Editor's note
With the introduction of the new "National Nine Articles", the "iron rooster" that does not pay cash dividends to shareholders for many years after listing will be "punished".
According to Wind data statistics, 26 companies in the A-share market (excluding the New Third Board and the Beijing Stock Exchange) have never paid cash dividends, 45 companies have paid cash dividends of less than 10 million yuan, and a number of companies have the ability to pay dividends without dividends or less dividends. In addition, some companies have paid dividends in a surprise manner to meet the requirements of the "new regulations" and avoid being forced to "ST".
Changjiang Business Daily will select typical companies such as Chifeng Gold and Hanwang Technology for disclosure.
Yangtze River Business Daily reporter Shen Yourong
The regulatory authorities are promoting the high-quality development of the A-share market, and the distribution of cash dividends to shareholders and investors has become an important part of the content.
In the A-share market, there are a group of "iron roosters" who have "reached out" to the market many times, but they do not talk about returns.
According to Wind statistics, 26 companies such as Jinbei Automobile have never paid cash dividends in the A-share market, and 45 companies such as Yibin Paper have accumulated dividends of less than 10 million yuan. At the same time, dozens of companies, including Yibin Paper, Fiberhome Electronics, Ningbo Fubang and so on, have not paid dividends or paid less dividends for many years.
Recently, Jilin Expressway has been asked about its profit and no dividends for many years, and Fangda Special Steel has been "named" and urgently rectified, but the dividends are quite "stingy".
There are also a number of companies that are busy catching up with dividend operations. From 2020 to 2022, Cambridge Technology, Huijia Times and other companies paid non-cash dividends, and in 2023, they all paid a small amount of dividends.
Jinbei Auto has never paid dividends
In the A-share market, there are some companies that have never paid cash dividends to shareholders since the date of listing, which is a real "iron rooster".
The Yangtze River Business Daily reporter combed and found that there are 26 "iron roosters" in the A-share market, and 13 are listed on the Shanghai and Shenzhen stock exchanges.
Jinbei Automobile was listed on the Shanghai Stock Exchange on July 24, 1992 and has been for 32 years. In the past 32 years, the company has never paid a cash dividend.
Up to now, Jinbei Automobile has not disclosed its 2023 annual report, performance express report and forecast. In the first three quarters of that year, the company's net profit attributable to shareholders of the parent company (hereinafter referred to as "net profit") was 191 million yuan. In 2021 and 2022, the company's net profit will be 195 million yuan and 150 million yuan respectively.
However, the company still cannot pay dividends in 2023. As of the end of 2022, the company's undistributed profit was -2.401 billion yuan.
Since its listing, Jinbei Automobile has raised a total of 1.597 billion yuan in equity financing. In June 2020, the company raised 653 million yuan through private placement.
The predecessor of Kexin Development was Tianlong Group, which was listed in June 2000. In July 2021, the company raised 480 million yuan through a private placement to repay interest-bearing liabilities and replenish liquidity. In 2023, the company expects a loss of 150 million to 187 million yuan.
Since its listing, Kexin Development has never paid cash dividends, and it will not be eligible for dividends in 2023.
Dasheng culture is also an "iron rooster". The predecessor of the company, Shiquanye, was listed in March 1996. Since its listing, the company has changed hands six times and is still not out of trouble. It is worth mentioning that in 2017, the company made a profit of more than 300 million yuan, and the company's undistributed profit at the end of the year was 246 million yuan.
In addition, Zhongyida, BAIC Blue Valley and other companies have not paid cash dividends after listing. Among the companies in Shenzhen, BD Industrial, Wanfang Development, Asia-Pacific Industry, Xueda Education, Pingtan Development, etc., have never paid cash dividends.
Fiberhome Electronics makes profits every year and does not pay dividends
Many companies are in deep trouble in their own operations, in a state of loss for a long time, and the undistributed profits are negative and have never paid cash dividends. However, there are some companies that have the conditions to pay dividends but do not pay dividends for a long time.
Ningbo Fubang, formerly known as Ningbo Huatong, was established on December 20, 1981 and landed on the Shanghai Stock Exchange on November 11, 1996. In the 28 years since it was listed, the company has lost money for 7 years and made a profit for 21 years. However, the company only paid cash dividends in 1996, 2004, 2005 and 2007, with a total dividend of 11.8308 million yuan. From 2008 to 2022, the company has not paid cash dividends for 15 consecutive years. At the end of 2022, the company's undistributed profit was 208 million yuan.
