[Financial Morning Report] Trillion-dollar leading stock plans to pay 12.52 yuan for every 10 shares

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Important News Highlights

Central Office and State Council: Establish a long-term care insurance system that is adapted to China’s basic national conditions, covers all citizens, coordinates urban and rural areas, ensures fairness and unity, is safe and standardized, and sustainable

State-owned Assets Supervision and Administration Commission of the State Council: Promote the digital and intelligent transformation and upgrading of central enterprise finance

Leading billion-dollar market value office software company Kingsoft Office: Net profit in 2025 is expected to grow by 11.63% year-on-year, with a proposed dividend of 12.52 yuan per 10 shares

Today’s Highlights

The State Council Information Office will hold a press conference at 10 a.m. today to introduce the progress of establishing a long-term care insurance system

The Ministry of Commerce will hold a press conference today to introduce recent key work in the commerce sector

The People’s Bank of China’s open market operations will mature today with 13 billion yuan in 7-day reverse repos

Financial News

1. Xinhua News Agency reports that on March 25, the Central Office and State Council issued the “Opinions on Accelerating the Establishment of a Long-term Care Insurance System,” which aims to build a long-term care insurance system that is suitable for China’s basic national conditions, covers all citizens, coordinates urban and rural areas, ensures fairness and unity, is safe and standardized, and sustainable. This marks the shift of the long-term care insurance system from pilot projects to nationwide implementation. See article: Covering all citizens! China accelerates the establishment of a long-term care insurance system

2. On March 25, the State-owned Assets Supervision and Administration Commission announced that recently, it organized training on the digital and intelligent transformation and upgrading of central enterprise finance and transparent supervision. The meeting emphasized that the transformation should be guided by the “14th Five-Year Plan,” thoroughly implement the “Guiding Opinions on Accelerating the Digital and Intelligent Transformation of Central Enterprise Finance,” and fully apply new technologies such as big data, large models, and artificial intelligence. The focus is on five upgrade directions: “financial management systematization, financial system integration, financial information digitalization, financial supervision intelligence, and financial transformation integration,” aiming to build a digital resource management platform (DRP system) across all operational areas, providing strong support for the high-quality development of state-owned enterprises and capital during the “14th Five-Year Plan.” See article: State-owned Assets Supervision and Administration Commission: Promoting the digital and intelligent transformation of central enterprise finance

3. On March 25, the State Administration for Market Regulation announced that it, together with the Ministry of Education, is drafting the “Supervision and Management Regulations on Food Safety Responsibilities in Kindergartens (Draft for Comments),” seeking public opinions for 30 days. The draft contains 32 articles, aiming to implement the strictest food safety standards, further solidify the primary responsibility of kindergartens, contractors, and catering units for food safety, and ensure the dietary safety of children. See article: Concerning kindergarten food safety, the Market Regulation Administration seeks public comments

Company News

1. Listed Company Performance

China Life: In 2025, operating income is expected to reach 615.68B yuan, up 16.5% year-on-year; net profit attributable to parent company shareholders is expected to be 154.08B yuan, up 44.1%; basic earnings per share are 5.45 yuan. The company plans to distribute a dividend of 6.18 yuan per 10 shares (tax included) at year-end 2025.

Kingsoft Office: In 2025, operating income is projected at 5.93B yuan, up 15.78%; net profit attributable to shareholders is 1.84B yuan, up 11.63%. The company plans to distribute a cash dividend of 12.5228 yuan per 10 shares (tax included), totaling about 580 million yuan (tax included). The plan still needs approval at the shareholders’ meeting. According to Tonghuashun data, on March 25, Kingsoft Office closed at 243.11 yuan per share, with a latest market value of 112.65 billion yuan.

HuaGong Technology: In 2025, operating income is expected to be 14.36B yuan, up 22.59%; net profit attributable to parent is 1.47B yuan, up 20.48%; basic earnings per share are 1.47 yuan. The company plans to distribute a cash dividend of 2.5 yuan per 10 shares (tax included).

Jinli Yongci: In 2025, operating income is expected to be 7.72B yuan, up 14.11%; net profit attributable to shareholders is 706 million yuan, up 142.44%. The company plans to distribute a cash dividend of 2.2 yuan per 10 shares (tax included).

Nanya New Materials: In 2025, operating income is projected at 5.23B yuan, up 55.52%; net profit attributable to parent is 240 million yuan, up 337.6%; basic earnings per share are 1.07 yuan. The company plans to pay a cash dividend of 3.2 yuan per 10 shares (tax included).

