Core Viewpoint - Tianjin Ruixinchang Technology Co., Ltd. announced a "Quality and Return Dual Improvement" action plan aimed at enhancing operational quality and core competitiveness while increasing returns to investors and protecting shareholder rights [1] Group 1: Action Plan and Industry Response - The "Quality and Return Dual Improvement" initiative has seen 471 companies in the Shenzhen Stock Exchange disclose related action plans since its launch in February 2024, indicating a broad participation across various sectors [1][2] - Companies are shifting from viewing shareholder returns as a short-term action to integrating it into their long-term development strategies, focusing on solidifying core businesses, enhancing R&D, and optimizing governance [1][2] Group 2: Focus on Core Business and Innovation - Companies are concentrating resources on core businesses by divesting non-core assets and improving operational efficiency, which lays a foundation for high-quality development [2] - There is a strong emphasis on technological innovation, with companies increasing R&D investments to drive growth and enhance core business capabilities [2][3] Group 3: Financial Performance and Shareholder Returns - The first 11 companies to release "Quality and Return Dual Improvement" reports achieved a combined profit of 5.701 billion yuan in the first three quarters of 2025, with significant stock price increases for most of these companies [3][4] - From 2022 to 2024, the annual dividend amount for 471 companies on the Shenzhen Stock Exchange grew at a compound annual growth rate of 10.0%, with 433 companies implementing cash dividends totaling 324.47 billion yuan in 2024 [6] Group 4: Dividend and Share Buyback Strategies - Companies are actively increasing cash dividend frequencies and optimizing dividend schedules to enhance shareholder returns, with 141 companies implementing mid-year dividends in 2024 [5][6] - Share buybacks and stock purchases by major shareholders are being utilized to signal confidence in the company's future, exemplified by Zhongwei New Materials' planned buyback of 800 million yuan [5][6] Group 5: Future Outlook - The ongoing deepening of the initiative is expected to attract more companies to join the value creation and sharing movement, reinforcing the micro-foundation for high-quality development in the capital market [7]

Core Viewpoint - Tianjin Ruixinchang Technology Co., Ltd. announced a "Quality and Return Dual Improvement" action plan aimed at enhancing operational quality and core competitiveness while increasing returns to investors and protecting shareholder rights [1] Group 1: Action Plans and Company Strategies - 471 companies in the Shenzhen Stock Exchange have disclosed action plans in response to the "Quality and Return Dual Improvement" initiative since its launch in February 2024, indicating a broad participation across various sectors [1][2] - Companies are focusing on long-term strategies for shareholder returns, integrating them into their core development plans rather than treating them as short-term actions [2] - The action plans emphasize a combination of strengthening core businesses, enhancing research and development, and optimizing governance to systematically improve operational quality and competitiveness [2][3] Group 2: Focus on Core Business and Innovation - The initiative encourages companies to concentrate on their core businesses and drive innovation, leading to steady growth in operational performance and enhanced core competitiveness [3] - Companies are returning to their roots by reallocating resources to core operations, divesting non-core assets, and improving operational efficiency [3] - For instance, Weihai Guangwei Composite Materials Co., Ltd. is committed to focusing on its main business and avoiding blind expansion, while continuously developing its core carbon fiber business [3] Group 3: Research and Development Investments - Shenzhen Inovance Technology Co., Ltd. exemplifies the focus on industrial automation and smart technology, with R&D investments reaching 3.15 billion yuan in 2024, a 19.9% increase year-on-year [4] - The company has a workforce of 5,538 R&D personnel and has obtained 2,886 patents and software copyrights, showcasing a strong commitment to innovation [4] - The first 11 companies that published "Quality and Return Dual Improvement" reports achieved a combined profit of 5.701 billion yuan in the first three quarters of 2025, indicating successful implementation of the initiative [4] Group 4: Shareholder Returns and Dividends - The 471 companies are committed to increasing cash dividends and optimizing dividend schedules, with a compound annual growth rate of 10.0% in annual dividend amounts from 2022 to 2024 [6][7] - In 2024, 433 companies distributed a total of 324.47 billion yuan in cash dividends, representing 43.6% of net profits [7] - Companies are also responding to calls for multiple dividends within a year, enhancing the stability and timeliness of returns for investors [7] Group 5: Market Impact and Future Outlook - The "Quality and Return Dual Improvement" initiative is reshaping the relationship between companies and investors, fostering a value co-creation environment [8] - As the initiative deepens, more companies are expected to join in creating and sharing value, contributing to the high-quality development of the capital market [8]

