Group 1 - The core viewpoint of the news is that Guoguang Co., Ltd. is planning to distribute a cash dividend of 4.00 yuan (including tax) for every 10 shares for the first half of 2025, indicating a commitment to shareholder returns over the next three years [1] - The "One Certificate, One Product" policy effective from January 1, 2026, mandates that pesticide products with the same registration certificate number must be labeled with the same trademark, which will enhance product quality assurance and market order [1] - Guoguang Co., Ltd. adjusts product prices based on competitive environment, supply-demand relationships of raw materials, and end-user demand, with more frequent adjustments for products in a competitive market [1] Group 2 - To mitigate risks in overseas pesticide business and seize commercial opportunities, Guoguang Co., Ltd. has signed a "Cultivation Agreement" with related party Mr. Yan Yaqi to cultivate overseas pesticide projects in Asia, Africa, and Latin America [1] - Guangzhou Ruimin Investment Management Co., Ltd. is a private equity fund management company focused on secondary market investments, with a rigorous investment research decision-making process and risk control system [2] - The company aims to discover undervalued listed companies through value investment principles and provides customized investment management services to achieve stable asset appreciation [2]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Huamei International on Guoguang Co., which includes insights on the company's dividend plan and competitive advantages in the pesticide market [1] - Guoguang Co. plans to distribute a cash dividend of 4.00 yuan (including tax) for every 10 shares for the first half of 2025, indicating a commitment to shareholder returns over the next three years [1] - The "one certificate, one product" policy effective from January 1, 2026, will require pesticide products with the same registration certificate number to be labeled with the same trademark, enhancing product quality assurance and market order [1] - Guoguang Co. adjusts product prices based on competitive environment, supply-demand relationships, and end-user demand, with more frequent adjustments for competitive products [1] - To mitigate risks in overseas pesticide business and seize commercial opportunities, Guoguang Co. has signed a cultivation agreement with related party Yan Yaqi to develop overseas pesticide projects in Asia, Africa, and Latin America [1] Group 2 - Huamei International Investment Group Co., established in 2000, has a registered capital of 138 million yuan and is located in Tianhe District, Guangzhou [2] - The company obtained private fund management qualifications in 2015 and has established research centers in major cities including Beijing, Shanghai, Shenzhen, Guangzhou, and Hong Kong [2] - The investment research team comprises members from well-known public and private funds, as well as securities and futures institutions, indicating a wealth of research and investment experience [2]

Group 1 - The core point of the news is that a well-known private equity firm, Zhengyuan Investment, has conducted research on a listed company, Guoguang Co., which plans to distribute a cash dividend of 4.00 yuan per 10 shares for the first half of 2025, indicating a commitment to shareholder returns over the next three years [1] - The "One Certificate, One Product" policy effective from January 1, 2026, mandates that pesticide products with the same registration certificate number must be labeled with the same trademark, which is expected to enhance product quality and market order, giving companies with quality registration certificates a competitive edge [1] - Guoguang Co. adjusts product prices based on competitive environment, supply-demand relationships, and end-user demand, with frequent adjustments for competitive products and stable prices for others [1] - To mitigate risks in overseas pesticide business and seize commercial opportunities, Guoguang Co. has signed a "Cultivation Agreement" with related party Mr. Yan Yaqi to develop overseas pesticide projects in Asia, Africa, and Latin America [1] Group 2 - Zhengyuan Investment, established in 2015 in the Qianhai Free Trade Zone of Shenzhen, holds a private securities investment fund license and has a professional investment research team with rich experience and a sound risk management system [2] - The firm focuses on China's economic structural transformation and upgrading, aiming to serve the development of the real economy by connecting social capital with quality industries, thereby achieving asset preservation and appreciation for clients [2]

