在笔者看来，要强化估值提升效果，该上市公司可加大现金分红力度，包括特别分红，毕竟目前公司每 股未分配利润高达4.62元。 熊锦秋 8月23日某上市公司发布公告，拟使用不超过120亿元的闲置自有资金进行委托理财，另拟使用不超过 18.306亿元（含已使用额度3.306亿元）开展证券投资业务，而截至8月22日该公司市值只有123亿元。但 8月25日公司发布公告，终止使用15亿元开展证券投资，且提出加大分红回报规划、未来三年年均分红 不低于未来三年实现的年均归属于母公司股东净利润的40%。笔者认为，上市公司实力雄厚更应注重回 报投资者。 该公司半年报中的合并现金流量表显示，公司"期末现金及现金等价物余额"高达102.3亿元，手握现金 较多。公司120亿元委托理财议案，拟用于购买安全性高、流动性好的中低风险理财产品，包括但不限 于结构性存款、收益凭证、大额存单、国债逆回购等；该议案尚需提交公司股东大会审议。 尽管该公司业绩良好、股息率超过5%，但股价表现并不理想，日换手率长期在1%以下，目前市净率只 有0.81倍、处于破净状态。由于长期破净，今年4月该上市公司就披露《估值提升计划》，具体方案包 括积极分红、鼓励主要股 ...

Financial Performance - The company reported total revenue of 572 million yuan for the first half of 2025 [1] - The net profit attributable to shareholders was 117 million yuan [1] - The net cash inflow from operating activities was 114 million yuan [1] Key Financial Ratios - The latest debt-to-asset ratio stands at 15.26% [3] - The gross profit margin is 33.56%, which is a decrease of 0.06 percentage points from the previous quarter and a decrease of 1.31 percentage points year-on-year [3] - The return on equity (ROE) is 5.55%, down by 0.56 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 0.19 yuan [3] - The total asset turnover ratio remained flat year-on-year, with a decline of 1.66% compared to the previous year [3] - The inventory turnover ratio is 1.52 times [3] Shareholder Information - The number of shareholders is 61,400, with the top ten shareholders holding a total of 257 million shares, accounting for 42.54% of the total share capital [3] - The largest shareholder, Shi Huashan, holds 34.33% of the shares [3]

Group 1 - The independent directors of Nine Limited held their second special meeting on July 29, 2025, with all two independent directors present, complying with relevant regulations [1] - The independent directors unanimously agreed on the 2025 semi-annual profit distribution plan, emphasizing the company's commitment to reasonable returns for investors, particularly small and medium-sized investors [1] - The independent directors confirmed that the company's use of raised funds complies with regulatory requirements and accurately reflects the disclosed information, agreeing on the special report regarding the use of raised funds [1] Group 2 - The independent directors approved the adjustment of the share repurchase purpose and cancellation, stating that it aligns with legal and regulatory requirements and will not materially affect the company's financial status or harm the interests of all depositary receipt holders [2]

Group 1 - The private economy plays an irreplaceable role in stabilizing employment, promoting innovation, and driving high-quality development, which is heavily reliant on financial support [1] - The implementation of the "Private Economy Promotion Law" in May emphasizes the establishment of a multi-level capital market system to support private enterprises in obtaining direct financing through stock and bond issuance [1] - The proportion of private enterprises in capital market financing has significantly increased in recent years, with private companies accounting for over 80% of A-share listed companies and raising approximately 644.8 billion yuan, representing over 60% of total fundraising [1] Group 2 - From 2022 to April 2025, 556 private enterprises were listed on the Shanghai and Shenzhen stock exchanges, accounting for 80.35% of listings, with a total initial financing scale of 637.35 billion yuan, representing 63.86% of the total [2] - The Beijing Stock Exchange and the New Third Board have developed a complementary market structure, with private enterprises making up 86% of the 265 listed companies on the Beijing Stock Exchange and 87.3% of the 6070 companies on the New Third Board [2] - Between 2022 and April 2025, private enterprises completed 167 financing transactions on the Beijing Stock Exchange, accounting for 87.89% of the total, with a financing scale of 31.25 billion yuan, representing 82.32% [2][3] Group 3 - The bond market has also provided significant financing support for private enterprises, with a total company bond financing scale of 421 billion yuan from 2022 to March 2025 [3] - The China Securities Regulatory Commission (CSRC) has introduced measures to support mergers and acquisitions of private enterprises, with 4159 merger and acquisition transactions completed by private listed companies from 2022 to April 2025, accounting for 57.74% of the total, with a combined transaction amount of 1.410352 trillion yuan [3] - The CSRC aims to enhance the inclusiveness and adaptability of the capital market while improving the transparency and predictability of rules to support high-quality private enterprises [3]

