Core Viewpoint - The recent trend of listed companies offering gifts to shareholders, such as pre-packaged food, is seen as a superficial gesture that may distract from the need for genuine performance improvement and shareholder value creation [1][2]. Group 1: Company Actions - Zhengzhou Qianwei Yangchun Food Co., Ltd. announced a shareholder reward program where shareholders holding over 100 shares can receive a gift package worth 200 yuan [1][3]. - This initiative follows similar actions by other companies, such as Emei Mountain A offering free tickets to shareholders [1]. Group 2: Market Reactions - The market response to these promotional activities has been positive, with Emei Mountain A's stock hitting the daily limit up on the announcement day, indicating investor interest in such strategies [1]. - However, there is skepticism among investors regarding the actual benefits of these gifts compared to substantial financial returns [2]. Group 3: Industry Concerns - The trend of companies focusing on gimmicks rather than core business performance raises concerns about the long-term implications for shareholder value [2]. - Analysts argue that true shareholder returns should come from solid earnings growth, stable cash dividends, and sustained stock price appreciation, rather than temporary promotional gifts [2].

从实物产品到消费权益，这些活动虽然形式不同，但核心逻辑是相通的，即让股东成为企业产品和服务的体验者和传播者，也是市值管理的参与者。股东 回馈活动已经成为市值管理的有效实践，其作用路径有三。 首先，这类活动自带话题属性，能快速提升上市公司知名度，吸引媒体与投资者关注。其次，很多上市公司的业务都是直接面向终端消费者的，将股东转 化为客户，能直接带动营收增长，一些上市公司股东多达数万甚至数十万，市场空间非常可观。 每经编辑｜程鹏 陈俊杰 11月29日，峨眉山A发布公告称，2025年12月1日至2026年1月31日期间，持有公司500股及以上股票的股东，可享受景区门票、万年索道、温泉体验等多 项免费福利，随行家属还能享受门票、索道五折等专属优惠。 这份涵盖"吃住行游购娱"的福利清单，也让峨眉山A收获满满。12月1日开盘，峨眉山A便以一字板涨停，次日其股价盘中再度冲高并逼近涨停，表明这场 活动获得了资本市场的认可。 股价的强势涨停并非偶然，而是商业逻辑与市场需求精准契合的结果。从投资者视角看，这场回馈活动的"性价比"相当诱人。以涨停前股价计算，买入 500股峨眉山A需要6435元，而股东享有的免费项目叠加酒店折扣、茶叶 ...

11月29日，峨眉山A发布公告称，2025年12月1日至2026年1月31日期间，持有公司500股及以上股票的 股东，可享受景区门票、万年索道、温泉体验等多项免费福利，随行家属还能享受门票、索道五折等专 属优惠。 这份涵盖"吃住行游购娱"的福利清单，也让峨眉山A收获满满。12月1日开盘，峨眉山A便以一字板涨 停，次日其股价盘中再度冲高并逼近涨停，表明这场活动获得了资本市场的认可。 股价的强势涨停并非偶然，而是商业逻辑与市场需求精准契合的结果。从投资者视角看，这场回馈活动 的"性价比"相当诱人。以涨停前股价计算，买入500股峨眉山A需要6435元，而股东享有的免费项目叠 加酒店折扣、茶叶买一送一等附加优惠，相当于未来2个月至少3%的回报率。这种看得见、摸得着且能 快速兑现的收益，对中小投资者有着天然的吸引力，并成功转化成了对股价的推力。 对峨眉山A而言，这场"大方"的回馈实则成本可控。与制造业企业赠送产品需承担原材料、生产等硬性 成本不同，景区运营具有鲜明的边际成本递减特性——景区的基础设施维护、人员配置等成本是固定 的，多接待一位股东游客产生的额外成本近乎为零。门票、索道的免费福利本质上是"闲置产能"的高效 ...

Core Viewpoint - The company Qianwei Yangchu is implementing a shareholder return program by offering product gift packages to shareholders, aiming to enhance shareholder engagement and understanding of the company's value [1][4]. Group 1: Shareholder Return Activity - Qianwei Yangchu announced a "shareholder return activity" where shareholders holding 100 shares or more can receive a gift package valued at 200 yuan, with institutional shareholders eligible for three packages [1]. - The activity is designed to express gratitude to shareholders and improve their understanding of the company's products [1][4]. - The program has a cutoff date on the announcement day, indicating a more sincere approach compared to previous practices by other companies [4]. Group 2: Financial Impact - As of December 1, Qianwei Yangchu's stock price was 36.78 yuan per share, making the threshold for participation 3,678 yuan for individual shareholders [4]. - The value of the gift package translates to a dividend yield of approximately 5.44% for shareholders holding 100 shares [5]. - The company reported a total revenue of 1.378 billion yuan and a net profit of 53.775 million yuan for the third quarter, with a year-on-year revenue growth of 4.27% [7]. Group 3: Market Reaction - Following the announcement, there was significant discussion among shareholders, with mixed reactions ranging from excitement to skepticism about the nature of the products offered [5]. - The stock market response to similar shareholder return activities by other companies has been positive, with instances of stock price increases following such announcements [8][9].

11月28日晚，峨眉山旅游股份有限公司宣布将开展2025年"峨眉山A"股东回馈活动。 活动详情为：持有500股及以上的股东本人及法人指定代表可享受进山门票、万年索道、温泉全免，每天还可获得1小时免费滑板滑雪体验；随行人员也可 享受门票及索道5折、温泉4—5折、滑雪5折等优惠。 此外，峨眉山相关合作方也给予了相关优惠，如酒店住宿2折起、"峨眉雪芽"茶叶买一送一、"峨眉记忆"文创产品8.5折等福利。 活动发布后，资本市场给出了积极回应。12月1日，峨眉山A股价"一字"涨停，报14.16元/股，最新市值达到74.61亿元。 因宣布"只要持有公司股票超过500股，即可享受景区门票免票"，峨眉山A（000888.SZ）今日上演"一字"涨停。 若以今日涨停价计算，则花费7080元就可购入500股股票，并享受相关福利，而若在本次涨停前一交易日以12.87元/股购入，则只需花费6435元即可享受 活动福利，前后价差约600元。 | 峨眉山 A | | | [7 Q | | --- | --- | --- | --- | | 000888 融 深股通 LI ▼ | | | | | 今开 14.16 | 14.16 最高 14. ...

Core Viewpoint - The increasing emphasis on investor relations management by listed companies in China's capital market is highlighted, with shareholder return activities becoming a focal point of market attention [1]. Group 1: Shareholder Return Activities - As of May 16, 2023, eight A-share listed companies have conducted shareholder return activities this year [2]. - Anhui Yingjia Distillery Co., Ltd. announced a "10th Anniversary Shareholder Return" event, offering limited edition commemorative liquor at a discounted price for shareholders [2]. - Shede Distillery Co., Ltd. is also providing discounts on commemorative liquor for shareholders as part of its "2025 Shareholder Return" initiative [2]. Group 2: Continuous Engagement - Jiangsu Aipeng Medical Technology Co., Ltd. has been conducting shareholder return activities for four consecutive years, offering free health products to shareholders [3]. - Hainan Strait Shipping Co., Ltd. has also been engaging in shareholder return activities for multiple years, providing discounted tickets for shareholders and their friends [3]. Group 3: Future Trends - Experts suggest that shareholder return activities are likely to become a regular practice among listed companies, with a focus on innovation in form and content [3]. - Companies are expected to design more personalized and diversified return activities based on strategic positioning, product characteristics, and shareholder needs [3].