Fiberhome Electronics is also a company that has the conditions for dividends but does not pay dividends. The predecessor of the company, Shaanxi Changling A, was listed in 1994 and Fiberhome Electronics was listed in 2010. Since the backdoor listing, although the company has made profits every year, it has "not pulled out a dime".
In 2023, Fiberhome Electronics will achieve a net profit of 52.3419 million yuan, and the company's undistributed profit at the end of the year will be 1.066 billion yuan. At that time, the company's profit distribution plan was still no profit distribution. The company said that in the future, it is still necessary to continue to invest a lot of funds in talent reserves, technology research and development introduction, etc., and increase investment in scientific research in an all-round way to ensure technological advancement, optimize industrial layout, and achieve sustainable development.
In addition, Hainan Airport, Tibet Tourism, Baihua Pharmaceutical, Zhuo Lang Technology and other companies have occasionally paid cash dividends once or twice in the early and middle stages, and have not paid dividends for many years. For example, Hainan Airport and Guangsheng Nonferrous Metals have paid millions of yuan in dividends in the first year of listing, and then have not paid dividends for more than 20 years.
Wanma Technology is also a company that does not like dividends. The company was listed in 2017 and only paid a dividend of 4.422 million yuan in the first year of listing, and did not pay cash dividends after that. In 2023, the company will make a profit of 64.4582 million yuan.
For the non-cash dividend in 2023, Wanma Technology said that in view of the company's strategic development needs, the demand for operating liquidity is large, and in order to take into account the company's actual situation and sustainable development strategy, the company needs to maintain corresponding liquidity, so it will not distribute profits.
According to Wind statistics, a total of 45 companies listed on the Shanghai and Shenzhen Stock Exchanges have accumulated cash dividends of less than 10 million yuan (excluding the above-mentioned ones who have never paid dividends). Among them, there are 21 in Shanghai and 24 in Shenzhen.
Fushun Special Steel assault bonus delivery operation
On April 16, Guo Ruiming, director of the Department of Supervision of Listed Companies of the China Securities Regulatory Commission, answered reporters' questions on dividends and delisting, and made it clear that the implementation of other risk warnings (ST) if the dividends are not up to standard, mainly focusing on improving the stability and predictability of dividends of listed companies, focusing on companies that have the ability to pay dividends but do not pay dividends for a long time or have a low dividend ratio.
Specifically, ST will be implemented when the three-year cumulative dividend ratio (the total cumulative cash dividend in the last three fiscal years is less than 30% of the average annual net profit of the last three fiscal years) and the dividend amount (the cumulative dividend amount in the last three fiscal years is less than 50 million yuan for the main board and 30 million yuan for the Science and Technology Innovation Board and ChiNext Board) do not meet the requirements.
In 2023, a group of companies will surprise dividends and hand over operations.
The 2023 profit distribution plan of the star company Cambridge Technology is that the company intends to distribute a cash dividend of 1.33 yuan (tax included) to all shareholders for every 10 shares, with a total cash dividend of 35.658 million yuan, accounting for 37.53% of the net profit of the year. Previously, from 2020 to 2022, the company did not pay dividends for three consecutive years.
Fushun Special Steel is also a surprise dividend. From 2019 to 2022, the company has not paid dividends for four consecutive years. At the end of 2022, the company's undistributed profit was about 1.638 billion yuan. In order to avoid being punished, Fushun Special Steel's profit distribution plan for 2023 is to distribute a cash dividend of 0.56 yuan (tax included) for every 10 shares, with a total cash dividend of about 110 million yuan, accounting for 30.48% of the net profit of the year, which has just reached the standard.
There are also companies that do not pay dividends and are "named" by the regulator. Fangda Special Steel, which was once keen on dividends, did not pay dividends in 2022, and did not pay dividends in the original plan for 2023, and after being "named" by the regulator, the company announced a cash dividend of 1 yuan (tax included) for every 10 shares, with a total dividend of 233 million yuan, accounting for 33.84% of the net profit of the year.
Jilin Expressway has been profitable and net profit has increased for three consecutive years, and there will be no dividends in 2023. On April 14, he was "named" by the regulator and has not yet responded.
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