深圳市致尚科技股份有限公司 未来三年（2025 年-2027 年）股东回报规划 为进一步规范和完善公司的利润分配政策，增强利润分配的透明度，保证投 资者分享公司的发展成果，引导投资者形成稳定的回报预期，根据中国证监会《 关 于进一步落实上市公司现金分红有关事项的通知》 （证监发[2012]37 号文）、 上 市公司监管指引第 3 号——上市公司现金分红》（证监会公告[2023]61 号文）等 文件的指示精神和《 深圳市致尚科技股份有限公司章程》（以下简称《 《 公司章 程》"）等相关文件规定，结合公司实际情况，深圳市致尚科技股份有限公司《 （以 （2025 下简称《 公司"）董事会编制了《 深圳市致尚科技股份有限公司未来三年《 年—2027 年）股东回报规划》（以下简称《 股东回报规划"），具体内容如下： 一、公司制定股东回报规划的原则 本规划的制定应在符合《 公司章程》以及有关利润分配规定的基础上，充分 考虑对投资者的回报，认真听取投资者《 （特别是中小投资者）、独立董事和监事 的意见，兼顾全体股东的整体利益、公司长远利益及可持续发展，建立对投资者 持续、稳定、科学的回报规划与机制，保持公司利润分配政策的连 ...

Core Viewpoint - The company has established a shareholder return plan aimed at enhancing transparency and protecting the rights of minority shareholders while ensuring sustainable development and reasonable returns on investment [1][2]. Group 1: Shareholder Return Plan - The company considers long-term sustainable development, operational realities, reasonable returns for shareholders, social capital costs, and external financing environments when formulating its shareholder return plan [2]. - The profit distribution policy emphasizes a scientific, sustainable, and stable approach, prioritizing reasonable returns for investors while considering the opinions of independent directors and shareholders, especially minority investors [2][3]. - The company aims to maintain a cash dividend policy, distributing at least 10% of the annual distributable profit in cash, with a cumulative cash distribution over three consecutive years not less than 30% of the average annual distributable profit for those years [3]. Group 2: Profit Distribution Policy - The company will prioritize cash dividends while ensuring that the total cash distribution does not exceed the cumulative distributable profit and does not impair the company's ongoing operational capacity [3]. - The decision-making mechanism for profit distribution involves assessing the company's financial status, development stage, and current funding needs, along with input from shareholders and independent directors [3]. - Any adjustments to the established cash dividend policy must meet the conditions set forth in the company's articles of association and require a two-thirds majority approval from attending shareholders at the general meeting [3][4].

Group 1 - The company is a public utility platform under the Zhongshan State-owned Assets Supervision and Administration Commission, focusing on three main sectors: water services, solid waste management, and renewable energy [1] - Water services serve as the core business, ensuring stable revenue, with a water supply capacity of 2.65 million tons per day and a market share of 94%. A potential price adjustment of 20% to 30% could increase net profit by 120 to 180 million yuan, representing a 10% to 15% increase in net profit for 2024 [1] - The solid waste management sector is expanding through acquisitions, with a projected capacity of 6,120 tons per day by 2025 [1] - In renewable energy, the company is establishing joint ventures and Pre-REITs funds, focusing on distributed photovoltaic and integrated energy storage, with approximately 500 MWp currently connected or under construction [1] Group 2 - The company holds a 10.55% stake in GF Securities, contributing significantly to its profits, with an estimated net profit of 1.199 billion yuan in 2024, of which 1.008 billion yuan comes from investment income [2] - GF Securities is expected to see improvements in performance and valuation due to structural changes and a stronger market, which could positively impact the company's overall performance [2] - The company plans to implement a three-year shareholder return plan and promote equity incentives, with a special dividend payout ratio of 53% expected in 2024 [2] - Forecasted net profits for the company from 2025 to 2027 are 1.428 billion, 1.775 billion, and 2.072 billion yuan, respectively, with a reasonable valuation estimated at 18.3 to 19.4 billion yuan, indicating a potential upside of 29% to 36% from the current market value [2]

