上海剑桥科技股份有限公司 二○二五年九月三日 上海剑桥科技股份有限公 司 2025 年第二次临时股东会文件 目 录 关于调整 2025 年半年度现金分红预案并制定 2025 年半年度现金分红方案的议 关于修订发行境外上市股份后适用的《公司章程（草案）》及相关议事规则（草 上海剑桥科技股份有限公司 2025 年第二次临时股东会文件 上海剑桥科技股份有限公司 为维护广大投资者的合法权益，确保本次股东会能够依法行使职权，根据《公 司法》、中国证监会发布的《上市公司股东会规则》等法律、法规和《公司章程》 的规定，特制定本次股东会须知如下： 一、股东会设秘书处，具体负责股东会召开等有关事宜。 二、股东会在召开过程中，应当以维护全体股东的合法权益、确保股东会正 常秩序和议事效率为原则，认真履行法定职责。 三、根据中国证监会《上市公司股东会规则》和上海重组办、上海证管办《关 于维护本市上市公司股东大会会议秩序的通知》 （沪重组办〔2002〕001 号）有关 规定，为保护所有股东的权益，尤其是维护因故未能出席股东会股东的权益，本 次股东会不发放任何形式的礼品。 四、与会股东依法享有发言权、质询权、表决权等各项权利。股东应认真 ...

Group 1 - The company plans to distribute cash dividends of no less than 40% of the annual distributable profit for the next three years (2025-2027), with an average annual dividend amount not less than 40% of the average annual net profit attributable to the parent company [4] - The company has decided to terminate the use of 1.5 billion idle funds for securities investment, indicating a cautious approach despite market temptations [5] - As of the end of the second quarter, the company reported a net cash position exceeding 18 billion, with total monetary funds of 12.571 billion and trading financial assets of 9.735 billion, while total liabilities are significantly lower than the cash reserves [6]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 10.43 billion yuan in the first half of 2025, a year-on-year decrease of 7.5%, while the net profit attributable to shareholders was 860 million yuan, down 22.2%. However, the net profit excluding non-recurring items increased by 2.9% to 810 million yuan [1] - The company is expanding its LPG business through the acquisition of 100% equity in Huakai Petroleum Gas in Nansha District, Guangzhou, which is expected to enhance its operational capabilities and profitability in the LPG sector [2] - The helium gas production capacity has been increased to 1.5 million cubic meters per year following the completion of a project in Luzhou, Sichuan, supporting the company's growth in the specialty gas market [3] - The company has set fixed cash dividends of 850 million yuan and 1 billion yuan for 2025 and 2026, respectively, with a planned dividend of 266 million yuan for the first half of 2025 [4] Financial Performance and Forecast - The company expects to achieve net profits attributable to shareholders of 1.61 billion yuan, 1.91 billion yuan, and 2.22 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 11.9x, 10x, and 8.6x [5] - Revenue is projected to decline by 17.01% in 2024, followed by a slight increase of 0.68% in 2025, and then grow by 7.21% and 10.79% in 2026 and 2027, respectively [10] - The company’s total assets are expected to reach 16.16 billion yuan by 2025, with a debt-to-asset ratio of 32.08% [11]

公司主要从事内燃机曲轴、压缩机曲轴以及其关联产品的研发、生产及销售。 半年报显示，截至上半年末公司股东总数为5033户，与前一季度相比，股东户数减少562户，降幅为 10.04%。 从市场表现来看，该股最新收盘价为21.92元，近5日累计下跌0.81%，合计换手率28.00%。（数据宝） （文章来源：证券时报网） 美心翼申（873833）公布半年报分配预案，拟10派2.5元（含税）。本次权益分派预计派发现金红利 2059.00万元。 公司半年报显示，上半年营业收入为2.41亿元，同比增长8.26%，净利润为2085.05万元，同比增长 35.49%，每股收益为0.2500元，加权平均净资产收益率3.38%。 ...

