Series reports: Over 70 % of environmental protection companies distribute 4.2 billion "red envelopes"

"Environmental Economy" magazine reporter Lei Yingjie

In June, A -share environmental protection listed companies entered the "dividend season", and shareholders and investors are ushered in the annual happy moment.

According to the "Environmental Economy" statistics, 52 companies have released the 2021 cash dividend plan for 70 A -share environmental protection companies. As of June 8, 26 companies have issued reports of the 2021 equity distribution implementation report.

52 A -share environmental protection listed companies have a total cash dividend of 4.255 billion yuan

According to the official website of the China Listed Companies Association, there were 3,170 listed companies released in 2021 cash dividends, an increase of 4.9 % and 17.7 % from 2020 and 2019, respectively. The total cash dividend plan in 2021 exceeded 1.5 trillion yuan, an increase of 1.4 % and 13.6 % from 2020 and 2019, respectively.

Whether a listed company is dividend is a direct performance of whether a listed company is high -quality. In particular, cash dividends are important indicators to test the net profit content of listed companies. After all, net profit can be adjusted through accounting methods, but cash dividends require listed companies to take out realistic real gold and silver to give back to shareholders.

In general, among 70 A -share environmental protection companies, there were 52 companies released in 2021 cash dividends, an increase of 18.18 % and 44.44 % from 2020 and 2019, respectively. The total cash dividend plan in 2021 was 4.255 billion yuan, an increase of 128 million yuan and 1.432 billion yuan from 2020 and 2019.

Specifically, among 70 A -share environmental protection listed companies, 18 companies have not participated in cash dividends. Qing Group, Qidi Environment, Boschke, ST Xingyuan, Dechuang Environmental Protection,*ST Botian, Lingnan Co., Ltd., Beiqing Environmental Energy, Xingyuan Environment, Green Ecology, Wandez and Kailong Hi -Tech.

From the perspective of dividend scale, there are only one company with a total cash dividend of 400 million yuan (inclusive) in 2021, namely Zhefu Holdings, ranking first with 428 million yuan; There were 13 companies between 400 million yuan (excluding), of which the three peaks and the peak peak environment followed the results of 373 million yuan and 318 million yuan, respectively; the total cash dividend was 0 million yuan (excluding) to to The most 100 million yuan company, as high as 38.

From the perspective of corporate attributes, of the 18 companies that do not conduct cash dividends, there are 4 state -owned enterprises, accounting for 22.22%; there are 14 private enterprises, accounting for 77.78%. Among the 52 companies that conduct cash dividends, there are 12 state -owned enterprises, accounting for 23.08%, and the total amount of cash dividends is 1.495 billion yuan. There are 40 private enterprises, accounting for 76.92%, and the total cash dividend is 2.76 billion yuan. It can be seen that at the average level of cash dividends, 40 private enterprises lost to 12 state -owned enterprises.

From the perspective of the listing sector, of the 52 A -share environmental protection listed companies that have released the annual cash dividend plan for 2021, the main board and GEM of the Shenzhen Stock Exchange have a total of 31 companies, with a total cash dividend of 2.233 billion yuan; Shanghai Securities Trading transaction A total of 21 companies in the main board and science and technology board, with a total cash dividend of 2.022 billion yuan.

From the perspective of regional distribution, among the 51 A -share environmental protection listed companies that have released 2021 cash dividend plans, there are 7 companies in Zhejiang Province, with a total cash dividend of 1.132 billion yuan. 8 companies, the total cash dividend of 779 million yuan is 779 million yuan; Guangdong Province has defeated Beijing (the total cash dividend of 8 companies to be 426 million yuan) and Anhui Province (the total cash dividend of 8 companies) and Anhui Province (the total cash dividend of 5 companies) and Anhui Province The total cash dividend of the seven companies was 208 million yuan), ranking third; companies registered in Hubei Province, Inner Mongolia Autonomous Region, Jilin, Henan Province, and Shandong Province, the total cash dividend of 2021 did not exceed 50 million yuan.

Dividend, who is the most proud, who is the "iron cock"?

As an important form of cash dividend, as an important form of return on investment, it is an important manifestation of respecting and protecting investors' rights and interests. Therefore, the annual cash dividend of the Supervisor has always received widespread attention from the market and investors. With the annual income of 2021, who is the most proud of the dividend? Who is a "iron cock"?

From the perspective of the cash dividend (before tax, the same below), there are the most companies between 0 yuan (excluding) and 5 yuan (excluding), as high as 47; in 5 yuan (inclusive) to 10 yuan There are 3 companies between (not included), namely the Nanda Environment, Delin Sea and Jiarong Technology, and each 10 shares sending cash dividends of 8 yuan, 5.6 yuan, and 5.2 yuan; There are only two, namely Jindale and Taihe Water, and each 10 -share cash dividends are 10 yuan.

In addition to the direct distribution of cash dividends, the combination of cash dividends and capital provident funds to increase the share capital is another important form of dividends for listed companies. Among the 52 A -share environmental protection listed companies that have released the 2021 annual cash dividend plan, a total of 11 companies have adopted this dividend method, namely high -energy environment, Hua Ming, Weiming Environmental Protection, Shanghai Washing Battle, South China Environment, Germany, Germany, Germany, Germany, Germany, Germany, Germany, Germany, Germany, Germany, Germany, Germany, Germany, Germany, Germany, and Germany, and Germany, and Germany. Lin Hai, Huayi Environmental Protection, Taihe Water, Zhenghe Ecology, Liyuan Technology and Military Credit shares. Among them, Taihe Water became the most magnificent A -share environmental protection listed company in 2021 with 10 to 4.5 yuan. The reason why it is called "pride" is that Taiheshui still dividends in the case of 2021's performance.

