Interface News Reporter | Guo Jingjing
The dividends of A-share companies have been significantly strengthened. According to Wind data compiled by Jiemian News, among the 5,113 listed companies in Shanghai and Shenzhen, 3,625 have released annual profit distribution plans for 2023, accounting for more than 70%.
In accordance with regulatory requirements, the new ST measures for non-compliance with cash dividends will be officially implemented from January 1, 2025, where the "last three fiscal years" refer to 2022 to 2024.
Accordingly, according to the relevant regulations, Jiemian News excludes companies listed on the Shanghai and Shenzhen stock exchanges after January 1, 2022, and temporarily looks at the current annual data for 2022 and 2023 (taking into account the situation that the annual distribution plan for 2023 has been disclosed but has not yet been implemented), 107 Shanghai and Shenzhen main board companies, 38 GEM companies, and 3 science and technology innovation board companies still need to further improve their dividends in 2024.
A number of listed companies said that the impact of the new rules on dividends is not great. Bluesail Medical(002382. Huang Jie, secretary of the board of directors of SZ, told Jiemian News that from the company's perspective, the new dividend clause has little impact on the company. According to its disclosure, since its listing in 2010, Bluesail Medical has paid cash 12 times (from 2010 to 2022), with a cumulative cash distribution of 1.348 billion yuan, of which the cumulative cash dividend amount in the last three years (2020-2022) has reached 806 million yuan, accounting for more than 30% of the annual average distributable profit of the consolidated statement realized in the last three years.
"Although the undistributed profit of the company's parent company in 2023 is negative, does not meet the dividend conditions, and does not plan to distribute profits in 2023, the company will launch a repurchase plan in 2024, and plans to use a total of no less than 25 million yuan and no more than 50 million yuan to repurchase the company's shares, and the repurchase work is currently being actively promoted." Huang Jie further said that in the future, the company will continue to actively respond to the China Securities Regulatory Commission's policy call to encourage listed companies to repurchase shares, cash dividends and other ways to improve the level of investor returns, and earnestly perform their duties after the company meets the relevant conditions for profit distribution, and share the results of the company's development with investors from the perspective of conducive to the company's long-term healthy and sustainable development and increasing investor returns.
Main board: Jiao Yun shares, Hailu Heavy Industry, Bank of Zhengzhou, etc. have not paid cash dividends and repurchases in the past two years
According to the Shanghai and Shenzhen Stock Exchanges, on April 30, the Shanghai and Shenzhen Stock Exchanges officially issued 9 supporting business rules including the "Stock Issuance and Listing Review Rules". Among them, the amendment of the rules introduces the implementation of "other risk warning" (ST) measures if the cash dividend does not meet the standard, focusing on companies that are profitable and have a surplus but do not pay dividends for a long time or have a low dividend ratio, and the applicable premise is that the company's net profit in the most recent fiscal year is positive and the undistributed profit of the parent company and the end of the consolidated statement year are positive.
The new regulations point out that ST will only be implemented if 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 Growth Enterprise Market and the Science and Technology Innovation Board) do not meet the requirements.
At the same time, the rules fully take into account the large R&D investment of enterprises on the ChiNext and the STAR Market, and can be exempted from ST for companies with high R&D intensity (the cumulative R&D investment in the last three fiscal years accounts for more than 15% of the cumulative operating income) or a large R&D scale (the cumulative R&D investment in the last three fiscal years is more than 300 million yuan). It is worth mentioning that the repurchase cancellation amount is included in the above-mentioned cash dividend amount.
107 Shanghai and Shenzhen main board companies that have the ability to pay cash dividends failed to meet the requirements of the new regulations in 2022 and 2023.
Among them, Rongsheng Development (002146. SZ), Shennan Electric A (000037.SZ), HES (002963. SZ), Dengyun Co., Ltd. (002715. SZ), Yatong Co., Ltd. (600692. SH), Qunxing Toys (002575. SZ), Jiaoyun Co., Ltd. (600676. SH), Harbin air conditioner (600202. SH), Shunwei shares (002676. SZ), Beixin Road and Bridge (002307. SZ), Yueda Investment (600805. SH), Ningbo Fubang (600768. SH), Shilong Industry (002748. SZ), International Industry (000159. SZ), Hailu Heavy Industry Co., Ltd. (002255. SZ), Bank of Zhengzhou (002936. SZ), Baoding Technology (002552. SZ) and 17 other main board companies have not carried out cash dividends and share repurchase measures in the past two assessment years.