Core Viewpoint - The company, Xiamen Yilian Network Technology Co., Ltd., has announced a mid-term profit distribution plan for 2025, emphasizing increased cash dividends to shareholders while ensuring the company's normal operations and long-term development are not affected [1][2]. Group 1: Profit Distribution Plan - As of June 30, 2025, the company has accumulated distributable profits and plans to enhance cash dividends to reward shareholders [1]. - The proposed distribution involves a cash dividend of RMB 5.00 per 10 shares (including tax), based on a total share capital of 1,266,564,852 shares, adjusted to 1,266,564,661 shares after deducting 191 shares in the company's repurchase account [1]. - The total cash dividend distribution amounts to 51.07% of the net profit attributable to ordinary shareholders of the listed company [1]. Group 2: Approval Process - The profit distribution plan has been approved by both the board of directors and the supervisory board with unanimous votes (0 votes against, 0 abstentions) [1]. - The proposal will be submitted for approval at the company's second extraordinary general meeting of shareholders in 2025 [1]. Group 3: Adjustments and Compliance - Any changes in share capital due to stock incentive plans, convertible bonds, or share repurchases before the implementation of the profit distribution plan will lead to corresponding adjustments in the cash dividend total, maintaining the original distribution ratio [2]. - The profit distribution policy is designed considering the company's profitability, financial status, future development plans, and investor returns, ensuring no harm to investor interests and compliance with legal and regulatory standards [2].

Core Points - The China Listed Companies Association has officially released the 2025 cash dividend ranking, with Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. making the list due to its long-standing commitment to sharing development results with investors [1][4] - Pien Tze Huang has maintained a consistent cash dividend policy since its A-share market debut in 2003, with a total dividend payout exceeding 7.7 billion yuan over 22 years [4] - For 2024, the company plans to distribute a total cash dividend of 1.792 billion yuan, representing 60.19% of the annual net profit attributable to shareholders, reflecting a strong financial foundation and operational stability [4] Company Performance - In 2024, despite a complex market environment, Pien Tze Huang achieved steady growth, with increasing revenue and an expanded market share for its core Pien Tze Huang product series [4] - The company has been optimizing its industrial layout by increasing investments in traditional Chinese medicine research and smart manufacturing, significantly enhancing its overall competitiveness [4] Future Outlook - Pien Tze Huang aims to continue its long-term win-win philosophy with investors, adhering to regulatory requirements for cash dividends and enhancing the stability, sustainability, and predictability of its dividend planning [4]

Core Points - The company reported a revenue of 1.175 billion yuan for the first half of 2025, representing a year-on-year growth of 16.36% [1] - The net profit attributable to shareholders was approximately 358 million yuan, showing a year-on-year increase of 10.04% [1] - The company plans to distribute a cash dividend of 2.20 yuan per 10 shares, marking the first semi-annual profit distribution since the special dividend in Q3 2024 [1] Financial Performance - Revenue for the reporting period reached 1.175 billion yuan, with a year-on-year growth of 16.36% [1] - Net profit attributable to shareholders was about 358 million yuan, reflecting a year-on-year increase of 10.04% [1] - The company has implemented a total of 17 cash dividend distributions since its listing, with a cumulative cash dividend amounting to 2.895 billion yuan [1] Dividend Policy - The company expects to distribute a total of 123 million yuan in dividends, which accounts for approximately 34.4% of the net profit attributable to shareholders for the first half of 2025 [1] - The company emphasizes the importance of reasonable returns to investors and aims to enhance the stability and sustainability of its cash dividend policy [1] - The company has already distributed a cash dividend of 201 million yuan for the 2024 fiscal year on July 10, 2025 [1]

