证券日报网讯京东方A11月24日发布公告，在公司回答调研者提问时表示，公司于4月公告了《未来三 年（2025年-2027年）股东回报规划》，计划每年以现金方式分配的利润不少于当年归属于母公司所有 者的净利润的35%；每年用于回购股份并注销的资金总额不低于人民币15亿元（用于股权激励等其他用 途的股份回购将另行专项筹划）；在有条件的情况下考虑中期利润分配。该计划的推出，是公司综合分 析经营发展实际情况、企业发展长期战略、外部融资环境，重点考虑所处行业发展现状和竞争格局，结 合自身发展所处阶段、未来盈利水平、现金流量情况、资本开支计划等因素，充分听取股东意愿，兼顾 股东的整体利益和公司的长远利益及可持续发展的结果。通过建立连续、稳定、可预期的股东回报机 制，标志着公司发展迈入了新的阶段，也体现了公司与股东持续分享成长红利，与股东共生共赢的期 望。 （文章来源：证券日报） ...

Core Viewpoint - Haier Biomedical plans to cancel 1.4596 million repurchased shares to optimize its equity structure, reflecting its commitment to shareholder returns through a "repurchase + dividend" mechanism since its IPO in 2019 [1][2] Share Repurchase and Capital Reduction - The cancellation of shares will reduce the company's registered capital by approximately 1.46 million yuan, representing 0.46% of the total share capital, which will decrease from 318 million shares to 316 million shares [2] - This action is part of the company's ongoing efforts to fulfill its repurchase commitments and enhance its equity structure, signaling confidence in its intrinsic value [2] Financial Performance - Haier Biomedical has shown steady growth since its establishment, with revenue increasing from 1.013 billion yuan in 2019 to 2.284 billion yuan in 2024, a growth rate of 125.47%, and net profit rising from 182 million yuan to 367 million yuan, a growth rate of 101.65% [3] - However, in the first three quarters of 2025, the company faced pressure, with revenue of 1.761 billion yuan, a year-on-year decline of 1.17%, and net profit of 198 million yuan, a decrease of 35.83% [3] - The third quarter of 2025 showed signs of recovery, with revenue of 566 million yuan, a year-on-year increase of 1.24% and a quarter-on-quarter increase of 11.68%, and net profit reaching 55.65 million yuan [3][4] R&D Investment and Technological Development - Over the past five years, Haier Biomedical has invested a total of 1.398 billion yuan in R&D, with annual expenditures ranging from 236 million yuan to 321 million yuan [5] - The company has established a multi-layer AI foundation and has led or participated in drafting 64 national and industry standards, with 32 recognized as internationally leading [5]

Core Viewpoint - Anhui Fengyuan Pharmaceutical Co., Ltd. has revised its articles of association, focusing on capital structure, governance mechanisms, profit distribution, and risk control, with a registered capital set at 464.685522 million yuan [1][7]. Capital Structure and Registered Capital Adjustment - The current total share capital of Fengyuan Pharmaceutical is 46,468.5522 million shares, all of which are ordinary shares. The share capital has evolved from an initial 20.604 million shares in 1997 to the current scale through multiple capital increases and adjustments [2]. Corporate Governance Structure Optimization - The new articles designate the general manager as the legal representative, replacing the previous arrangement where the chairman held this position. This change aims to enhance management accountability and decision-making efficiency. The board consists of six directors, including two independent directors and one employee representative, with established committees for audit, nomination, and remuneration [3]. Shareholder Rights and Decision-Making Mechanism Improvement - The revised articles strengthen protections for minority shareholders, requiring related shareholders to abstain from voting on related party transactions. Major decisions require a special resolution from the shareholders' meeting, with at least two-thirds of the voting rights [4]. Profit Distribution Policy Clarification - The new articles specify that the company will prioritize cash dividends, with a minimum annual cash dividend ratio of 10% of distributable profits when conditions are met. Over three years, cumulative cash dividends should not be less than 30% of the average annual distributable profits [5][6]. Risk Control and Compliance Management - The articles stipulate that any external guarantees exceeding 50% of the latest audited net assets or single guarantees exceeding 10% must be approved by the shareholders' meeting. The company can repurchase shares under certain conditions, with a limit of 10% of the total issued capital, requiring a two-thirds majority of the board [7].

