Houlang Forest Research Laboratory|The preface is edited and coordinated|Xu Jiawei.
Recently, outstanding companies such as BYD, Inovance Technology, Mindray Medical, and Zhifei Biotechnology on the Shenzhen and Shanghai Stock Exchange have disclosed their action plans for "double improvement of quality and return", which implies multiple meanings. From December 31, 2023, nearly 300 companies on the main board of the Shanghai Stock Exchange have launched an action plan of "improving quality, efficiency and return", and the number of action plans for "double improvement of quality and return" is 35. According to the statistics of 300 enterprises in Shanghai and Shenzhen, 33 leading enterprises in various industries have disclosed their action plans. Although the driving force behind the disclosure of "double promotion" companies is largely at the behest of the management department, it is clear that these companies have been rigorously selected and represent the mainstay and cornerstone of China's capital market. "Double promotion" keyword"Double promotion" involves 10 industries such as power equipment, computers, medicine and biology according to Shenwan industry, all of which are leading enterprises in the industry and subdivisions. The 33 companies in CSI 300 are listed by market capitalization: CATL, BYD, Mindray Medical, Hikvision, Wanhua Chemical, Gree Electric, Luxshare Precision, Inovance Technology, Longyuan Power, North Huachuang, Zhifei Biotechnology, Haitong**, ZTE, Kingsoft Office, Zhongji Innolight, iFLYTEK, Baofeng Energy, China Micro Corporation, XCMG Machinery, Daqo Energy, Dahua Co., Ltd., Zhuosheng Micro, Huada Jiutian, Jingsheng Electromechanical, Guocheng Capital, Tianci Materials, Hualan Biotechnology, Guoxuan Hi-Tech, Maiwei Shares, CNGR, Goldwind Technology, Thunderda, Jinlang Technology. 
BYD's action plan for "double improvement of quality returns" includes: first, practicing long-termism and making the main business bigger and stronger; the second is to practice the concept of high-quality corporate governance as the root and improve the level of standardized operation; The third is to practice the investor-oriented concept and share the results with investors; Fourth, practice the concept of information disclosure oriented by the needs of investors and effectively convey the company's value; Fifth, the two-pronged approach of increasing holdings and repurchasing demonstrates confidence in long-term development. CATL said: first, innovation leads high-quality development; the second is to be investor-oriented and attach importance to investor returns; The third is to further strengthen investor exchanges. Zhifei Biotech told investors: first, focus on the main business and build a "world-class"; the second is to consolidate governance and ensure standardized operation; the third is to pay attention to shareholders and strengthen investment returns; Fourth, compliance information disclosure and enhance interactive communication. Gree Electric's action plan includes: first, serving the country through industry and creating a better life; the second is to insist on innovation and lead the development of the industry; the third is high dividends and attaches importance to shareholder returns; Fourth, actively repurchase to maintain market stability; Fifth, strengthen the disclosure of information and convey the value of the company. Mindray's action plan has the following parts: first, focus on the development of its main business and stride towards the top 20 global medical devices; Second, we will continue to strengthen investment in product research and development to achieve a win-win situation for all parties; the third is to accelerate the breakthrough of high-end customer groups at home and abroad and increase market share; Fourth, accelerate the mergers and acquisitions of global excellent targets and find long-term sustainable growth space; Fifth, maintain steady growth in performance and share the fruits of development with investors; Sixth, we should attach importance to investor relations management and improve the quality of information disclosure. Feature 1: High income and high growthBYD's revenue has been 1565 since 20209.8 billion yuan, an increase to 4240 in 20226.1 billion yuan, net profit attributable to the parent company since 2020 423.4 billion yuan, an increase to 166 in 2022$2.2 billion; The compound growth rate of revenue and net profit for the period was 6455% and 9813%。The new energy global champion company has a sales volume of 302440,000 units, has been the first in China's new energy vehicle sales for 11 consecutive years. In 2023, the net profit is expected to be 29 billion yuan to 31 billion yuan, an increase of 74% over the same period last year46%—86.CATL, which is 49% on the same track as BYD, is the global champion of power batteries and energy storage, with revenue from 296 in 20181.1 billion yuan, an increase to 3285 in 20229.4 billion yuan, and the net profit attributable to the parent company has increased since 33. in 20188.7 billion yuan, an increase to 307 in 20222.9 billion yuan, with a compound growth rate of 82 percent during the period of revenue and net profit52% and 7355%。It will account for 36 percent of the global power battery usage market in 20238%, ranking first in the world for seven consecutive years. Compared with 2009 before 2010, the operating income of Inovance Technology has increased from 300 million yuan to 30 billion yuan in 2023, an increase of nearly 100 times; Net profit increased from 100 million to 4.8 billion in 2023, an increase of about 47 times. Projected revenue for 2023 is 2899-310.600 million yuan, an increase of 26%-35%, and the net profit attributable to the parent company was 458-49.700 million yuan, an increase of 6%-15%. Amazing, isn't it? In fact, its universal servo system accounts for 24 percent of the Chinese market3% ranked first, and low-voltage inverter products accounted for 175% ranked first, and small PLC products accounted for 154% ranked second, and the motor controller for new energy passenger vehicles was 92% ranked third, and the motor controller ranked first among third-party vendors. Zhifei Biotech, a vaccine leader that is committed to the vision of "building a world-class national biopharmaceutical enterprise", has a revenue of 52 percent in 2018 by virtue of its "two-wheel drive".2.8 billion yuan, an increase to 382 in 20226.4 billion yuan, net profit from 145.1 billion yuan increased to 753.9 billion yuan, with a compound growth rate of 64 during the revenue and net profit period48% and 5097%。