金圆桌奖·优秀董事会 山东出版 | 601019 优秀董事会 第二十届中国上市公司董事会"金圆系" 在第二十届中国上市公司董事会"金圆桌奖"评选中，股份公司获评优秀董事会。"金圆桌奖"是《董事会》杂志倡导设立的中国董事会制度建设领域的权威 公益奖项。股份公司已连续五年荣获该奖项，体现了对股份公司董事会建设、公司治理、规范运作、信息披露、股东回报、投资者关系管理等多维度的高 度肯定。 近日，山东出版传媒股份有限公司连续荣获三个重要奖项。 信息披露工作A级 根据上海证券交易所公布的沪市上市公司2024至2025年度信息披露工作评价结果，股份公司连续第六年获得上海证券交易所年度信息披露工作最高等级A 级（优秀），这一评价结果是上海证券交易所对股份公司在规范运作、信息披露、公司治理、投资者关系管理等方面工作的高度认可。 上市公司2024年度金信披奖 在"2025科创投资大会暨上市公司金牛奖（金信披奖）颁奖典礼"上，股份公司凭借在信息披露、投资者关系管理等方面的优异表现，荣获《中国证券报》 评选的"上市公司2024年度金信披奖"。这是股份公司连续第三年获得"金信披奖"，是国内专业证券媒体对股份公司在信息披露、投资者关系 ...

Core Insights - The "2025 Zhitong Finance Listed Company Value Leading Conference and the Sixth Elite Secretary Night" was held in Xiamen, recognizing companies for their investor relations management [1] - Lanzhou Lishang Guochao Industrial Group Co., Ltd. (600738) won the "Best Investor Relations Team Award" for its outstanding performance in information disclosure, investor communication, value transmission, and brand building [1] Group 1 - The "Best Investor Relations Team Award" is based on objective data indicators, expert opinions, and investor voting, ensuring the credibility and value of the award [1] - The investor relations team of Lishang Guochao has maintained principles of professionalism, transparency, and efficiency in communication, building a solid trust foundation with the capital market [1] - The award reflects the company's commitment to long-termism and value creation in its operational direction [1] Group 2 - The company has recently received multiple awards, including the "2025 Shanghai Stock Exchange Eagle·Gold Quality" Corporate Governance Award and the "2025 Zhitong Finance Sustained Award" for Social Responsibility [2] - These honors signify the company's comprehensive progress in governance, social responsibility, and investor communication, enhancing its market influence and brand value [2] - Lishang Guochao aims to use these accolades as a new starting point to optimize its investor relations management system and enhance the professionalism of its team [2]

证券日报网讯12月8日，光明乳业（600597）在互动平台回答投资者提问时表示，公司始终高度重视与 股东的互动交流，并持续关注各类有助于增强股东认同、深化投资者关系的良好实践。公司将继续通过 业绩说明会、投资者调研、互动平台等多种渠道，保持与投资者的密切沟通，共同推进公司高质量发 展。 ...

证券日报网讯12月8日，百联股份（600827）在互动平台回答投资者提问时表示，公司积极与投资者保 持良好沟通并严格依照相关规定履行信息披露义务，发生投资者关系活动均及时披露投资者关系活动记 录表。 ...

Group 1 - The "Voice Together · Value Discovery: 2025 Annual Selection of Listed Companies" event organized by Tonghuashun has officially launched, aiming to enhance interaction between listed companies and investors [1][3] - The event seeks to identify outstanding company secretaries and investor relations teams, making it easier to discover the value of listed companies and promoting the standardization of market value management systems [3][10] - Over 2,000 listed companies have joined the Tonghuashun Enterprise Number platform by the end of 2025, including well-known firms such as Sinopec, Ping An, and Tencent [1][8] Group 2 - The selection will feature awards such as "Most Popular Company Secretary," "Most Popular Listed Company," and "Institutional Favorite Listed Company," determined by votes from investors and professional institutions [3][10] - The evaluation will also include awards for "Best Investor Relations Award," "Investor Relations Innovation Award," "Best Investor Relations Award for Hong Kong and US Stocks," and "Outstanding PR Award for Hong Kong and US Stocks," based on data from the Tonghuashun platform [3][10] - The final list of winners will be announced on December 26, 2025 [4][11] Group 3 - Registration for participation in the awards will be open from December 1 to December 10, 2025, through a designated link [5][12] - Voting will take place from December 11, 2025, to December 18, 2025, with specific voting rules for different categories [6][14] - The evaluation criteria for the awards will include voting data from investors and various metrics from the Tonghuashun Enterprise Number platform [14]

