From Dividends to Value Experience: Listed Companies' Shareholder Returns Diversifying

Securities Daily Reporter Wang Xi

On the evening of March 12, Shandong Linglong Tire Co., Ltd. (hereinafter referred to as “Linglong Tire”) issued a voluntary information disclosure announcement that attracted market attention. Linglong Tire announced that it would carry out a “Shareholder Feedback Activity” for all shareholders, in the form of issuing exclusive coupons and exclusive gift rights to each eligible shareholder.

Under the common framework of shareholder returns in the A-share market, which mainly includes cash dividends and share transfers, this innovative attempt to turn shareholders into product experiencers provides a new example for exploring diversified shareholder return mechanisms.

The announcement shows that Linglong Tire initiated this activity to establish a long-term, diverse shareholder return mechanism. Through this activity, the company also hopes to enable shareholders to more intuitively and deeply recognize its intrinsic value and technological strength, and further enhance brand awareness of its core tire products.

Specifically, all Linglong Tire shareholders can receive a JD.com exclusive 10% discount coupon, which can be directly used to purchase Linglong Tire’s “Linglong Master” series tires at the JD.com “Linglong Tire Official Self-operated Flagship Store.” In addition, depending on the tire size and quantity purchased, participating shareholders can also receive JD E-cards worth between 40 and 260 yuan. This design is relatively rare in the A-share market and has attracted industry attention.

According to Yuan Shuai, Deputy Secretary-General of the Zhongguancun Internet of Things Industry Alliance, through exclusive discounts and JD E-cards, shareholders are guided to actively engage with Linglong Tire’s core products. This shift allows shareholders to move from merely being financial beneficiaries to perceivers of product quality and disseminators of user experience. This transformation extends the bond between shareholders and the company from equity to consumption scenarios, achieving a deep integration of investment value and product value.

Zhai Dan, President of Xinhuo Private Equity Fund, also told Securities Daily that Linglong Tire’s innovative shareholder feedback model is very instructive, especially for manufacturing and consumer companies with strong brand power but tight cash flow. During the economic recovery cycle, it can bind shareholders’ long-term confidence at a lower financial cost.

In fact, as a core mechanism for value sharing between listed companies and investors, shareholder feedback is undergoing a profound evolution from a single financial distribution to a multi-dimensional value linkage.

Wind Information data shows that since December 2025, at least nine listed companies in the A-share market have announced shareholder feedback activities. Most of these activities effectively covered the consumption peak seasons around New Year’s and Spring Festival, aiming to combine shareholder care with seasonal marketing nodes.

Among them, food and beverage companies such as Zhengzhou Qianwei Central Kitchen Food Co., Ltd. and Haoxiangni Health Food Co., Ltd. prefer to give product gift packs or offer deep discounts, transforming shareholders into product experiencers; cultural and tourism companies like Emei Mountain Tourism Co., Ltd. have built rights packages covering tickets, cable cars, hotels, hot springs, etc., utilizing idle capacity during off-peak periods for feedback; cultural and creative companies like Shenzhen Aoya Design Co., Ltd. choose to give away their own IP products, combining shareholder feedback with brand cultural output. These differentiated designs accurately reflect the different focuses of listed companies in various industries on shareholder relationship maintenance, brand marketing, and operational strategy coordination.

Dong Peng, member of the China Enterprise Confederation’s Asset Management Committee, told Securities Daily that this “experiential feedback” is most suitable for B2C companies whose products have high experiential attributes, longer consumer decision chains, and high overlap between user and investor profiles. However, when exploring this model, listed companies must also strictly adhere to compliance boundaries, operational risk boundaries, and value boundaries, truly making innovation a booster for improving corporate governance warmth and brand depth.