Core Viewpoint - Postal Savings Bank of China plans to issue A-shares to specific investors, raising 130 billion yuan to enhance core tier one capital and support future business development [1][2][3] Company Announcements - The bank's stock closed at 5.2 yuan, down 2.44% from the previous week, with a total market capitalization of 517.62 billion yuan, ranking 6th among state-owned banks [1] - The issuance will involve 20,569,620,252 shares at a price of 6.32 yuan per share, with a lock-up period of five years [1][2] - The bank has outlined a shareholder return plan for the next three years, committing to cash dividends of no less than 10% of net profit [1][4] - An investor briefing is scheduled for March 31, 2025, to engage with investors and address their concerns [1][4] Shareholding Changes - Following the issuance, the Ministry of Finance's stake will increase to 15.54%, with a subscription amount of approximately 11.76 billion yuan [2] - The Postal Group's shareholding will decrease from 62.78% to 52.00% post-issuance [3]

Meeting Overview - The 14th meeting of the 10th Supervisory Board of Bohai Leasing was held on April 1, 2025, in Beijing, with all three supervisors present [1] - The meeting was conducted in accordance with relevant laws and regulations, and all resolutions were passed unanimously [1] Resolutions Passed - The Supervisory Board approved the 2024 Annual Work Report, which will be submitted to the 2024 Annual General Meeting for review [2][3] - The 2024 Annual Report and its summary were deemed to accurately reflect the company's situation and will also be submitted for shareholder approval [2][3] - The profit distribution plan for 2024 was proposed, which includes no cash dividends, no bonus shares, and no capital increase from reserves [2][3] Internal Control and Governance - The Supervisory Board confirmed that the 2024 Internal Control Evaluation Report accurately reflects the company's governance and internal control status, with no significant deficiencies identified [3] - A three-year shareholder return plan (2025-2027) was approved, considering the company's operational conditions and external financing environment [5] Board and Supervisory Changes - The Supervisory Board will undergo a re-election process due to the expiration of the current term, with candidates proposed for the 11th Supervisory Board [5][6] - The proposed non-employee supervisors are Zhou Peixuan and Ma Li, whose qualifications meet regulatory requirements [8][9] Compensation Standards - The proposed compensation for non-independent directors is set at a net annual amount of 36,000 RMB, applicable during the term of the 11th Board [6]

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 30 年 月 日 美的集团（000333.SZ） 公司增长稳健，股东回报超预期 事件：公司发布 2024 年年报。公司 2024 年实现营业总收入 4090.84 亿 元，同比增长 9.47%；实现归母净利润 385.37 亿元，同比增长 14.29%。 其中，2024Q4 单季营业总收入为 887.34 亿元，同比增长 9.10%；归母净 利润为 68.38 亿元，同比增长 13.92%。 分红超预期，发布未来三年股东回报规划。2024 年现金分红预案为每 10 股派发现金 35 元（含税），分红比例 69.3%，同比大幅提升 7.67pct。 2025-2027 年每年实施两次现金分红，分红比例最低应达到 60%。 拟回购 A 股股份及将此前已回购股份注销，提升每股收益水平。拟回购 A 股股份，回购金额 50-100 亿元，回购价格不超过 100 元/股，回购数量占 公司总股本的 0.65%- 1.31%，将用于注销及实施股权激励，其中 70%及 以上将用于注销。此外，拟将剩余回购股份中的 1109 万股 A 股股份用途 变更为"用 ...

Core Viewpoint - The China Bank has established a shareholder return plan for the years 2025-2027, emphasizing cash dividends while considering long-term sustainability and overall shareholder interests [1][2]. Group 1: Basic Principles - The plan prioritizes shareholder returns while balancing the bank's long-term interests and sustainable development [1]. - Annual profit distribution will adhere to the proportions outlined in the company's articles of association [1]. - Cash dividends will be the preferred method of profit distribution [1]. - The profit distribution policy aims to maintain continuity and stability [1]. Group 2: Key Considerations for the Shareholder Return Plan - The plan will consider the bank's long-term sustainable development, analyzing factors such as the banking industry's operating environment, shareholder expectations, social capital costs, external financing conditions, and regulatory policies [1]. - The bank will balance business sustainability with comprehensive shareholder returns, taking into account capital, business development, profit scale, investment needs, and liquidity [1]. Group 3: Shareholder Return Plan for 2025-2027 - The bank will determine the frequency and level of dividends based on operational performance, financial status, and future development, aiming to enhance the stability and predictability of dividends [2]. - Dividends may be distributed in cash, stock, or a combination of both [2]. - In normal circumstances, the bank will distribute cash dividends of at least 10% of the after-tax profit attributable to ordinary shareholders, provided there are profits and retained earnings are positive [2]. - Special circumstances that may affect dividend distribution include significant investments, low capital adequacy ratios, regulatory restrictions, and force majeure events [2]. Group 4: Decision-Making and Supervision Mechanism - The board of directors will formulate the plan based on relevant laws, regulations, and the company's articles of association, considering input from shareholders, independent directors, and the supervisory board [4]. - Adjustments to the profit distribution policy may occur due to force majeure, significant regulatory changes, or substantial changes in the bank's operating conditions [4]. - The profit distribution plan will be proposed by the president and submitted for board and supervisory board review before being presented to the shareholders' meeting for approval [4]. Group 5: Implementation Mechanism - The shareholder return plan applies to ordinary shareholders, while preferred shareholders will follow specific provisions in the company's articles of association [5]. - The plan will take effect upon approval by the shareholders' meeting [5].