证券代码：603232 证券简称：格尔软件 公告编号：2025-035 格尔软件股份有限公司 未来三年（2025-2027年）股东回报规划 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。 为健全和完善格尔软件股份有限公司（以下简称"公司"）科学、稳定、持续 的分红决策和监督机制，合理、有效的回报股东，增加利润分配的透明性及可操 作性，引导投资者树立长期价值投资和理性投资的理念，公司根据中国证监会《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》等文件规定以及《公司章程》，并综合公司未来的经营发展 规划、盈利能力、现金流量状况等因素，公司制订了未来三年（2025-2027 年） 股东回报规划，具体内容如下： 一、公司制定股东回报规划考虑的因素 公司股东分红回报规划制定考虑的因素包括：公司的长远及可持续发展的需 求，股东要求和意愿，公司发展所处阶段以及经营发展过程中的实际情况，社会 资金成本，外部融资环境等。公司综合分析上述因素，对股利分配做出制度性安 排。 （1）公司发展阶段属成 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 6.9 billion CNY, a year-on-year increase of 39.21% [3] - Net profit attributable to shareholders was 1.241 billion CNY, up 14.04% year-on-year, with a net profit of 1.231 billion CNY after excluding non-recurring gains and losses, reflecting a growth of 33.90% [3] - The company reported a significant increase in operating cash flow, reaching 3.144 billion CNY, a year-on-year growth of 196.36% [3] Order Acquisition - New orders amounted to 9.881 billion CNY, representing a year-on-year increase of 37.65% [3] - The total backlog of orders reached 12.386 billion CNY, up 34.76% year-on-year [3] Natural Gas Business - The natural gas segment saw a revenue increase of 112.69% year-on-year, with a gross margin growth of 5.61% [5] - New orders in the natural gas sector grew by 43.28% [5] International Expansion - The company operates in over 70 countries, with overseas revenue reaching 3.295 billion CNY, a year-on-year increase of 38.38% [8] - New orders from international markets grew by 24.16% [8] Middle East Market - The Middle East is a key strategic market, with significant recognition and a complete local business chain established [9] - Recent projects include the ADNOC digital well site transformation and the Mansouriya project, both progressing well [9] Cash Flow Management - The company emphasizes cash flow management, achieving a net cash flow from operating activities of 3.144 billion CNY, an increase of 2.083 billion CNY year-on-year [12]

Group 1 - The company held its fifth board meeting on August 1, 2025, with all seven directors present, and the meeting was chaired by the chairman Wu Xian [1][2] - The board approved the proposal to postpone the fundraising project for the annual production of 45,000 tons of special polymer materials, which will not affect the company's current operations or shareholder interests [2][3] - The board also approved amendments to the company's articles of association to enhance governance structure and operational standards, which will be submitted for shareholder approval [3][4] Group 2 - The company revised and established several governance systems to promote standardized operations and improve internal management mechanisms, with unanimous approval from the board [4][5] - A three-year shareholder return plan for 2025-2027 was approved to establish a scientific and stable return mechanism for shareholders, which will also require shareholder approval [5][6] - The board agreed not to hold a shareholder meeting immediately after this board meeting, with plans to notify shareholders later regarding the meeting [5][6]

Core Viewpoint - Shenzhen Water New Materials Co., Ltd. has established a shareholder return plan for the next three years (2025-2027) to enhance shareholder awareness and ensure stable returns for investors [1][2]. Group 1: Considerations for the Plan - The plan considers the company's industry, development stage, actual situation, future profit scale, cash flow, investment needs, and external financing environment to create a sustainable and stable return mechanism for investors [1]. - The company aims to balance short-term and long-term returns for investors while ensuring the continuity and stability of its dividend distribution policy [1]. Group 2: Principles of the Plan - The company prioritizes cash dividends over stock dividends and emphasizes the importance of protecting investors' rights [2]. - The plan includes provisions for listening to independent directors and minority shareholders to maintain a balance between capital expansion and performance growth [1][2]. Group 3: Specific Return Plan for 2025-2027 - The company plans to distribute profits primarily through cash dividends, with a minimum cash distribution of 20% of the distributable profits each year [2][3]. - The company will conduct annual profit distributions, with the possibility of mid-term cash dividends based on profitability and funding needs [2]. Group 4: Conditions for Cash and Stock Dividends - Cash dividends will be implemented if the company meets specific conditions, including a minimum cash dividend ratio of 80%, 40%, or 20% based on the company's financial situation [3][4]. - If the company does not meet the conditions for cash dividends, it may opt for stock dividends if deemed beneficial for all shareholders [3]. Group 5: Decision-Making and Supervision Mechanism - The board of directors will formulate the profit distribution plan based on the company's profit, cash flow, and future development plans [4][5]. - Independent directors can gather opinions from minority shareholders and propose dividend plans to the board [4]. - The profit distribution proposal must be approved by the board and then submitted to the shareholders' meeting for approval [5]. Group 6: Other Matters - The plan will take effect upon approval by the shareholders' meeting and will be subject to relevant laws and regulations [5]. - The board of directors is responsible for interpreting the plan [5].