Spending 31.5 billion! CATL leads a major dividend distribution, with over 30 companies proposing dividend plans

As the 2025 annual report disclosure season progresses, listed companies on the A-share market are unveiling their dividend plans as expected. According to incomplete statistics, by March 10, 36 A-share companies have announced their 2025 dividend plans, fostering a strong market trend of rewarding investors with real cash.

Leading the Way, Big-Scale Dividends Shine

In this round of dividend enthusiasm, the high payout ratios of top-tier companies are undoubtedly the most eye-catching highlights, supported by solid performance fundamentals and abundant cash flow.

Global leader in power batteries—CATL—disclosed its 2025 annual report on the evening of March 9. The company achieved operating revenue of 423.702 billion yuan in 2025, a year-on-year increase of 17.04%; net profit attributable to shareholders was 72.201 billion yuan, up 42.28%.

While maintaining steady growth, CATL also announced its 2025 profit distribution plan: it plans to pay a cash dividend of 69.57 yuan (tax included) per 10 shares to all shareholders, totaling 31.532 billion yuan in cash dividends (tax included). In 2025, the company will not convert capital reserve funds into share capital nor issue bonus shares.

The announcement states that the total cash dividends for 2025 include annual cash dividends and special cash dividends, accounting for 50% of the net profit attributable to shareholders in the consolidated financial statements for 2025. This aims to actively respond to relevant policy guidance and genuinely reward investors.

Following closely is financial information service provider Tonghuashun. The company also delivered an impressive performance in 2025: operating revenue of 6.029 billion yuan, up 44.00%; net profit attributable to the parent company of 3.205 billion yuan, a surge of 75.79%. Based on excellent performance, Tonghuashun proposed a combined dividend scheme of “cash + share transfer”: it plans to pay 51 yuan (tax included) in cash per 10 shares, totaling 2.742 billion yuan, and to transfer 4 shares for every 10 shares using capital reserve funds.

Besides giants with market caps in the hundreds of billions, many small- and medium-cap listed companies have also joined the generous dividend ranks, showing a positive “multi-point flowering” trend. Desay SV, for example, plans to pay 12.50 yuan per 10 shares, demonstrating stable profitability during industry transformation; Kefu Medical plans to pay 12.00 yuan per 10 shares, reflecting the continuous growth momentum of the healthcare industry amid consumption upgrades.

Additionally, companies like Wanyuan Tong and Link Technology listed on the Beijing Stock Exchange and main board plan to pay 5 yuan per 10 shares; Xingchen Technology will distribute a cash dividend of 3 yuan per 10 shares to all shareholders, with no bonus shares or capital reserve transfer; Tianci Materials plans to pay 2 yuan (tax included) per 10 shares, totaling 405 million yuan.

Policy Support, Deepening Value Investment Concepts

The increasing enthusiasm for dividends among A-share listed companies is not accidental but a result of long-term policy guidance, evolving market ecology, and intrinsic corporate motivation.

In recent years, regulators have strengthened their guidance on companies rewarding investors, with clear policy directions. Early 2024 saw the Shanghai and Shenzhen stock exchanges jointly promote initiatives to “improve quality and efficiency, return more,” and “enhance both quality and return.” In April of the same year, the new “National Nine Regulations” were introduced, emphasizing strengthened oversight of cash dividends and proposing “multiple dividends per year, pre-dividends, and dividends before the Spring Festival.”

In early December 2025, Wu Qing, Chair of the China Securities Regulatory Commission, emphasized in an article the need to urge and guide listed companies to strengthen their awareness of investor returns and actively carry out cash dividends and buybacks. This series of policy measures provides clear guidance and strong support for companies to continuously optimize shareholder return mechanisms.

Under continuous policy guidance, the dividend landscape in the A-share market has undergone profound changes, a trend that has become even more evident since 2024. Data shows that from 2021 to 2024, the total dividends paid by A-share listed companies were 1.554 trillion yuan, 2.061 trillion yuan, 2.134 trillion yuan, and 2.377 trillion yuan respectively, with a compound annual growth rate of over 12% in the past five years.

Real cash dividends are not only a test of a company’s quality but also a vital force in reshaping market investment logic. Stable cash dividends provide investors with predictable cash flow returns, reducing risks associated with relying solely on stock price fluctuations. More importantly, they reflect improved corporate governance and respect for shareholder rights, serving as key indicators of long-term enterprise value.

This has led market funds to increasingly focus on companies’ fundamentals, cash flow, and governance levels, gradually abandoning the short-term speculative mentality of chasing small, poor, or concept stocks. A value investment philosophy centered on sustainability, predictability, and long-term compound growth is taking root among market participants.

It is foreseeable that as the peak of 2025 annual report disclosures approaches, more companies will announce their profit distribution plans. The pioneering examples set by CATL, Tonghuashun, and others are expected to inspire more high-quality enterprises to actively reward investors. Led by industry leaders, this “dividend wave” not only directly benefits investors but also reflects the microcosm of the capital market’s commitment to investor-centric principles and enhanced internal stability.