In October 2023, Zhifei Biotech obtained the exclusive ** of GSK's star product "Recombinant Herpes Zoster Vaccine" in China, and the purchase amount was as high as 206 in the next three years400 million yuan, this product is expected to become another blockbuster product after Merck Sharp & Dohme's HPV vaccine. In addition, GSK will also prioritize becoming the exclusive partner of Zhifei Biotech in the co-development and commercialization of any RSV vaccine for the elderly in the cooperation region. Mindray's three major business products, namely Life Information & Support, In Vitro Diagnostics and Medical Imaging, are sold to more than 190 countries and regions around the world. Revenue in 2022 is 3036.6 billion yuan, ranking 27th among global medical device companies, the company has put forward the goal of ranking among the world's top 20 medical devices in 2025, and continues to attack the top 10 in the world. Feature 2: Clear strategy and innovative developmentWe found that these outstanding companies are all innovation leaders in the industry, and R&D is the premise of maintaining core competitiveness. Over the years, Zhifei Biotech has adhered to the two-wheel drive of "technology & market", relying on the three R&D and production bases and innovative product incubation centers of Beijing Zhifei Luzhu, Anhui Zhifeilong Kema and Chongqing Zhirui, and has continued to promote 29 research projects around nine R&D technology platforms and eight product matrices. In November 2023, Zhifei Biotech plans to acquire 100% of the equity of Chen'an Biotech, and after the completion of the acquisition, the company's business will expand to the field of metabolic diseases such as diabetes and obesity. BYD has always adhered to the development concept of "technology is king, innovation is the foundation", has more than 90,000 R&D engineers, and has applied for more than 4 patents worldwide80,000 patents and more than 30,000 authorized patents, from vehicle technology to upstream batteries, motors, electronic controls and other core components are fully covered. In 2023, Mindray completed the acquisition of a 75% stake in Diasys, a world-renowned IVD brand in Germany. In January 2024, its 66500 million yuan to acquire Huitai Medical, a medical device company listed on the Science and Technology Innovation Board, and laid out the subdivision track in the cardiovascular field. In the first three quarters of 2023, Mindray Medical invested 281.1 billion yuan, accounting for 10 percent of operating income3%。Hikvision's R&D investment has remained at about 10% of its operating income for many years, and its R&D investment in 2022 will be 98$1.4 billion. At present, Hikvision has the first national new generation of artificial intelligence open innovation platform, and has released the "Guanlan" large model, which has improved the ability of AI application in various industries. Gree Electric Appliances has diversified its development on the basis of consolidating the main business of air conditioning, and has realized a comprehensive transformation from "good air conditioner Gree manufacturing" to "good electrical appliances Gree manufacturing". It adheres to the principle of "independent research and development of core technologies", adheres to the principle of "no upper limit on on-demand investment", drives the value chain with the innovation chain, supports the innovation chain with the value chain, and implements the leader strategy. As of the beginning of February 2024, Gree Electric has applied for a total of 119,550 patents, and now has 44 "internationally leading" technologies. Feature 3: Investor returns and information disclosureInvestor returns are the last word. Since its listing in 1996, Gree Electric has accumulated equity financing of 526.9 billion yuan, with a cumulative dividend of 142 billion yuan, of which the cash dividend has exceeded 110 billion yuan, and the repurchase of the company's shares has accumulated about 30 billion yuan. Since 2020, the cumulative repurchase of shares has been about 61.7 billion shares, with a cumulative cancellation of about 38.4 billion shares. Since its listing in 2010, Hikvision has achieved a total net profit attributable to the parent company of 10189.5 billion yuan, with a cumulative dividend of 5205.1 billion yuan, of which cash dividends are 5000.8 billion yuan, repurchase of 20 public shares4.3 billion yuan, with a cumulative dividend rate of 51%. The total cash dividends accumulated since the listing of Zhifei Biotech are 492.4 billion yuan, equivalent to 34 times. It also shares the fruits of development with investors through "bonus shares", "conversion of shares" and "repurchase", and the company has been rated "A" in the evaluation of information disclosure of listed companies on the Growth Enterprise Market of the Shenzhen Stock Exchange for 8 consecutive years. Since its listing in 2010, Inovance has paid a total of 56 cash dividends3.6 billion yuan, accounting for about 33% of the cumulative net profit attributable to the parent company and 128% of the cumulative funds raised during the period, and the information disclosure has also maintained an assessment of "A" for 13 consecutive years. Mindray Medical announced its first profit distribution in the third quarter of 2023, with a total cash dividend of about 521.2 billion yuan. Since its listing in 2018, it has implemented dividends for six consecutive years, with a total of 209 cumulative dividends8.1 billion yuan, several times the amount raised by the IPO 593.4 billion yuan, since its listing in 2018, the company's information disclosure evaluation has all been "A". Since CATL's listing in 2018, it has paid a total of 91 cash dividends0.5 billion yuan. In 2022, it further increased investor returns, increasing the cash dividend ratio to 20%, and paid a total of 615.5 billion yuan in cash dividends. What is the certainty of the "double promotion" declaration? These companies that disclose "double promotion" have extremely high conditions and standards, which are also equivalent to official filtering and recognition, and do not raise their hands if they are not excellent. Its implicit meanings include: 1. Growth is determined; 2. Have a good ability to return investors; 3. The governance of the enterprise is recognized, and there is no bad record in the past; 4. The company has clear sustainable development ideas and goals. Generally speaking, the probability of their thunderstorm is extremely low, and the "double promotion" is regarded as a credit endorsement. February** Dynamic Incentive Program