With the announcement of the new "National Nine Articles", the dividends of listed companies in 2023 have become the focus of market attention. According to incomplete statistics, there are 923 A- share listed companies in the three years from 2020 to 2022, and some of them have never implemented dividends since they went public, which can be described as a fighter in the "iron rooster.

The above-mentioned "iron rooster" is mainly concentrated in machinery and equipment, medical biology, electronics and other industries. Many listed companies continue to have negative cash flow, and their past performance has fallen into losses. In recent years, undistributed profits that are difficult to make up for losses have become an important reason why many "iron roosters" cannot pay dividends. Ironically, some "iron roosters" have little return to investors, but they are not soft on absorbing money from the capital market. Nowadays, after the announcement of the new "National Nine Articles", the enthusiasm of listed companies for dividends is gradually improving, and continuous quarterly dividends may become the norm.

Nearly a thousand "misers" have not paid dividends for three consecutive years

according to the data released by the CSRC in 2023, a total of 3291 listed companies in Shanghai and Shenzhen will pay cash dividends in 2022, with a dividend amount of 2.1 trillion yuan, of which 1.6 trillion yuan will be paid to domestic investors, an increase of 22.7 percent over the same period last year, and the number of dividends will account for 67.1 percent. However, as far as the current dividend situation in the-share market is concerned, there are many "iron roosters" who are stingy with dividends ".

since the disclosure of the 2023 annual report has not yet been completed, titanium media APP is subject to the disclosure data of the 2020-2022 annual report. excluding the statistics of companies listed after 2023, it is concluded that among the more than 5000 a-share listed companies, 653 listed companies on the main board of Shanghai and Shenzhen stock markets have not paid dividends for three consecutive years, and the number of gem and sci-tech boards are 195 and 75 respectively, totaling 923.

If the time is extended, there are "Super Iron Roosters" that have never paid dividends since they went public. Excluding companies listed after 2023, a total of 107 companies listed after zero dividends, such as Boxin shares (600083.SH), Broadcom shares (600455.SH), Dasheng Culture (600892.SH), Pagoda Industry (000595.SZ) and so on. Among them, 24 were listed before 2020 and 20, 18 and 45 were listed between 2020 and 2022.

According to the time division, among the above-mentioned "super iron rooster", the number of companies that have not paid dividends for more than 10 years is 20. Data show that Jinbei Automobile (600609.SH), Zhongyida (600610.SH) and Xueda Education (000526.SZ) have not paid dividends for more than 30 years.

however, the education situation of the university is relatively special. it only returned to a from the "backdoor" of us stocks in 2016. Jinbei Automobile and Zhongyida were listed on July 24, 1992 and August 5, 1992 respectively. They are both established listed companies in the capital market. According to the data end of Oriental Wealth Choice, Jinbei Auto only had a 10-to -1 stock delivery in 1993, while Zhongyida only had a stock delivery and a stock transfer in 1992, 1993 and 1996 respectively.

Mechanical equipment, medical and biological "iron cock" pile up

According to the Shenwan level 1 industry classification, the above-mentioned 923 "iron roosters" come from 31 industries, mainly in the machinery and equipment, pharmaceutical biology and electronics industries, with 85, 85 and 82 respectively. The power equipment and computer industries followed, with 56 and 54 respectively. The banking industry has the least iron rooster, only Zhengzhou Bank (002936.SZ) 1.

For these long-term non-dividend "iron roosters", the reasons for insisting on non-dividend are "replenishment", the existence of reinvestment needs and daily liquidity needs. In fact, many iron cock cash flow situation is not ideal. For example, in 2020-2022, the three-year cash flow of Kexin Technology (300565.SZ) is -30.8835 million yuan, -0.14 billion yuan and -24.1311 million yuan, respectively, and the three-year cash flow of Longjin Pharmaceuticals (002750.SZ) is -6.7769 million yuan, -14.8042 million yuan and -14.4431 million yuan, respectively.

