terminatorsalvationarcade| More than 100 listed companies are still the "iron cock" of dividends. Who is likely to step on the "red line" of ST?
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Interface News reporter | Guo Jingjing
The dividend intensity of A-share companies has been significantly strengthened. Interface News Summary Wind data show that of the 5113 listed companies in Shanghai and Shenzhen, 3625 have issued annual profit distribution plans for 2023, accounting for more than 70%.
According to the regulatory requirements, the new cash dividend substandard implementation of ST measures will be formally implemented on January 1, 2025, in which the "last three fiscal years" refers to 2022-2024.
Accordingly, Interface News according to the relevant regulations, excluding companies listed on the Shanghai and Shenzhen stock exchanges after January 1, 2022, temporarily based on the currently known annual data of 2022 and 2023 (the annual distribution plan for 2023 has been disclosed but has not yet been implemented is also taken into account). There are 107Shanghai and Shenzhen main board companies, 38 gem companies and 3 Science and Technology Innovation Board companies still need to further improve their dividend situation in 2024.
A number of listed companies said that the new rules on dividends had little impact. Blue Sail Medical (002382Terminatorsalvationarcade.SZ) Dong Mi Huang Jie told Interface News that from the company level, the new dividend clause has little impact on the company. According to its disclosure, since its listing in 2010, Lanfan Medical has paid out cash 12 times (from 2010 to 2022), with a cumulative cash distribution of 13%.Terminatorsalvationarcade48 billion yuan, of which the cumulative cash dividend in the last three years (2020-22) reached 806 million yuan, accounting for more than 30% of the average annual distributable profits in the consolidated statements in the last three years.
"although the undistributed profit of the parent company in 2023 is negative and does not meet the dividend conditions, and it is proposed that there will be no profit distribution in 2023, the company will launch in 2024.TerminatorsalvationarcadeThe buyback plan is planned to use a total amount of not less than 25 million yuan and no more than 50 million yuan to buy back the company's shares. At present, the buyback work is being actively promoted. " Huang Jie further said that in the future, the company will continue to actively respond to the policy call of the China Securities Regulatory Commission to encourage listed companies to improve investors' returns by means of share buybacks and cash dividends. After the company meets the relevant conditions for profit distribution, it will earnestly perform its duties and share the fruits of the company's development with investors from the point of view of being conducive to the company's long-term, healthy and sustainable development and increasing investor returns.
Main board: delivery shares, land and sea heavy industry (rights protection), Zhengzhou Bank, etc., have not carried out cash dividends and buybacks in the past two years.
According to the Shanghai and Shenzhen Stock Exchange officially issued on April 30, "rules for examination and approval of Stock issuance and listing" and other nine supporting business rules. Among them, this rule revision introduces cash dividend substandard implementation of "other risk warning" (ST) measures, focusing on profitable and surplus companies with long-term non-dividend or low dividend ratio, the premise is that the company's net profit in the most recent fiscal year is positive and the parent company and the undistributed profit at the end of the consolidated statement are positive.
The new regulations point out that ST will be implemented only if the cumulative dividend ratio in the three years (the total cumulative cash dividend in the last three fiscal years is less than 30% of the average annual net profit in the last three fiscal years) and the dividend amount (the cumulative dividend amount in the main board is less than 50 million yuan in the last three fiscal years, and 30 million yuan in gem and Science and Technology Innovation Board) will be implemented.
At the same time, the rules fully take into account the large R & D investment of gem and Science and Technology Innovation Board enterprises. Gem and Science and Technology Innovation Board companies with high R & D intensity (the cumulative R & D investment accounts for more than 15% of the cumulative business income in the last three fiscal years) or large R & D scale (the cumulative R & D investment in the last three fiscal years is more than 300 million yuan) can be exempted from implementing ST. It is worth mentioning that the repurchase cancellation amount is included in the aforementioned cash dividend amount.
107 Shanghai and Shenzhen motherboard companies capable of cash dividends failed to meet the new regulations in 2022 and 2023.