中国建设银行股份有限公司 未来三年（2025 年-2027 年）股东回报规划 根据《上市公司监管指引第 3 号——上市公司现金分红》等相关 要求，为明确中国建设银行股份有限公司（以下简称"本行"）对股 东的合理投资回报规划，完善现金分红政策，增加利润分配决策透明 度和可操作性，便于股东对本行经营和利润分配进行监督，本行制订 了《中国建设银行股份有限公司未来三年（2025 年-2027 年）股东回 报规划》（以下简称"本规划"） ，具体内容如下。 （一）严格贯彻落实监管要求。本行积极落实中国证券监督管理 委员会和上海证券交易所对上市公司利润分配及现金分红政策的监 管要求，依法合规履行利润分配决策程序。本行确保利润分配后，满 足相关法律法规和监管机构对资本充足率等监管指标的规定。 （二）切实维护股东合法权益。本行积极履行本行的社会和法律 责任，切实维护股东的合法权益，为投资者提供合理的投资回报。 （三）保持资本金规模与可持续发展需要相匹配。本行在确定股 利分配政策时，将充分考虑本行所处发展阶段的影响，使本行资本金 能够满足正常经营和可持续发展需要，支持各项业务保持良好发展态 势。 （四）充分保障股东利益。本行鼓励 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in domestic business and has opened up opportunities in international markets [2] - The company's profitability and cash flow have maintained high growth, indicating an improvement in profit efficiency and value enhancement [2][3] - The company plans to increase its cash dividend payout ratio, reflecting a commitment to shareholder returns [8] Financial Performance Summary - In 2024, the company achieved total revenue of 284.42 billion yuan, a year-on-year increase of 10.07%, and a net profit attributable to shareholders of 10.17 billion yuan, up 23.51% year-on-year [3][10] - The company's net profit margin for 2024 was approximately 3.58%, an increase of 0.39 percentage points year-on-year [3] - The express delivery and large parcel segment generated revenue of approximately 200.16 billion yuan, a year-on-year increase of 7.10%, with a net profit of approximately 10.98 billion yuan, up 29.91% [4] - The instant delivery segment saw revenue of approximately 9.01 billion yuan, a year-on-year increase of 22.24%, with net profit doubling to approximately 132 million yuan [5] - The supply chain and international segment reported revenue of approximately 74.00 billion yuan, a year-on-year increase of 17.72%, but a net loss of approximately 1.32 billion yuan [5] Capital Expenditure and Cash Flow - The peak period for capital expenditure has passed, with 2024 capital expenditure at 9.9 billion yuan, a decrease of 27% year-on-year [6] - Operating cash flow for 2024 was 32.2 billion yuan, an increase of 21% year-on-year, and free cash flow rose by 70% to 22.3 billion yuan [7] Dividend Policy - The company plans to distribute a cash dividend of 4.4 yuan per 10 shares for the 2024 fiscal year, with an expected total dividend payout of approximately 4.1 billion yuan, representing a payout ratio of about 40% [8] Earnings Forecast - The company is expected to achieve net profits of 11.91 billion yuan, 14.26 billion yuan, and 16.85 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.1%, 19.8%, and 18.1% [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in domestic business and opened up opportunities in international markets [2] - The report highlights that the company's profit and cash flow maintain high growth, indicating an improvement in profitability efficiency [2][3] - The company is expected to have a significant long-term value potential as a leading integrated express logistics provider [9] Financial Performance Summary - In 2024, the company achieved operating revenue of 284.42 billion yuan, a year-on-year increase of 10.07%, and a net profit attributable to shareholders of 10.17 billion yuan, up 23.51% year-on-year [3][10] - The fourth quarter of 2024 saw a net profit of 2.55 billion yuan, reflecting a year-on-year growth of 29.61% [3] - The company's net profit margin for 2024 was approximately 3.58%, an increase of 0.39 percentage points year-on-year [3] Segment Performance Summary - The express and freight segment generated revenue of approximately 200.16 billion yuan, a year-on-year increase of 7.10%, with a net profit of about 10.98 billion yuan, up 29.91% [4] - The same-city instant delivery segment saw revenue of approximately 9.01 billion yuan, a year-on-year increase of 22.24%, with net profit doubling to 132 million yuan [5] - The supply chain and international segment reported revenue of approximately 74.00 billion yuan, a year-on-year increase of 17.72%, but a net loss of 1.32 billion yuan [5] Cash Flow and Capital Expenditure - The peak period of capital expenditure has passed, with 2024 capital expenditure at 9.9 billion yuan, a decrease of 27% year-on-year [6] - Operating cash flow for 2024 was 32.2 billion yuan, an increase of 21% year-on-year, while free cash flow surged by 70% to 22.3 billion yuan [7] Dividend Policy - The company plans to distribute a cash dividend of 4.4 yuan per 10 shares for the end of 2024, with an expected total dividend amount of approximately 4.1 billion yuan, representing a payout ratio of about 40% [8] Earnings Forecast - The company is projected to achieve net profits of 11.91 billion yuan, 14.26 billion yuan, and 16.85 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 17.1%, 19.8%, and 18.1% [9][10]

