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Editor's note: The "Several Opinions of the State Council on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market" pointed out that the supervision of cash dividends of listed companies should be strengthened. It is mentioned that for companies that have not paid dividends for many years or have a low dividend ratio, major shareholders are restricted from reducing their holdings and risk warnings are implemented; Increase incentives for high-quality companies with dividends, and take multiple measures to promote the increase of dividend yields; Enhance the stability, sustainability and predictability of dividends, and promote multiple dividends a year, pre-dividends, and dividends before the Spring Festival.
According to incomplete statistics from Xinhua Finance and Bread Finance researchers, more than 30 A-share listed companies that were listed before 2022 and whose net profit, consolidated statements and undistributed profits in the parent company's statements were all positive in the last fiscal year have not been distributed in the past three years.
Among them, some companies have stable performance or large undistributed profits, and have raised more funds since listing, including Hailu Heavy Industry, Dream Lily, Baoding Technology and other enterprises.
Hailu Heavy Industry: Since its listing, it has raised more than 2.9 billion yuan and has not distributed profits for 3 consecutive years
Hailu Heavy Industry Co., Ltd. is mainly engaged in the manufacture and sales of industrial waste heat boilers, large-scale and special-material pressure vessels and nuclear safety equipment, as well as comprehensive environmental treatment services for the treatment and recycling of pollutants such as solid waste and wastewater, as well as the operation of photovoltaic power plants.
In recent years, the company's performance has been relatively stable, with revenue rising from 2.533 billion yuan in 2021 to 2.795 billion yuan in 2023, and net profit attributable to the parent company increasing from 330 million yuan to 340 million yuan in the same period.
Figure 1: The performance of Hailu Heavy Industry in the past three years
From 2021 to 2023, Hailu Heavy Industry did not distribute profits.
Hailu Heavy Industry Co., Ltd. was listed on the A-share market in 2008. According to incomplete statistics, since its listing, the total financing amount of Hailu Heavy Industry has exceeded 2.9 billion yuan, including 290 million yuan in the initial offering and multiple private placement financing.
Figure 2: Hailu Heavy Industries has raised funds since its listing
Dream Lily: No profit distribution for 3 consecutive years The undistributed profit of the parent company is about 1.176 billion yuan
The main business of Dream Lily is the research and development, production and sales of memory foam mattresses, memory foam pillows, sofas, electric beds and other household products.
Dream Lily recently announced that it will not distribute profits in 2023. According to the announcement, the reasons why the company intends not to distribute profits in 2023 are: "1. In 2023, the company will achieve an operating income of 797,591.64 million yuan, and under the global business strategy, in order to meet the needs of the company's business development, there is a greater demand for working capital; 2. In 2024, the company will increase the expansion of domestic sales channels and the construction of its own brand, in order to reduce financial costs and ensure the sustainable and steady development of the company, it is necessary to retain a certain amount of capital investment; 3. Considering the implementation of the company's fundraising and investment projects, and in order to better cope with the risk of market environment fluctuations, the company needs to reserve part of the funds to further improve the company's liquidity margin of safety and enhance the resilience of the company's development. Taking into account factors such as the company's development strategy, actual operation and development stage, in order to protect the cash needs of the company's future development and the long-term interests of shareholders, the company intends not to distribute profits or convert capital reserve into share capital in 2023. ”
As of the end of 2023, the undistributed profit of the parent company of Dreamlily is about 1.176 billion yuan.
Figure 3: Dream Lily intends not to distribute profits in 2023
According to the combing, Dream Lily will not distribute profits in 2021 and 2022.
According to incomplete statistics, the total amount of financing since the listing of Dream Lily has exceeded 2.9 billion yuan, including 920 million yuan in initial offerings, convertible bonds and private placement financing.
Figure 4: Dream Lily has raised funds since its listing
Baoding Technology: Since its listing, it has raised more than 2 billion
Baoding Technology's main products include electronic copper foil, copper clad laminates, gold concentrates, finished gold and large castings and forgings.
Baoding Technology recently announced the 2023 profit distribution plan: it is planned not to distribute cash dividends, not to give bonus shares, and not to use provident funds to increase share capital. In addition, the company did not distribute profits in 2021 and 2022.
As of the end of 2023, the undistributed profit of Baoding Technology's consolidated statement is about 171 million yuan, and the undistributed profit of the parent company is about 72 million yuan.
Baoding Technology was listed on the A-share market in 2011. According to incomplete statistics, the total amount of financing since the company's listing has exceeded 2 billion yuan, including initial fundraising and private placement.
Figure 5: Baoding Technology has raised funds since its listing
In August 2023, Baoding Technology issued the "Announcement on the Completion of the Transfer Registration of Part of the Shares Transferred by the Controlling Shareholder Agreement and the Change of Control of the Company". According to the announcement, on June 11, 2023, Shandong Zhaojin Group Co., Ltd., the controlling shareholder of Baoding Technology, and Shandong Jindu State-owned Capital Investment Group Co., Ltd. signed the "Share Transfer Agreement on Baoding Technology Co., Ltd.", and Zhaojin Group transferred 116,062,100 shares of the company (accounting for 26.64% of the company's total share capital at that time) to Jindu Guotou by way of non-public agreement transfer.
According to the first quarter report of 2024 recently disclosed by Baoding Technology, the company achieved revenue of 686 million yuan in the first quarter, a year-on-year increase of 2.1%; The net profit attributable to the parent company was 82 million yuan, turning losses into profits.
[Read Financial Report] is a column jointly created by Xinhua Finance and Bread Finance with the interpretation of financial reports of listed companies as the main content. Xinhua Finance is a national financial information platform built by Xinhua News Agency, which comprehensively covers the global stock market, foreign exchange market and bond market, and provides authoritative, professional and comprehensive financial information services.
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