证券研究报告 | 公司点评 gszqdatemark 2025 06 22 年 月 日 四川路桥（600039.SH） 再论四川路桥高分红的持续性如何？ 四川交通基建需求广阔、财政充沛，四川路桥订单充裕、有望向业绩持续 转化。 从四川交通基建需求来看，2024 年四川完成公路水路交通固定资产投资 2608 亿元，连续 4 年超 2000 亿元，2024 年占全国的比为 9.3%，连续 4 年稳步提升，2015-2024 年投资额复合增速 8.2%；2024 年底四川高速公 路通车里程 10310 公里，占全国的比为 5.4%，连续 10 年占比提升。四 川规划到 2035 年高速公路网达 2 万公里，因此未来 10 年省内高速公路 有翻倍建设空间。此外，四川省已被明确定义为国家战略腹地省市，预计 后续将在国家战略腹地建设中占据核心地位，若后续国家战略腹地顶层设 计出台，四川高速公路项目及大量基建项目有望获国家专项补助资金，保 障项目现金流、利润率，并驱动项目加快推进。 从四川财政情况来看，2024 年四川省地方财政收入 5635 亿元，全国排名 第 7；地方财政支出 1.34 万亿元，全国排名第 3。四川财政 ...

事实上 ， 你所看到的这些分红一步步提高 ， 最终成为高股息股票的品种 ， 与其说它是因为成 长性最后才成就了高分红 ， 不如说它们本身就自带了潜在高分红基因 。 当条件成熟 ， 高分红 就变成了一件顺理成章的事情 。 以下文章来源于长线是金11 ，作者长线是金11 长线是金11 . 记录本人的投资心得，希望能对大家有所帮助 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 长线是金11 来源：雪球 最近 ， 在论坛上看到有人说 " 高股息 " 的关键在于成长性 ， 并且举例白酒 、 银行 、 家电等 行业 ， 认为都是因为先有成长性 ， 导致股息不断增加 ， 所以才成为了高股息股票 。 听起来好像很有道理 ， 不过仔细推敲后 ， 会发现有些本末倒置 。 因为高成长未必就一定会成 为高股息股票 ， 有些品种渡过高速增长期后 ， 即直接走向了衰败 ， 从来都不曾有过高分红阶 段 ， 又何来必然的因果关系呢 ？ 这些护城河壁垒保证它们形成了稳定的输出能力 ， 最终日积月累下的流入压倒了支出 ， 即使并 非现金奶牛 ， 也依然实现了具有可持续性的高分红 。 因此 ， 我们 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001203证券简称：大中矿业公告编号：2025-076 债券代码：127070债券简称：大中转债 大中矿业股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 大中矿业股份有限公司（以下简称"公司"）于近日接到控股股东众兴集团有限公司（以下简称"众兴集 团"）的通知，获悉众兴集团因发行可交换公司债券业务需要，将其所持有本公司部分股份进行了质 押，并于前期因自身经营资金需求质押部分股份，合计质押股份达到公司总股本的5%以上。具体情况 如下： 一、控股股东发行可交换公司债券概况 众兴集团非公开发行可交换公司债券已获得深圳证券交易所（以下简称"深 交所"）出具的《关于众兴集团有限公司非公开发行可交换公司债券符合深交所挂牌条件的无异议函》 （深证函〔2025〕24 号），众兴集团申请确认发行面值不超过13.5亿元人民币的2025年面向专业投资者 非公开发行可交换公司债券符合深交所挂牌条件。 ■ 注：截至目前，公司总股本为1,508,021,588股。本次股份质押不涉及 ...