Among them Rongsheng Development (002146.SZ), Shennan Power A (000037.SZ), Hausai (002963.SZ), Dengyun (002715.SZ), Yatong (600692.SH), Qunxing Toys (002575.SZ), Jiaoyun (600676.SH), Harbin Air Conditioner (600202.SH), Shunwei (002676.SZ), Beixin Road Bridge (002307.SZ), Yueda Investment (600805.SH), Ningbo Fubon (600768.SH), Shilong Industrial (Protection of Rights) (002748.SZ), 17 main board companies, including 000159.SZ, 002255.SZ, 002936.SZ and 002552.SZ, have not carried out cash dividends and share repurchase measures in the past two assessment years.
Zhengzhou Bank landed on the main board of the Shenzhen Stock Exchange in 2018 and has not paid any cash dividends since 2020. In 2023, the net profit of the audited consolidated statement of the company belonging to the parent company was 1.85 billion yuan, and the approved net profit of the parent company was 1.84 billion yuan, deducting 480 million yuan of interest on open-ended capital bonds distributed in November 2023. The profit available to common shareholders for the year is 1.36 billion yuan. The bank issued a special note on March 20 that it plans not to carry out cash dividends in 2023, saying that profitability is affected to a certain extent by changes in the scale of foreign currency assets and exchange rate fluctuations, and that implementing decision-making arrangements at all levels of government and strengthening the disposal of risky assets, complying with supervision and guiding the retention of undistributed profits will help to further enhance the ability to resist risks. The retained undistributed profits will be used as a supplement to the bank's core tier one capital, which will help to improve the bank's capital adequacy level. According to the plan, the company will draw 184 million yuan from the statutory surplus reserve of 10% of the net profit and 451 million yuan from the general risk reserve.
Hai Lu heavy Industries, which landed on the Shenzhen Stock Exchange in 2008, has made eight cash dividends since its listing, totaling 157 million yuan, with an average dividend rate of 18.91% since listing. The net profit attributed to the parent company in 2023 is 340 million yuan, of which the net profit of the parent company is 267 million yuan and the profit available for distribution at the end of 2023 is 188 million yuan. The company announced on March 19 that the company's undistributed profits accumulated to the next year in 2023 will be mainly used for capacity construction, foreign investment and other capacity adjustment needs such as the company's "fourth-generation nuclear-grade container technical renovation and expansion project" and other capacity adjustment needs, to ensure the normal production and operation and stable development of the company, and to maximize the interests of the company and its shareholders.
Rongsheng Development realized a net profit of 385 million yuan in 2023, and the undistributed profit at the end of the period was about 13.277 billion yuan. The company announced on April 28 that the undistributed profits retained by the company will be used to meet the needs of the company's daily operation, project construction and debt repayment, and to enhance financial stability and anti-risk ability. to provide a reliable guarantee for the smooth implementation of the company's medium-and long-term development strategy and to maximize the interests of the company and its shareholders. The company lost 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 a cash dividend since 2016. The company realized 185 million yuan of net profit and 171 million yuan of undistributed profit belonging to the shareholders of the parent company in 2023, while the net profit of the parent company was 168 million yuan and the undistributed profit was 716.582 billion yuan. The company does not plan to distribute cash dividends, bonus shares, or increase share capital through provident fund. May 7, the company said in the interactive platform, before 2022 because the undistributed profits are negative, do not meet the dividend conditions, since 2023 undistributed profits become positive, meet the dividend conditions, the company will be implemented according to the new rules of dividend, will not be ST because it does not comply with the new policy of dividend sharing.
As a state-owned enterprise in Chongming, Shanghai, Yatong shares achieved a net profit of 2.4442 million yuan belonging to all shareholders in 2023, and the cumulative profit available 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 was-211 million yuan, and that the company had major investment plans affecting profit distribution in 2024. According to the provisions of the company's articles of association on cash dividend policy, the company does not meet the conditions for profit distribution and cash dividend in 2023. According to the plan, in 2024, the investment capital of Chongming Changxing Island 3Qing land resettlement housing project is about 1 billion yuan, Fengxian Daju community 14 units and 15 units comfortable housing project investment 100 million yuan, Baozhen No. 25 land resettlement housing project investment needs 100 million yuan, at the same time the company is still in the stage of transformation and development, needs a lot of funds to explore and cultivate the main business.