According to statistics, 609 listed companies have not made any money in the past. For example, HNA Holdings (600221.SH) lost 71.242 billion yuan in 2022, while Baiji Shenzhou (688235.SH), China Eastern Airlines (600115.SH) and China Southern Airlines (600029.SH) lost more than 30 billion yuan, which were -50.972 billion yuan, -44.527 billion yuan and -32.639 billion yuan respectively. A total of 13 listed companies have undistributed profits and losses of more than 10 billion yuan in 2022.

titanium media APP learned from relevant companies that the long-term negative undistributed profits of some companies are not unrelated to their large losses in previous years. China Southern Airlines 2020-2022 for three consecutive years of attributable net profit loss of 38.9 billion yuan, 2022 the company's capacity investment and revenue passenger kilometers compared to 2019 decreased by 55.3 and 64.2 percent, respectively. Petrochemical Oil Service (600871.SH) lost 26.7 billion yuan in 2016 and 2017, Salt Lake Stock (000792.SZ) lost 45.86 billion yuan in 2019, and BAIC Blue Valley (600733.SH) lost 17.191 billion yuan for three consecutive years from 2020 to 2022. Baiji Shenzhou because innovative drugs belong to the long cycle, high investment, high risk industry, the company since the listing is still in the loss stage. The above-mentioned companies have so far failed to wipe out the hole caused by losses.

listed so far zero dividends in the "super iron rooster", there are many operating in deep trouble, there are 72 companies in 2022 undistributed profits or net profit attributable to negative, do not meet the dividend conditions. Among them, the "iron rooster" fighter Jinbei automobile business sales decline for many years, has become a drag on the company's performance of the "big head", in 2017 after the divestiture of the vehicle business in the early loss of profits still need to continue to make up for . zhongyida has changed owners many times. frequent mergers and acquisitions have led to a cumulative loss of 1.731 billion yuan in undistributed profits by the third quarter of 2023. in 2023, zhongyida expects a net profit of -0.116 billion yuan to -0.091 billion yuan, and there is still no hope of dividends. Pingtan Development (000592.SZ) has a poor foundation and has been making up for previous losses since its restructuring in 2008. In recent years, the performance began to decline again, 2020-2022 attributable net profit and loss of 0.8 billion yuan, 2023 the company is expected to belong to net profit of -0.34 billion yuan to -0.23 billion yuan.

In addition, 81 listed companies have positive net profits and distributable profits, and they have the basic conditions for dividends but do not share performance gains with shareholders. Among them, machinery and equipment, electronics industry still occupy the majority, respectively, 14, 11.

the most profitable one is SMIC (688981.SH), with a distributable profit of 30.927 billion yuan in 2022, followed by Yongtai Energy (600157.SH) with 9.086 billion yuan. There are 21 companies with distributable profits of more than 1 billion yuan in 2022. It is worth noting that SMIC's revenue and net profit increased in 2023, but it is still "not a dime".

holding large profits is still bold "sucking money"

For a long time, there has been a phenomenon of "emphasizing financing and neglecting returns" in the-share market. As a result, some companies only want to raise funds through the market, but ignore the feedback to investors.

From the statistical data, some listed companies with dividend conditions are not shy. In 2022, for example, Chifeng Gold (600988.SH) realized a net profit of 0.451 billion yuan and a distributable profit of 3.079 billion yuan. Kai Ying Network (002517.SZ) has a net profit of 1.025 billion yuan and a distributable profit of 2.08 billion yuan.

SMIC and Yongtai Energy two listed companies hold undistributed profits above 9 billion yuan. Tibet Everest (600338.SH), Shengda Resources (000603.SZ), Guizhou Bailing (002424.SZ) and other 19 companies have undistributed profits of 10-5 billion yuan, while only 4 listed companies have undistributed profits of less than 0.1 billion yuan.

Further, a number of companies are flush with cash on their books. Taking the 2022 data as an example, SMIC has monetary funds of 74.922 billion yuan, and Yandong Micro (688172.SH), Shanghai Silicon Industry (688126.SH) and China Iron (000927.SZ) have monetary funds of more than 5 billion yuan. The book monetary funds of 19 listed companies are between 10 and 5 billion yuan.

However, even if the funds are abundant, some "iron roosters" are still arrogant. Statistics show that SMIC, Yongtai Energy and China Iron & Steel are in the forefront, with 46.287 billion yuan, 22.24 billion yuan and 15.011 billion yuan respectively. Jidian shares (000875.SZ), Huaihe Energy (600575.SH), Ying Network, Shanghai Silicon Industry, Shengda Resources, Qinchuan Machine Tool (000837.SZ) raised a total of 50-10 billion yuan. Gao Hong (000851.SZ) has the largest number of cumulative fund-raising, with a total of 4.257 billion yuan in eight fund-raising since its listing in 1998.

Listed companies that have never paid cash dividends are not soft on gold. Since its listing in 1992, Jinbei Automobile has raised funds from the capital market four times, with a cumulative amount of about 1.477 billion yuan. Pingtan Development (000592.SZ), which was listed in 1996, has only given shares and increased shares four times, but its six times raised a total of about 3.251 billion yuan.

