Qifeng New Material proposes 2024 profit distribution, guarantees subsidiary debt

Qifeng New Material (SZSE:002521) announced its 2024 profit distribution plan and intentions to provide significant guarantees to its subsidiaries. The board recommends a cash dividend of CNY 3 per 10 shares, totaling CNY 168,018,315.00, pending shareholder approval. Additionally, Qifeng intends to offer debt guarantees of up to CNY 2 billion for its subsidiary, Zibo Ounuo Special Paper, and CNY 500 million for Guangxi Qifeng New Material, with the total amount of guarantees not exceeding CNY 3.5 billion for the period until the 2025 Annual General Meeting. Concurrently, the company's internal controls audit confirmed effective financial reporting controls.