健盛集团拟大笔回购注销，股价有望重估？

Core Viewpoint - Recently, Jian Sheng Group announced a share buyback plan, indicating strong confidence from executives and major shareholders despite the stock price remaining in a fluctuating range between 5 and 12 yuan since 2018 [1][10]. Buyback Plan - Jian Sheng Group plans to repurchase shares with a total fund of up to 300 million yuan, with a minimum of 150 million yuan, and a maximum repurchase price of 14.69 yuan per share [2]. - The proposed repurchase will reduce the registered capital, with the number of shares to be repurchased estimated between 10,211,028 and 20,422,056, accounting for approximately 2.98% to 5.96% of the total share capital [3][2]. - The funding for the buyback will come from the company's own funds and a loan from CITIC Bank amounting to 270 million yuan [2]. Executive Confidence - In the first half of this year, senior management and supervisors of Jian Sheng Group collectively increased their holdings, acquiring a total of 127,500 shares for 1.0575 million yuan [5]. - Executives and major shareholders have committed to not selling their shares in the short term, indicating confidence in the company's future [5][6]. Financial Performance - Jian Sheng Group's revenue has shown consistent growth, increasing from 1.577 billion yuan in 2018 to 2.574 billion yuan in 2024 [7]. - The company experienced a significant loss of 528 million yuan in 2020 due to goodwill impairment, but net profit has been on the rise, reaching 325 million yuan in 2024 [7]. Dividend Policy - Jian Sheng Group has been a high dividend payer, distributing over 500 million yuan in total dividends from 2022 to 2024, with an average annual dividend exceeding 160 million yuan [8]. - The company's dividend yield over the last 12 months stands at 5.27%, with a mid-year cash dividend of 86.8467 million yuan already distributed in 2025 [8]. Stock Price Performance - Despite the company's solid financial performance and shareholder returns, the stock price has remained in a low range, fluctuating between 5 and 12 yuan since 2018, with a peak of 30.53 yuan in 2017 [10]. - As of October 15, 2025, the closing price was 10.35 yuan, significantly below the maximum buyback price of 14.69 yuan [2].