（文章来源：21世纪经济报道） 更值得关注的是，中期分红正在成为优质企业的"新标配"。Wind数据显示，今年三季报利润超30亿元 的公司中，超半数实施了中期分红，这一比例较三年前飙升近六倍。 这不仅标志着A股股东回报机制进入新阶段，更展现了资本市场投融资平衡发展的重要突破。随着监管 政策持续发力，上市公司正从"能分则分"向"应分尽分"积极转变。 A股市场正迎来前所未有的分红变革浪潮！2025年，25家三季报利润超30亿元的上市公司首次打破惯 例，推出中期分红方案，总金额高达694亿元，平均每家企业分红超过27亿元。 这场分红变革的背后，是新"国九条"等系列政策的有力推动。能源、制造、金融等领域的龙头企业成为 这场变革的先行者，其中中国神华以194.7亿元分红领跑，兴业银行和工业富联紧随其后。 ...

Core Viewpoint - The article highlights the increasing trend of listed securities firms in China to establish a sustainable and stable shareholder return mechanism, driven by regulatory calls for improved shareholder returns and multiple dividends within a year [1][4]. Group 1: Dividend Distribution - Five listed securities firms, including Shouchao Securities, Industrial Securities, Western Securities, Southwest Securities, and Northeast Securities, plan to distribute nearly 1.1 billion yuan in cash dividends for the first three quarters [1][2]. - Shouchao Securities plans to distribute a cash dividend of 0.1 yuan per share, totaling 273 million yuan, while Industrial Securities aims for 432 million yuan with a dividend of 0.5 yuan per 10 shares [2][3]. - The cash dividend payout ratios for these firms vary, with Shouchao Securities at 34.01% and Northeast Securities at 21.94%, indicating a strong commitment to returning profits to shareholders [3]. Group 2: Financial Performance - In the first three quarters, 43 listed securities firms collectively achieved revenue of 421.42 billion yuan, a year-on-year increase of 42.57%, and a net profit attributable to shareholders of 169.29 billion yuan, up 62.48% [1][2]. - Notably, over 60% of these firms reported a net profit growth exceeding 50%, with Northeast Securities showing the highest growth rate of 125.21% [2]. Group 3: Regulatory Environment - The China Securities Regulatory Commission (CSRC) has emphasized the importance of shareholder returns, encouraging firms to balance profit reinvestment and shareholder payouts, and to enhance cash dividend levels [4]. - The trend towards higher dividend frequencies and increased cash dividend ratios is evident, with 17 firms in 2024 already exceeding a 40% cash dividend ratio, surpassing the previous year [4]. Group 4: Future Outlook - As of November 2, 2025, 16 listed securities firms have completed mid-year dividends totaling 7.908 billion yuan, with 13 firms still pending, expected to distribute nearly 11.2 billion yuan [5].

Core Viewpoint - The company announced its first-ever interim dividend distribution since its listing, proposing a cash dividend of 1.70 yuan per 10 shares, totaling 422 million yuan, reflecting a commitment to enhancing shareholder returns [1] Financial Performance - The company completed its annual profit distribution in May, distributing 497 million yuan in cash dividends, leading to an expected total cash dividend of 919 million yuan for the year [1] - The average net profit attributable to shareholders over the past three years is 908 million yuan [1] - For the first three quarters of 2025, the company reported revenue of 7.906 billion yuan, a year-on-year increase of 11.08%, and a net profit attributable to shareholders of 602 million yuan [1] Strategic Focus - The company is leveraging AI technology to empower its core business areas, driving intelligent transformation in financial technology, urban intelligence, and smart transportation sectors [1] - The interim dividend plan is part of the company's strategy to enhance market value management and improve investment value [1] - The company aims to continue focusing on AI core business, steadily advancing its strategic layout while enhancing operational quality and shareholder return mechanisms [1]