Zhimingda: In 2025, operating income is expected to be 709 million yuan, up 61.87%; net profit attributable to parent is 102 million yuan, up 425.27%; basic earnings per share are 0.61 yuan. The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included).

Puyuan Jingdian: In 2025, operating income is projected at 900 million yuan, up 16.04%; net profit attributable to parent is 86.0838 million yuan, down 6.74%; basic earnings per share are 0.44 yuan. The company plans to distribute a cash dividend of 4 yuan per 10 shares (tax included).

2. Ruineng Technology: On the evening of March 25, the company announced that it is planning to acquire up to 75% of Botei Intelligent Equipment (Guangdong) Co., Ltd. through a combination of share issuance and cash payment to gain control, and raise supporting funds. The transaction is not expected to constitute a major asset reorganization or change of control. Due to uncertainties, the company’s stock will be suspended from March 26 for up to 10 trading days to protect investors’ interests.

3. China Eastern Airlines: On the evening of March 25, the company announced that it signed a purchase agreement for 101 Airbus A320NEO series aircraft with Airbus, to be delivered between 2028 and 2032. The total catalog price is about $15.8B, which, at the RMB/USD exchange rate of 6.8911 announced by the People’s Bank of China on the signing date, is approximately 108.89B yuan.

4. China Life: On the evening of March 25, the company announced its plan to invest 2.8 billion yuan as a limited partner to jointly establish the Fujian Xinrui Sci-Tech Innovation Relay Equity Investment Fund Partnership (Limited Partnership) with Fujian government investment and Fuzhou Jintou, with a total size of 4.0154 billion yuan. The fund focuses on private equity secondary markets, mainly investing in new-generation information technology, biomedicine, high-end manufacturing, and other strategic emerging industries. This transaction constitutes an associated transaction, approved by the board of directors, with related directors abstaining from voting; no need for shareholder approval.

5. Fulian Transportation: On the evening of March 25, the company announced that it received notice from its controlling shareholder, Yongfeng Group, that it is planning to transfer its shares, which may lead to a change in the company’s controlling shareholder and actual controller. Due to significant uncertainties, the company’s stock will be suspended from March 26 to avoid abnormal price fluctuations. The suspension is expected to last no more than 2 trading days. During suspension, the company will disclose progress and announce when to resume trading.

6. YingTang Zhikong: On the evening of March 25, the company clarified that it has noticed false information circulating online and states: it plans to acquire 100% equity of Guilin Guanglong Integrated Technology Co., Ltd. and Shanghai AoJian Microelectronics Technology Co., Ltd. in one go. The company is proceeding according to relevant laws, regulations, and the transaction plan. After completion, the board will issue a separate notice for a shareholders’ meeting. The company, its controlling shareholder, and ultimate controller have no major undisclosed matters; operations are normal; the 2025 performance forecast has been pre-communicated with auditors with no disagreements; and there have been no insider stock trades by the company, controlling shareholder, or management in the past six months. Tonghuashun data shows that YingTang Zhikong rose nearly 10% in the morning, then plunged over 19% in the afternoon, closing at 11.01 yuan per share, down 16.72%.

7. Roboteck: On the evening of March 25, the company announced that its wholly owned subsidiary, ficonTEC, and its subsidiaries signed major routine business contracts with a Nasdaq-listed company F and its subsidiaries from March 19 to March 25, totaling approximately 600 million yuan, related to high-precision coupling equipment and services for plug-in silicon photonics technology, accounting for over 54.23% of the company’s audited operating income for 2024. If successfully executed, it is expected to have a significant positive impact on the company’s 2026 performance. The contracts will help the company continue to improve its technology in the high-precision coupling equipment frontier.

8. Deppon Logistics: On the evening of March 25, the company announced that it received a decision from the Shanghai Stock Exchange to terminate the listing of Deppon Logistics Co., Ltd., approving the company’s voluntary withdrawal from the exchange. The company’s stock will be delisted on March 31. After delisting, the company will transfer to the National SME Share Transfer System, managed through the original securities firm, on the “two-network” platform for transfer and trading.

Selected Research Reports

Datong Securities reports that in the consumer electronics sector, the foldable screen phone market is at a critical point of “technological maturity” and “big players entering.” The clear expectation of Apple entering the foldable screen market will disrupt the current competitive landscape. Although Chinese manufacturers hold advantages in market share (Huawei nearly half) and hardware innovation (lightweight, long battery life, waterdrop hinge) and have strengthened user loyalty through ecosystem integration (compatibility with Apple ecosystem), Apple’s entry will accelerate the industry’s shift from “form innovation” to “ecosystem collaboration.” Future competition is expected to focus less on hardware specs and more on system ecosystem, AI capabilities, and supply chain costs.