Bank of Zhengzhou was listed on the main board of the Shenzhen Stock Exchange in 2018 and has not paid cash dividends since 2020. In 2023, the company's audited consolidated net profit attributable to the parent company was 1.85 billion yuan, and the audited net profit of the parent company was 1.84 billion yuan, deducting the interest of 480 million yuan on the open-ended capital bonds distributed in November 2023, and the profit for the year available for distribution to ordinary shareholders was 1.36 billion yuan. On March 20, the bank issued a special statement on whether it intends to pay cash dividends in 2023, saying that its profitability has been affected to a certain extent due to changes in the scale of foreign currency assets and exchange rate fluctuations; Implementing the decision-making arrangements of governments at all levels, increasing the disposal of risk assets, and complying with regulatory guidance to retain undistributed profits will be conducive to further enhancing risk resilience; The retained undistributed profits will be used to supplement the Bank's core Tier 1 capital, which is conducive to enhancing the Bank's capital adequacy level. According to the plan, the company will withdraw 184 million yuan of statutory surplus reserve and 451 million yuan of general risk reserve for 10% of net profit.
Hailu Heavy Industry Co., Ltd. was listed on the Shenzhen Stock Exchange in 2008, and has paid cash dividends 8 times since its listing, with a total cash dividend of 157 million yuan, and an average dividend rate of 18.91% since its listing, and the company has not paid cash dividends since 2016. The company's net profit attributable to the parent company in 2023 will be 340 million yuan, of which the net profit of the parent company will be 267 million yuan and the distributable profit at the end of 2023 will be 188 million yuan. The company announced on March 19 that the company's undistributed profits in 2023 will be accumulated and rolled over to the next year, which will be mainly used for the company's "fourth-generation nuclear-grade container technical transformation and expansion project" and other capacity construction and foreign investment, other capacity adjustment strategic layout and other needs, to ensure the company's normal production and operation and stable development, and to maximize the interests of the company and shareholders.
Rongsheng Development will achieve a net profit attributable to the parent company of 385 million yuan in 2023, and the undistributed profit at the end of the period will be about 13.277 billion yuan. The company announced on April 28 that the company's retained undistributed profits will be used to meet the needs of the company's daily operations, project construction, and debt repayment, improve financial soundness and anti-risk ability, provide reliable guarantee for the smooth implementation of the company's medium and long-term development strategy, and maximize the interests of the company and shareholders. The company will lose 4.955 billion yuan and 16.311 billion yuan in 2021 and 2022, respectively.
Baoding Technology was listed on the Shenzhen Stock Exchange in 2011 and has not paid cash dividends since 2016. The Company achieved a consolidated net profit attributable to shareholders of the parent company of 185 million yuan and an undistributed profit of 171 million yuan for the full year of 2023, and a net profit of 168 million yuan and an undistributed profit of 716.582 billion yuan for the parent company. The company intends not to distribute cash dividends, not to give bonus shares, and not to use provident fund to increase share capital. On May 7, the company said on the interactive platform that before 2022, due to the negative undistributed profits, it did not meet the dividend conditions, and since 2023, the undistributed profits will turn positive and meet the dividend conditions, and the company will implement the new dividend regulations and will not be ST because it does not meet the new dividend policy.
As a state-owned enterprise in Chongming, Shanghai Co., Ltd. achieved a net profit attributable to all shareholders in 2023 of 2.4442 million yuan, and the cumulative profit available for distribution to shareholders was 427 million yuan. The company announced on April 23 that the net cash flow generated by the company's operating activities in 2023 will be -211 million yuan, and the company will have a major investment plan that will affect profit distribution in 2024. According to the plan, in 2024, the investment required for the resettlement housing project of the 38# plot of Chongming Changxing Island will be about 1 billion yuan, the investment of the 14-unit and 15-unit affordable housing project of Fengxian Daju Community will be 100 million yuan, and the investment of the resettlement housing project of the No. 25 plot of Baozhen will be 100 million yuan.
