion battery electrolyte project due to land delivery issues and a rapidly changing industry environment, which led to a significant decline in investment return rates [1] Group 2: Shareholder Returns and Profitability - In response to investor concerns regarding the 138 billion RMB cash allocation, Jiangsu Guotai disclosed a shareholder dividend plan for 2025-2027, proposing 2 to 3 cash dividends per year with a payout ratio increased from 10% to 40% [2] - The company has frequently engaged in stock market and wealth management activities in recent years, but the performance has been disappointing, with cumulative fair value changes in securities investments showing losses of 60.45 million RMB, 69.27 million RMB, and 71.96 million RMB for 2023, 2024, and the first half of 2025, respectively [3] - For the first half of 2025, Jiangsu Guotai reported operating revenue of 18.63 billion RMB, a year-on-year increase of 5.46%, and a net profit attributable to shareholders of 545 million RMB, up 10.85%, although the growth in net profit was significantly higher than the growth in net profit excluding non-recurring items, which was only 2.05% [4]