A, B, C "Guidelines for Supervision of Listed Companies No.3-Cash Dividends of Listed Companies" stipulates that the board of directors of a company shall comprehensively consider the industry characteristics, development stage, its own business model, profit level and whether there are major capital expenditure arrangements, distinguish the following situations, and propose differentiated cash dividend policies according to the procedures stipulated in the company's articles of association:
(1) If the development stage of the company is mature and there is no major capital expenditure arrangement, the cash dividend ratio in this profit distribution should reach at least N80 %；;
(2) If the company has a mature development stage and has major capital expenditure arrangements, the proportion of cash dividends in this profit distribution should be at least N40 %；;
(3) If the company is in the growth stage and has major capital expenditure arrangements, the proportion of cash dividends in this profit distribution should be at least N20%%:
A listed company shall specify the priority order of cash dividends relative to stock dividends in profit distribution in its articles of association.
D. The Notice on Further Implementing Matters Related to Cash Dividends of Listed Companies stipulates that listed companies shall strictly implement the cash dividend policy determined in the Articles of Association and the specific cash dividend plan reviewed and approved by the shareholders' meeting. If it is really necessary to adjust or change the cash dividend policy determined in the Articles of Association, it shall meet the conditions stipulated in the Articles of Association, and after detailed argumentation, it shall go through the corresponding decision-making procedures and be approved by more than 2/3 of the voting rights held by shareholders attending the shareholders' meeting.