Another Jiaoyun Co., Ltd. said on March 28 that the net profit realized in the financial statements of the parent company in 2023 was -99.1915 million yuan, and the net profit attributable to the owners of the parent company in the consolidated statements was 9.1787 million yuan. According to the audited financial statements, the balance of its parent company's undistributed profit as of December 31, 2023 was 760 million yuan. The company's net profit attributable to the owners of the parent company after deducting non-recurring gains and losses in 2023 is still negative, taking into account the current macroeconomic environment and other factors, and based on the company's stable and sustainable development and better safeguarding the long-term interests of shareholders, the company has formulated a profit distribution plan for 2023 as follows: no cash dividends, no bonus shares, no conversion of share capital from provident fund, and undistributed profits carried forward to the next year.
Harbin Air Conditioning has not paid cash dividends since 2020. The company's net profit attributable to shareholders of the parent company in 2023 will be 21.3368 million yuan, and the profit available for distribution to shareholders will be 211 million yuan. Harbin Air Conditioning said that in view of the current negative net cash flow generated by the company's operating activities, with the increase of the company's order contracts in 2024, the delivery time is tight, and the demand for raw material procurement funds is large. In order to achieve the comprehensive transformation and upgrading of intelligent manufacturing, the company will increase capital investment in scientific and technological research and development, technological transformation, etc., and the demand for funds is large. Based on the consideration of maintaining business development and sustainable development, it is proposed that no dividend distribution will be made in 2023, and the above-mentioned profits available for distribution to shareholders will be carried forward to 2024 to supplement the company's working capital.
Shunwei shares were listed in 2012 and did not pay cash dividends in 2017. The company said that the company's cash dividend level is different from the average level of listed companies in the industry. In recent years, due to the large demand for capital required for the company's endogenous growth and epitaxial development, the company needs to ensure sufficient capital reserves to ensure the capital investment of the company's transformation and development and support the continuous growth and market expansion of the business.
According to the disclosure of Shunwei shares, the net profit realized by the parent company in 2023 according to the accounting statements of the parent company is 3.2671 million yuan, and according to the "Company Law" and other relevant regulations, the cumulative profit available for distribution to investors as of December 31, 2023 is 140 million yuan. The company announced on April 19 that in recent years, on the basis of consolidating the plastic air conditioning fan blade business, the company has continued to develop the automotive business segment, which is in an important development period of transformation and development. In January 2024, the company acquired 75% of the equity of Jiangsu Junwei Precision Components Technology Co., Ltd., a leading enterprise in automotive precision door locks, for 487.5 million yuan, which exceeded 30% of the company's net assets in the latest audited consolidated statements. Companies need to ensure that they have sufficient capital reserves to expand production, develop new products or upgrade their technology.
Beixin Road & Bridge went public in 2009, during which the company has not paid cash dividends for a total of 12 years since 2011, except for 2016. The company's parent company achieved a net profit of 303 million yuan in 2023, and the distributable profit of the parent company as of December 31, 2023 was 789 million yuan. The company announced on April 20 that the parent company's asset-liability ratio in 2023 is 85.3%, and the company's retained undistributed profits are mainly used to meet the company's daily operating needs, support the company's various business development and working capital needs, etc., so as to promote the company's efficient and sustainable development, implement the company's strategy, and ultimately maximize the interests of shareholders; In the future, we will strictly follow the requirements of relevant laws and regulations, according to the needs of production and operation, investment planning and long-term development, actively implement the company's profit distribution system, and share the results of the company's growth and development with shareholders and investors.
Yueda Investment was listed on the main board of the Shanghai Stock Exchange in 1994 and has not paid cash dividends since 2017. The company's parent company reported a net profit of 84.9337 million yuan in 2023, and the distributable profit at the end of the year was 4.459 billion yuan. The company announced on February 29 that in view of the company's low earnings per share in 2023 and the fact that some earnings do not correspond to cash inflows, taking into account the company's current actual business development and project investment capital needs, taking into account the company's long-term development and the interests of all shareholders, the company plans not to distribute cash dividends, not to give bonus shares, and not to convert capital reserve into share capital in 2023.
Shennan Power A is also a listed company listed on the main board of the Shenzhen Stock Exchange in 1994. Except for 2007 and 2019, the company has not paid cash dividends for a total of 17 years since 2005. In 2023, the company achieved a net profit attributable to shareholders of the listed company of 4.1588 million yuan, an undistributed profit of 163 million yuan available for distribution to shareholders in the consolidated statements as of December 31, 2023, and an undistributed profit of 619 million yuan from the parent company. The company announced on April 11 that in view of the fact that the company is still facing huge operating pressure, and is in the critical period of simultaneous promotion of stock asset management and transformation and development, in the case that the company's overall cash flow is not sufficient, it is necessary to ensure the funds required for normal production and operation, and to consider the support of capital reserves for the subsequent transformation and development of the company.
