湖北荆州国资24.37亿元入主ST易事特（维权），五次控股权转让或终落地 金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上昨夜今晨的财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及 政策更新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 12月8日晚，ST易事特公告，广东恒锐拟将4.18亿股公司股份转让给湖北荆江实业，东方集团也将部分 质押股份转让。股份转让价5.61元/股，总价24.37亿，荆江实业现金支付。交易后，荆江实业将成控股 股东，荆州国资委成实控人。这是公司第五次控股权转让运作，前四次均未果。公司聚焦新能源+储 能，今年前三季度营收增、净利润降。 详情>> *ST岩石否认股权转让传言，存退市风险 12月9日，*ST岩石公告否认股吧关于股权转让等不实言论，称公司及控股股东无应披露未披露重大信 息。同日，公司选举朱诺为副董事长，因董事长被拘，朱诺代行职责。公司自4月被实施退市风险警 示，前三季度营收低、净利润亏，若今年财务指标不达标将触及退市情形。此前公司股价已两涨停。 详情>> 港股连续两日杀跌，恒指牛证巨幅下挫 ...

2025.12.09 本文字数：2314，阅读时长大约4分钟 作者 |第一财经 安卓 "股民也有自己的鸡蛋要领"。近日，峨眉山A（000888.SZ）"诗与远方"的股东回馈邀约，以及千味央厨 （001215.SZ）的公司产品大礼包再度引发了市场对于"实物分红"的关注。 上市公司"宠股东"的风潮在2025年呈现爆发式增长，据第一财经不完全统计，今年以来，已有30余家A 股上市公司推出结合自身业务与产品的特色股东回馈活动，覆盖文旅、消费、医疗、科技等多个领域。 有的送门票，有的送粽子，有的送化妆品，深度融合主业特色的"花式回馈"浪潮正在资本市场上演。 不少股民热衷于此类具有"实物分红"概念的股票，并将其称之为"一股传三代"的"羊毛股"，社交平台上 甚至还流传着各种"薅羊毛"攻略。 但同时，也有业内专家提醒，这一趋势若能与上市公司长期战略协同，确能构建更紧密的股东关系，但 需警惕其演变为偏离主业的短期营销噱头。 从"硬分红"到"软连接" 同样地，仲景食品（300908.SZ）也是连续多年向公司全体股东赠送香菇酱，"基本每年都发香菇酱，只 需要填姓名、身份证、地址就可以。"一股东在社交平台晒出4月份收到的两瓶香菇酱。 ...

Core Viewpoint - The trend of "material dividends" in the A-share market has surged in 2025, with over 30 listed companies offering unique shareholder rewards that integrate their business and products, covering various sectors such as tourism, consumption, healthcare, and technology [3][4]. Group 1: Overview of Material Dividends - The concept of "material dividends" has gained popularity among investors, with many referring to these stocks as "wool stocks" that can be passed down through generations [3][4]. - Companies are increasingly engaging in creative shareholder rewards, such as offering tickets, food products, and discounts, which are closely tied to their core business [3][4][6]. Group 2: Examples of Shareholder Rewards - Notable examples include Emei Mountain A (000888.SZ) offering tickets and discounts on various tourism services, and Qianwei Central Kitchen (001215.SZ) providing product gift packages [5][6]. - Other companies like Hainan Airlines (600221.SH) and Xiangyuan Cultural Tourism (600576.SH) have also introduced various discounts and free access to services for all shareholders [5][6]. Group 3: Industry Trends and Implications - The consumer sector, particularly the food and beverage industry, remains the primary driver of this "material dividend" trend, with companies like Wufangzhai (603237.SH) and Jiahua Food (605300.SH) actively participating [6][8]. - The trend has also seen participation from tourism and technology companies, indicating a broader acceptance of this practice across different industries [6][7]. Group 4: Strategic Considerations - Experts suggest that if this trend aligns with a company's long-term strategy, it can strengthen shareholder relationships; however, there is a risk of it becoming a short-term marketing gimmick [3][10]. - The practice of "material dividends" is viewed as an evolution in investor relations, moving from a focus on financial returns to a more interactive value creation approach [10][11]. Group 5: Sustainability and Risks - While "material dividends" can stimulate short-term stock price increases, their sustainability is questioned, as seen with Emei Mountain A's stock price fluctuations following its reward announcement [12][14]. - Analysts caution that these rewards should not replace fundamental business performance, emphasizing the importance of financial health and industry competitiveness [12][14].

