SHUANGHUI(SZ:000895) Chang Jiang Shang Bao·2025-09-07 23:21Core Viewpoint - The stock price of Shuanghui Development has stagnated despite a high dividend payout, indicating potential liquidity issues and a lack of growth momentum in its financial performance [1][6][8]. Financial Performance - In the first half of 2025, Shuanghui Development reported revenue of approximately 28.5 billion yuan, a year-on-year increase of 3%, and a net profit attributable to shareholders of over 2.3 billion yuan, a slight increase of 1.17% [1][2]. - The company's performance in 2024 showed a decline, with revenue and net profit down by 9.34% and 19.05% respectively in the first half of the year [2]. - From 2021 to 2023, Shuanghui Development experienced significant revenue fluctuations, with revenues of 66.8 billion yuan, 62.7 billion yuan, and 60.1 billion yuan, reflecting declines of 9.65%, 6.09%, and 4.20% respectively [4]. Dividend Policy - Shuanghui Development has a tradition of high cash dividends, distributing a total of 22.52 billion yuan in cash dividends in mid-2025, which accounted for 96.94% of its net profit for the period [6][7]. - Between 2020 and 2024, the company distributed a total of 27.99 billion yuan in dividends, with an average payout ratio exceeding 90% [7][8]. Liquidity Concerns - Despite high dividend payouts, Shuanghui Development's liquidity appears constrained, with short-term borrowings exceeding 9.4 billion yuan as of June 2025 [1][8]. - The company's net operating cash flow decreased by 18.54% year-on-year to 2.91 billion yuan in the first half of 2025 [9].