Investment Rating - The report does not explicitly state an investment rating for the industry or the company under review. Core Insights - The company has adjusted its profit distribution plan for 2024 to enhance investor returns and ensure stability in cash dividends, responding to investor feedback and regulatory guidance [19][20][21] - The shift to a multi-dividend distribution model aligns with the company's seasonal cash flow characteristics, allowing for better liquidity management and risk mitigation [21][22] - Despite a decline in overall revenue and profit for 2024, the company has maintained a strong cash flow position, enabling it to sustain a high dividend payout [24][26] Summary by Sections 1. Research Overview - The research focuses on the company Oriental Yuhong in the renovation and building materials industry, with a meeting held on March 12, 2025 [13] 2. Detailed Research Institutions - Various financial institutions participated in the research, including Guotai Junan Securities, China Merchants Fund, and others [14][15] 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved. 4. Main Content Information - The company has shifted its business model from a direct sales approach to a channel sales model, focusing on retail and engineering channels, which has led to a decrease in revenue from traditional large clients [23][24] - The retail channel achieved a revenue of 10.209 billion, showing a nearly 10% increase, while the engineering channel also experienced growth, contributing to a combined revenue of 23.562 billion from both channels [24][25] - The company plans to implement a mid-year dividend distribution after the 2025 semi-annual report, aiming to enhance investor satisfaction and maintain stable returns [22][23] - The decision to maintain a high dividend payout despite profit declines is supported by strong operating cash flow, which increased by 64.39% to 3.457 billion [24][26] - The company’s financial health is robust, with a low debt ratio of 43% and a manageable interest-bearing debt ratio of 15%, allowing for continued high dividend distributions without impacting operational capabilities [26][28]

沃顿科技股份有限公司 2024 年-2026 年股东回报规划 为完善公司持续、稳定、积极的分红决策和监督机制，积极回报 股东，引导投资者树立长期投资和理性投资的理念，根据《中华人民 共和国公司法》《中华人民共和国证券法》《关于进一步落实上市公司 现金分红有关事项的通知》《上市公司监管指引第3号——上市公司现 金分红》《深圳证券交易所上市公司自律监管指引第1号——主板上市 公司规范运作》等相关法律、法规、规范性文件以及《公司章程》的 规定，制定《沃顿科技股份有限公司2024年-2026年股东回报规划》（以 下简称"本规划"）。 一、本规划的制定原则 公司应实施持续、稳定、积极的股利分配政策，综合考虑股东的 合理投资回报和公司的可持续发展，在保证公司正常经营发展的前提 下，为公司建立持续、稳定、积极的分红政策。 二、制定本规划的考虑因素 在制定本规划时，综合分析公司所处行业特征、公司发展战略和 经营计划、股东回报、社会资金成本及外部融资环境等因素；充分考 虑公司目前及未来盈利规模、现金流量状况、所处发展阶段、项目投 资资金需求、银行信贷及债权融资环境等情况；平衡股东的合理投资 回报和公司的长远发展。 三、2024 ...