立方观察｜双汇高比例分红，超七成流向公众股东

Core Viewpoint - The recent announcement by Shuanghui Development to distribute nearly 97% of its net profit as dividends has sparked discussions in the market, highlighting the ongoing "dividend dilemma" in the capital market [1][4]. Financial Performance - For the first half of the year, Shuanghui Development reported a net profit attributable to the parent company of 2.323 billion yuan, with undistributed profits of 7.33 billion yuan as of June 30, 2025 [1][2]. - The total dividend amount for this period is 2.25 billion yuan, which accounts for only 30.7% of the undistributed profits [1]. Dividend Distribution - Over 72.4% of the dividends ultimately flow to public shareholders, while only 27.6% benefit the actual controller and their concerted actors, indicating that public shareholders are the primary beneficiaries [2][3]. - Since 2019, Shuanghui has distributed over 35 billion yuan in dividends and contributed more than 1.5 billion yuan in taxes to local finances [3]. Market Perception - The high dividend payout has not led to capital outflow; instead, it has increased local tax revenue, reflecting a positive impact on the community [3]. - The perception of dividends in the Chinese capital market is sensitive, with companies that do not distribute dividends often labeled as "stingy," while high dividend companies face skepticism regarding benefiting major shareholders [3][4]. Industry Context - The food industry typically has low capital intensity and limited capacity expansion, leading companies to prefer returning profits to shareholders through dividends rather than large-scale investments [3]. - The regulatory environment has been encouraging a culture of dividends, with multiple calls from the State Council and the China Securities Regulatory Commission for listed companies to enhance dividend payouts [3]. Conclusion - The case of Shuanghui Development illustrates that dividends are not merely a financial distribution issue but also reflect the developmental stage of the capital market, emphasizing the need for a mature understanding of dividends among investors [4].