华夏时报记者 陶炜 南京报道 由于在上周五（8月22日）晚间公告了138亿元的证券投资+理财计划，市值还没到138亿元的江苏国泰 （002091）（002091.SZ）在周末成了舆论关注焦点。 但仅仅两天之后，江苏国泰在8月24日晚间发布公告称，基于进一步聚焦主业、谨慎投资、提高投资者 分红回报等考虑，公司终止使用部分闲置自有资金15亿元设立子公司开展证券投资。同时，公司公布了 未来三年股东分红回报规划，拟2025年至2027年每年2—3次股东分红，并规划每年以现金方式分配的股 利不少于当年实现可分配利润的40%（之前是不少于10%）。 "目前来讲，我们不设立子公司进行证券投资了。"当《华夏时报》记者询问上市公司是母公司与子公司 都不炒股了还是只是不设立证券投资子公司时，公司证券事务部工作人员这样对记者说。 "一项涉及15亿元巨额资金的战略投资，理论上应经过长时间的市场调研、可行性分析、风险评估和内 部充分论证。在周五公告到周日就取消，损害了公司决策的严肃性和市场公信力。此举可能暴露了公司 董事会与管理层之间，或大股东与中小股东之间存在沟通不畅乃至意见分歧。"上海沪紫律师事务所律 师刘鹏对《华夏时报》记者说。 ...

Group 1 - The core point of the article is that Tongfayu (Shenzhen) Investment Co., Ltd. has submitted a temporary proposal for Qingnong Commercial Bank to implement cash dividends based on the third quarterly report for three consecutive years, which will be discussed at the upcoming shareholder meeting [1][4] - The proposal suggests that Qingnong Commercial Bank should distribute cash dividends of no less than 30% of the net profit attributable to shareholders for the third quarter in the fiscal years 2025, 2026, and 2027 [4] - Qingnong Commercial Bank's board of directors has reviewed the proposal and decided not to submit it for discussion at the shareholder meeting, citing that it violates regulations regarding mid-term dividend authorizations [4] Group 2 - Qingnong Commercial Bank has seen continuous growth in business scale, profitability, and capital strength, with ample cash reserves, which supports the feasibility of implementing cash dividends [4] - The bank emphasizes the importance of balancing short-term and long-term interests of shareholders while planning its dividend return strategy [4]

江苏国泰公告，公司制定了未来三年（2025年-2027年）股东分红回报规划。根据规划，公司每年以现 金方式分配的股利不少于当年实现可分配利润的40%，同时，公司未来三年年均现金分红金额不低于未 来三年实现的年均归属于母公司股东净利润的40%。公司拟每年进行两到三次利润分配，以现金分配方 式为主。 ...

Group 1: Report Overview - Reported company: Muyuan Foods Co., Ltd. - Industry: Agriculture, Animal Husbandry, Feed, and Fishery - Research date: August 20, 2025 [1] Group 2: Research Participants - Participating institutions: E Fund Management Co., Ltd., Taikang Asset Management Co., Ltd., Manulife Fund Management Co., Ltd., ICBC - AXA Life Insurance Co., Ltd., China Construction Bank Fund Management Co., Ltd., etc. [2] Group 3: Company Performance - In H1 2025, the company achieved an operating income of 76.463 billion yuan, a year - on - year increase of 34.46%; a net profit attributable to shareholders of 10.530 billion yuan, a year - on - year increase of 1,169.77%; and a net cash flow from operating activities of 17.351 billion yuan, a year - on - year increase of 12.13%. As of the end of Q2 2025, the asset - liability ratio was 56.06%, a decrease of 3.14 percentage points from the end of Q1 [23]. - The company aims to reduce the overall debt scale by 10 billion yuan this year. As of the end of Q2, the total debt decreased by 5.6 billion yuan compared with the beginning of the year, and more than half of the debt reduction target has been completed [23]. - In the pig farming business in H1 2025, the company sold 46.91 million pigs, including 38.394 million commercial pigs, 8.291 million piglets, and 0.225 million breeding pigs. As of the end of June 2025, the inventory of breeding sows was 3.431 million [23]. - Thanks to technological innovation and management optimization, the company's full - cost of pig farming decreased monthly, reaching about 11.8 yuan/kg in July. The company aims for an average annual cost of 12 yuan/kg this year [23]. - In the slaughter and meat business in H1 2025, the company slaughtered 11.4148 million pigs, a year - on - year increase of 110.87%, with the capacity utilization rate rising to 78.72%. The loss was about 100 million yuan, a significant year - on - year reduction [24]. - The company announced a semi - annual profit distribution plan in 2025, planning to distribute a cash dividend of 9.32 yuan per 10 shares (tax - included), with a total dividend of 5.002 billion yuan (tax - included), accounting for 47.50% of the semi - annual net profit attributable to shareholders [24]. Group 4: Company Strategies and Plans Response to industry capacity control measures - Reduce the inventory of breeding sows, aiming to reduce it to 3.3 million by the end of the year. Do not consider adding new sows in the short term next year [25]. - Reduce the average weight of pigs for sale, expecting it to drop to 120 kg by the end of this month [25]. - Stop selling fattening pigs to secondary fattening customers and cooperate with relevant departments to build a control system [25]. Use of funds from Hong Kong listing - The funds raised from the Hong Kong listing will be used for expanding the global business and R & D, not for new domestic capacity construction [25]. Dividend plan - In 2024 - 2026, the company plans to distribute cash dividends of no less than 40% of the available distributable profit each year. In H1 2025, the planned cash dividend is 5.002 billion yuan (tax - included), accounting for 47.50% of the semi - annual net profit attributable to shareholders. The dividend ratio will be adjusted dynamically in the future [25][26]. Overseas business - The company has established an overseas business team, is exploring overseas markets, and will use various models such as light - asset, new capacity building, and M & A in the future [26]. Cost reduction path - Focus on pig breeding, health management, and employee training to achieve the cost reduction target of an average of 12 yuan/kg this year and 11 yuan/kg by the end of the year [27][28]. Support for farmers - Increase the scale of piglet sales, provide customized pig - farming solutions, and build an industrial interconnection platform to share development dividends with farmers [28].