Group 1 - The core idea of the "Quality and Return Dual Improvement" initiative is to guide listed companies to focus on their core businesses and enhance operational performance, thereby solidifying the foundation for capital market development [2] - As of November 2025, 471 companies in the Shenzhen market have actively responded to the initiative, proposing practical measures to enhance core business awareness, innovation capabilities, and investor return levels [1][2] - In the first three quarters of 2025, the 471 "Dual Improvement" companies achieved a total operating revenue of 7.5 trillion yuan, a year-on-year increase of 6.9%, and a net profit of 651.3 billion yuan, up 10.8% year-on-year [2] Group 2 - The companies involved in the initiative have significantly increased their R&D investments, with a total of 430.93 billion yuan in R&D spending in the first half of 2025, representing a year-on-year growth of 6.3% [3] - The proportion of R&D investment relative to operating revenue increased to 4.3%, up 0.1 percentage points year-on-year, indicating a stronger focus on innovation [3] - Notable companies like Mindray Medical and Inovance Technology have made substantial advancements in their respective fields, showcasing the innovation capabilities of Shenzhen enterprises [3] Group 3 - The "Dual Improvement" initiative emphasizes investor returns, with companies implementing a combination of dividends, buybacks, and shareholdings to enhance investor confidence [4] - From 2022 to 2024, the annual dividend amount for the 471 companies grew at a compound annual growth rate of 10.0%, with 433 companies distributing a total of 324.47 billion yuan in cash dividends in 2024 [4] - A total of 378 companies have achieved continuous dividends for three consecutive years, enhancing the predictability and sustainability of shareholder returns [4] Group 4 - The market has shown strong recognition of the "Dual Improvement" initiative, with an average stock price increase of 77.2% for the participating companies from February 2024 to November 2025, significantly outperforming the Shenzhen Composite Index [6] - This initiative has created a virtuous cycle of quality improvement, optimized returns, and market recognition, contributing to the high-quality development of the capital market [7] - The ongoing deepening of the initiative is expected to encourage more listed companies to focus on their core businesses, strengthen innovation, and optimize returns, fostering a sustainable capital market ecosystem [7]

Core Viewpoint - The "Quality Return Dual Improvement" initiative launched by the Shenzhen Stock Exchange aims to enhance the development quality and investment value return capabilities of listed companies, with 471 companies disclosing action plans by November 2025 [1][2]. Group 1: Company Participation and Focus Areas - Among the 471 companies, 293 are part of the Shenzhen Component Index, 88 are in the CSI 300 Index, and 82 belong to the ChiNext Index, collectively representing about 50% of the total market capitalization of the Shenzhen market [2]. - The companies involved span 30 industries, including electronics, power equipment, pharmaceuticals, and computers, with nearly 70% being private enterprises [2]. - The action plans of these companies emphasize three focal points: focusing on core business, focusing on technological innovation, and focusing on regulatory operations [2]. Group 2: Financial Performance and R&D Investment - In 2024, the "Dual Improvement" companies achieved a total operating revenue of 9.8 trillion yuan, a year-on-year increase of 3.6%, and a net profit of 743.39 billion yuan [4]. - For the first three quarters of 2025, these companies reported an operating revenue of 7.5 trillion yuan, up 6.9% year-on-year, and a net profit of 651.3 billion yuan, reflecting a 10.8% increase [4]. - The R&D investment of these companies accounted for 4.3% of their operating revenue in the first half of 2025, up 0.1 percentage points year-on-year, with total R&D expenditure representing 59.5% of the Shenzhen market [4]. Group 3: Shareholder Returns and Market Response - From 2022 to 2024, the annual total dividend of the "Dual Improvement" companies had a compound growth rate of 10.0%, with the 2024 dividend amounting to 43.6% of net profit, an increase of 10.9 percentage points from 2022 [5]. - Approximately 80% of the companies (378) maintained continuous dividends over the past three years, enhancing the stability and predictability of returns for investors [5]. - The average stock price increase for the 471 "Dual Improvement" companies from February 2024 to November 2025 was 77.2%, surpassing the growth of the Shenzhen Component Index [6].

