Sou Hu Cai Jing·2025-12-04 17:23Core Insights - A new trend in the A-share market is emerging where companies are offering "physical dividends" to shareholders, enhancing the shareholder experience beyond traditional cash dividends and stock price appreciation [3][4][10] Group 1: New Trends in Investor Relations - The A-share market is witnessing a transformation in investor relations management, shifting from cash dividends to product-based rewards for shareholders [3] - Companies like Emei Mountain A and Qianwei Yangchun are leading this trend, with Emei Mountain A offering free admission to shareholders holding over 500 shares, and Qianwei Yangchun providing product gift packages worth 200 yuan to shareholders holding over 100 shares [3][4] Group 2: Strategic Considerations Behind Physical Dividends - The trend of physical rewards is not merely about providing benefits; it represents an upgrade in investor relations management to brand experience marketing, creating a low-cost yet innovative approach [4][5] - For tourism companies, offering free admission and discounts can lead to significant secondary consumption, enhancing overall revenue [4][10] Group 3: Industry-Specific Approaches to Shareholder Engagement - Different industries are adopting unique strategies to engage shareholders: - In the tourism sector, Emei Mountain A offers comprehensive benefits including free tickets and discounts on various services [7][10] - In the food industry, Qianwei Yangchun provides product gift packages, while other companies like Wufangzhai and Zhongjing Foods also offer food gifts without strict holding requirements [7][8] Group 4: Case Study of Qianwei Yangchun - Qianwei Yangchun's shareholder reward strategy aligns with its broader market expansion goals, allowing shareholders to experience products directly and potentially become loyal customers [8][9] - The company is strategically timing its rewards to coincide with its efforts to penetrate the consumer market [8] Group 5: Emei Mountain A's Unique Offerings - Emei Mountain A's rewards program is designed to counteract a 7.9% decline in visitor numbers, showcasing an innovative approach to attract more visitors [10] - The program includes not just free admission but also discounts for family members, creating a holistic consumer experience [10] Group 6: Balancing Aspirations and Realities - While the trend of physical dividends is gaining traction, companies must ensure product quality and sustainability of these initiatives to avoid damaging their reputation [13][15] - Market reactions to these initiatives can lead to short-term stock price increases, but without solid performance fundamentals, there may be risks of price corrections [15]