GEM: Compass, Derivation Technology, Wanma Technology, Yi'an Technology, etc. have not paid cash dividends since 2022
According to Wind statistics, 38 GEM companies still need to improve their dividends in the last assessment year. Among them, the compass (300803. SZ), Derivation Technology (300176. SZ), Wanma Technology (300698. SZ), Yi'an Technology (300328. SZ) and other companies have not carried out cash dividends or share buybacks since 2022.
Derivation Technology, which was listed on the GEM in 2011, has not paid cash dividends since 2019. In 2023, the company's net profit attributable to shareholders of listed companies in the consolidated statement will be 15.4964 million yuan, of which the net profit of the parent company will be -5.8422 million yuan. As of December 31, 2023, the profit available for distribution to shareholders in the company's consolidated statements was 415.9848 million yuan, and the balance of capital reserve at the end of the year was 39.3069 million yuan, and the profit available for distribution to shareholders in the parent company's statements was 299.9398 million yuan, and the balance of capital reserve at the end of the year was 39.3069 million yuan. Derivation Technology said that the company's retained undistributed profits will be mainly used to support the company's business development and working capital needs, meet the company's daily business needs, ensure the company's normal production and operation and stable development, and the company's undistributed profits will be carried forward for distribution in the following years; In the future, the company will, as always, attach importance to the return of investors in the form of cash dividends, strictly follow the relevant laws and regulations and the provisions of the Articles of Association, comprehensively consider various factors related to profit distribution, actively implement the company's profit distribution policy, and share the company's development results with investors.
The net profit attributable to shareholders of listed companies in 2023 will be 3.4068 million yuan, the net profit realized by the parent company will be 50.3202 million yuan, and the profit of the parent company available for distribution to investors in 2023 will be 165 million yuan. The company announced on April 24 that in view of the company's current capital status, and the company's profitability in 2023 has not been greatly improved, the net profit available for distribution is low, considering the short-term production and operation and long-term sustainable development, in order to ensure the smooth progress of the company's expansion and reproduction and safeguard the long-term interests of the company's shareholders, the company plans not to distribute cash dividends, not to give bonus shares, and not to increase share capital with capital reserve in 2023.
Wanma Technology's net profit attributable to the owners of the parent company in 2023 will be 64.4582 million yuan, and the actual profit available for distribution to shareholders as of December 31, 2023 will be 65.164 million yuan. The company announced on March 29 that its consolidated statement profit mainly comes from the company's transformation business, Internet of Vehicles connection management and operation services. At present, the proportion of revenue of this business is not high, but the profit is relatively stable, and it is the key development segment of the company; Because its matching customer market is huge and in the development period, this sector still needs a lot of capital and manpower investment, and the company will also consider suitable upstream and downstream high-quality projects for investment; Comprehensively considering the company's long-term development goals and short-term business reality, and on the premise of complying with laws and regulations and the company's articles of association on the principle of profit distribution, the board of directors has studied and formulated a plan for no profit distribution in 2023.
Compass's net profit attributable to shareholders of listed companies in 2023 will be 72.6098 million yuan, the undistributed profit as of December 31, 2023 will be 916 million yuan, and the undistributed profit of the parent company will be 784 million yuan. In 2022, the company completed the acquisition of McGao Securities by participating in the bankruptcy reorganization investment of McGao Securities, and in order to resume the normal operation of McGao Securities as soon as possible, the company disclosed the plan to issue A shares to specific targets on May 17, 2022; Up to now, the company's issuance of shares to specific targets is still in the process of review by the Shenzhen Stock Exchange.
Compass announced on January 26 that the company's financial information service business is highly correlated with the prosperity of the capital market, and the impact on the company's operating performance shows a certain lag characteristic (the change in the prosperity of the capital market comes first, and the change in operating performance comes later). The overall prosperity of the securities market in 2022 is not as good as in 2021, and in the fourth quarter of 2022, due to objective reasons, there will be greater operational difficulties and reduced revenues, especially the accumulation of middle-end product customers required for high-end product marketing. Therefore, compared with the same period last year, the above factors have had a certain negative impact on the operation in 2023. At the same time, the securities market will be sluggish in 2023, which will lead to a certain degree of relative reduction in the sales of mid-to-high-end products. During the reporting period, the parent company achieved operating income of 992 million yuan, a decrease of 19.43% over the same period of last year; net profit was 60 million yuan, down 79.60% from the same period last year.
