Core Points - The company has approved a differentiated cash dividend distribution plan at the 2024 annual shareholders' meeting held on May 13, 2025 [1][2] - The cash dividend is set at RMB 0.10 per share (before tax) [1][4] - The total number of shares eligible for the dividend distribution is 118,961,240 shares after excluding 2,180,997 shares held in the company's repurchase account [2][3] - The total cash dividend amount to be distributed is RMB 11,896,124.00 (before tax) [2][3] Dividend Distribution Details - The cash dividend distribution will not involve capital reserve conversion to share capital or stock dividends [2][3] - The ex-dividend date, record date, and payment date are specified but not detailed in the provided text [3] - The reference price for ex-dividend trading will be adjusted based on the cash dividend amount [2][3] Tax Implications - Individual shareholders holding shares for more than one year will be exempt from personal income tax on the dividend [4][5] - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution, but tax will be calculated upon the sale of shares [4][5] - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of RMB 0.09 per share [5][6]

6月13日，由证券时报主办的第十六届中国上市公司投资者关系管理天马奖获奖名单隆重揭晓！陕鼓动力在本届评选中荣获 投资者关系管理股东回报奖。公司是国内透平风机龙头， 公司主要设备产品为高端透平压缩机，技术壁垒高，价值量大， 下游以大型流程工业为主。 从公司回复投资者咨询角度看，今年以来，公司在上证e互动平台累计回答投资者20个问题，回复率为68.9%；2024年累计 回答问题46个，回复率为73%，整体回复率均较高。 从分红率（分红额/净利润）来看，上市这15年间，陕鼓动力整体分红率为68.88%，2016年和2017年的分红率甚至超过 100%，其他年份分红率在60%左右。股息率方面，以6月16日收盘价和2024年分红额计算，公司的最新股息率为5.09%，如 果以2024年末股价计算，股息率达到5.17%。 在参加地方上市公司协会举办的投资者集体接待活动上，陕鼓动力已累计参加5届"陕西辖区上市公司投资者集体接待日"活 动。同时，从2020年开始，公司几乎在每个定期报告发布后，均举办业绩说明会，用面对面的方式与投资者沟通交流。 陕鼓动力能常年保持高分红，主要得益于优秀的经营业绩。从历史看，陕鼓动力上市以来，每年 ...

Core Viewpoint - The market is experiencing mixed performance among the components of the CSI 500 Quality Growth Index, with a slight overall decline in the index and specific stocks showing significant gains and losses [1][2]. Group 1: Market Performance - As of June 17, 2025, the CSI 500 Quality Growth Index has decreased by 0.56%, with the CSI 500 Quality Growth ETF down by 0.72% to a price of 0.96 yuan [1]. - Among the component stocks, Teruid (300001) led with a gain of 2.07%, while Xintai (002294) saw the largest decline at 9.00% [1]. Group 2: Investment Recommendations - Dongxing Securities suggests focusing on sectors with growth potential, indicating that small and mid-cap stocks are likely to continue their upward trend despite potential short-term adjustments [1]. - The report highlights the importance of innovative pharmaceuticals and new consumer trends as key areas for investment, while also recommending low-valuation, high-dividend stocks for long-term positioning [1]. Group 3: Index Composition - The CSI 500 Quality Growth Index has a turnover rate of 43%, with a focus on small and mid-cap value growth stocks [2]. - The top ten weighted stocks in the index account for 23.79% of the total, with notable companies including Chifeng Gold (600988) and Ninebot (689009) [2][3].

Core Viewpoint - The company, Wuxi Xinjie Electric Co., Ltd., is implementing a differentiated dividend distribution for the fiscal year 2024, which involves a cash dividend of 0.87 RMB per share for shareholders, excluding shares repurchased for employee stock ownership plans [1][2][4]. Group 1: Reasons for Differentiated Dividend - The differentiated dividend is a result of the company's share repurchase plan, which allows for the repurchased shares to not participate in profit distribution [1][2]. - The company plans to repurchase shares using its own funds, with a total repurchase amount between 25 million RMB and 40 million RMB, at a price not exceeding 56.73 RMB per share [1][2]. Group 2: Dividend Distribution Plan - The total share capital for the dividend distribution is 157,138,633 shares, with 272,443 shares repurchased and excluded from the distribution, resulting in a base of 156,866,190 shares for the cash dividend calculation [2][3]. - The total cash dividend to be distributed amounts to approximately 136,473,585.30 RMB [2][3]. Group 3: Calculation Basis for Differentiated Dividend - The ex-dividend reference price is calculated based on the formula: (previous closing price - cash dividend per share) / (1 + change in circulating shares ratio) [3]. - The actual cash dividend received by participating shareholders is 0.87 RMB per share, leading to an ex-dividend reference price of 61.04 RMB per share [3][4]. Group 4: Sponsor Institution's Review Opinion - The sponsor institution, Zhongtai Securities, has reviewed the differentiated dividend matter and found no violations of relevant laws and regulations, confirming that it does not harm the interests of the company or its shareholders [4].

