Core Viewpoint - The trend of "physical dividends" is gaining momentum in the A-share market, with over 30 companies offering unique shareholder rewards that integrate their core business and products in 2025, reflecting a shift towards enhancing shareholder relationships through tangible benefits [1][2]. Group 1: Company Initiatives - Companies like Emei Mountain A (000888.SZ) and Qianwei Yangchun (001215.SZ) are leading the trend by offering tickets, discounts, and product gift packages to shareholders, showcasing a variety of rewards across different sectors including tourism, consumption, and technology [1][2][4]. - A significant number of companies have established regular "physical dividend" mechanisms, such as Xiangyuan Culture (600576.SH) and Jiangjing Food (300908.SZ), which have consistently provided rewards to shareholders over multiple years [5][6]. Group 2: Market Dynamics - The "physical dividend" trend is primarily driven by small to mid-cap consumer companies, which leverage their products for shareholder rewards, thereby reducing financial pressure while enhancing market reach and shareholder loyalty [8][9]. - The practice of offering physical rewards is seen as a novel approach to investor relations and brand marketing, allowing companies to create a "value co-creation" environment with shareholders [6][7]. Group 3: Investor Sentiment - Shareholders are increasingly attracted to stocks with "physical dividend" offerings, often referred to as "wool stocks," indicating a growing interest in tangible benefits over traditional cash dividends [1][2]. - However, experts caution that while these initiatives can temporarily boost stock prices, their sustainability is contingent upon the underlying business fundamentals and cash flow quality [8][9].