Cai Fu Zai Xian·2026-01-05 07:57Core Viewpoint - In 2025, the level of cash dividends from listed companies is expected to rise, transitioning capital returns from an "optional" to a "mandatory" aspect, influenced by strengthened regulatory constraints and a clearer preference for long-term capital [1][3] Group 1: Company Performance and Shareholder Returns - As of December 25, A-share listed companies have distributed over 2.61 trillion yuan in cash dividends this year, marking a historical high [1] - WuXi AppTec, as a leading CXO enterprise, has demonstrated a strong shareholder return strategy through a combination of cash dividends and share buybacks, signaling stable and clear returns to the market [1] - WuXi AppTec has announced a total cash dividend of 4.88 billion yuan for 2024 and 2025, along with two share buybacks totaling 2 billion yuan, enhancing shareholder value by reducing the number of shares outstanding [1][2] Group 2: Financial Stability and Cash Flow - WuXi AppTec's net cash flow from operating activities reached 10.87 billion yuan, reflecting a 35% year-on-year increase, which supports high levels of shareholder returns [2] - The company has maintained a stable cash dividend policy since its IPO in 2018, with a long-term payout ratio around 30%, further reinforcing its commitment to shareholder returns [2] Group 3: Market and Regulatory Context - Regulatory bodies have increasingly enforced cash dividend policies, shifting from "advisory arrangements" to "binding rules," which enhances the importance of capital return methods in valuation structures [3] - Sustainable and predictable dividend arrangements, along with share buyback strategies aligned with stock price cycles, are becoming key indicators of corporate governance quality and capital efficiency [3] - WuXi AppTec's approach to dividends and buybacks is viewed as a long-term commitment to providing tangible and sustainable capital returns, addressing market expectations for certainty and long-term value [3]