LB Group(002601) 21世纪经济报道·2025-04-25 11:03Core Viewpoint - Longbai Group (002601) has demonstrated a strong commitment to cash dividends, planning a cash distribution of 2.144 billion yuan for 2024 and an additional 1.186 billion yuan in the first quarter of 2025, despite fluctuations in profit performance [1][2]. Dividend Performance - The company's dividend payout ratio surged to 172.88% in the first quarter, with a net profit of only 686 million yuan, indicating a trend of distributing nearly all earnings [2]. - Longbai Group's dividend payout ratio reached 98.89% in 2024, retaining only 22 million yuan of undistributed profits at the end of the period [2]. - Cumulatively, the company has distributed 19.39 billion yuan in cash dividends since its listing, surpassing its total equity fundraising of 13.66 billion yuan, resulting in a payout-to-funding ratio of 141.97% [5]. Shareholder Structure - The company's high dividend performance is linked to its unique shareholder structure, which includes the founding family and key figures from the acquired Longmang Titanium Industry [3][8]. - Following the death of the former controlling shareholder Xu Gang, his daughter Xu Ran inherited 20.95% of the shares, making her the current actual controller of the company [8]. Financial Health and Borrowing - Despite high dividend payouts, Longbai Group's borrowing has increased significantly, with short-term loans rising from 4.1 billion yuan at the end of 2020 to 9.7 billion yuan by the first quarter of 2024 [3][12]. - The company's asset-liability ratio stood at 61.04% at the end of 2024, remaining above 60% for three consecutive years [13]. Future Dividend Sustainability - The sustainability of high dividend payouts will depend on the company's ability to generate profits and manage funds effectively, especially as it ventures into new business areas like lithium iron phosphate [10][11]. - The company has set a shareholder return plan that may limit dividends if the audited asset-liability ratio exceeds 70% or if significant capital expenditures are anticipated [14].