然而，也不能忽视资本公积金补亏的局限性。最核心的问题在于，这一操作并未触及企业经营的根本。 资本公积金补亏本质上是一种财务手段，是对企业财务指标的调整，而非对企业经营模式、技术水平、 市场竞争力等根本因素的改变。资本公积金补亏既不能带来实际的经营现金流增长，也无法直接提升企 业的盈利能力。 更进一步看，资本公积补亏也消耗了企业的"风险缓冲垫"。此次补亏动用的27.78亿元资金，源于股东 货币出资形成的股本溢价，这部分资本公积也是企业抵御市场风险的重要保障。同时，根据新公司法相 关规定，债权人可在公告披露后45日内要求公司清偿债务或提供相应担保，这无疑给寒武纪带来了短期 的债务沟通压力。 在资本市场中，分红能力是企业价值的重要体现，也是吸引长期投资者的重要因素，证监会也多次发文 鼓励上市公司一年多次分红。寒武纪资本公积金补亏也有助于吸引更多追求稳定收益的投资者。 另外，长期以来，持续亏损导致的未分配利润为负，成为制约企业再融资的核心枷锁。根据科创板再融 资规则，企业若存在累计未弥补亏损，将直接影响定增、发行可转债等融资渠道的开启。而此次补亏完 成后，也为寒武纪后续融资铺平了道路。 健康的财务状况是企业获得融资的 ...

更进一步看，资本公积补亏也消耗了企业的"风险缓冲垫"。此次补亏动用的27.78亿元资金，源于股东 货币出资形成的股本溢价，这部分资本公积也是企业抵御市场风险的重要保障。同时，根据新公司法相 关规定，债权人可在公告披露后45日内要求公司清偿债务或提供相应担保，这无疑给寒武纪带来了短期 的债务沟通压力。 另外，长期以来，持续亏损导致的未分配利润为负，成为制约企业再融资的核心枷锁。根据科创板再融 资规则，企业若存在累计未弥补亏损，将直接影响定增、发行可转债等融资渠道的开启。而此次补亏完 成后，也为寒武纪后续融资铺平了道路。 健康的财务状况是企业获得融资的关键条件之一。无论是股权融资还是债权融资，投资者和债权人都会 重点关注企业的财务健康程度。对于高度依赖研发投入的AI芯片企业而言，融资渠道的畅通意味着可 以获取更多资金用于技术攻坚，为公司的研发、扩张等战略行动提供有力的资金保障。 然而，我们也不能忽视资本公积金补亏的局限性。最核心的问题在于，这一操作并未触及企业经营的根 本。资本公积金补亏本质上是一种财务手段，是对企业财务指标的调整，而非对企业经营模式、技术水 平、市场竞争力等根本因素的改变。资本公积金补亏既不能带 ...

Group 1 - HNA Technology Co., Ltd. announced plans to use statutory surplus reserves and capital reserves to offset parent company losses [1] - A total of 8 companies have announced plans to use capital reserves to cover losses this year, with 7 of these announcements made since July [1] - The companies indicated that this action aims to further align with legal, regulatory, and company charter requirements for profit distribution, thereby creating conditions for future dividends [1]

8月11日晚间，海航科技（600751）股份有限公司（以下简称"海航科技"）发布公告称，拟使用法定盈 余公积和资本公积金弥补母公司亏损。《证券日报》记者据上市公司公告不完全统计，今年以来，已有 8家公司发布拟使用资本公积金弥补亏损的公告，其中有7家是7月份以来发布的公告。 从公告内容来看，这些公司表示，此举旨在进一步推动公司符合法律、法规和《公司章程》规定的利润 分配条件，即为公司未来分红创造条件。 新公司法允许资本公积金有条件弥补亏损，近日财政部也出台了配套规则。目前，资本公积金弥补亏损 的配套细则已全部落地。接受记者采访的专家认为，接下来，预计会有更多上市公司采取这一措施。 政策明确相关细节 关于能否使用资本公积金弥补亏损，公司法在修订中曾多次调整。去年7月1日实施的新公司法明确，公 积金弥补公司亏损，应当先使用任意公积金和法定公积金；仍不能弥补的，可以按照规定使用资本公积 金。 今年6月份，财政部发布《关于公司法、外商投资法施行后有关财务处理问题的通知》（以下简称《通 知》），在新公司法允许使用资本公积金弥补亏损的基础上，对弥补范围、时间、依据、程序等作出财 务规范。资本公积金弥补亏损的配套规则落地。 ...

Core Viewpoint - The use of capital reserve to cover losses by listed companies is being implemented, but it is essential to balance the interests of all parties involved, particularly the protection of creditors' rights [1][2][3] Group 1: Regulatory Framework - The new Company Law stipulates that companies must first use discretionary and statutory reserves before utilizing capital reserves to cover losses [1] - The Ministry of Finance issued a notification that outlines the financial regulations regarding the use of capital reserves, including the requirement for board resolutions to be submitted for shareholder approval [1] - The notification emphasizes the need to protect creditor interests, mandating companies to notify creditors within thirty days of the shareholder resolution [1][2] Group 2: Creditor Protection - Companies must provide reasonable assessments of their debt repayment capabilities to creditors to mitigate misunderstandings [2] - The "unsettled defense right" under the Civil Code allows creditors to suspend contract obligations if they have evidence of the debtor's deteriorating financial condition [2] - If the use of capital reserves leads to a decline in the core capital adequacy ratio by more than 30%, creditors may have the right to demand collateral or accelerate debt repayment [2] Group 3: Impact on Financial Health - Utilizing capital reserves does not genuinely affect a company's actual profitability, and stricter regulations may be necessary to manage the interests of various stakeholders [3] - Companies with significant losses or those classified as ST (Special Treatment) should be prohibited from using capital reserves to cover losses, while strategic emerging industries with high R&D intensity may have relaxed rules [3] - Companies are restricted from share buybacks or large cash dividends within 12 months after using capital reserves to cover losses [3] Group 4: Recommendations for Improvement - Regulatory bodies should enhance guidance and monitoring of companies using capital reserves to ensure stable profitability [3] - Companies should develop actionable plans for turning losses into profits and be transparent in their operations to regain market trust [3] - The use of capital reserves should not serve as a tool for concealing financial issues but should aim to facilitate recovery and compliance within a secure framework [3]

Core Viewpoint - Qinghai Salt Lake Industry Co., Ltd. plans not to distribute profits for the fiscal year 2024 due to negative retained earnings in both consolidated and parent company financial statements [1][2][4] Summary by Sections Profit Distribution Proposal - The company reported a net profit attributable to shareholders of 4.663 billion yuan for 2024, while the parent company reported a net profit of 3.821 billion yuan [1] - The consolidated financial statements show a negative retained earnings of -10.398 billion yuan, and the parent company shows -16.566 billion yuan [2] Cash Dividend Details - Total cash dividends for 2024 are proposed to be 0 yuan, consistent with the previous years where no cash dividends were distributed [2] - The total amount for share repurchase and cancellation in 2024 is approximately 1.499 billion yuan, with a total of 141,304,131 shares canceled, reducing the total share capital from 5.433 billion shares to 5.292 billion shares [2][3] Justification for No Profit Distribution - The company cites that both consolidated and parent company retained earnings are negative, which does not meet the legal and regulatory requirements for profit distribution [4] - The company is exploring the feasibility of using capital reserves to cover losses, pending the release of specific operational guidelines from regulatory authorities [4]