广东生益科技股份有限公司 广东生益科技股份有限公司 会议召开时间：2025 年 9 月 3 日下午 14:30 会议召开地点：东莞市松山湖园区工业西路 5 号 公司研发办公大楼二楼 222 会议室 会议主持人：陈仁喜董事长 议程： 广东生益科技股份有限公司 董事会 议案 1 广东生益科技股份有限公司 各位股东： 广东生益科技股份有限公司（以下简称"公司"）因回购注销部分限制性股 票的原因，需变更注册资本、股份总数，同时，发起人股东伟华电子有限公司减 持公司股份，因此，需对《公司章程》的第六条、第十九条进行修订。具体情况 如下： 各位股东： 公司 2025 年半年度母公司实现净利润 1,219,647,330.55 元（未经审计，以下 数据均未经审计），提取 10%的法定盈余公积金 121,964,733.06 元后，截至 2025 年 6 月 30 日母公司可供股东分配的利润为 3,847,387,134.52 元。拟以分红方案实 施时股权登记日登记在册的全体股东股数为基数，向全体股东每 10 股派现金红 利 4.00 元（含税），所余未分配利润全部结转至下一次分配。 若以公司 2025 年 6 月 30 日 ...

Financial Performance - In 2024, the company achieved operating revenue of 66.02 billion yuan, a decrease of 8.69 billion yuan (11.64%) year-on-year [1] - In Q1 2025, operating revenue was 11.73 billion yuan, down 5.60% year-on-year, with domestic sales of pipelines at 7.28 billion yuan (down 14%) and exports at 1.43 billion yuan (up 10%) [1][2] - Net profit attributable to shareholders in 2024 was 1.90 billion yuan, a decline of 47.52% year-on-year [1] Business Segment Contribution - In Q1 2025, channel distribution accounted for approximately 53%, export business (pipelines and solar) about 30%, municipal engineering direct bidding around 9%, home decoration approximately 5%, and real estate direct supply about 3% [3] Market Trends and Challenges - The real estate sector has not fully recovered, significantly impacting overall sales [4] - Despite growth in export and municipal direct bidding businesses, the overall impact remains limited due to small base figures [4] - The company plans to focus on niche areas within the pipeline industry and has established specialized sales divisions [4] Pricing and Competition - Pipeline product prices in Q1 2025 decreased by approximately 5-6% year-on-year [6] - The East China market is large but highly competitive, with various companies having distinct advantages and sales strategies [7] Export and Trade Impact - Export business, including solar and pipeline products, has shown relative growth, increasing its share from 25% to 30% in Q1 2025 [8] - Sales to the U.S. account for about 3% of total sales, with limited impact from tariffs [8] Accounts Receivable and Financial Management - Accounts receivable primarily stem from real estate and municipal engineering, making up about 60% of total receivables [12] - The company has a dividend plan to distribute at least 30% of the annual distributable profit in cash from 2024 to 2026 [16][17]