金深法意字2025第 244 号 致：深圳市杰普特光电股份有限公司 北京金诚同达（深圳）律师事务所（以下简称"本所"）接受深圳市杰普特 光电股份有限公司（以下简称"公司"）委托，并根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《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》（以下简称"《7 号指引》"）等法律、法规、规范性文 件以及《深圳市杰普特光电股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，对公司 2024 年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"）相关事项进行了核查，并出具本法律意见书。 为出具本法律意见书，本所律师审查了与本次差异化分红相关的文件和资 料，就相关事项向公司进行了必要的询问。公司已向本所保证，公司向本所提供 的文件及所作的陈述是真实、准确、完整、有效的，一切足以影响本法律意见书 的事实和文件均已向本所披露、提供，不存在隐瞒、虚假和遗漏，上述文件原件 及其签字、盖章是真实有效的，文件的复印件、影印件、扫描件、副本与原件、 正本一致。 北京金诚同达（深圳 ...

浙江天册律师事务所 关于 浙江梅轮电梯股份有限公司 差异化分红事项之 专项法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 http://www.tclawfirm.com 编号：TCFGZY2025H0017 号 致：浙江梅轮电梯股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江梅轮电梯股份有限公司（以 下简称"梅轮电梯"或"公司"）的委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股份回购规则》、《上海证券交易所股票上市规则》及《上海证券交易所上市 公司自律监管指引第7号—回购股份》（以下简称"《监管指引》"）等法律、法规 及规范性文件的相关规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神， 就公司本次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"） 相关事项出具本法律意见书。 第一部分 声明事项 本所及经办律师依据《证券法》 《律师事务所从事证券法律业务管理办法》和《律 师事务所证券法律 ...

Core Viewpoint - The dividend performance of listed companies in Sichuan has shown significant improvement, characterized by increased dividend payout ratios, stable dividend amounts, and the gradual establishment of a normalized dividend mechanism, enhancing investment value [1][2]. Group 1: Dividend Payout Ratio - The annual dividend payout ratio for Sichuan-listed companies reached 50.28%, an increase of 7.02 percentage points from the previous year. Approximately 40% of the 43 companies had a payout ratio exceeding 50%, indicating a strong commitment to shareholder returns [1]. Group 2: Stability of Dividend Amounts - Despite some companies facing performance pressures, 105 Sichuan-listed companies announced a total cash dividend of 57.766 billion yuan in 2024, maintaining the same level as the previous year, even with a decrease in profitable companies. Notably, some companies with negative net profits still distributed dividends, reflecting their focus on investor relations [1]. Group 3: Leading Role of Major Companies - In 2024, seven Sichuan-listed companies distributed dividends exceeding 1 billion yuan each, collectively contributing about 43 billion yuan, which accounts for 74% of the total dividend amount [2]. Group 4: Performance of Newly Listed Companies - Over 60% of the 20 newly listed companies in the past three years introduced cash dividend plans for 2024, with an average payout ratio exceeding 50%. Six of these companies executed multiple dividend distributions within the year [2]. Group 5: Normalized Dividend Mechanism - A total of 27 companies increased their frequency of dividend payments by 285% year-on-year, with over 12 billion yuan distributed before the Spring Festival. Additionally, 61 companies have maintained continuous dividends for five years, and 53 companies have disclosed long-term return plans or sought shareholder approval for mid-term dividend strategies [2].