Group 1 - The company held a half-year performance briefing on August 22, 2025, at the Shanghai Stock Exchange Roadshow Center, attended by key executives [1] - The company reported a sales volume of 258,100 engines from January to July 2025, representing a year-on-year increase of 23.88%, and 97,600 transmissions, with a year-on-year increase of 119% [5] - The company aims to achieve a sales target of 600,000 units and revenue of 5.2 billion yuan for the year 2025 [5] Group 2 - The company has no current production of military products, focusing instead on gasoline engines, range extenders, and automatic transmissions [1][2] - The company plans to enhance profitability through new product development, cost reduction initiatives, and leveraging government support [3] - The company has increased its R&D investment to 6.06% of revenue in 2024, with technical staff making up 32% of its workforce [2] Group 3 - The company’s actual controller changed in July 2025, with the indirect controlling shareholder becoming China Changan Automobile, aiming to build a world-class automotive group [3] - The company anticipates a significant increase in performance, targeting 1 million units in sales by 2026 and 10 billion yuan in revenue by 2027 [4] - The company has maintained a cash dividend policy for five consecutive years, with a payout ratio of 62.42% of net profit for 2024 [6]

Group 1 - The controlling shareholder of Changjiang Electric Power, China Three Gorges Corporation, plans to increase its stake significantly in the company, with an investment amount ranging from 4 billion to 8 billion yuan over the next 12 months [1] - The company currently has a market capitalization of 681.9 billion yuan and is the largest power listed company in China and the largest hydropower listed company globally [1] - As of the end of the first quarter, Changjiang Electric Power had 424,600 shareholders [1] Group 2 - In the first half of 2025, Changjiang Electric Power reported operating revenue of 36.587 billion yuan, a year-on-year increase of 5.02%, and a net profit attributable to shareholders of 12.984 billion yuan, a year-on-year increase of 14.22% [2] - The company plans to distribute cash dividends of no less than 70% of the annual net profit attributable to shareholders from 2026 to 2030, with a history of 24 cash dividend distributions since its listing, totaling approximately 205.9 billion yuan [2] - The increase in performance is primarily attributed to the increased power generation from six stepped power stations in the first half of the year [2]

Core Viewpoint - Recently, the company Haisco (002653.SZ) responded to the Shenzhen Stock Exchange's inquiry regarding its plan to issue shares to specific investors, addressing concerns about its 1.365 billion yuan fundraising plan, including issues related to performance volatility and high dividends followed by immediate fundraising [1][2]. Financial Performance - In 2023 and 2024, Haisco's cash dividends reached 223 million yuan and 464 million yuan, accounting for 75.5% and 117.31% of the net profit attributable to shareholders, respectively [2]. - The company has maintained a high cash dividend ratio over the past decade, emphasizing its commitment to sharing operational results with investors [2][3]. - The average cash dividend as a percentage of net profit from 2022 to 2024 was 70.97%, which the company claims aligns with its profitability and cash flow [6]. Shareholder Structure - Haisco exhibits a highly concentrated ownership structure, with the top three shareholders benefiting significantly from the dividends [3][7]. - As of March 2025, the actual voting rights controlled by the three major shareholders amounted to 73.27%, with one shareholder expected to hold 40.11% after the dissolution of the joint action agreement [7]. R&D Expenditure - Haisco's R&D investment remained between 900 million and 1 billion yuan annually from 2022 to 2024, but the capitalization ratio of R&D expenses was notably high, at 53.39%, 40.98%, and 37.65% for the respective years [8]. - Compared to peers like Heng Rui Medicine and En Hua Pharmaceutical, Haisco's R&D capitalization ratio was significantly higher, raising regulatory concerns [8]. Production Capacity - Haisco's revenue growth has not translated into stable net profits, with non-recurring net profits fluctuating significantly, influenced by government subsidies [11]. - The company reported low production capacity utilization rates, with large volume injection products operating at 35%-55% and small volume injections and tablets below 30% [12]. - The company plans to use the proceeds from the fundraising to support six new drug R&D projects and to supplement working capital, which it believes will enhance production capacity utilization [13].