The prospectus shows that Taihe Water mainly uses the "biological-ecological" method to repair and build water environment ecological restoration and construction of rich ecological water bodies. The main business includes two major sections: water environment ecological construction and water environment ecological maintenance. In February 2021 Complete the motherboard listing.

According to the 2021 annual report disclosed by Taihe Water, its operating income was 460 million yuan, a year -on -year decrease of 17.8%; the net profit attributable to shareholders of listed companies was 91 million yuan, a year -on -year decrease of 43.72%.

Among the top ten shareholders of Taihe Water, as of the end of 2021, except for the actual controller of Taihe Water, He Wenhui and shareholder Zhu Xiang, the remaining eight shareholders were investment companies. Taking shareholders Zhu Xiang as an example, at the end of the report period, the number of holdings held by 160,8350 shares, accounting for 2.06%of the total share capital of Taihe Water. According to the calculation of 10 yuan per 10 shares, Zhu Xiang will get cash in this dividend in this dividend. More than 1.6 million yuan (before tax), the number of re -increased shares was 723757.5.

In addition, one company is worthy of attention, that is, Beiqing Ringneng. Although Beiqing Ringneng did not directly distribute cash dividends, the dividend method of the capital provident fund to increase the share capital was selected. The "Announcement on the 2021 Property Distribution and Capital Provident Fund's Plan" released by Beiqing Huanneng showed that its capital provident fund to all shareholders was increased by 4 shares to all shareholders.

So, who is the best? Of the 18 companies that have not been divided into dividends, only one company has not made any form of dividends for 5 consecutive years. This company is the Star source listed on the Shanghai Stock Exchange's motherboard in 1990.

It is worth mentioning that by tracking the dividend of A -share environmental protection listed companies for many years, "Environmental Economy" found that "iron cocks" are getting less and less, and the number of companies with annual cash dividend plans has increased steadily. This has a great relationship with the continuous improvement of the cash dividend system of listed companies.

"Environmental Economy" learned from the China Listed Companies Association that in recent years, regulators have conducted special inspections of profit distribution of listed companies through strengthening the requirements of cash dividend decision -making mechanisms and information disclosure requirements, conducting supervision interviews on long -term independent listed companies, strengthening listed companies to strengthen listed companies Cash dividend publicity guidance and other methods are encouraged to implement different dividend policies in accordance with the development stage and industry types.

In April of this year, the chairman of the China Securities Regulatory Commission Yihui Man Man was emphasized when attending an important meeting that the improvement of the quality of listed companies was ultimately reflected in the ability of value creation and value distribution. Return to enhance investors' sense of gain.

What is the basis for dividends? Will there be dividends if you lose money?

A -share environmental protection listed companies, which are not divided for five consecutive years, are not only ST Xingyuan.

Last year, "Environmental Economy" reported that China Tianyi, who was "one brother in revenue," did not make dividends for 5 consecutive years. But unlike ST Xingyuan, China Tianyi is making money every year.

Through the annual report from China Tianyu from 2016 to 2020, "Environmental Economy" found that China Tianyu achieved operating income in the past five years of 980 million yuan, 1.612 billion yuan, 1.847 billion yuan, 18.587 billion yuan and 21.867 billion yuan. The net profit attributable to shareholders of listed companies was 212 million yuan, 222 million yuan, 216 million yuan, 713 million yuan, and 654 million yuan, respectively.

The annual surplus is regardless of dividends. The explanation given by China Tianyi is: Before the reorganization of the backdoor reorganization in 2014, China Tianyu's predecessor China Kejian Co., Ltd. has not had actual main business for many years. As of December 31, 2014, China Tianyu's parent company did not allocate a profit of -988 million yuan. After the reorganization, China Tianyi has been working hard to improve its operating performance and make up for the previous year's losses.

In 2021, China Tianyi finally divided into dividends. According to the "Announcement of the 2021 Annual Research Research" issued by Tianyu, China, it will distribute 1 yuan per 10 shares (before tax) to all shareholders, and the actual cash dividend of 239 million yuan.

So, what needs to be considered is: Should listed companies implement profit distribution, should it be based on the parent company report, or is it based on the combined statement?

According to the "Reconstruction of the Institute of Profit Distribution in the Consolidated Accounting Report" (Caixin letter [2000] No. 7), the company that compiles the merger accounting statement is based on the profitable profits of the parent company.

"Shanghai Stock Exchange Stock Listing Rules (revised in January 2022)" and "Shenzhen Stock Exchange Stock Listing Rules (Revised in 2022)" clearly stated that the profit distribution of listed companies should be based Essence However, the difference is that the latter has further emphasized that in order to avoid the situation of over -distribution, listed companies should determine the specific profit distribution ratio with the principle of low profits in the combined statement and parent company report. In addition, there is another situation, that is, the loss of losses of listed companies is still dividend. For example, Wanbangda's net profit attributable to shareholders of listed companies in 2020 was-3.75 million yuan, and cash dividends were still carried out under losses. According to the "Announcement of the Equity Division of the 2020" issued by it, Wanbangda issued 0.15 yuan per 10 shares, and the total cash dividend was set up at RMB 12.2 million.

This is because although Wanbangda belongs to the shareholders of listed companies, although the net profit is negative, the parent company achieved a net profit of 23 million yuan in the year. Yuan.

However, since the loss is lost, why should the company make dividends?

Xiong Jinqiu, a senior economic researcher, once pointed out that in the profit years, listed companies have retained more unpreceding profits and distributed dividends. In the loss of losses, the unbridled profits of the profit of profit are used to make up for losses. If there is a surplus, you can issue dividends, which is equivalent to allocating the previous annual after -tax profits, which can ensure that the company's annual dividend distribution quota is maintained at an average level, which is allowed by the company law.

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