Company adjustment plan under regulatory pressure

The new "National Nine Articles" strengthen the supervision of cash dividends of listed companies, and restrict major shareholders from reducing their holdings and implement risk warnings for companies that have not paid dividends for many years or have a low dividend ratio. Increase incentives for dividend-paying quality companies and take multiple measures to promote higher dividendsRate. In order to support the new "National Nine Articles", the Shanghai and Shenzhen Stock Exchanges have successively issued drafts for comments, including companies that have not paid dividends for many years or have a low dividend ratio into the "implementation of other risk warnings" (ST).

on the Shanghai and Shenzhen main boards, ST is implemented for companies that meet the basic conditions for dividends, the total accumulated cash dividends in the last three fiscal years are less than 30% of the average annual net profit, and the accumulated dividends are less than 50 million yuan. In terms of the board and the GEM, the absolute value of the dividend amount was adjusted to 30 million yuan, taking into account the characteristics of different sectors and the differences in the company. At the same time, the cumulative research and development investment in the last three fiscal years accounted for more than 15% of the cumulative operating income or the amount of research and development investment in the last three fiscal years accumulated in more than 0.3 billion yuan, the company or GEM company, may be exempted from the implementation of ST.

Guo Ruiming, Director of the Supervision Department of Listed Companies of the China Securities Regulatory Commission, said that the implementation of other risk warnings (ST) for dividends that do not meet the standards is mainly aimed at improving the stability and predictability of dividends of listed companies, focusing on the ability to pay dividends but long-term non-dividends or dividends. Companies with low dividend ratios. Based on the 2020-2022 data, the number of companies in Shanghai and Shenzhen that may touch the standard is only more than 80.

the above adjustment is intended to be formally implemented from January 1, 2025, with 2022 to 2024 as the most recent three fiscal years.

In this case, regulation has also increased the pressure on the "iron rooster. Since the disclosure of the 2023 annual report, Jilin Expressway (601518.SH) and Fangda Special Steel (600507.SH) have received inquiries from the Shanghai Stock Exchange for making profits for many years without implementing dividends. Then Jilin high-speed and Fangda special steel quickly adjusted the profit distribution plan.

Fangda Special Steel disclosed on the evening of April 8 that the company's undistributed profit at the end of the period was 2.122 billion yuan, and it plans to distribute a cash dividend of 0.1 yuan to all shareholders per share. The company's total share capital is 2.331 billion shares, and the total proposed dividend amount is 0.233 billion yuan. The dividend ratio is 33.84. On April 18, Jilin Expressway announced that the company's cumulative year-end distributable profit was 2.65 billion yuan, based on the total share capital of 1.891 billion shares at the end of the year, and a cash dividend of 0.9 yuan was distributed for every 10 shares, with a total cash dividend of 0.17 billion yuan, with a cash dividend ratio of 31.14.%, the required cash dividend funds are solved by the company's working capital.

At the same time, there are also listed companies with real money to respond to the call for dividends. On the evening of April 19, Sanqi mutual entertainment (002555.SZ) announced the profit distribution plan for 2023. It plans to distribute cash dividends of 3.7 yuan (including tax) to all shareholders for every 10 shares. It is estimated that the amount of the dividend plan for 2023 is 0.82 billion yuan, accounting for 30.84 of the net profit attributable to this year.

At the same time, the board of directors of Sanqi Mutual Entertainment also reviewed and approved the proposal for profit distribution in the mid-term of 2024. It is planned to combine undistributed profits and current performance in the first, semi-annual, and third quarters of 2024 to distribute dividends. The total amount of dividends shall not exceed 0.5 billion yuan, and the total amount of dividends shall not exceed 1.5 billion yuan. Since 2018, Sanqi Mutual Entertainment has steadily maintained its twice-a-year dividend measure. This proposal will increase the frequency of dividends to once a quarter. It is the first listed company in A shares to propose a continuous quarterly dividend plan.

This is also in line with the new "National Nine Articles" proposed to "enhance the stability, continuity and predictability of dividends, and promote multiple dividends a year, pre-dividends, and dividends before the Spring Festival. In addition, the Shanghai and Shenzhen stock markets also actively promote listed companies to pay dividends multiple times a year, requiring listed companies to comprehensively consider undistributed profits, current performance and other factors to determine the frequency of dividends, and increase the frequency of dividends when conditions are met, so as to stabilize investors' dividend expectations.

In the eyes of industry insiders, under the encouragement of supervision and market appeals, listed companies actively respond to the new dividend regulations, which is conducive to the continuous improvement of the-share dividend atmosphere. Some listed companies or to avoid ST may increase the intensity of dividends, continuous quarterly dividend program or become a new trend in A- share cash returns. (this article started on titanium media APP, by Lu wenyan)