（文章来源：证券日报） 证券日报网讯 1月8日，中国交建在互动平台回答投资者提问时表示，公司2025-2027年分红规划明确， 分红比例不低于20%且不低于上年度水平，同时可根据实际情况适当提升。本次半年度分红比例20%， 已达到规划中"不低于20%"的最低要求，符合分红规划规定。年度分红将结合全年经营业绩、现金流状 况等因素，在满足"不低于上年度水平"基础上适度提高分红比例，最终确定全年分红比例并实施第二次 分红。 ...

（文章来源：证券日报） 证券日报网讯 1月6日，中国交建在互动平台回答投资者提问时表示，"十四五"期间公司经营业绩整体 实现增长，但近两年受行业环境影响有所波动，"十五五"期间将统筹谋划经营策略，持续提升经营质效 与发展质量。分红方面，建筑行业因应收账款规模较大导致现金流承压，建筑央企平均分红率19%、股 息率3.05%。公司通过两年股息提升安排，现金分红率与股息率均超行业平均水平。后续将按分红规 划，结合经营实际适时适度提高分红比率。 ...

证券日报网讯12月8日，紫江企业（600210）在互动平台回答投资者提问时表示，关于公司未来5至10年 的分红规划，虽然具体的年度方案需根据届时实际经营情况由董事会和股东会审议确定，但公司的总体 原则和导向是清晰且一贯的。公司未来的分红规划将一如既往地围绕"稳健经营、共享成果"的核心展 开。公司将努力提升经营业绩，持续创造现金流，在保障公司业务可持续发展和技术进步所需资金的同 时，致力于为全体股东提供持续、稳定、可预期的现金回报。 ...

Core Viewpoint - Qifeng New Materials (002521) is committed to optimizing its dividend distribution rhythm and sharing development results with investors, based on a healthy financial status and sufficient cash flow [1] Group 1 - The company is responding positively to relevant requirements by implementing mid-term profit distribution [1] - Future dividend plans and proposals will be disclosed in accordance with regulations [1] - The company aims to enhance investors' sense of gain through its actions [1]

Group 1: Shareholder Engagement and Plans - The company has received general authorization from the annual general meeting for share repurchase and will consider market performance and actual conditions to determine the timing for the repurchase [2][3] - A dividend plan for the "14th Five-Year Plan" period has been announced, covering the year 2025, with a commitment to maintain moderate growth in the dividend payout ratio [3] Group 2: Operational Strategies - The company is focused on lean management practices to control unnecessary expenditures and is adapting to changes in the electricity market to maximize output and achieve better market prices [3] - There are ongoing efforts to enhance performance following the recent electricity price reductions [2]

Group 1: Raw Material Impact and Pricing Strategy - Recent increase in raw material prices will impact the company, but price adjustments will be made in a timely manner based on market conditions [1][2] - The company adopts a centralized procurement strategy to control costs and mitigate the effects of raw material price fluctuations [2] Group 2: Market Share and Industry Position - The company's market share is approximately 3%, indicating significant potential for growth compared to more mature packaging markets abroad [3] - The packaging industry in China has a low concentration, suggesting opportunities for consolidation and increased market share [3] Group 3: Production Capacity and Future Expansion - Current overall capacity utilization is over 70%, with plans to enhance this through sales channel expansion and process optimization [4] - The company is planning to release additional capacity in overseas projects in Thailand, Vietnam, and Indonesia next year [5] Group 4: Customer Distribution and Industry Segmentation - The company has established strong partnerships across various sectors, with the following distribution: - Home appliances: 22% - Beer: 15% - Dairy: 14% - Food: 11% - Daily chemicals: 4% - E-commerce logistics: 4% - Others: 30% [6] Group 5: Strategic Considerations and Future Plans - The company is monitoring potential investment and acquisition opportunities while focusing on its core business [8] - There is an emphasis on employee value and long-term incentive mechanisms to share company growth with staff [8] - The company prioritizes cash dividends as a means of returning value to shareholders, with future plans to consider strategic, market, and cash flow factors [8]

Group 1: Industry Overview - The overall bus industry has shown positive performance, with a cumulative sales volume of approximately 102,300 units for buses over 6 meters in the first ten months of 2025, representing a year-on-year growth of 12.74% [2] - Exports of buses over 6 meters reached 74,470 units, indicating a significant increase of 24.17% [2] - The domestic bus market has been driven by subsidy policies, leading to noticeable growth, while the domestic travel market is undergoing adjustments [2] Group 2: Domestic Market Developments - The domestic market for buses over 6 meters is primarily divided into public buses and passenger buses, with a focus on upgrading existing fleets, particularly in the new energy vehicle segment [2] - The passenger bus market is transitioning towards comfort and high-end features, with an increasing penetration of new energy vehicles [2] Group 3: Overseas Market Expansion - The overseas market is a key direction for the company's high-quality development, with overseas sales accounting for approximately 60% of total sales in the first three quarters of 2025 [2] - The company is actively expanding its sales network and developing high-end markets in Europe and the United States, leveraging resources from Shandong Heavy Industry Group [2] Group 4: Human Resources and Investment - The company plans to focus on expanding its workforce in domestic and international marketing and technical research and development [3] - Investments will also be directed towards the intelligent transformation of production lines to enhance efficiency and meet timely delivery requirements [3] Group 5: Future Dividend Plans - The company aims to balance development and shareholder interests by considering market conditions, cash flow, and future funding needs when planning dividends [3] - There is a commitment to enhancing competitiveness and profitability to create greater value for investors [3]