Core Points - Shenzhen Kangguan Technology Co., Ltd. announced a shareholder return activity aimed at establishing a long-term and diverse shareholder return mechanism [2] - The activity is scheduled from November 1 to November 30, 2025, with a deadline for claims set at November 30, 2025, 23:59:59 [2] - Eligible shareholders must hold at least 1,000 shares and be registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch [2] Activity Details - Shareholders can participate by verifying their identity through the "Kangguan Technology Investor Relations" WeChat account or by scanning a provided QR code [2] - Different specifications of company products will be awarded based on the number of shares held by verified shareholders [2] - Further details and participation guidelines are available on the "Kangguan Technology Investor Relations" WeChat account, published on October 27, 2025 [2]

Core Insights - The enthusiasm for share buybacks and increases in holdings among A-share listed companies and their major shareholders remains strong since 2025, with significant amounts being repurchased and increased [1][2][3] Group 1: Share Buybacks - As of October 15, 2023, several listed brokerages, including Dongfang Securities and Xibu Securities, have repurchased shares totaling over 2.3 billion yuan, a significant increase compared to the previous year [1][2] - Hongta Securities has repurchased 221.69 million shares, accounting for 0.047% of its total share capital, with a total expenditure of approximately 20.01 million yuan [2] - Guotai Junan led the buyback efforts among brokerages, repurchasing 67.52 million shares for a total of 1.21 billion yuan, representing 0.383% of its total share capital [3] Group 2: Shareholder Increases - Major shareholders of listed brokerages are also increasing their holdings, with Huaneng Capital increasing its stake in Changcheng Securities by 6.37 million shares, amounting to approximately 50.17 million yuan [3][4] - Hubei Hongtai Group has increased its holdings in Tianfeng Securities by 179 million shares, representing 2.06% of the total share capital, with a total investment of 502 million yuan [4] Group 3: Investor Confidence and Value Management - Many brokerages are focusing on enhancing investor confidence through new annual action plans aimed at improving returns and establishing effective shareholder return mechanisms [5][6] - Longjiang Securities has outlined plans for value creation, maintenance, and communication to enhance its investment value and investor relations [6]

Core Points - The company announced a shareholder return plan for the next three years (2025-2027), committing to distribute at least 35% of the annual net profit attributable to the parent company in cash each year [1] - The company plans to allocate no less than 1.5 billion RMB annually for share repurchase and cancellation, with additional plans for stock buybacks for equity incentives to be separately planned [1] - The implementation of this plan reflects the company's analysis of its operational development, long-term strategy, external financing environment, industry status, competitive landscape, and shareholder interests [1] Financial Actions - The company completed a stock buyback worth nearly 1 billion RMB by the end of May [1] - The profit distribution plan for 2024 was finalized in June [1] - A new share repurchase plan for A-shares is currently in progress, aimed at enhancing shareholder returns through a multi-faceted approach [1]

Core Viewpoint - Tianchuang Fashion (603608) is launching a shareholder return initiative to enhance shareholder engagement and understanding of the company's value as it approaches its 10th anniversary of listing [1] Group 1: Shareholder Return Initiative - The company will distribute 30% discount coupons to shareholders, applicable to the listed price, as part of the "Tianchuang Fashion 2025 Shareholder Return Activity" [1] - Shareholders registered by the market close on September 9 can apply for the discount coupons, with individual shareholders limited to one coupon and corporate shareholders allowed to designate up to five representatives to each receive one coupon [1] - The coupon application period is from September 22 to October 10, and the coupons can be used on the WeChat mini-program "KISSCAT" [1] Group 2: Financial Performance - In the first half of 2025, the company reported a revenue of 526.8 million yuan and a net profit attributable to shareholders of 6.7217 million yuan [1] - The net cash flow from operating activities reached 86.1507 million yuan, representing a year-on-year increase of 303.60% [1] - The company has improved its profitability significantly through strategies such as focusing on best-selling products, optimizing the supply chain, and upgrading its multi-channel approach [1]