Core Viewpoint - The trend of "physical dividends" is gaining momentum in the A-share market, with over 30 companies offering unique shareholder rewards that integrate their core business and products in 2025, reflecting a shift towards enhancing shareholder relationships through tangible benefits [1][2]. Group 1: Company Initiatives - Companies like Emei Mountain A (000888.SZ) and Qianwei Yangchun (001215.SZ) are leading the trend by offering tickets, discounts, and product gift packages to shareholders, showcasing a variety of rewards across different sectors including tourism, consumption, and technology [1][2][4]. - A significant number of companies have established regular "physical dividend" mechanisms, such as Xiangyuan Culture (600576.SH) and Jiangjing Food (300908.SZ), which have consistently provided rewards to shareholders over multiple years [5][6]. Group 2: Market Dynamics - The "physical dividend" trend is primarily driven by small to mid-cap consumer companies, which leverage their products for shareholder rewards, thereby reducing financial pressure while enhancing market reach and shareholder loyalty [8][9]. - The practice of offering physical rewards is seen as a novel approach to investor relations and brand marketing, allowing companies to create a "value co-creation" environment with shareholders [6][7]. Group 3: Investor Sentiment - Shareholders are increasingly attracted to stocks with "physical dividend" offerings, often referred to as "wool stocks," indicating a growing interest in tangible benefits over traditional cash dividends [1][2]. - However, experts caution that while these initiatives can temporarily boost stock prices, their sustainability is contingent upon the underlying business fundamentals and cash flow quality [8][9].

千味央厨开展股东回馈活动，面向在12月1日下午收市时持有公司股份100股（含）以上的股东，自然人 股东可领取1份价值200元的公司产品礼包，法人股东可领取3份；峨眉山A推出持有500股及以上股东免 景区门票等多项权益；祥源文旅启动"祥源文旅2025年股东回馈"活动，以多重权益与专属福利，搭建与 投资者双向奔赴的沟通桥梁……近期，上市公司通过"实物"回馈股东动作频频。 据不完全统计，今年以来已有超30家上市公司推出形式多样的股东回馈活动，涵盖景区门票、生鲜礼 盒、美妆产品等，尤其在文旅、食品消费领域较为集中。 市场人士认为，此类实物或权益回馈与监管倡导的持续现金分红存在本质不同，往往短期刺激效应明 显。投资者在关注市场热度的同时，更应理性审视企业的真实盈利能力和长期成长价值，避免被短 期"福利"带偏投资节奏。投资决策的锚点，始终应是公司的主营业务成长性、财务状况、行业竞争力和 长期盈利能力等基本面要素。 "实物分红"逐渐增多 A股上市公司"实物分红"正逐渐增多。 千味央厨12月1日公告称，将在12月2日8时至12月16日24时期间开展股东回馈活动。本次活动面向在12 月1日下午收市时持有公司股份100股（含）以 ...

Core Viewpoint - Stock dividends are a crucial method for listed companies to distribute profits to shareholders based on operational results, serving as a primary avenue for shareholder returns [1] Summary by Category Cash Dividends - Cash dividends are a common form of stock dividends where companies distribute a portion of current net profits or retained earnings to shareholders in cash, based on their shareholding [1] - According to the revised regulations in 2025, companies must clearly define their cash dividend policies in their articles of association, including conditions, minimum ratios, and intervals [1] - The cash dividend process requires a proposal from the board of directors and approval from the shareholders' meeting, adhering to corporate governance requirements [1] - Shareholders must pay personal income tax on cash dividends according to the 2025 Personal Income Tax Law and its supporting regulations [1] - Companies are required to disclose dividend amounts, payment dates, and tax information transparently to help shareholders understand their returns [1] Stock Dividends - Stock dividends involve companies converting retained earnings into shares, distributing them to shareholders without compensation, which increases the number of shares but does not change total equity [2] - The 2025 regulations stipulate that companies must have positive retained earnings and sufficient reserves to implement stock dividends, along with detailed disclosures on the impact on key financial metrics [2] - Shareholders are also required to pay personal income tax on stock dividends, with specific tax calculations following the latest tax department policies [2] Capital Increase - Capital increase is often viewed as a form of dividend but differs fundamentally from stock dividends, as it involves transferring from capital reserves to share capital without profit distribution [2] - According to the 2025 regulations, capital increases do not affect total equity, only changing the structure of equity, and typically do not require shareholders to pay personal income tax [2] Physical Dividends - Physical dividends are a unique form where companies distribute products, services, or other physical assets to shareholders [3] - The 2025 regulations require fair valuation of physical dividends by qualified appraisal agencies, along with detailed disclosures about the type, quantity, and valuation basis of the assets [3] - Due to complexity and valuation challenges, physical dividends are less common in market practice but must still comply with disclosure and fairness regulations [3] Overall Implications - Different forms of dividends reflect various financial strategies and return philosophies of listed companies, and shareholders should consider compliance, financial impact, and tax policies when evaluating dividend proposals [3]

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].