Core Insights - The "Quality Return Dual Improvement" initiative launched by the Shenzhen Stock Exchange aims to enhance the development quality and investment value return capabilities of listed companies, with 471 companies having disclosed action plans by November 2025 [1][2] Group 1: Company Participation and Industry Coverage - Among the 471 companies, 293 are part of the Shenzhen Component Index, 88 are in the CSI 300 Index, and 82 belong to the ChiNext Index, collectively representing about 50% of the total market capitalization of Shenzhen [2] - The participating companies span 30 industries, including electronics, power equipment, pharmaceuticals, and computers, with a significant presence of private enterprises, accounting for nearly 70% of the participants [2] Group 2: Focus Areas of Improvement - The action plans from the listed companies emphasize three main focuses: enhancing core business awareness, improving technological innovation capabilities, and strengthening regulatory operations [2] - Specific examples include Mindray Medical (300760.SZ) increasing R&D investment and global expansion, and BYD (002594.SZ) planning R&D expenditures of 54.2 billion yuan in 2024 [2] Group 3: Shareholder Returns and Buybacks - Companies are increasing dividend and buyback efforts, with firms like BOE Technology Group (000725.SZ) disclosing future shareholder return plans, and Anke Bio (300009.SZ) maintaining 16 consecutive years of cash dividends [3] - The average annual dividend growth rate for "dual improvement" companies from 2022 to 2024 is 10.0%, with 2024 dividends accounting for 43.6% of net profits, a 10.9 percentage point increase from 2022 [5] Group 4: Financial Performance and Market Response - In terms of financial performance, "dual improvement" companies achieved a total revenue of 9.8 trillion yuan in 2024, a 3.6% year-on-year increase, and a net profit of 743.39 billion yuan [4] - The average stock price increase for these companies from February 2024 to November 2025 was 77.2%, surpassing the Shenzhen Component Index, with a total market capitalization of 21.2 trillion yuan by November 2025 [6]

Group 1 - The core initiative of the Shenzhen Stock Exchange is the "Quality Return Dual Improvement" action, aimed at enhancing the development quality and investment value return capabilities of listed companies, with 471 companies already disclosing their action plans by November 2025 [1] - The 471 companies involved have significant influence, with 293 being part of the Shenzhen Component Index, 88 in the CSI 300 Index, and 82 in the ChiNext Index, collectively representing about 50% of the total market capitalization of the Shenzhen market [1] - The participating companies span 30 industries, including electronics, power equipment, pharmaceuticals, and computers, with nearly 70% being private enterprises [1] Group 2 - The "Dual Improvement" companies have focused on core business development, achieving a total operating revenue of 9.8 trillion yuan in 2024, a year-on-year increase of 3.6%, and a net profit of 743.39 billion yuan [2] - In the first three quarters of 2025, these companies reported an operating revenue of 7.5 trillion yuan, up 6.9% year-on-year, and a net profit of 651.3 billion yuan, reflecting a 10.8% increase [2] - Research and development (R&D) investment accounted for 4.3% of operating revenue in the first half of 2025, with a total R&D investment representing 59.5% of the Shenzhen market [2] Group 3 - From 2022 to 2024, the annual total dividend of the "Dual Improvement" companies grew at a compound annual growth rate of 10%, with the 2024 dividend amount accounting for 43.6% of net profit, an increase of 10.9 percentage points from 2022 [3] - In 2024, the dividend amount represented 60.8% of the total dividends in the Shenzhen market, up 3.7 percentage points from 2022, indicating a steady growth in dividend amounts and proportions [3] - A total of 378 companies maintained continuous dividends over the past three years, enhancing dividend stability and predictability, while 203 share repurchase plans were disclosed, including a nearly 1 billion yuan repurchase by Kailaiying [3]

