Shanghai Securities News | Annual Report Dividends in the Shanghai Stock Market Surpass RMB 800 Billion; Multiple Listed Companies "Finalize" 2026 Interim Dividend Arrangements

Shanghai Securities News, www.cnstock.com (Reporter: He Xinyi) — As intensive disclosures of 2025 annual reports proceed, A-share listed companies have unveiled their annual "red envelope" benefits and official annual dividend arrangement simultaneously. Statistics show that by the end of March, 577 companies listed on the Shanghai Stock Exchange (SSE) had published their annual reports, among which 460 announced dividend plans, accounting for nearly 80% of the total. The total proposed dividends under the final dividend schemes of these companies exceed RMB 800 billion, while their aggregate cumulative annual dividends reached RMB 1.38 trillion, a year-on-year increase of nearly 4%.

Full-year dividend payouts of the above companies have maintained an upward trend. The 460 companies with confirmed dividend plans are expected to record total full-year dividends of RMB 1.38 trillion, up 3.7% from RMB 1.33 trillion in 2024, and over 70% of them have lifted their dividend standards. A total of 32 enterprises including Huaihe Energy, Minmetals Development and Anhui Tongfeng Electronics achieved a year-on-year "breakthrough" in annual dividends compared with 2024. For example, Huaihe Energy faced substantial capital demands for private placement and cash-funded asset acquisitions, and thus distributed no profits in 2024. For 2025, the company proposes a cash dividend of RMB 1.9 per 10 shares, with total cash dividends of RMB 1.36 billion, equivalent to 80% of its net profit attributable to parent shareholders.

In another case, Minmetals Development secured profits in 2024, yet the earnings were insufficient to offset accumulated losses from previous years, resulting in no profit distribution that year. In 2025, the company offset historical losses with capital reserves, turning undistributed profits positive in its parent company financial statements and achieving profits in consolidated financial statements for the current period. It distributed total cash dividends of RMB 36.02 million, accounting for 188.53% of its 2025 net profit attributable to parent shareholders. In addition, 298 companies registered higher total annual dividends year on year; more than 20 leading enterprises including Shanghai Pudong Development Bank, CITIC Securities, Haier Smart Home and Zijin Mining raised their full-year dividend amounts while keeping total annual dividends above RMB 10 billion.

Multiple dividend distributions within a year have become mainstream practice. Among the 460 companies with disclosed cash dividend plans, 43% implemented multiple dividend distributions in 2025, compared with 33% in 2024. The number of those enterprises has risen sharply, and multi-round annual dividends have evolved from a "pilot practice" into a "common norm". Nine companies including G-Bits, Foshan Haitian Flavouring and Food and WuXi AppTec issued dividends three times in 2025, setting industry benchmarks for frequent dividend payouts. In addition, during the annual report disclosure window, over 50 companies have confirmed arrangements for interim dividends in 2026.

The cohort of enterprises with "annual dividends exceeding RMB 10 billion" continues to expand, with blue-chip leading enterprises serving as the "anchor of market stability". Among the 460 companies, the top five by annual report dividend volume are Industrial and Commercial Bank of China (RMB 60.2 billion), China Construction Bank (RMB 53.1 billion), China Mobile (RMB 48.2 billion), China National Petroleum Corporation (RMB 45.8 billion), and Agricultural Bank of China (RMB 45.5 billion). The five firms distributed combined dividends of RMB 252.8 billion, taking up 32% of the total, reflecting the robust dividend strength of blue-chip leaders.

From a full-year perspective, 25 companies posted total dividends above RMB 10 billion in 2025, with Industrial and Commercial Bank of China, China Mobile and China Construction Bank recording total full-year dividends exceeding RMB 100 billion. The "three major domestic oil enterprises" distributed combined dividends of approximately RMB 165 billion in 2025: China National Petroleum Corporation achieved total annual dividends of RMB 86.02 billion with a cash dividend payout ratio of 54.7%; Sinopec recorded total dividends of about RMB 24.206 billion with a payout ratio of 76.1%; CNOOC's total converted RMB dividends stood at roughly RMB 54.95 billion with a payout ratio of 45%. The three major telecom operators issued combined dividends of around RMB 130 billion, a year-on-year increase of 2.4%, among which China Telecom maintained a cash dividend payout ratio of 75%.

The four major state-owned commercial banks delivered total cumulative cash dividends of RMB 372.5 billion in 2025, a slight uptick from 2024. 2025 marked the second year for the four banks to adopt the dual "interim-and-final dividend" mechanism, and all of them have fully implemented multi-round dividend distributions within a year.