Rastar Entertainment(300043. SZ) achieved a net profit attributable to shareholders of listed companies of 27.7085 million yuan in 2023, a net profit after tax of 123 million yuan for the parent company in 2023, and a profit of 603 million yuan for distribution to shareholders of the parent company as of December 31, 2023. The board of directors of the company plans not to distribute profits in 2023, nor to convert capital reserve into share capital. On April 28, the company said that the company's 2023 implemented share repurchase transaction amount of 10,029,853 yuan (excluding transaction costs) is regarded as cash dividends, accounting for 36.2% of the company's net profit attributable to shareholders of listed companies in 2023, and the cash dividend ratio is in line with the relevant provisions of the company's profit distribution policy.
Warburg Pincus' net profit attributable to shareholders of listed companies in 2023 will be 10.9007 million yuan, and the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses in 2023 will be -9.5898 million yuan. The company announced on April 25 that in order to ensure the sustainable and healthy development and stable operation of the company, taking into account the company's current actual operating situation and future business development needs, combined with the company's performance in 2023 and the share repurchase plan that has been implemented in early 2024, it is proposed that no cash dividends, no bonus shares, and no capital reserve will be converted into share capital in 2023.
Science and Technology Innovation Board: Yinghantong, Shangwei New Materials, and Nanxin Pharmaceutical still need to improve their dividends
Yinghantong (688080.HK) SH), Shangwei New Materials (688585. SH), Nanxin Pharmaceutical (688189. SH) and other three companies on the STAR Market still need to further improve their dividends in 2024.
Among them, since Yinghantong was listed on the Science and Technology Innovation Board in 2020, it has paid cash dividends 5 times, with a cumulative dividend of 46.0868 million yuan, and an average dividend rate of 12.2% since listing. As of December 31, 2023, the company's distributable profit at the end of the period (parent company) was 267 million yuan, and the company's net profit attributable to shareholders of listed companies in the consolidated statements for 2023 was 93.9507 million yuan, and the company planned to distribute cash dividends of 1.7 yuan (tax included) to all shareholders for every 10 shares, with a total cash dividend of 12.5123 million yuan (tax included), and the company's cash dividends accounted for 13.32% of the net profit attributable to shareholders of listed companies in the consolidated statements this year , accounting for less than 30% of the net profit attributable to shareholders of listed companies for the year. Yinghantong announced on April 18 that the company is currently in an important stage of development and needs a lot of financial support.
The average dividend rate of Shangwei New Materials since its listing is 16.26%. In 2023, the company will achieve a net profit attributable to shareholders of listed companies of 70.9421 million yuan, and the company plans to distribute cash dividends of 0.21 yuan (tax included) to all shareholders for every 10 shares, with a total of 8.4687 million yuan of cash dividends, accounting for 11.94% of the net profit attributable to shareholders of listed companies in 2023 and less than 30% of the net profit attributable to shareholders of listed companies this year. The company explained that its revenue in 2023 will be 1.4 billion yuan, a year-on-year decrease of 24.74%, and the net profit attributable to the parent company will be 70.9421 million yuan, a year-on-year decrease of 15.69%; At present, the company is still in the development period, in the face of fierce industry competition, the company pays more attention to R&D and innovation, while taking into account the scale of production and operation and the layout of the industrial chain, and has a greater demand for working capital.
From 2021 to 2023, the net profit attributable to the owners of the parent company will be -161.8808 million yuan, -78.8323 million yuan and 3.7515 million yuan respectively, and 2023 is the first year of the company's recent three years to turn losses into profits, and the amount of realized profits is still small. The undistributed profit at the end of the interim period of the parent company's statement as of December 31, 2023 was 149.0819 million yuan. The company intends not to distribute cash dividends, not to give bonus shares, and not to use provident fund to increase share capital. The company explained on March 25 that the company is currently in a stage of rapid development, attaches great importance to R&D investment, and has a total of 22 new products under development, including 7 class 1-2 innovative drug projects, 2 consistency evaluation projects, and 13 generic drug projects. The company needs to continue to invest a lot of money in talent reserves, technology research and development, technology introduction, etc., to ensure that the company's technology remains advanced and to achieve sustainable and healthy development. As of February 29, 2024, the company has repurchased the company's shares with a total amount of 7.9364 million yuan.