Henan Thinker Automatic Equipment (SH:603508) 中国基金报·2025-12-29 06:12Core Viewpoint - The controlling shareholders of Siwei Liekong (stock code: 603508) are planning a significant matter that may lead to a change in control of the company, resulting in a stock suspension starting December 29, 2025, for up to two trading days [2][3]. Group 1: Company Overview - Siwei Liekong, founded in 1992, is the first A-share listed company in China's train control sector, specializing in railway transportation safety technology and software development [5]. - The company has maintained a consistent upward trend in revenue since its listing in 2015, with revenue increasing from 735 million yuan in 2015 to 1.515 billion yuan in 2024 [7]. - As of the third quarter of 2025, the company reported revenue of 953 million yuan, a year-on-year increase of 5.25%, and a net profit attributable to shareholders of 396 million yuan, up 20.98% year-on-year [9]. Group 2: Shareholding Structure - The three controlling shareholders, Li Xin, Guo Jie, and Wang Weiping, collectively hold 45.72% of the company's shares, with Guo Jie holding 20.39%, Wang Weiping 14.27%, and Li Xin 11.06% as of September 30, 2025 [5][6]. - Notably, Zhao Jianzhou, a former director and deputy general manager, has a shareholding ratio of 11.41%, which exceeds that of Li Xin [6]. Group 3: Dividend Policy - Siwei Liekong has a notable reputation for high dividends, with a dividend payout ratio increasing from 59.93% in 2021 to 100% in 2024 [11]. - In the first half of 2025, the company announced a cash dividend of 8.01 billion yuan (before tax), which accounted for 263.77% of the net profit attributable to shareholders for that period [11]. - The company has revised its dividend policy to ensure a cash dividend ratio of no less than 60% of the distributable profits for the years 2024 to 2026 [11].