证券代码：600409 证券简称：三友化工 公告编号：临 2025-008 号 唐山三友化工股份有限公司 一、审议通过了《关于公司符合面向专业投资者公开发行公司债券条件的议 案》。同意票 14 票，反对票 0 票，弃权票 0 票。 本次发行的公司债券票面金额为人民币 100 元，按面值平价发行。 同意票 14 票，反对票 0 票，弃权票 0 票。 本次公司债券期限为不超过 3 年（含 3 年），可以为单一期限品种，也可以 为多种期限的混合品种。具体期限构成和各期限品种的发行规模提请股东大会授 权董事会，并同意董事会授权公司管理层在发行前根据市场情况和公司资金需求 情况确定。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 唐山三友化工股份有限公司（以下简称"公司"）召开 2025 年第三次临时董 事会的会议通知于 2025 年 3 月 21 日向全体董事以电子邮件、专人送达的形式发 出，本次会议于 2025 年 3 月 28 日在公司所在地会议室以现场与通讯表决相结合 的方式召开。会议由公司董事长王春生先生主持，应出席董事 1 ...

Meeting Details - The third meeting of the sixth Supervisory Board of Hangzhou Weiguang Electronics Co., Ltd. was held on March 27, 2025, with all three supervisors present [1] - The meeting was convened in accordance with the Company Law and the company's articles of association [1] Resolutions Passed - All resolutions were passed with a unanimous vote of 3 in favor, 0 abstentions, and 0 against [2][3][4][6] - The Supervisory Board approved the procedures for the preparation and review of the 2024 Annual Report and its summary, confirming that the report accurately reflects the company's actual situation [2] - The internal control self-evaluation report for 2024 was deemed comprehensive and effective, with no violations of internal control systems reported [3] - The profit distribution plan for 2024 and the mid-term dividend plan for 2025 were established to share the company's operating results with shareholders [4] - The Supervisory Board agreed to continue the appointment of Tianjian Accounting Firm as the auditing institution for 2025 [6] Future Actions - All resolutions are subject to approval at the 2024 Annual General Meeting of Shareholders [2][3][4][6]

Meeting Overview - The sixth session of the Supervisory Board's 20th meeting was held in the company's conference room, with all three supervisors present, and the meeting was chaired by Mr. Ren Shenghao [1]. Resolutions Passed - The Supervisory Board unanimously approved the procedures for the preparation and review of the company's 2024 Annual Report and its summary, confirming that they comply with legal and regulatory requirements [1]. - The 2024 Annual Report and its summary will be published on various platforms including the Giant Tide Information Network [1]. Financial Reports - The 2024 Annual Financial Settlement Report was audited by Heshin Accounting Firm, which issued a standard unqualified audit opinion. The detailed content is available in the relevant financial sections of the 2024 Annual Report [3]. - The company confirmed that its internal control system is sound and operates effectively, with no significant deficiencies identified in financial and non-financial reporting [3]. Fund Management - The company adheres to regulatory requirements for the management and use of raised funds, confirming that all uses of funds are legal and compliant [13]. Profit Distribution - The net profit attributable to shareholders for 2024 was reported as ¥503,823,356.22. The profit distribution plan proposes a cash dividend of ¥1.00 per 10 shares, subject to adjustments based on changes in total share capital [15]. - The profit distribution plan is in line with regulatory guidelines and considers the overall situation of the company and shareholder returns [15]. Future Planning - The company has developed a three-year shareholder return plan (2025-2027) aimed at enhancing its profit distribution policy and establishing a stable return mechanism for investors [16].