Shang Hai Zheng Quan Bao·2025-11-20 18:27Core Viewpoint - The meeting emphasized the importance of improving the quality of listed companies through a systematic approach, focusing on governance, core business, resource allocation, shareholder returns, and risk management [1][2][3][4][5] Group 1: Governance and Compliance - Companies should strengthen governance foundations and enhance compliance effectiveness, transitioning from "formal compliance" to "substantive effectiveness" as per the newly revised Corporate Governance Guidelines by the China Securities Regulatory Commission [1] - A comprehensive review of governance structures is necessary, with a focus on optimizing the decision-making functions of boards and enhancing the supervisory mechanisms of audit committees [1] - Continuous improvement in financial transparency and compliance levels is essential to convert governance advantages into internal growth momentum [1] Group 2: Core Business Focus - Companies must cultivate new productive forces by focusing on upgrading their core business and extending their industrial chains, avoiding blind expansion [1] - Innovation should drive core business upgrades, with increased R&D investment aimed at breaking through key technologies [1] - Capital tools should be effectively utilized for mergers and acquisitions to achieve industrial chain integration and ensure new businesses and products have solid market viability [1] Group 3: Resource Allocation and M&A - Companies are advised to strategically lead mergers and acquisitions, ensuring they align with overall development strategies and avoid unnecessary acquisitions [2] - Compliance and proper operation are critical, with strict adherence to capital market rules and accurate information disclosure [2] - Emphasis on integration and value creation post-merger is vital, focusing on the organic fusion of institutions, businesses, management, and culture to achieve synergistic effects [2] Group 4: Shareholder Returns - Companies should enhance shareholder return awareness, viewing it as a social responsibility and a means to boost corporate image and investor confidence [2] - Tailored shareholder return policies should be developed based on the company's development stage, industry characteristics, and financial status, utilizing cash dividends and share buybacks [2] - Strengthening communication with shareholders is crucial to convey operational status, development strategies, and return plans effectively [2] Group 5: Risk Management - A bottom-line thinking approach is necessary for risk prevention, with the chairman and general manager being the primary responsible persons for risk control [3] - Governance structures should be improved to enhance the board's role in risk management, with a focus on independent directors and audit committees [3] - Establishing a robust internal control system covering all business areas is essential, particularly in high-risk areas such as large fund transactions and related party transactions [3] Group 6: Achievements and Future Directions - Significant achievements in financing, governance, and internationalization have been noted during the 14th Five-Year Plan period, with A-share refinancing exceeding 800 billion yuan, a 258% increase year-on-year [4] - The number of disclosed M&A projects reached 3,151 in the first seven months of 2025, with major asset restructuring projects increasing by 148% [4] - The global competitiveness of listed companies is on the rise, with nearly 70% of A-share companies generating overseas business income totaling 9.52 trillion yuan by the end of 2024 [4]