Another shipping share said on March 28th that the net profit of the parent company's financial statements in 2023 was-99.1915 million yuan, while the net profit attributed to the owner of the parent company in the consolidated statements was 9.1787 million yuan. According to the audited financial statements, the undistributed profit balance of its parent company on December 31, 2023 was 760 million yuan. After deducting non-recurring profits and losses in 2023, the net profit belonging to the owner of the parent company is still negative, comprehensively considering the current macroeconomic environment and other factors, and based on the stable and sustainable development of the company and better safeguarding the long-term interests of shareholders, the company draws up a profit distribution plan for 2023 as follows: no cash dividend, no bonus shares, no accumulation fund to increase share capital, and undistributed profits carried forward to the next year.
The air conditioner has not paid any cash dividends since 2020. In 2023, the company realized a net profit of 21.3368 million yuan belonging to the shareholders of the parent company, and the profit available to shareholders was 211 million yuan. Harbin Air conditioning said that in view of the 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 there is a great demand for funds for the purchase of raw materials. In order to realize the comprehensive transformation and upgrading of intelligent manufacturing, the company will increase capital investment in scientific and technological research and development, technological transformation and so on. Based on the consideration of maintaining business development and sustainable development, it is proposed that there will be no dividend distribution in 2023, and the above profits available for distribution by shareholders will be carried forward to 2024 to supplement the company's liquidity.
Shunwei shares went public in 2012 and did not pay cash dividends in 2017. The company said there was a difference between its cash dividend level and the average level of listed companies in its industry. In recent years, due to the large capital demand for the company's endogenous growth and extension development, the company needs to ensure that sufficient capital reserves are used to protect the company's capital investment for transformation and development and to support sustained business growth and market expansion.
According to the disclosure of Shunwei shares, according to the financial statements of the parent company, the net profit realized by the parent company in 2023 is 3.2671 million yuan. According to the Company Law and other relevant provisions, the cumulative profit available to investors as of December 31, 2023 is 140 million yuan. The company announced on April 19 that in recent years, the company has continued to develop the automotive business sector on the basis of tamping the plastic air conditioning blade business, which is in an important 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 automobile precision door lock company, for 487.5 million yuan, which exceeded 30% of the net assets of the company's most recent audited consolidated statements. the company needs to retain certain funds to pay equity consideration to ensure the capital investment demand of the company's transformation and development. The company needs to ensure that sufficient financial reserves are used to expand production scale, develop new products or upgrade the technological level.
Beixin Road Bridge, which went public in 2009, has not paid a cash dividend for 12 years since 2011, with the exception of 2016. The net profit of the parent company in 2023 is 303 million yuan, and the available profit of the parent company is 789 million yuan as of December 31, 2023. The company announced on April 20 that the asset-liability ratio of the parent company in 2023 was 85.3%. The undistributed profits retained by the company were mainly used to meet the daily operating needs of the company, support the development of various businesses and liquidity needs of the company, etc., in order to promote the efficient and sustainable development of the company, implement the company strategy, and finally maximize the interests of shareholders. In the future, in strict accordance with the requirements of relevant laws and regulations, according to the needs of production and operation, investment planning and long-term development, we will actively implement the company's profit distribution system and share the fruits of the company's growth and development with shareholders and investors.
Yueda Investment has been listed on the main board of the Shanghai Stock Exchange since 1994 and has not paid a cash dividend since 2017. The parent company reported a net profit of 84.9337 million yuan in 2023, and the profit available for distribution at the end of the year was 4.459 billion yuan. The company announced on February 29 that in view of the fact that the company's earnings per share in 2023 are not high, and some of the earnings do not correspond to cash inflows, taking into account the actual needs of the company's current business development and project investment funds, and taking into account the long-term development of the company and the interests of all shareholders, the company plans not to distribute cash dividends, no bonus shares, and no capital accumulation fund to increase its share capital in 2023.
Shennan Electric Power An is also a listed company that landed on the main board of the Shenzhen Stock Exchange in 1994. Apart from 2007 and 2019, the company has not paid cash dividends for a total of 17 years since 2005. In 2023, the company realized the net profit of 4.1588 million yuan belonging to the shareholders of the listed company; the undistributed profit of the consolidated statement as of December 31, 2023 was 163 million yuan for shareholders, and the undistributed profit of the parent company was 619 million yuan. The company announced on April 11 that in view of the fact that the company is still facing tremendous operating pressure and is in a critical period of simultaneous promotion of stock asset management and transformation and development, in the case of insufficient overall cash flow of the company, it is not only necessary to ensure the funds needed for normal production and operation, but also to consider making good capital reserve support for the subsequent transformation and development of the company. After a comprehensive balance, the company will not provide surplus reserve fund in 2023. No profit distribution, no accumulation fund to increase share capital.
