70余人的股东会开成"朋友会"！董明珠在交流环节才拿起话筒，谈到分红称股东希望"马儿跑"，也请让"马儿有草吃" 每经编辑 杜宇 11月24日，格力电器2025年第二次临时股东大会在珠海举行。在大会上，格力电器管理层回答了产品规划、渠道变革、分红回购、出海等多个问题。 图片来源：每日经济新闻 资料图 据媒体报道，与格力电器以往的股东大会相比，此次仅有70余位股东到场，稍显"冷清"。不过，在股东会现场，股东们与格力电器管理层的交流并不"清 淡"。从出海战略到分红政策，从工业装备到智能生态，每一个问题都直指格力电器未来发展的核心。 关于分红，红星资本局注意到，此次大会审议通过了《2025年中期利润分配预案》，表决情况显示同意2331422068股，占出席本次股东会有效表决权股份总 数的99.8959%；反对2025411股，占出席本次股东会有效表决权股份总数的0.0868%。 图片来源：每经记者 陈鹏丽 摄 (图文无关) 图片来源：格力电器公告 格力电器董事长董明珠11月24日表示："今天，能够来到现场的，很多都是格力电器的老朋友，这不止是一个股东会，更是一个'朋友会'。" 距离董明珠上一次与股东们见面，已经过去了 ...

红星资本局11月25日消息，昨日，格力电器（000651.SZ）2025年第二次临时股东大会在珠海举行。在大会上，格力电器管理层回答了与产品规划、渠道 变革、分红回购、出海等多个问题。 图据公告 与格力电器以往的股东大会参与人数相比，现场仅有70余位股东到场，稍显"冷清"。格力电器董事长董明珠表示："今天，能够来到现场的，很多都是格 力电器的老朋友，这不止是一个股东会，更是一个'朋友会'。" 根据此次审议的《2025年中期利润分配预案》，格力电器拟每10股派发现金红利10元（含税），共计派发现金红利55.85亿元。 对于分红，董明珠说："我理解大家对分红的期待，但请大家也要看到，格力自上市以来累计募集资金仅50亿元，而累计分红已超过1700亿元。股东们希 望'马儿跑'，也请坚持让'马儿有草吃'。格力电器的根本，在于为消费者创造价值。只有产品被市场认可，企业才能持续盈利，分红才是水到渠成的事。" 本次股东会，一位持股超十年的股东问道；"近10年，格力电器的分红稳定性是否会改变？" 格力电器总裁张伟回应，格力电器坚持高分红、稳定的分红趋势不会改变。这种确定性与公司经营发展的理念密切相关，公司始终重视对每一位投资者 ...

11月24日，格力电器2025年举行第二次临时股东大会。如果仅从此次股东会需要审议的事项来看——《关于修订<公司章程>的议案》《关于修订及制定 公司相关治理制度的议案》《2025年中期利润分配预案》，内容并不算丰富；与格力电器以往的股东大会参与人数相比，也仅有70余位股东到场，稍 显"冷清"。 不过，记者在现场发现，股东们与格力电器管理层的交流并不"清淡"。从出海战略到分红政策，从工业装备到智能生态，每一个问题都直指格力电器未来 发展的核心。 格力电器董事长董明珠坦言:"今天，能够来到现场的，很多都是格力电器的老朋友，这不止是一个股东会，更是一个'朋友会'。" 距离董明珠上一次与股东们见面，已经过去了近5个月的时间。与6月30日召开的格力电器2024年度股东大会有所不同，已经"少说话"的董明珠此次仅在交 流环节的最后才第一次拿起话筒。 "今天一开场，大家就问了很多问题，可能很多人都希望让我来回答，可我为什么要让各业务分管负责人来回答问题？"董明珠进一步解释，"实际上，我 想通过这种方式，来展示公司新的管理团队的面貌，让每一位股东，来见证每个分管者在不同的领域是如何履职的。所以，我相信今天是一个很不一样的 股东 ...

11月24日，格力电器2025年举行第二次临时股东大会。如果仅从此次股东会需要审议的事项来看—— 《关于修订 <公司章程> 的议案》《关于修订及制定公司相关治理制度的议案》《2025年中期利润分配 预案》，内容并不算丰富；与格力电器以往的股东大会参与人数相比，也仅有70余位股东到场，稍 显"冷清"。 不过，记者在现场发现，股东们与格力电器管理层的交流并不"清淡"。从出海战略到分红政策，从工业 装备到智能生态，每一个问题都直指格力电器未来发展的核心。 格力电器董事长董明珠坦言："今天，能够来到现场的，很多都是格力电器的老朋友，这不止是一个股 东会，更是一个'朋友会'。" 格力电器董事长董明珠在股东大会现场 距离董明珠上一次与股东们见面，已经过去了近5个月的时间。与6月30日召开的格力电器2024年度股东 大会有所不同，已经"少说话"的董明珠此次仅在交流环节的最后才第一次拿起话筒。 "今天一开场，大家就问了很多问题，可能很多人都希望让我来回答，可我为什么要让各业务分管负责 人来回答问题？"董明珠进一步解释，"实际上，我想通过这种方式，来展示公司新的管理团队的面貌， 让每一位股东，来见证每个分管者在不同的领域是如何 ...

