# capital reserves

Cambrian’s Cash Gift: A Timely Dividend That Quietly Clears a Regulatory Hurdle

Cambrian reported its first annual profit in 2025 and proposed its first cash dividend of about RMB632 million. However, the payout followed a parent‑level accounting adjustment using capital reserves that created distributable profits and positioned the dividend just above a regulatory 30% threshold, clearing the way for possible controlling‑shareholder sell‑downs while the company still faces sizeable cash‑flow and funding gaps.