Gem: compass, derivative Technology, Wanma Technology, Yi'an Technology, etc., have not paid cash dividends since 2022.
Interface News according to Wind statistics, 38 gem companies still need to improve their dividends in the last assessment year. Among them, the compass (300803.SZ), derivative technology (300176.SZ), Wanma technology (300698.SZ), Yi'an science and technology (300328.SZ) and other companies have not carried out cash dividends or share buybacks since 2022.
Derivative technology, which landed on the gem in 2011, has not paid a cash dividend since 2019. In 2023, the net profit of the consolidated statement belonging to the shareholders of the listed company was 15.4964 million yuan, of which the net profit of the parent company was-5.8422 million yuan. As of December 31, 2023, the profit available to shareholders in the consolidated statement is 415.9848 million yuan, and the year-end capital reserve balance is 39.3069 million yuan; in the parent company statement, the profit available to shareholders is 299.9398 million yuan, and the year-end capital reserve balance is 39.3069 million yuan. According to derivative Technology, the company's retained undistributed profits will be mainly used to support the business development and liquidity needs of the company, to meet the daily operating needs of the company, and to ensure the normal production, operation and stable development of the company. Annual distribution after the company's undistributed profits are carried forward In the future, the company will, as always, attach importance to the return of investors in the form of cash dividends, and comprehensively consider various factors related to profit distribution in strict accordance with relevant laws and regulations and the articles of association of the company. actively implement the company's profit distribution policy and share the fruits of the company's development with investors.
The net profit of Yi'an Science and Technology belonging to the shareholders of the listed company is 3.4068 million yuan, the net profit of the parent company is 50.3202 million yuan, and the profit available to investors is 165 million yuan. The company announced on April 24 that in view of the company's current capital situation, and the company's profit level has not been greatly improved in 2023, the net profit available for distribution is relatively low, taking into account short-term production and operation and long-term sustainable development. In order to ensure the smooth progress of the company's expanded reproduction and safeguard the long-term interests of the company's shareholders, the company plans not to distribute cash dividends, no bonus shares, and no capital accumulation fund to increase share capital in 2023.
The net profit attributed to the owner of the parent company is 64.4582 million yuan in 2023, and the actual profit available to shareholders as of December 31, 2023 is 65.164 million yuan. The company announced on March 29 that its consolidated report profit mainly comes from the company's transformational business vehicle connection management and operation services. At present, the proportion of revenue is not high, but the profit is relatively stable, so it is the key development sector of the company. Because its matching customer market is huge and is in the stage of development, this sector still needs a lot of capital and manpower investment. At the same time, the company will also consider the upstream and downstream appropriate high-quality projects to invest. Taking into account the company's long-term development goals and short-term operating conditions, in line with laws and regulations and the articles of association on the principle of profit distribution, after the study of the board of directors, draw up a plan for no profit distribution in 2023.
The net profit attributed to the shareholders of the listed company in 2023 is 72.6098 million yuan, the undistributed profit is 916 million yuan as of December 31, 2023, and the undistributed profit of the parent company is 784 million yuan. The company completed the acquisition of McGogh Securities by participating in the bankruptcy restructuring investment of McGao Securities in 2022, and in order to resume the normal operation of McGogh Securities as soon as possible, the company disclosed the preliminary plan to issue A-shares to specific targets on May 17, 2022; up to now, the issue of shares to specific targets is still under review by the Shenzhen Stock Exchange.
The compass announced on January 26 that the company's financial information service business is highly related to the prosperity of the capital market, and the impact on the company's operating performance shows a certain lag characteristics (capital market boom changes first, operating performance changes later). The overall prosperity of the securities market in 2022 is not as good as that in 2021, and in the fourth quarter of 2022, there are greater operational difficulties and reduced income due to objective reasons, especially the accumulation of middle-end product customers needed for the marketing of high-end products. Therefore, compared with the same period last year, the above factors have a certain negative impact on the operation in 2023. At the same time, trading in the securities market was sluggish in 2023, which led to a relative decrease in the sales of middle and high-end products to some extent. During the reporting period, the parent company realized operating income of 992 million yuan, down 19.43% from the same period last year, and net profit of 60 million yuan, down 79.60% from the same period last year.