1 | | 接待过程中，公司严格按照相关制度规定，没有出现未公开重大信息泄露等情况， | | | --- | --- | --- | | | 同时已按深交所要求签署调研《承诺书》。 | | | 附件清单（如有） | 无 | | | 日期 | 2025 年 11 18 日 | 月 | 2 证券代码：002419 证券简称：天虹股份 天虹数科商业股份有限公司投资者关系活动记录表 编号：2025-06 | ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称及 人员姓名 | 东方证券陈笑。 | | 时间 | 2025 年 11 月 18 日下午 15:00 | | 地点 | 公司会议室 | | 上市公司接待人 员姓名 | 罗曾琪（证券事务代表） | | | 1.超市调改进展？ | | | 2024 年，公司超市业态主动变革创新，升级及打造了九大生活主题馆和一个全仓 | | | 履约中心，全国首家 SP@CE3.0 在深圳宝安天虹购物中心落地。 | | | ...

Group 1: Installed Capacity Overview - The company has a diversified power generation structure, including coal, LNG, and hydropower projects. As of the first three quarters of 2025, the total installed capacity is 40,559.3 MW, with coal power accounting for 20,010 MW (49.34%) [2] - The installed capacity for gas power is 11,847 MW (29.21%), wind power is 3,895 MW (9.60%), solar power is 4,574.5 MW (11.28%), and hydropower is 132.8 MW (0.33%). The total renewable energy capacity is 8,702.3 MW (21.46%) [2] Group 2: New Capacity Additions During the 14th Five-Year Plan - During the 14th Five-Year Plan, the company has added approximately 2,860 MW of coal power, 2,865 MW of gas power, 3,812.7 MW of wind power, 3,286 MW of solar power, and 100 MW of biomass power [2][3] Group 3: Ongoing and Future Projects - Currently, the company has 8,000 MW of coal power under construction, with an expected 3,000-5,000 MW to be operational by the end of 2025, and the remainder in 2026-2027 [3] - There are also 2,942 MW of gas power projects and 1,250 MW of solar and wind projects under construction, with potential adjustments to the operational timeline based on construction progress [3] Group 4: Financial Health and Debt Management - As of Q3 2025, the company's debt-to-asset ratio is 79.45%. The company plans to explore equity financing channels to manage and reduce this ratio [4] - In 2023, the company raised 4.5 billion CNY through equity financing by introducing six strategic investors [4] Group 5: Dividend Policy - The company adheres to a "profit means dividend" policy, aiming to distribute at least 10% of the annual distributable profit as cash dividends. The minimum cash dividend proportion in any profit distribution should be 20% [5] - Over the last three years, the cumulative cash dividends should not be less than 30% of the average annual distributable profit [5]

Core Viewpoint - Guizhou Qianyuan Power Co., Ltd. held a Q3 2025 performance briefing to address investor concerns regarding operational management, financial optimization, information disclosure, and dividend policies [1] Group 1: Operational Management - The company reported a nearly 60% increase in power generation compared to the previous year, achieved through optimized scheduling and precise execution [2] - Investors inquired about water conservation measures and water level management, to which the company indicated that it would enhance information disclosure in line with operational arrangements [2] - The company explained that water level adjustments were necessary due to ongoing maintenance work to prevent flooding [2] Group 2: Financial Optimization - Financial cost control was a key focus, with the company acknowledging that its debt interest rate exceeded 4%, significantly higher than the 2% rates of peers like Yangtze Power and Huaneng Hydropower [3] - The company is implementing measures such as debt replacement, optimizing financing terms, and exploring low-cost channels to reduce costs, achieving a significant decrease in new financing rates in 2025 [3] - Technical upgrades are being carried out to ensure stable and safe system operations, involving various equipment and infrastructure improvements [3] Group 3: Investor Relations - Investors suggested the company resume monthly updates on power generation and water levels, as well as increase the dividend payout ratio, with some recommending a minimum of 80% of net profits [4] - The company acknowledged these suggestions but did not commit to specific changes in the dividend policy [4] - The company emphasized its commitment to enhancing information disclosure through regular performance briefings and responding to investor inquiries via the Shenzhen Stock Exchange's platform [4]

