The net profit exceeded 500 million yuan, but there were 0 dividends?

Chengdu Business Daily Red Star News

2024-04-17 09:22Published on the official account of Red Star News of Chengdu Business Daily, Sichuan

Recently, the new "National Nine Articles" to regulate the securities market were released, in order to guide listed companies to actively pay cash dividends and further improve the sustainability and stability of dividends, the Shanghai and Shenzhen Stock Exchanges have adopted strong restraint measures for listed companies that do not meet the dividend standards. This week, Jilin Expressway, a listed company, received a regulatory inquiry letter from the Shanghai Stock Exchange because it has been profitable for many years, but has not implemented cash dividends for many years.

CCTV reporter Jin Hemiao: Judging from the performance of the annual report, the net profit attributable to shareholders of the parent company of Jilin Expressway in 2023 will reach 546 million yuan, and the company has achieved a cumulative net profit of more than 1.5 billion yuan for five consecutive years, but there are four years of zero dividends, and only in 2021, the low proportion of dividends is more than 3,200 yuan. In this regard, the Shanghai Stock Exchange asked the company in the regulatory inquiry letter to explain the reasons and reasonableness of not paying dividends or paying less dividends for many years in the context of high monetary fund balances and profits for many years, and whether there is a large amount of idle funds. As of the afternoon of the 16th, the company has not responded to the letter of inquiry.

Jilin Expressway Investor Relations Department staff: The (request) to us is to reply within five working days.

Reporter: What's the latest progress?

Jilin Expressway Investor Relations Department staff: I don't know, the details have to look at the announcement.

Listed companies do not pay dividends on profits, and "Iron Rooster" companies may encounter ST risks

The reporter combed and found that there are not a few "iron roosters" in the A-share market who do not pay dividends. Among the 2,369 companies that have been listed for more than 10 years, 220 have not paid cash dividends for 10 consecutive years or more, and 20 companies have never paid cash dividends since they were listed. According to brokerage estimates, there are currently 42 listed companies, if they still maintain the previous dividend intensity in 2024, they may encounter ST risks after the official implementation of the new dividend regulations in 2025.

Xue Shuang, professor of accounting at Shanghai University of Finance and Economics: If investors feel tangible returns, cash dividends must be an important way. There are indeed some listed companies on the mainland, which have made money, have a lot of money on their books, and they have not paid dividends, and they have always remained in the company's accounts. For example, if you can't find a good investment opportunity, you may invest in some projects that you shouldn't invest in, and some funds are abused. After the introduction of the new "National Nine Articles", it will play a better role in regulating these phenomena.

Investors said that cash dividends can enhance investors' sense of gain, and if the company has a clear investment plan, more detailed information disclosure is required.

Shanghai investors: If it chooses not to pay dividends, it may be to invest better in the future. The company still needs to increase information disclosure in this regard, telling shareholders how to use the money and how to use the money, which will be more secure for investors.

Source: CCTV Finance

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