Core Viewpoint - Recently, Zhongyuan Bank has faced scrutiny due to multiple large equity sales on auction platforms and a controversial low dividend announcement, revealing challenges in its operational performance despite a rise in profitability [2][12]. Equity Sales - Multiple large equity stakes of Zhongyuan Bank are being auctioned on Alibaba's judicial auction platform, totaling approximately 594 million yuan [4]. - The major seller is Henan Hailing Industrial Development Co., which holds 243 million shares of Luoyang Bank, now converted to 281 million shares of Zhongyuan Bank following mergers [4]. - Another significant stake is held by Kaifeng Lanwei Highway Development Co., which has seen its shares in Pingdingshan Bank converted to 201 million shares of Zhongyuan Bank [4][5]. - Previous attempts to auction these stakes have failed, indicating a lack of buyer interest despite high levels of engagement [4]. Financial Performance - For the fiscal year 2024, Zhongyuan Bank reported operating income of 25.955 billion yuan, a decrease of 0.9% year-on-year, while net profit attributable to shareholders rose by 7% to 3.446 billion yuan [9][10]. - The bank's total assets reached 1.36 trillion yuan, an increase of 187.51 billion yuan from the previous year [9]. - The bank's non-performing loan (NPL) ratio stood at 2.02%, a slight decrease, but specific sectors like accommodation and catering saw an increase in NPLs [10]. Loan Concentration and Risk Management - The concentration of loans has increased, with the top ten borrowers accounting for 37.6% of the bank's net capital, up from 33.4% the previous year [10][11]. - The largest single borrower now represents 7.7% of net capital, indicating a growing risk if these borrowers face financial difficulties [10][11]. - Analysts suggest that Zhongyuan Bank needs to enhance its risk management through increased investment in financial technology and a comprehensive risk management system [11]. Dividend Policy - Zhongyuan Bank announced a dividend of 0.12 yuan per share, totaling 439 million yuan, which is significantly lower than the 30% minimum required by its own guidelines based on the average distributable profit over the last three years [12][13]. - The low dividend payout has raised concerns among investors, as it may indicate the bank's need to retain cash for operational challenges and asset management post-merger [12][13]. - Experts warn that the prolonged lack of dividends could undermine investor confidence and affect the bank's market attractiveness [13].

Core Viewpoint - The company has approved its 2024 annual profit distribution plan, which includes a cash dividend of 2.5 yuan per 10 shares, totaling approximately 44.33 million yuan, based on a net profit of 141.98 million yuan for the year [16][17][31]. Group 1: Financial Performance - The company reported a net profit attributable to shareholders of 141.98 million yuan for 2024, with total revenue of 692.47 million yuan and a net cash flow from operating activities of 285.28 million yuan [27][31]. - The total assets of the company as of December 31, 2024, were 1.85 billion yuan, with total liabilities of 437.22 million yuan, resulting in total equity of 1.41 billion yuan [27]. Group 2: Profit Distribution Plan - The profit distribution plan proposes a cash dividend of 2.5 yuan per 10 shares, amounting to a total distribution of 44.33 million yuan, which is based on the lower of the consolidated or parent company profit available for distribution [17][31]. - The company has maintained a consistent cash dividend policy, with cumulative cash dividends over the last three years exceeding 83.33 million yuan, which is above 30% of the average net profit for the same period [18][19]. Group 3: Governance and Risk Management - The company plans to purchase liability insurance for its directors and senior management to enhance risk management and protect their legal rights, with an annual premium not exceeding 450,000 yuan [51]. - The company has established a three-year shareholder return plan for 2025-2027, which aims to ensure stable and sustainable dividend policies [10][65]. Group 4: Future Financing and Investments - The company intends to increase its financing scale by up to 300 million yuan in 2025 to support its operational goals [37]. - A proposal for the company’s wholly-owned subsidiary to borrow 247.1 million yuan from a bank has been approved, with the company providing guarantees for the loan [67].

既然总是提到 " 国际化 " 或对标行业的国际一流 ， 那先看看对股东的分红情绪价值 ， 美孚连 续20多年每一年不下降每股分红 ， 即使最艰难的2020年也是提高每股分红的 ， 虽然税前股息 率不高大概3% ， 但每股分红每一年不下降或提升 ， 非常稳定预期 ， 业绩好时多了现金就回 购注销股本 ， 这是美孚的投资者情绪价值模式 ： 长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 会计误工人员 来源：雪球 ， 只能类似3年或X年移动平均每股股息看 ， 才能相对平滑一些它历年每股股息 ， 也就是它不 提供情绪价值 ， 悲喜自渡 。 美孚连续20多年每一年不下降每股分红 ： 虽然美孚的现金远远不够覆盖有息负债 ， 比如2024年末现金232亿 ， 有息负债417亿 ， 净现 金是-185亿美元 （ 负数 ） , 2020年的有息负债是-676亿美元 ， 但依然提高每年分红 。 其实 ， 不仅仅美孚 ， 雪佛龙的过去20多年也是过去每一年都提高分红 ， 如下图 ： 对比一下 中海油 的历年每股分红和3年移动平均每股分红情况 ， 2019年每股分红0.78 ...