Di Yi Cai Jing Zi Xun·2025-12-09 14:52Core 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 business and products in 2025 [2] Group 1: Overview of Physical Dividends - Companies are increasingly engaging in shareholder reward activities, with examples including tickets, food items, and discounts, reflecting a wave of "creative rewards" in the capital market [2][5] - The concept of "physical dividends" is popular among investors, who refer to these stocks as "wool stocks" that can be passed down through generations [2] - Experts warn that while this trend can strengthen shareholder relationships if aligned with long-term strategies, it risks becoming a short-term marketing gimmick if it deviates from core business [2] Group 2: Examples of Shareholder Rewards - Emei Mountain A (000888.SZ) offers tickets, cable cars, hotels, hot springs, skiing, and tea as rewards for shareholders holding over 500 shares [4] - Qianwei Central Kitchen (001215.SZ) provides product gift packages for shareholders holding 100 shares or more [4] - Other companies like Hainan Airlines (600221.SH) and Xiangxiang Cultural Tourism (600576.SH) offer various discounts and free access to attractions for all shareholders [4][5] Group 3: Industry Trends and Patterns - The consumer sector, particularly food and beverage, remains the primary driver of "creative rewards," with companies like Wufangzhai (603237.SH) giving out rice dumpling gift boxes [5] - Many companies have established regular "physical dividend" mechanisms, such as Xiangyuan Cultural Tourism (600576.SH), which has been rewarding shareholders for three consecutive years [6] - Continuous rewards are seen in companies like Zhongjing Food (300908.SZ), which provides mushroom sauce annually, and Jiahua Food (605300.SH), which has been giving coffee products for five years [7] Group 4: Strategic Implications - The trend of "physical dividends" represents a shift in investor relations management from a focus on financial returns to a more interactive value creation approach [8][9] - This strategy allows companies, especially small to mid-cap consumer firms, to reduce financial pressure while enhancing shareholder loyalty and market reach [10] - However, the sustainability of this model is questioned, as it relies heavily on the event's popularity and lacks fundamental support, which may lead to stock price volatility [10]