上市公司真想搞好市值管理，就不能再盲目跟风了

Core Viewpoint - The acceleration of market value management among A-share listed companies is evident, with 438 companies having released market value management systems and 225 companies having clear valuation enhancement plans as of May 27, 2025. This indicates that enhancing intrinsic value and market recognition has become a key aspect of corporate development under the continuous push of policies like the "Guidelines for the Supervision of Listed Companies No. 10" [1]. Group 1: Market Value Management Measures - Dividend implementation is the simplest and most direct measure of market value management, but it requires available profits for distribution. According to Article 210 of the Company Law, profits must first cover previous losses and allocate to reserves before distribution [1]. - Share buybacks can significantly boost market value, especially when stock prices fall away from fundamentals. The funds for buybacks must be legally sourced, typically from the company's own funds, and can only occur under specific conditions [3]. - Shareholding increases can be executed by controlling shareholders, directors, supervisors, and other influential stakeholders. Strategic investors often conduct thorough research before investing, but their support may diminish if they fail to meet market expectations over time [5]. Group 2: Capital Operations - Refinancing is fundamental for capital operations, with the CSRC imposing restrictions on refinancing for companies facing issues like stock price declines or continuous losses. However, certain refinancing methods are exempt from these restrictions [6][7]. - Mergers and acquisitions can help companies acquire strategic resources and new growth points, thereby enhancing profitability and market value. This includes various strategies such as industry chain mergers and asset restructuring [8]. - Spin-offs must meet specific criteria, including being listed for at least three years and having consistent profitability, to ensure that the spun-off business does not exceed certain financial thresholds [9]. Group 3: Incentives and Communication - Equity incentives are a method for companies to stabilize market expectations and boost market value. However, companies must have good operational performance to implement such incentives [11]. - Effective communication measures include performance briefings, special explanations for major events, and investor roadshows, which help manage investor relations and enhance market perception [13]. Group 4: Course and Learning - The course "Rongzheng Consulting: The Three Axes of Market Value Management" will delve into the logic of market value management policies, clarify misconceptions, and provide practical tools like the DER diagnostic template, along with real case comparisons [14].