Summary of Guanghui Energy Conference Call Company Overview - **Company**: Guanghui Energy - **Reporting Period**: First three quarters of 2025 Key Financial Metrics - **Revenue**: 22.53 billion CNY, down 14.63% year-on-year [2][3] - **Net Profit**: 1.012 billion CNY, down 49.03% year-on-year [2][3] - **Operating Cash Flow**: 4.315 billion CNY, up 6.14% year-on-year, indicating good cash flow management [2][3] Segment Performance Coal Segment - **Net Profit**: 560 million CNY, down 65.37% year-on-year, significantly impacted by falling coal prices [2][5] - **Production**: Total raw coal production reached 49.13 million tons, up 56% year-on-year [2][6] - **Sales Volume**: External sales of 40.02 million tons, up 39% year-on-year [2][6] - **Price Trends**: Average selling price of coal adjusted between 200 to 215 CNY per ton [18] Natural Gas Segment - **Net Profit**: 336 million CNY, up 101% year-on-year, marking it as a performance highlight [2][5] - **Sales Volume**: Anticipated sales of 4 ships of natural gas in Q4, expected to further contribute to profits [2][20] Chemical Products - **Methanol Sales Price**: Down 5% year-on-year [2][6] - **Ethylene Glycol Sales Price**: Up 4% year-on-year, with a successful turnaround in August [2][7] Strategic Adjustments - **Sales Strategy**: Shift from "volume-based pricing" to "sales-driven production" to maximize profits [11] - **Infrastructure Improvements**: Completion of the Naoliu Highway expansion, increasing transport capacity to 40 million tons/year, potentially adding 800 million CNY in toll revenue [12] Market Outlook - **Coal Price Expectations**: Anticipated stabilization and slight increase in coal prices due to tightening supply and growing demand in specific regions [8][21] - **Impact of National Policies**: Recent policy changes have led to a decrease in industrial coal production, which may benefit future pricing [8][22] Future Plans - **Dividends**: Commitment to distribute at least 90% of the average net profit over the past three years as dividends, with 30% of annual net profit allocated for dividends [26][27] - **Investment in Upgrades**: Ongoing projects to enhance production efficiency and environmental standards, including a 2 billion CNY investment in coal upgrading projects [13] Risks and Challenges - **Environmental Fees**: High water and soil conservation fees in Xinjiang, totaling 604 million CNY for the first three quarters, are a concern [15] - **Market Volatility**: Fluctuations in coal and natural gas prices due to seasonal demand and external market conditions [14][20] Conclusion - **Overall Performance**: Despite a decline in revenue and profit, Guanghui Energy shows resilience through improved cash flow and strategic adjustments in sales and production [2][3][28] - **Future Outlook**: Optimistic about Q4 performance with expected improvements in market conditions and operational efficiency [28][29]

Core Viewpoint - Mingchen Health is undergoing a significant transformation by integrating its traditional personal care business with a burgeoning gaming sector, leading to increased market interest and stock performance [4][14]. Group 1: Company Overview - Mingchen Health, established in 1994 and listed on the Shenzhen Stock Exchange in December 2017, specializes in the research, production, and sales of personal health care products [4][5]. - The company has developed a multi-brand strategy, with notable brands like "Ti Hua Zhi Xiu" and "Mei Wang," and has over 40,000 sales outlets nationwide [4][5]. Group 2: Business Transformation - In 2020, Mingchen Health entered the gaming industry by acquiring two companies for a total of 2.62 billion yuan, marking the start of its "personal care + gaming" dual business model [5][6]. - The company has since established a complete gaming industry chain through acquisitions and the formation of a dedicated gaming division [6]. Group 3: Financial Performance - In 2022, the company reported total revenue of 945 million yuan and a net profit of 25.39 million yuan [10]. - By 2023, revenue surged to 1.64 billion yuan, with net profit reaching 70.36 million yuan, indicating a strong recovery [10]. - The gaming sector has become a crucial revenue driver, contributing 1.164 billion yuan in 2023, accounting for 71.09% of total revenue, surpassing the personal care segment for the first time [11]. Group 4: Recent Developments - On October 10, 2023, Mingchen Health's stock price hit a daily limit of 16.64 yuan, reflecting a 9.98% increase and a market capitalization of 4.435 billion yuan [4][14]. - The company has launched several successful mobile games and is collaborating with ByteDance for future game releases, enhancing its market position [15]. - Recent governance improvements and a clear three-year dividend plan, with a minimum cash dividend ratio of 20%, have bolstered investor confidence [16]. Group 5: Market Dynamics - The gaming sector has shown robust performance, contributing to a broader market rally in related stocks, which has positively influenced Mingchen Health's stock price [17]. - The company's technical indicators suggest strong upward momentum, supported by significant capital inflows [17].

Core Viewpoint - The company emphasizes its commitment to investor returns and has established a dividend plan for the next three years, ensuring a minimum cash dividend of 50% of net profit attributable to shareholders in the absence of major investment plans [1] Group 1 - The company is aware of the declining stock price and is actively addressing investor concerns through a series of initiatives aimed at enhancing quality and efficiency [1] - The company has initiated a special action plan titled "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" to promote reasonable value recovery [1] - The company is committed to steady operations, standardized governance, and proactive communication to support its value recovery efforts [1]