Core Points - The company announced a cash dividend distribution of 0.20 CNY per share, totaling 67,706,743.00 CNY based on a total share capital of 338,533,715 shares [3][6][9] - The dividend distribution plan was approved at the annual shareholders' meeting on May 15, 2025 [3][5] - The record date for shareholders to receive the dividend is August 26, 2025, with the last trading day being August 27, 2025 [1][4] Distribution Details - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [2][4] - For individual shareholders holding shares for over one year, the dividend is exempt from personal income tax, while those holding for less than one year will have tax implications based on their holding period [6][7] - Qualified Foreign Institutional Investors (QFII) will receive a net dividend of 0.18 CNY per share after a 10% withholding tax [7][8] Implementation Method - The dividends for unrestricted circulating shares will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited [4][6] - Shareholders who have not completed designated trading will have their dividends held by the clearing company until the trading is completed [4][6] - The company will not withhold corporate income tax for other institutional investors, who will receive the gross dividend of 0.20 CNY per share [7][8]

Group 1 - The long-term investment returns in the stock market are influenced by three factors: corporate earnings, valuation changes, and dividend yields [4][6][10] - Corporate earnings growth and the digestion of early high valuations are crucial for the long-term investment returns of the A-share market, closely linked to the economic development stage [4][10][14] - The A-share market is expected to see systematic increases in long-term investment returns due to improving company quality, increasing dividends and buybacks, and the inflow of patient capital [4][16][22] Group 2 - The annualized total return performance of major global indices from 2011 to 2024 shows that the S&P 500, Nikkei 225, and NIFTY 50 indices have outperformed others, with annualized returns of 13.8%, 12.4%, and 11.5% respectively [5][7] - The A-share market, represented by the CSI 300 index, has a relatively low annualized return of 3.9%, indicating a need for improvement in corporate earnings growth [5][7][14] - The contribution of corporate earnings growth to total returns in major capital markets is significant, with the S&P 500's earnings growth contributing 7.6% to its total return [7][8][14] Group 3 - Valuation changes have had a negative impact on the returns of several capital markets, including the CSI 300, which has seen a valuation change contributing -1.2% to its annualized return [8][15] - Dividend yields have been a consistent source of returns across various markets, with the A-share market's dividend yield at around 2%, which is moderate compared to other major markets [8][18][19] - The increasing focus on dividends and buybacks among A-share companies is expected to enhance investor returns significantly [18][19][20] Group 4 - The relationship between stock market returns and economic development stages shows a "U" shaped trend, where corporate earnings and valuations initially decline before rising again as economies mature [10][11][12] - The ongoing transition of the Chinese economy towards high-quality development is anticipated to improve the overall profitability and valuation of listed companies [14][22] - The growth of patient capital in the Chinese market, including insurance and pension funds, is expected to support the long-term health of the capital market [20][21]