Core Insights - A new trend in the A-share market is emerging where companies are offering "physical dividends" to shareholders, enhancing the shareholder experience beyond traditional cash dividends and stock price appreciation [3][4][10] Group 1: New Trends in Investor Relations - The A-share market is witnessing a transformation in investor relations management, shifting from cash dividends to product-based rewards for shareholders [3] - Companies like Emei Mountain A and Qianwei Yangchun are leading this trend, with Emei Mountain A offering free admission to shareholders holding over 500 shares, and Qianwei Yangchun providing product gift packages worth 200 yuan to shareholders holding over 100 shares [3][4] Group 2: Strategic Considerations Behind Physical Dividends - The trend of physical rewards is not merely about providing benefits; it represents an upgrade in investor relations management to brand experience marketing, creating a low-cost yet innovative approach [4][5] - For tourism companies, offering free admission and discounts can lead to significant secondary consumption, enhancing overall revenue [4][10] Group 3: Industry-Specific Approaches to Shareholder Engagement - Different industries are adopting unique strategies to engage shareholders: - In the tourism sector, Emei Mountain A offers comprehensive benefits including free tickets and discounts on various services [7][10] - In the food industry, Qianwei Yangchun provides product gift packages, while other companies like Wufangzhai and Zhongjing Foods also offer food gifts without strict holding requirements [7][8] Group 4: Case Study of Qianwei Yangchun - Qianwei Yangchun's shareholder reward strategy aligns with its broader market expansion goals, allowing shareholders to experience products directly and potentially become loyal customers [8][9] - The company is strategically timing its rewards to coincide with its efforts to penetrate the consumer market [8] Group 5: Emei Mountain A's Unique Offerings - Emei Mountain A's rewards program is designed to counteract a 7.9% decline in visitor numbers, showcasing an innovative approach to attract more visitors [10] - The program includes not just free admission but also discounts for family members, creating a holistic consumer experience [10] Group 6: Balancing Aspirations and Realities - While the trend of physical dividends is gaining traction, companies must ensure product quality and sustainability of these initiatives to avoid damaging their reputation [13][15] - Market reactions to these initiatives can lead to short-term stock price increases, but without solid performance fundamentals, there may be risks of price corrections [15]

霁月认为，真正的股东回报应该是：扎实的业绩增长、稳定的现金分红、持续的股价上涨。这些才是股 东的"硬通货"，而不是那些花里胡哨的小礼品。当然，偶尔送点福利增进感情也无可厚非，但如果把这 当成吸引投资者的主要手段，那就是舍本逐末了。（封面新闻记者 罗田怡 杨霁月 剪辑 何宏杰 ） 12月1日晚，千味央厨发布公告：持股100股以上的自然人股东可领取价值200元的预制菜礼包，法人股 东可领3份。这是继峨眉山A推出"持股500股免门票"活动后，又一家上市公司加入"实物分红"大军。 说实话，这些"花式送礼"挺有创意。峨眉山A公告当天直接涨停，说明市场对这种玩法还挺买账。但霁 月想问：这真的是股东想要的吗？送门票、送预制菜，看似贴心，实则是在用小恩小惠掩盖主业不振的 尴尬。股民买股票，要的是企业成长带来的资本增值，而不是这些"锦上添花"的小礼物。 ...

A股正掀起"实物分红"潮。 11月28日晚间，峨眉山A（000888.SZ）的一纸公告，再次将"上市公司宠股东"的话题推向台前。峨眉山 A宣布启动2025年股东回馈活动，旨在让股东"沉浸式体验"公司的金顶云海、 冰雪温泉、 禅茶雅韵等 核心文旅资源。 公告显示，从12月1日至2026年1月31日，持有500股及以上的个人股东和法人股东，可享受峨眉山景区 进山门票免费的权益，且每次可携带2名家属（家属享受半价优惠）；法人股东则可指定5名代表免票， 同时还有峨眉山索道、酒店、文创等相应消费优惠。 今年前三季度，峨眉山景区的进闸游客数据有所下滑，这种回馈股东活动有利于增强回报体感，一定程 度上也有助于拉动高价值二次消费。 A股上市公司"实物分红"正逐渐增多。据时代周报不完全统计，近十年来已有超过60家A股上市公司推 出了类似的回馈活动，尤其是2025年以来，上市公司花式回馈股东的数量和形式均有所增加。从送火 腿、送白酒、送化妆品到免门票，上市公司正在试图通过这种"花式"互动，将投资者转变为消费者，带 来更多增量收入。 消费研究人士、白酒消费专家肖竹青对时代周报记者表示，近年来上市公司"宠股东"蔚然成风，本质上 是把 ...