Big Move! Four companies, each distributing dividends exceeding 100 billion yuan

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As the annual report season arrives, many Shanghai-listed companies have announced dividend plans alongside their disclosures, providing strong support for the value of Shanghai-listed companies with real cash.

To date, a total of 122 companies listed on the Shanghai Stock Exchange have released their annual reports, with 120 of them announcing dividend distributions, accounting for over 98%. Among the 89 companies on the main board that have disclosed annual reports, 70 have announced dividend plans, with an estimated total dividend of 76.524 billion yuan. On the STAR Market, 33 companies have disclosed their annual reports, with 31 announcing dividends, totaling an estimated 3.788 billion yuan in dividends.

Among the Shanghai-listed companies that have disclosed dividend plans, four have dividend amounts exceeding 10 billion yuan each.

• CITIC Bank plans to distribute a total cash dividend of 21.201 billion yuan in 2025 (3.81 yuan cash dividend per 10 shares), with cash dividends accounting for 31.75% of net profit attributable to common shareholders, both record highs in history;
• Sinopec plans to distribute a total cash dividend of 13.544 billion yuan (including tax) at the end of 2025, with an estimated annual cash dividend of 0.2 yuan per share (including tax). According to Chinese accounting standards, combined with share repurchases, the annual profit distribution ratio reaches 81%;
• Industrial Fulian’s cash dividends for 2025 (including interim dividends already paid) total approximately 19.451 billion yuan, with a dividend payout ratio of 55.12%;
• Zijin Mining plans to distribute cash dividends of 3.8 yuan (including tax) per 10 shares to shareholders on the date of profit distribution announcement for 2025, totaling approximately 10.104 billion yuan (including tax). Additionally, the company announced plans to repurchase shares worth 1.5 to 2.5 billion yuan for employee stock ownership plans or equity incentives, with a repurchase price not exceeding 41.5 yuan per share.

As listed companies increase their dividend payouts, investors are actively engaging with these companies, and the popularity of dividend-related stocks and products is rising significantly. Stable, high-frequency dividends are more likely to attract patient and long-term capital such as social security funds and insurance institutions, as well as foreign institutional investors who value corporate governance and market order regulation.

Behind the positive shift in corporate dividend policies is the joint maturity and progress of China’s capital market regulators, investors, and listed companies. Since the new “National Nine Articles” in April 2024 strengthened the regulation and incentives for cash dividends, regulators have taken multiple measures to improve dividend yields. Multiple dividends per year are becoming mainstream, with interim dividends emerging as a new trend. Meanwhile, investors’ expectations for dividends have increased, prompting companies to pay more attention to shareholder returns. The increasing transparency and standardization of dividend decisions are gradually attracting more companies to follow suit through positive market feedback.

It is expected that measures to further encourage listed companies to increase dividend payouts and frequency will continue to improve, with more companies joining the high-frequency dividend trend. This will help build a virtuous cycle of “governance optimization—dividend enhancement—valuation reshaping,” creating a new pattern of shared growth between investors and companies, and driving a systemic overhaul of the capital market’s value discovery mechanism.

Source: CCTV Finance, Company Announcements

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Editor: Wu Sinan