Core Viewpoint - The distribution of cash dividends among 26 listed companies in the laser industry reflects the varying survival states and performance of different segments within the industry, with 19 companies distributing cash dividends, 6 suspending them, and 1 opting for stock conversion, indicating a 23% non-dividend ratio [1] Summary by Sections Dividend Distribution - As of June 18, 2024, 26 companies in the laser industry disclosed their dividend plans, with 19 companies issuing cash dividends and 6 suspending them [1] - The top five companies by cash dividend per 10 shares are: 1. Baichu Electronics: 21.60 CNY, total 445 million CNY 2. Jiepu Technology: 4.2 CNY, total 39.82 million CNY 3. Dier Laser: 3.9 CNY, total 106 million CNY 4. Han's Laser: 3.5 CNY, total 360 million CNY 5. Huagong Technology: 2 CNY, total 200 million CNY [2][3] Company Performance - Baichu Electronics, a leader in industrial laser cutting systems, holds a 60% market share and is projected to achieve over 800 million CNY in net profit for 2024, showcasing strong profitability with a gross margin of nearly 80% and a net profit margin of 40% [4] - Dier Laser maintains over 80% market share in PERC laser ablation equipment, demonstrating stable profitability and consistent high dividends since its listing [4] - Han's Laser and Huagong Technology have both maintained over ten years of continuous dividends, reflecting their strong profitability and risk resilience [5][6] Industry Challenges - The laser industry is undergoing a deep adjustment cycle, with significant price wars in the upstream market and fluctuating demand in the midstream, leading to stark performance disparities among companies [8] - Companies like Ruike Laser are facing severe pressure from price wars, resulting in a 38.24% decline in net profit for 2024, with dividends dropping from 5 CNY per 10 shares in 2018 to 0.5 CNY in 2024 [9] - Longguang Huaxin and other companies have suspended dividends due to losses, highlighting the challenges faced by non-leading firms during industry downturns [11] Strategic Responses - Jiepu Technology has successfully differentiated itself by focusing on the MOPA pulsed fiber laser segment, achieving nearly 100% growth in dividends from 1.44 CNY in 2020 to 4.2 CNY in 2024, demonstrating effective market positioning [10] - Companies like Yifei Laser are choosing to reinvest profits into R&D rather than distribute dividends, indicating a strategic shift towards technology upgrades and sustainable growth [11] Conclusion - The disparity in dividend capabilities among laser industry companies reflects their technological barriers and sustainable business models, with those possessing strong customer relationships and unique technologies showing better resilience and profitability [12]

证券代码：688616 证券简称：西力科技 公告编号：2025-026 杭州西力智能科技股份有限公司 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： ? 是否涉及差异化分红送转：是 ? 每股分配比例 每股现金红利0.3元 ? 相关日期 股权登记日 除权（息）日 现金红利发放日 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 上市公司自律监管指引第 7 号——回购股份》等相关法律、行政法规、部门规章 及其他规范性文件以及《公司章程》的有关规定，公司回购专用证券账户中的股 份不享有股东大会表决权、利润分配、公积金转增股本、认购新股等权利。 （1）本次差异化分红方案 根据公司 2024 年年度股东大会审议通过的 ...

Group 1 - The company has approved a share repurchase plan using its own funds ranging from RMB 25 million to RMB 50 million, with a maximum repurchase price of RMB 53.31 per share, aimed at employee stock ownership plans or equity incentives [1][2] - As of August 16, 2024, the company has repurchased a total of 1,291,428 shares, which will not participate in profit distribution, leading to a differentiated dividend distribution for the fiscal year 2024 [2] - The actual number of shares participating in the profit distribution is 38,708,572 shares, calculated by deducting the repurchased shares from the total share capital of 40 million shares [2][3] Group 2 - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares (including tax) based on the adjusted total share capital after accounting for repurchased shares [2] - The cash dividend per share is calculated to be RMB 0.1, with the reference price for ex-dividend trading set at RMB 39.62 per share, reflecting minimal impact from the repurchased shares on the market price [3] - The sponsor institution confirms that the differentiated dividend distribution complies with relevant regulations and does not harm the interests of the company or its shareholders [3]

东方证券股份有限公司（以下简称"保荐机构"）作为重庆西山科技股份有 限公司（以下简称"西山科技"或"公司"）首次公开发行股票并上市持续督导 保荐机构，根据《公司法》《证券法》《上市公司股份回购规则》《上海证券交易 所上市公司自律监管指引第 7 号——回购股份》《上海证券交易所上市公司自律 监管指南第 2 号——业务办理》等有关规定，对公司 2024 年度利润分配所涉及 的差异化分红（以下简称"本次差异化分红"）相关事项进行了审慎核查，具体 情况如下： 一、本次差异化分红的原因 公司于 2023 年 12 月 25 日召开第三届董事会第二十三次会议，审议通过了 《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金 以集中竞价交易方式回购公司股份用于员工持股计划或股权激励，回购金额不低 于人民币 5,000 万元（含），不超过人民币 10,000 万元（含），回购价格不超过 截至 2024 年 6 月 17 日，公司完成本次回购，已实际回购公司股份 1,312,721 月内。 股，占当时公司总股本 53,001,466 股的比例为 2.48%，支付的资金总额为人民币 议通过了《关于变更回购股份用 ...