Group 1: Tariff Impact and Cost Management - The increase in U.S. import tariffs will raise the cost for customers selling to the U.S. market, while non-U.S. sales remain unaffected [2] - Historically, tariffs have been borne by brand customers (importers), ultimately passed on to consumers; the entire supply chain, including brands, manufacturers, and material suppliers, will discuss cost optimization strategies [2] - The company is closely monitoring tariff policy changes and maintaining communication with customers and suppliers regarding cost control [2] Group 2: Gross Margin and Production Capacity - The company's gross margin has declined compared to the previous year due to new factories ramping up production; however, there was an improvement in Q3 2025 compared to Q2 2025 [2][6] - Three factories achieved profitability in Q3 2025, including the first factory in Indonesia, indicating progress in operational efficiency and cost reduction measures [2][6] - Future production capacity will expand, with four new shoe production factories planned for 2024; three factories have already met internal profitability targets by September 2025 [6] Group 3: Pricing Strategy and Revenue - Average selling price fluctuations are influenced by customer and product mix; changes in brand representation and product categories can significantly impact average prices [5] - The company employs a diversified brand strategy, continuously introducing new clients while optimizing customer and product structures, affecting average selling prices [5] Group 4: Dividend Policy and Financial Health - The company has a strong focus on shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit; 2022 and 2023 saw dividend ratios of 43% and 44%, respectively [7][8] - For 2024, the dividend payout ratio is projected to be around 70%, with a mid-year dividend introduced in 2025, maintaining a strong cash flow and high retained earnings of approximately 9 billion RMB as of September 2025 [8]

Loan Distribution and Growth - As of September 2025, the company's loan and advance principal balance is CNY 2,604.71 billion, a growth of 6.15% compared to the beginning of the year [2] - New loans are primarily concentrated in the Lanzhou region, with key industries including manufacturing, technology enterprises, water conservancy construction, financial services, and wholesale retail [2] - Future support will focus on green credit, technology enterprises, new energy industries, and new infrastructure [2] Financial Investment Overview - The financial investment scale as of September 2025 is CNY 1,773.14 billion, with trading financial assets accounting for 21.53% (CNY 381.8 billion), debt investment financial assets at 47.62% (CNY 844.29 billion), and other debt investment financial assets at 30.85% (CNY 547.05 billion) [2] Net Interest Margin and Challenges - The net interest margin as of September 2025 is 1.38%, slightly below the average of A-share listed banks, primarily due to liability structure [3] - Measures to improve net interest margin include enhancing liability quality management and reducing high-cost deposits [3] - Short-term pressure on net interest margin is expected, but medium to long-term stabilization is anticipated [3] Middle Income and Support Strategies - The decline in middle income is largely due to regulatory impacts on self-operated wealth management fees and commissions, which account for about half of total middle income [3] - Future strategies will focus on expanding agency wealth management, credit card, and corporate business income to offset declines [3] Capital Adequacy and Support - The capital adequacy ratio as of September 2025 is 13.16%, an increase of 0.91 percentage points since the beginning of the year [3] - The company issued CNY 30 billion in secondary capital bonds in 2024 and CNY 50 billion in perpetual bonds in July 2025 to strengthen capital [3] Dividend Policy - The company emphasizes reasonable returns to investors, maintaining a consistent and stable profit distribution policy [3] - Since 2019, the cash dividend ratio has exceeded 30%, with cumulative cash dividends amounting to CNY 23.98 billion, representing 1.18 times the funds raised during the IPO, and a dividend yield of around 4% [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 513.915 billion yuan for the first three quarters, a year-on-year decrease of 4.23%. The net profit attributable to shareholders was 13.647 billion yuan, down 16.14% year-on-year. The net profit after deducting non-recurring items was 11.701 billion yuan, a decrease of 13.45% year-on-year [5][10]. - In the third quarter alone, the company achieved a revenue of 176.861 billion yuan, a decline of 1.30% year-on-year, with a net profit of 4.079 billion yuan, down 16.34% year-on-year [10]. - The gross profit margin improved in the third quarter, with a comprehensive gross margin of 11.80%, an increase of 0.50 percentage points year-on-year. The expense ratio decreased, leading to a decline in net profit for the quarter [10]. - The cash collection ratio improved, with a cash flow from operating activities turning into a net inflow in the third quarter [10]. - New contracts signed by the company increased slightly, with a total of 1,339.97 billion yuan in new contracts from January to September, a year-on-year growth of 4.65% [10]. Summary by Sections Financial Performance - For the first three quarters, the company completed 63% of its annual revenue target, with a total revenue of 513.915 billion yuan and a net profit of 13.647 billion yuan [10]. - The comprehensive gross margin for the first three quarters was 11.04%, with a net profit margin of 2.66%, down 0.38 percentage points year-on-year [10]. - The cash collection ratio for the first three quarters was 97.27%, an increase of 0.54 percentage points year-on-year [10]. New Contracts and Business Development - The company signed new contracts worth 1,339.97 billion yuan from January to September, achieving 67% of its annual target [10]. - The new contracts in the infrastructure construction sector amounted to 1,222.44 billion yuan, a year-on-year increase of 6.35% [10]. - The overseas new contracts reached 284.058 billion yuan, a year-on-year increase of 7.13%, accounting for 21% of the total new contracts [10].