Core Viewpoint - The "Quality Return Dual Improvement" initiative has led to significant enhancements in the operational quality and investor returns of participating companies, with a notable average stock price increase and improved information disclosure ratings since its launch in February 2024 [1][3]. Group 1: Company Performance - By November 2025, 471 companies participating in the initiative saw an average stock price increase of 77.2%, significantly outperforming the Shenzhen Composite Index [1]. - In the first three quarters of 2025, these companies collectively achieved operating revenues of 7.5 trillion yuan, a year-on-year increase of 6.9%, and net profits of 651.3 billion yuan, up 10.8% year-on-year, demonstrating strong operational resilience [2]. - The average R&D investment as a percentage of operating revenue for these companies was 4.3% in the first half of 2025, with total R&D expenditure accounting for 59.5% of the Shenzhen market [2]. Group 2: Governance and Disclosure - The proportion of companies receiving an A-grade in information disclosure evaluations reached 58.6% in 2024, an increase of 11.3 percentage points since the initiative began [3]. - A total of 354 companies published separate social responsibility or sustainability reports in 2024, reflecting an 8.6% year-on-year growth in ESG disclosure quality [6]. Group 3: Investor Returns - From 2022 to 2024, the compound annual growth rate of total dividends for participating companies was 10%, with dividends in 2024 accounting for 43.6% of net profits, an increase of 10.9 percentage points from 2022 [4]. - 471 companies disclosed 203 new share repurchase plans and 110 new major shareholder increase plans, contributing to market stability [4]. - Key stakeholders, including controlling shareholders and management, actively engaged in stabilizing the market through significant share purchases, with notable transactions reported [5]. Group 4: Market Impact - By November 2025, the total market capitalization of the 471 participating companies reached 21.2 trillion yuan, an increase of 8.1 trillion yuan since the initiative's launch, representing 50% of the total market capitalization of the Shenzhen market [6]. - The number of companies with market capitalizations exceeding 100 billion yuan increased by 80, while those exceeding 1 trillion yuan rose by 21 since the initiative began [6].

Core Viewpoint - The Shenzhen Stock Exchange has initiated the "Quality and Return Dual Improvement" action in February 2024 to enhance the quality of listed companies and increase investor returns, establishing a solid foundation for the healthy development of the capital market [1] Group 1: Company Quality Improvement - As of November 2025, 471 companies in the Shenzhen market have disclosed their action plans for the dual improvement initiative, focusing on enhancing core business awareness, innovation capabilities, and investor returns [1][2] - Among the participating companies, 293 are part of the Shenzhen Component Index, 88 are included in the CSI 300 Index, and 82 are in the ChiNext Index, collectively representing about 50% of the total market capitalization of the Shenzhen market [2] - The companies are diversifying across 30 sectors, including electronics, power equipment, pharmaceuticals, and computers, indicating a broad and robust participation structure [2] Group 2: Paths to Quality Enhancement - Companies are focusing on three main paths: deepening core business, advancing technological innovation, and ensuring regulatory compliance [2][3] - In terms of core business, companies are driving internal growth through technological upgrades and expanding into new markets via internationalization [2] - Companies are also enhancing their governance structures and improving information disclosure quality to build a solid governance foundation [3] Group 3: Enhancing Investor Returns - Companies are utilizing dividends and share buybacks as key methods to enhance shareholder returns, with some companies establishing themselves as models for consistent returns [4][5] - Actions by major shareholders and management, such as share buybacks and commitments not to sell shares, are crucial for stabilizing market confidence and increasing shareholder value [5] - Companies are improving communication channels with investors to build trust, employing various methods to maintain close interaction and transparency [6] Group 4: Sustainable Development and ESG Practices - Companies are integrating ESG practices into their business processes and strategic decisions, promoting sustainable development while enhancing value creation [6]

Core Viewpoint - The "Quality Return Dual Improvement" initiative launched by the Shenzhen Stock Exchange aims to enhance company quality and investor returns, with significant progress observed by November 2025 [1][10]. Group 1: Overview of the Initiative - As of November 2025, 471 companies in the Shenzhen market have disclosed their action plans under the "Dual Improvement" initiative, focusing on core business enhancement, innovation, and investor returns [1]. - These companies represent approximately 50% of the total market capitalization of the Shenzhen market, with 293 being part of the Shenzhen Component Index and 88 in the CSI 300 Index [3]. Group 2: Company Performance and Characteristics - The participating companies show a tiered market capitalization structure, with 366 companies valued over 10 billion and 43 over 100 billion [3]. - The initiative covers 30 industries, including electronics, power equipment, and pharmaceuticals, with a broad geographical representation across 31 provinces [3]. - Nearly 70% of the participating companies are private enterprises, highlighting their crucial role in driving high-quality development in the capital market [3]. Group 3: Focus Areas for Development - Companies are enhancing their core business and international presence, with examples like Mindray Medical investing heavily in R&D and global expansion [5]. - There is a strong emphasis on technological innovation, with companies like BYD increasing R&D spending to 54.2 billion yuan in 2024 [6]. - Governance and information disclosure standards are improving, with nearly 60% of companies receiving an A-grade in the 2024 information disclosure assessment [3][6]. Group 4: Investor Engagement and Returns - Companies are increasing dividend payouts and share buybacks, with a compound annual growth rate of 10% in total dividends from 2022 to 2024 [11]. - 378 companies have maintained continuous dividends over the past three years, representing about 80% of the participants [12]. - The average stock price increase for these companies from February 2024 to November 2025 was 77.2%, significantly outperforming the Shenzhen Component Index [12]. Group 5: ESG and Sustainable Practices - Many companies are integrating ESG principles into their business strategies, with Longyuan Power linking ESG performance to management incentives [9].