Core Insights - The trend of "shareholder rewards" has significantly increased in 2025, with over 30 A-share companies participating, marking a nearly 90% growth compared to 18 companies in 2024 [2][3] - The primary sectors driving this trend are food and beverage, tourism services, and other consumer-facing industries, which aim to enhance investor relations and brand influence [2][3][6] Company Activities - Companies like Jiahua Food and Emei Mountain A have initiated various shareholder reward activities, including free product giveaways and exclusive access to services [4][5] - Jiahua Food, for instance, offered free coffee products to shareholders to enhance their understanding of the brand and gather feedback [4] - Emei Mountain A provided free access to scenic spots and discounts at hotels for shareholders, aiming to deepen their connection with the company's offerings [5] Market Reactions - Announcements of shareholder rewards often attract market attention and can lead to short-term stock price increases, as seen with Emei Mountain A and Qianwei Central Kitchen [6][7] - While these events can create temporary trading opportunities, they are not expected to have a lasting impact on the company's overall performance [6][7] Strategic Implications - The shareholder reward activities serve as a novel communication method between companies and shareholders, transforming shareholders into product "experience officers" [6] - Companies aim to strengthen brand recognition and gather genuine user feedback through these initiatives, fostering a more robust investor relationship [6][7]

Core Viewpoint - The A-share market is experiencing a trend of "physical dividends," where listed companies are offering various tangible benefits to shareholders, such as free admission to tourist attractions and consumer products, as a way to enhance shareholder engagement beyond traditional cash dividends [3][4]. Group 1: Physical Dividends Trend - Over 30 A-share listed companies have initiated shareholder reward activities since 2025, covering sectors like tourism, food and beverage, beauty, and home goods [3]. - Companies like Emei Mountain A are providing free admission to their scenic areas for shareholders, aiming to increase shareholder loyalty and stimulate secondary consumption in response to declining visitor numbers [4]. - Other tourism companies, such as Huangshan Tourism and Xiangyuan Cultural Tourism, have also introduced similar exclusive benefits for shareholders, including free tickets and discounts on various services [4]. Group 2: Consumer Goods Companies' Engagement - At least 18 companies in the food and beverage and beauty sectors have launched reward activities, such as skincare gift boxes and commemorative liquor for shareholders [5]. - The strategy of using self-owned products for shareholder rewards is cost-effective and allows companies to reach a consumer base with purchasing power, turning them into brand advocates [5]. Group 3: Innovative Reward Methods - Companies are expanding the forms of rewards, with examples including movie tickets and backstage visits for shareholders from Hengdian Film and Television, and high-value items like iPhones and drones offered through lotteries by biopharmaceutical firms [7]. - These innovative approaches aim to integrate shareholder rewards with core business operations, enhancing emotional connections and brand recognition [7]. Group 4: Market Dynamics and Long-term Value - While physical rewards are gaining popularity, they differ fundamentally from cash dividends, which reflect direct profit distribution [6][8]. - Investors are advised to focus on a company's core operational capabilities, profitability, and long-term growth potential, as short-term market attention may not sustain stock prices [8]. - Historical examples from mature markets, such as Japan, show that physical rewards can enhance shareholder loyalty and promote consumption, provided they adhere to fairness principles [8].

（编辑 丛可心 袁冠琳） 证券日报网讯 12月4日，TCL科技在互动平台回答投资者提问时表示，公司及管理层高度重视投资者关 系与市值工作，充分尊重并保障中小股东的知情权与参与权，始终通过合规渠道与投资者保持有效沟 通。在规范履行信息披露义务的前提下，积极通过业绩交流会、接待调研、回复互动易平台提问、接听 股民热线等多种方式与广大投资者互动交流，听取投资者对公司发展的意见建议，切实维护投资者尤其 是中小股东的合法权益。公司也将继续做好经营，规范运作，加强与投资者沟通交流，积极传递公司价 值，提升投资者对公司的关注和认可，推动公司价值与市值均衡发展。 ...

（编辑 姚尧） 证券日报网讯 12月4日，TCL科技在互动平台回答投资者提问时表示，公司一直秉承透明、开放的态 度，致力于加强与投资者的沟通和交流，确保投资者能够及时、准确地获取公司的业绩信息和经营动 态。在规范履行信息披露义务的前提下，公司积极通过业绩交流会、接待调研、回复互动易平台提问、 接听股民热线等多种方式与投资者沟通交流，有效保障业绩信息的广泛传播和投资者关切的回应。 ...

证券日报网讯12月4日，中航西飞（000768）在互动平台回答投资者提问时表示，公司充分理解投资者 对股价波动的关切，高度重视市值管理与股东信心维护工作。公司将持续加大投资者关系管理力度，多 渠道、多维度向市场传递公司内在价值，努力实现公司价值与股东回报的长期统一。 ...