近26亿元中期分红未通过，十年多次否决派现方案，徽商银行IPO进程缓慢，业绩也有隐忧

Core Viewpoint - The proposal for a 2.6 billion yuan mid-term dividend by Zhongjing Group was rejected at the Huishang Bank's shareholder meeting, highlighting ongoing tensions between the two parties regarding dividend policies and financial pressures faced by Zhongjing Group [1][2][4]. Group 1: Dividend Proposal and Rejection - Zhongjing Group proposed a cash dividend of 1.87 yuan per 10 shares, totaling approximately 2.6 billion yuan, which would account for 30.06% of Huishang Bank's net profit for the first half of 2025 [2][3]. - The proposal received only 25.55% approval, with 50.45% against and 23.99% abstaining, leading to its rejection [2][3]. - This marks the continuation of a decade-long trend where all dividend proposals from Zhongjing Group have been denied, reflecting Huishang Bank's historically low dividend payout levels [4][5]. Group 2: Financial Pressures and Strategic Implications - Zhongjing Group's insistence on higher dividends is driven by urgent financial pressures, including a recent bond default and unresolved equity disputes with former partners [5][6]. - Huishang Bank's reluctance to distribute dividends stems from its ongoing A-share IPO challenges and concerns over its capital adequacy, with a core Tier 1 capital ratio of 9.62% as of September 2025 [8][9]. - The bank's dependency on credit expansion and the pressure on its non-performing asset management further complicate its financial stability, making it cautious about dividend payouts [8][9]. Group 3: Historical Context and Governance Issues - Zhongjing Group has been advocating for increased dividend payouts since 2016, but all proposals have been consistently rejected, indicating a significant governance conflict within Huishang Bank [4][5]. - The bank's IPO efforts have been hampered by internal disputes, particularly between Zhongjing Group and another major shareholder, which has contributed to the stagnation of its capital raising efforts [6][8]. - Despite Huishang Bank's substantial asset base of 2.3 trillion yuan, its financial metrics suggest underlying vulnerabilities that deter it from increasing dividend distributions [8][9].