Core Viewpoint - The proposal for a "third-quarter cash dividend" by shareholders of Qingnong Commercial Bank was not approved by the bank's board of directors, citing regulatory violations and a focus on long-term sustainable development [2][4]. Summary by Sections Shareholder Proposal - Shareholder Tongfayu proposed that Qingnong Commercial Bank implement a "third-quarter cash dividend" for the fiscal years 2025, 2026, and 2027, with a suggested payout ratio of no less than 30% of the net profit attributable to shareholders for each respective year [2][3]. - The proposal was backed by the assertion that the bank's business scale, profitability, and capital strength have improved, allowing for such dividends while meeting regulatory capital adequacy requirements [3]. Board's Decision - The board of directors decided not to submit the proposal for shareholder meeting consideration, stating that it violated regulations regarding mid-term dividends and the authority of the board [4]. - The board emphasized its responsibility to balance short-term shareholder interests with long-term sustainable growth, considering various factors such as external environment, development stage, operational performance, and regulatory policies when formulating profit distribution plans [4]. Dividend History - Since its listing in 2019, Qingnong Commercial Bank has implemented six cash dividends totaling approximately 4.278 billion yuan, with an average dividend payout ratio of about 21.19% [5]. - The dividend ratio for the fiscal year 2024 is set at 23.34%, amounting to a total of 667 million yuan [5]. Mergers and Acquisitions - Qingnong Commercial Bank's board recently approved the absorption and merger of three village banks, converting them into branch institutions to enhance financial service capabilities in regional economic development [6][7]. - The three village banks involved have total assets of approximately 3.798 billion yuan, 835 million yuan, and 799 million yuan, respectively [7]. Industry Context - The trend of merging smaller banks is seen as a way to enhance scale efficiency, optimize branch settings, reduce redundant infrastructure costs, and improve sustainable development and risk mitigation capabilities [8].

Core Viewpoint - In the increasingly complex international environment, global capital is more determined in choosing growth certainty. Promoting regular cash dividends among listed companies will further demonstrate the resilience and vitality of China's capital market, significantly enhancing the investment value of Chinese assets [1][3]. Group 1: Cash Dividends and Market Dynamics - The total cash dividends for 2024 are expected to reach a historical high, with many listed companies announcing interim profit distribution plans and leading enterprises taking the initiative to distribute substantial dividends [1]. - The issuance of the new "National Nine Articles" has led to continuous improvement in the fundamental systems of the capital market, gradually forming an ecosystem where listed companies are willing to distribute and regularly distribute dividends [1]. - Active dividend distribution by companies helps convey a strong signal of stable and improving performance to the market, contrasting with companies that do not distribute dividends, which erode investor confidence [1]. Group 2: Policy and Regulatory Framework - The emphasis on improving the incentive and constraint mechanisms for cash dividends at the 20th National Congress and the new "National Nine Articles" highlights the necessity of enhancing cash dividend supervision [2]. - The increasing willingness and intensity of dividends among listed companies effectively address common investor concerns regarding operational status and long-term returns [2]. - There are still challenges in optimizing the dividend ecosystem, such as significant disparities in dividends across different industries and the lack of awareness among some companies regarding dividends [2]. Group 3: Incentives and Penalties - Strengthening policy incentives through positive publicity and evaluation bias can make companies with frequent and substantial dividends more attractive, guiding market funds to prefer cash dividends and attracting more long-term capital [3]. - A combination of measures, including restrictions on major shareholder reductions and risk warnings, is necessary to compel companies that do not distribute dividends to enhance internal governance and return awareness [3]. - Differentiated supervision based on industry characteristics and company types is essential to guide reasonable profit distribution and protect investors' legal rights [3].

Core Viewpoint - The company has established a market value management system aimed at enhancing investment value and shareholder returns while ensuring compliance with relevant laws and regulations [1][2][3] Group 1: General Principles of Market Value Management - Market value management is defined as strategic management actions taken to enhance investment value and shareholder returns based on improving company quality [1][2] - The main objectives include increasing transparency through compliant information disclosure and aligning market value with intrinsic value [2][3] - Basic principles include compliance, systematic approach, scientific basis, continuity, proactivity, and integrity [2][3][4] Group 2: Responsibilities and Structure - The board of directors is the leading body for market value management, with the board secretary responsible for execution [3][4] - The board should focus on enhancing company quality and consider investor interests in major decisions [4][5] - The board secretary must manage investor relations and ensure transparent information disclosure [5][6] Group 3: Methods of Market Value Management - Key methods include mergers and acquisitions to strengthen core competitiveness, stock incentive plans to align interests, and cash dividends to provide stable returns [6][7] - Investor relations management is crucial for enhancing communication and understanding between the company and investors [6][7] - The company may also consider share buybacks to boost market confidence [7][8] Group 4: Monitoring and Emergency Measures - Continuous monitoring of key indicators like market value and P/E ratios is essential, with pre-set warning thresholds [8][9] - In case of significant stock price declines, the company should analyze causes, enhance communication, and consider share buybacks or management share purchases to restore confidence [9]

宁德时代（300750）公告，公司2024年年度权益分派方案为以现有总股本44.03亿股剔除回购专用账户 中已回购股份1599.15万股后的股本43.87亿股为基数，向全体股东每10股派发现金分红45.53元(含税)。 公司本次实际派发的现金分红总额为199.76亿元。股权登记日为2025年4月21日，除权除息日为2025年4 月22日。通过深股通持有股份的香港市场投资者、境外机构(含QFII、RQFII)以及持有首发前限售股的 个人和证券投资基金每10股派40.98元。 ...