The net profit of 300043.SZ belongs to the shareholders of the listed company is 27.7085 million yuan, the net profit after tax of the parent company is 123 million yuan, and the profit available to the shareholders of the parent company is 603 million yuan as of December 31, 2023. The board of directors of the company decided that there would be no profit distribution in 2023, nor would the capital accumulation fund be used to increase equity. On April 28th, the company said that the transaction amount of 10029853 yuan (excluding transaction fees) of repurchase shares implemented by the company in 2023 was regarded as a cash dividend, accounting for 36.2% of the company's net profit belonging to shareholders of the listed company in 2023. the proportion of cash dividends is in line with the relevant provisions of the company's profit distribution policy.
The net profit attributed to the shareholders of the listed company in 2023 is 10.9007 million yuan, and the net profit belonging to the shareholders of the listed company after deducting non-recurrent profit and loss is-9.5898 million yuan in 2023. The company announced on April 25 that in order to ensure the company's sustained and healthy development and stable operation, taking into account the company's current actual operating situation and future business development needs, combined with the company's performance turning from loss to profit in 2023, and the share buyback plan that has been implemented in early 2024, in view of this, it is proposed that there will be no cash dividend, no bonus shares and no capital reserve fund to increase share capital in 2023.
Science and Technology Innovation Board: Ying Hantong, Shangwei Xincai and Nanxin Pharmaceutical still need to improve the dividend situation.
Three Science and Technology Innovation Board companies, including Ying Hantong (688080.SH), Shangwei New Materials (688585.SH) and Nanxin Pharmaceutical (688189.SH), need to further improve their dividend situation in 2024.
Among them, Ying Hantong has made five cash dividends since its listing on the board in 2020, with a cumulative dividend of 46.0868 million yuan, with an average dividend rate of 12.2% since listing. As of December 31, 2023, the profit available for distribution at the end of the period (in the caliber of the parent company) is 267 million yuan, and the net profit of the company's consolidated statement belonging to the shareholders of the listed company is 93.9507 million yuan. The company plans to distribute a cash dividend of 1.70 yuan (including tax) to all shareholders for every 10 shares, and a total of 12.5123 million yuan (including tax). This year, the company's cash dividend accounts for 13.32% of the net profits attributed to shareholders of listed companies in the consolidated statement, accounting for less than 30% of the net profits attributed to shareholders of listed companies this year. Ying Hantong announced on April 18 that the company is currently in an important stage of development and needs a lot of financial support.
Since the listing of Shangwei new materials, the average dividend rate is 16.26%. In 2023, the company achieved a net profit of 70.9421 million yuan belonging to the shareholders of the listed company, and the company plans to distribute a cash dividend of 0.21 yuan (including tax) to all shareholders for every 10 shares, with a total cash dividend of 8.4687 million yuan. It accounts for 11.94% of the net profit of shareholders of listed companies in 2023, and accounts for less than 30% of the net profits of shareholders of listed companies this year. The company explained that its revenue in 2023 was 1.4 billion yuan, down 24.74% from the same period last year, and its net profit was 70.9421 million yuan, down 15.69% from the same period last year. At present, the company is still in the stage of development, and 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, there is a greater demand for liquidity.
The net profits attributed to the owner of the parent company from 2021 to 2023 are-161.8808 million yuan,-78.8323 million yuan and 3.7515 million yuan respectively. 2023 is the company's first annual turnaround in the last three years, and the amount of profit is still small. The undistributed profit at the end of the period of the parent company's statement as of December 31, 2023 is 149.0819 million yuan. The company does not plan to distribute cash dividends, bonus shares, or increase share capital through provident fund. The company explained on March 25 that at present, the company is in the stage of rapid development and attaches great importance to R & D investment. There are 22 new products under development, including 7 category 1-2 innovative drug projects, 2 consistency evaluation projects and 13 generic drug projects. The company needs to continuously invest a large amount of money in talent reserve, technology research and development, introduction of technology, etc., to ensure that the company's technology is advanced and achieve the sustained and healthy development of the company. As of February 29, 2024, the company has accumulated a total of 7.9364 million yuan to buy back the company's shares.
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