Group 1 - The core initiative "Quality Return Dual Improvement" launched by the Shenzhen Stock Exchange aims to enhance the development quality and investment value return capability of listed companies, with 471 companies already disclosing their action plans by November 2025 [1] - These 471 companies represent significant market influence, with 293 being part of the Shenzhen Component Index and 88 part of the CSI 300 Index, collectively accounting for approximately 50% of the total market capitalization of the Shenzhen market [1] - The initiative has seen active participation from private enterprises, which make up nearly 70% of the companies involved, demonstrating a strong commitment to quality and return [1] Group 2 - Companies are focusing on core business development, with examples like Mindray Medical investing heavily in R&D for product upgrades and Shenghong Technology enhancing global competitiveness through acquisitions [2] - There is a strong emphasis on technological innovation, with BYD's R&D expenditure reaching 54.2 billion yuan in 2024, and Guoli Micro's R&D investment exceeding 50% of its revenue [2] - Companies are also improving governance and information disclosure, with Anker Innovations enhancing its governance structure and Xiandai Intelligent increasing the transparency of its disclosures [2] Group 3 - Companies are increasing their dividend and share repurchase efforts, with BOE Technology Group and others disclosing future shareholder return plans, and Anke Bio achieving a cumulative dividend amounting to 63% of its net profit since listing [3] - Key stakeholders are actively increasing their holdings, with major shareholders of GoerTek purchasing 47.44 million shares for approximately 1 billion yuan, reflecting confidence in the company's value [3] - Companies are enhancing communication with investors through various channels, with ZTE maintaining regular contact and providing updates on financial performance [3] Group 4 - ESG practices are being integrated into business strategies, with Longyuan Power linking ESG performance to management incentives and continuously upgrading its ESG disclosure systems [4] - The overall quality of companies is improving, with the "dual improvement" companies achieving a total revenue of 9.8 trillion yuan in 2024, a 3.6% increase year-on-year, and a net profit of 743.39 billion yuan [4] - In the first three quarters of 2025, these companies reported a revenue of 7.5 trillion yuan, reflecting a 6.9% year-on-year growth [4] Group 5 - R&D investment among "dual improvement" companies accounted for 4.3% of their revenue in the first half of 2025, with a total R&D expenditure representing 59.5% of the Shenzhen market [5] - The number of R&D personnel increased by 4.6% in 2024, averaging 1,944 employees, which constitutes 19.4% of the workforce [5] - The effectiveness of information disclosure has improved, with 58.6% of "dual improvement" companies receiving an A rating in 2024, an increase of 11.3 percentage points from before the initiative [5] Group 6 - The level of returns to investors has significantly increased, with a compound annual growth rate of 10.0% in total dividends from 2022 to 2024, and dividends in 2024 accounting for 43.6% of net profits [6] - Approximately 80% of the companies have maintained consistent dividends over the past three years, enhancing market confidence [6] - The average number of investor engagements per company was 9.0 in 2024, with an average of 134 institutional investors participating in research [6] Group 7 - The market response has been positive, with an average stock price increase of 77.2% for the 471 "dual improvement" companies from February 2024 to November 2025, outperforming the Shenzhen Component Index [7] - The total market capitalization of these companies reached 21.2 trillion yuan by November 2025, an increase of 8.1 trillion yuan since the initiative began, representing 50% of the total market capitalization of the Shenzhen market [7] - The number of companies with market capitalizations exceeding 100 billion yuan increased by 80, while those exceeding 1 trillion yuan increased by 21 since the initiative's launch [7]