Chang Jiang Shang Bao·2025-11-04 00:08Core Viewpoint - China Shenhua, known as the "Dividend King," is set to distribute approximately 195 billion yuan in cash dividends to shareholders, representing 79% of its mid-term net profit for 2025 [2][4]. Dividend Distribution - The company will distribute a cash dividend of 0.98 yuan per share, totaling around 194.71 billion yuan, with A-shares receiving approximately 161.61 billion yuan [4][5]. - The dividend distribution will take place on November 10, with the A-share registration date set for November 7 [4]. Historical Dividend Performance - Since its IPO in 2007, China Shenhua has distributed a total of approximately 480.5 billion yuan in cash dividends, accounting for 62% of its cumulative profits [2][5]. - The company has maintained a high dividend payout ratio, with rates exceeding 70% in recent years, including 91.81% in 2020 and 76.53% in 2024 [5][6]. Financial Performance - In the first three quarters of 2025, China Shenhua reported a net profit of approximately 391 billion yuan, despite a decline in coal prices and sales [2][9]. - The company's revenue for the same period was approximately 2,131.51 billion yuan, reflecting a year-on-year decrease of 16.57% [9][10]. - The company has a strong financial position, with a debt-to-asset ratio of only 24.36% and cash reserves exceeding 1,200 billion yuan [2][14]. Industry Context - China Shenhua operates in a cyclical industry, currently experiencing a low economic cycle, with both coal and electricity sales declining [12][13]. - Despite the challenging market conditions, the company has demonstrated resilience, earning approximately 1.4 billion yuan per day in the first three quarters of 2025 [13].