Group 1 - The negotiations between Indonesia and the United States cover tariffs, non-tariff barriers, digital economy, and business partnerships [1]

Group 1 - The Japanese Trade Union Confederation (Rengo) reported that the average monthly wage increase in the spring labor negotiations is 16,356 yen (approximately 810 RMB), representing a growth rate of 5.25%, which is an increase of 0.15 percentage points compared to the previous year [1] - The wage increase this year exceeds last year's increase, which was the first time in 33 years that the growth rate surpassed 5% [1] - For small and medium-sized enterprises, the average monthly wage increase is 12,361 yen, with a growth rate of 4.65%, which is an increase of 0.20 percentage points compared to the previous year [1]

Core Viewpoint - The recent issuance of the "Opinions on Improving the Modern Enterprise System with Chinese Characteristics" emphasizes the importance of the independent director system in listed companies, mandating a majority of independent directors on audit committees and the establishment of specialized meetings for independent directors [1][2]. Group 1: Importance of Independent Director System - The independent director system is a crucial component of the modern enterprise system with Chinese characteristics and a fundamental aspect of the capital market [2]. - The "Opinions" released in April 2023 require that the board of directors of listed companies establish an audit committee composed entirely of non-executive directors, with a majority being independent directors [2]. - The implementation of the "Independent Director New Regulations" by the CSRC in August 2023 clarifies the responsibilities and operational methods of independent directors [2]. Group 2: Role and Responsibilities of Independent Directors - Independent directors are expected to enhance their independence and professional expertise, providing objective and fair advice for corporate decision-making [3]. - There has been a notable increase in the participation of independent directors in significant corporate decisions and management activities, as well as a more effective supervisory role [3]. - Independent directors have begun to issue supervisory letters to urge companies to strengthen internal controls and improve the quality and completeness of information disclosure [3]. Group 3: Implementation and Support for Independent Directors - Companies must provide comprehensive support for independent directors to ensure they can access information timely and effectively supervise and participate in decision-making [3][4]. - The integration of the independent director system into corporate governance is essential for driving long-term value growth and gaining recognition in the capital market [4]. - There is an expectation for independent directors to prioritize the interests of listed companies and minority investors, actively exercising their independence and expertise [4].

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文/梧桐小新 12月27日，为全面贯彻落实新《公司法》，规范上市公司章程制定和修改，以提升上市公司规范运作水平和企业透明度，中国证监会起草形成了《上市公司章程 指引（修订草案征求意见稿）》。主要修订内容为： 一、完善总则、法定代表人、股份发行等规定 一是 进一步完善公司章程制定目的，是为了维护公司、股东、职工和债权人的合法权益。 二是 确定法定代表人的范围、职权、更换时限及法律责任等，要求公 司在章程中载明法定代表人产生、变更办法。 三是 完善面额股每股金额等表述，衔接新《公司法》关于无面额股的规定。 二、完善股东、股东会相关制度 一是 新增控股股东和实际控制人专节，明确规定控股股 东及实际控制人的职责和义务。 二是 完善存在类别股公司相关规定，要求公司在章程中载明类别股的权 利义务以及中小 股东权益的保护措施。 三是 修改股东会召集与主持、代位诉 讼等相关条款，降低临时提案权股东的持股比例，优化股东 会召开方式及表决程 序。 三、完善董事、董事会及专门委员会的要求 一是 新增专节规定董事会专门委员会。明确公司在章程 中规定董事会设置审计委员会，行使监事会的法定职权，并 规定专门委员会的职责和组成。 二是 新 ...

一、修订背景 2023年12月29日，第十四届全国人民代表大会常务委员会第七次会议审议通过了《公司法》，自2024年7月1日起施行。为贯彻落实新《公司法》，本次修订对股 东会运作机制等内容进行优化调整。 文/飞云 12月27日，证监会发布通知，为全面贯彻落实新《公司法》，规范上市公司股东会运作，以提升上市公司治理水平和保障投资者合法权益，中国证监会起草形成 了《上市公司股东会规则（修订草案征求意见稿）》，现向社会公开征求意见。本文编制了《上市公司股东大会规则（2022年修订）》与《上市公司股东会规则 （修订草案征求意见稿）》的修订对照表，供读者参考。 根据修订说明，本次修订的背景及主要修订内容如下： 附：《上市公司股东大会规则（2022年修订）》与《上市公司股东会规则（修订草案征求意见稿）》修订对照表 | 上市公司股东大会规则 | 上市公司股东会规则 | | --- | --- | | (2022 年修订) | (修订草案征求意见稿) | | 第一章 贺州 | | | 第一条 为规范上市公司行为,保证股东大会依法行使 第一条 为规范上市公司行为,保证股东会依法行使职 | | | 职权,根据《中华人民共和国公司 ...