China Kings Resources Group Co

The first batch of demonstration cases under the Shanghai Stock Exchange's Quality and Efficiency, Return Enhancement 2.0 special initiative has been released, with more than 10 Shanghai-listed companies setting quantitative targets around core indicators such as revenue, profit, R&D, output, buybacks, and dividends, and disclosing specific plans. These companies include CRRC, Guangxi Guiguan Electric Power, Ningbo Zhoushan Port, Eastroc Beverage, Jinshi Resources, Sepax Technologies, Anhui Heli, Haier Biomedical, Jiangsu Expressway, Laobaixing Pharmacy, and Jointown Pharmaceutical. Among them, Ningbo Zhoushan Port has set a 2026 cargo throughput target of 1.25 billion tonnes and a container throughput target of 57.65 million TEU, both up from 2025 levels. Sepax Technologies, using 2025 as the base year, has proposed a 25% revenue growth target and a 33% net profit growth target for 2026. Haier Biomedical aims to raise the share of overseas revenue from 36% in 2025 to above 50% within three years, and to lift the contribution of M&A revenue from 30% to above 40%. Raising dividend payout ratios, increasing dividend frequency, and implementing shareholding increases and buybacks have also become common choices for many companies. Jinshi Resources and Haier Biomedical, among others, have rolled out three-year shareholder return plans covering 2026 to 2028. Ningbo Zhoushan Port, Guangxi Guiguan Electric Power, and Eastroc Beverage have respectively proposed 2026 dividend payout ratios of no less than 65%, 70%, and 80%. Jiangsu Expressway has specified a change from one dividend per year to two dividends per year, and Anhui Heli plans to increase dividend frequency through measures such as interim dividends. In addition, several companies have set quantitative targets for increasing the frequency and forms of investor communication, and have formulated ESG-specific goals and implementation paths. Ningbo Zhoushan Port has also proposed governance-related targets such as independent directors spending no fewer than 15 days on-site in 2026.