Core Viewpoint - The recent trend of leading A-share companies listing on H-shares is gaining momentum, with several companies successfully completing their listings in Hong Kong, enhancing their international market presence and brand recognition [1][2]. Group 1: H-share Listing Trend - Leading companies like Midea Group, CATL, and Heng Rui Pharmaceutical have recently listed on the Hong Kong Stock Exchange, indicating a growing trend among A-share companies to seek H-share listings [1]. - Stone Technology announced its intention to list on the Hong Kong Stock Exchange, further contributing to the ongoing "H-share boom" [2]. Group 2: Investment Considerations - Investors face a dilemma regarding whether to invest in A-shares or H-shares of companies listed on both exchanges, as each market has distinct advantages and disadvantages [2]. - Analysts highlight that H-shares generally trade at a discount compared to A-shares due to differences in investor structure, liquidity, and refinancing mechanisms [3][5]. Group 3: Price Discrepancies - The long-term price discrepancy between A-shares and H-shares is attributed to the lack of free convertibility and arbitrage mechanisms between the two markets [3]. - Currently, only 155 companies are listed on both A and H-shares, representing a small fraction of the total number of companies on the Hong Kong main board [5][6]. Group 4: Sector Analysis - The majority of companies listed on both exchanges are state-owned enterprises and belong to traditional economic sectors, such as finance and energy, which tend to attract dividend-focused investors [6]. - The analysis suggests that the price differences between A and H-shares can be better understood through a dividend perspective rather than purely market sentiment [6]. Group 5: Recent Market Dynamics - The phenomenon of "A-H share price inversion" has been observed, particularly with companies like CATL, where H-shares traded at a premium to A-shares, indicating a shift in market dynamics [7][9]. - The current macroeconomic environment and differing investor preferences contribute to the observed price behaviors between A and H-shares [9][10]. Group 6: Future Outlook - Companies like Stone Technology, which have a significant portion of their revenue from overseas markets, are expected to attract foreign investment and may experience similar price dynamics as seen with CATL [12][13]. - The ongoing trend of high dividend yields in the Hong Kong market, coupled with structural opportunities in sectors like new consumption and technology, positions H-shares favorably for investors [16][17].

Core Viewpoint - Company is enhancing investor returns through its first-ever mid-year dividend, reflecting confidence in sustainable high-quality development and responding to the new "National Nine Articles" policy [1][2]. Group 1: Investor Returns - Company has approved a mid-year dividend arrangement for 2025, marking its first such initiative since listing, aimed at boosting investor confidence [1]. - Since its listing in 2016, the company has distributed over 7.5 billion yuan in dividends, with an average payout ratio exceeding 85%, significantly surpassing the raised funds [2]. - As of April 30, 2025, the company has repurchased 6,620,630 shares, representing 0.60% of total shares, with a total expenditure of approximately 98 million yuan [2]. Group 2: Corporate Social Responsibility - Company has contributed nearly 32 billion yuan in taxes since its establishment, supporting local economic development [3]. - The company has initiated the "Together, Forge China's Heart" public welfare project, providing high-quality medical volunteer services to nearly 2 million people in highland areas over 17 years [3]. Group 3: Business Development - Company is a leading player in the traditional Chinese medicine cardiovascular sector, with proprietary products maintaining a strong market position [5]. - It holds 468 valid patents and has 213 products in development, covering the entire industry chain from traditional Chinese medicine to advanced biopharmaceuticals [5][6]. - The company aims to expand into high-tech fields such as biopharmaceuticals and vaccines, with ongoing research in various therapeutic areas [6].

Market Overview - The overall trend of AH stocks in the past six months can be summarized as "gathering market sentiment amid divergence, with gradual valuation recovery amid fluctuations" [1] - Since the pandemic, the stock market has been in a long-term adjustment due to risk control and the downturn in the real estate cycle [1] - After September 24, there has been a noticeable change in market style, with effective policies boosting confidence and altering the characteristics of a shrinking market [1] Investment Opportunities - The Chinese stock market has a high allocation value globally, with the Shanghai-Shenzhen 300 dividend yield remaining above 1.5%, indicating strong appeal for large incremental funds like insurance [1][2] - The continuous decline in bank deposit interest rates is expected to drive savings into the stock market as fixed deposits mature [1] - The return of overseas funds to the Chinese market is evident, with Hong Kong stocks showing significant recovery since the beginning of the year [2] Economic Context - The controllable economic downturn risk suggests that the current dividend yield is unlikely to experience a significant decline [2] - The major reasons for the significant pullback in A-shares since 2021 include economic downturn and deflation expectations, which are less pronounced compared to developed markets [2] - The stabilization of economic expectations is seen as a major positive factor for the stock market [4] Sector Analysis - Assets with strong earnings certainty and high dividend nature are expected to yield absolute returns, attracting low-risk preference funds [3] - Industries that are likely to see opportunities before the economic bottom is confirmed include innovative pharmaceuticals, new consumption, AI-related sectors, non-bank financials, and more [3] - Many downstream industries are gradually emerging from profit troughs due to price adjustments and technological breakthroughs, despite the year-on-year PPI hitting a new low [3] Conclusion - The risk-reward ratio in the stock market has become particularly evident after years of macro risks, with the current bottom position of the market not requiring a significant economic rebound for valuation recovery [4] - Patience and bottom-up research are essential for achieving favorable results in the current market environment [4]