HAI TIAN(SH:603288) 2 1 Shi Ji Jing Ji Bao Dao·2025-12-20 10:27Core Viewpoint - Haitian Flavor Industry, a leading player in the condiment sector, has announced a significant shareholder return plan for the next three years, committing to a cash dividend of no less than 80% of the annual net profit attributable to shareholders from 2025 to 2027, excluding any special dividends [1][8]. Group 1: Dividend Commitment - The commitment of 80% for dividends is notably higher than the common range of 30% for A-share listed companies, with only a few exceeding 40% [2][8]. - Even the renowned Kweichow Moutai, known for its generous dividends, has a projected payout ratio of about 75% for 2024, indicating that Haitian's commitment surpasses this benchmark [2][9]. - The company has also announced a special dividend totaling over 1.754 billion yuan to celebrate a significant milestone, alongside a mid-year dividend of 1.519 billion yuan, bringing the total dividends for the year to 3.273 billion yuan [2][12]. Group 2: Historical Context and Future Projections - Haitian's dividend distribution has significantly increased since 2023, with a total of 4.773 billion yuan in dividends for 2024, and projections suggest further growth under the new commitment [4][15]. - The company's high dividend commitment is closely linked to its maturity as a business, allowing it to return a larger portion of profits to shareholders due to reduced capital investment needs [10][12]. - The special dividend of 1.754 billion yuan represents approximately 27% of the 2024 net profit, and if the company meets its commitment, the total dividends could approach 100% of the net profit for 2025 [12][14]. Group 3: Industry Trends and Regulatory Influence - The increase in dividend payouts across the A-share market is influenced by regulatory encouragement, particularly since the introduction of the new "National Nine Articles" in 2024, which emphasizes shareholder returns [6][17]. - The overall dividend scale in the A-share market has reached record levels, with total payouts exceeding 2.61 trillion yuan in 2025, reflecting a shift towards a balanced approach between financing and shareholder returns [17][18]. - Factors driving this trend include regulatory policies, improved corporate profitability, and a growing demand from institutional investors for stable cash returns [18].