Core Viewpoint - The legal opinion issued by Beijing Guantao (Hangzhou) Law Firm confirms that Zhejiang Kang En Bei Pharmaceutical Co., Ltd.'s differentiated dividend distribution plan for the year 2024 complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [8]. Group 1: Differentiated Dividend Distribution - The differentiated dividend distribution is based on the company's net profit of RMB 405,473,540.71 for 2024, with a 10% legal surplus reserve of RMB 40,547,354.07 being deducted [6][7]. - The company plans to distribute a cash dividend of RMB 1.50 (including tax) for every 10 shares to all shareholders, calculated based on the total share capital after excluding the shares held in the repurchase account [6][7]. Group 2: Share Repurchase Details - The company announced a share repurchase plan with a total fund of no less than RMB 200 million and no more than RMB 400 million, with the repurchase period set for six months from the board's approval date [4][5]. - As of July 21, 2024, the company completed the repurchase of 63,579,048 shares, accounting for 2.47% of the total share capital, with an average repurchase price of RMB 4.72 per share [5][6]. Group 3: Legal Compliance and Conclusion - The law firm confirms that the differentiated dividend distribution adheres to the Company Law, Securities Law, and other relevant regulations, ensuring that it does not harm the interests of the company and its shareholders [8]. - The legal opinion is intended solely for the purpose of the differentiated dividend distribution and must not be used for any other purpose without prior written consent from the law firm [3].

Core Viewpoint - The company is planning to issue shares through a simplified procedure to specific investors, which may dilute immediate returns for existing shareholders, and has proposed measures to mitigate this impact [4][6][12]. Group 1: Share Issuance and Financial Impact - The company intends to issue up to 19,900 million yuan in shares, which will increase the total share capital from 90,085,520 shares to 117,111,176 shares [5]. - The projected net profit for 2025 under three scenarios shows a potential decrease in basic earnings per share from 0.94 yuan to as low as 0.75 yuan due to the dilution effect [5][6]. - The company has committed to measures to ensure that the dilution of immediate returns is addressed, including enhancing the management of raised funds and accelerating project implementation [10][12]. Group 2: Shareholder Return Planning - The company has developed a three-year dividend return plan for 2025-2027, focusing on providing stable and reasonable returns to shareholders [13][14]. - The dividend distribution policy emphasizes that cash dividends should not exceed the cumulative distributable profits and must consider the company's operational needs [14][15]. - The company aims to distribute at least 10% of the annual distributable profits as cash dividends, with higher percentages for mature stages without significant capital expenditures [16][17]. Group 3: Previous Fund Utilization - The company reported that all previous fundraising has been fully utilized, with a total of 31,913.03 million yuan raised for various projects, including the construction of a new manufacturing facility [21][22]. - The actual investment in previous projects was 28,625.02 million yuan, with no significant deviations from the planned investment amounts [21][22]. - The company has established a robust management system for fundraising, ensuring compliance with regulations and effective use of funds [20][21].

Core Viewpoint - The legal opinion issued by Shanghai Jintiancheng Law Firm confirms that the differentiated dividend distribution plan proposed by Haierong Cold Chain Co., Ltd. for the year 2024 complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [8]. Group 1: Differentiated Dividend Distribution - The differentiated dividend distribution is based on the company's 2024 annual profit distribution plan, which was approved at the shareholders' meeting [5]. - The total amount for the 2024 profit distribution is set at 210,648,472.65 CNY, with a per-share dividend of 0.50 CNY (including tax) for all shareholders, excluding shares held in the company's repurchase account [5][6]. - The company has completed the repurchase of 4,054,216 shares, accounting for 1.0492% of the total share capital, which will not participate in the profit distribution [5][6]. Group 2: Legal Compliance and Responsibilities - The law firm has conducted thorough verification and confirmed that the documents provided by the company are true, accurate, and complete, and that the legal opinion is based on applicable laws and regulations [2][4]. - The law firm emphasizes that the opinion is strictly for the purpose of the differentiated dividend distribution and cannot be used for any other purposes [4][8]. - The conclusion of the legal opinion states that the differentiated dividend distribution plan adheres to the Company Law, Securities Law, and relevant guidelines, ensuring the protection of shareholder interests [8].