Proposed 10-for-70 dividend! Another large-scale dividend distribution in the A-share market

On the evening of March 26, several leading listed companies in the A-share market announced their annual reports.

China Mobile, Ping An Insurance, Semiconductor Manufacturing International Corporation (SMIC), CITIC Securities, and China National Offshore Oil Corporation (CNOOC) released their 2025 performance reports, with some companies planning substantial dividends. Among them, Gigabit plans to distribute a cash dividend of 70 yuan per 10 shares (tax included), with an estimated total payout of 502 million yuan.

Multiple Leading Companies Announce “Performance Reports”

China Mobile’s 2025 annual report shows that in 2025, the company achieved operating revenue of 1,050.187 billion yuan, a year-on-year increase of 0.91%; net profit attributable to shareholders of the parent company was 137.095 billion yuan, down 0.92% year-on-year.

SMIC’s 2025 annual report indicates that in 2025, the company achieved operating revenue of 67.323 billion yuan, a 16.5% increase; net profit attributable to shareholders was 5.041 billion yuan, up 36.3%. The company states that in 2025, the smartphone market remained stable with growth, and the PC replacement cycle began to boost sales; consumer electronics and smart wearables driven by AI on the client side continued to expand steadily.

Ping An’s 2025 annual report shows that in 2025, operating profit attributable to the parent company was 134.415 billion yuan, up 10.3%; net profit attributable to the parent company after deducting non-recurring gains and losses was 143.773 billion yuan, up 22.5%. By the end of 2025, the company’s shareholders’ equity exceeded 1 trillion yuan for the first time, reaching 1,000.419 billion yuan, a 7.7% increase from the beginning of the year.

China Pacific Insurance (CPIC)'s 2025 report indicates that the group achieved total operating revenue of 435.156 billion yuan, up 7.7%; net profit attributable to shareholders was 53.505 billion yuan, up 19.0%. The growth was mainly driven by a 40.1% increase in new business value in life insurance, with a 3.2 percentage point increase in new business value rate; property insurance’s combined underwriting cost ratio decreased by 1.0 percentage point to 97.6%, with significant underwriting profit growth; on the investment side, capital market opportunities were seized, with a total investment return rate of 5.7%, providing strong support for profit growth.

CITIC Securities’ 2025 annual report shows that in 2025, operating revenue reached 74.854 billion yuan, a 28.79% increase; net profit attributable to shareholders was 30.076 billion yuan, up 38.58%; total assets reached 2.08 trillion yuan, a 21.70% increase from the previous year. The performance growth was mainly due to significant increases in net income from brokerage, investment banking, and fund management businesses, as well as increased interest income from margin financing and securities lending, and reduced interest expenses on borrowed funds.

CNOOC’s 2025 annual report shows that in 2025, operating revenue was 398.22 billion yuan, down 5.3% year-on-year; net profit attributable to shareholders was 122.082 billion yuan, down 11.5%. The decline was mainly due to fluctuations in international oil prices, but the company offset some of the adverse effects through increased reserves and production, quality improvements, and efficiency gains: net production reached 777.3 million barrels of oil equivalent, up 7%; the main cost per barrel of oil decreased to $27.9.

Gigabit’s 2025 annual report indicates that in 2025, revenue was 6.205 billion yuan, up 67.89%; net profit attributable to shareholders was 1.794 billion yuan, up 89.82%. Operating cash flow was 2.796 billion yuan, up 123.91%. The performance growth was mainly due to contributions from newly launched games such as “Legend of the Sword,” “Ask for Immortality,” and “Treasure Hunt.”

Many Companies Plan Large-Scale Dividends

Gigabit continues its high dividend payout strategy, planning to distribute 70 yuan in cash dividends per 10 shares (tax included), with an estimated total payout of 502 million yuan; the total cash dividend for 2025 is expected to be 1.406 billion yuan, accounting for 78.41% of net profit attributable to shareholders. Since its listing in 2017, the company has paid a total of 7.422 billion yuan in cash dividends, 8.25 times the net proceeds from its IPO financing. Additionally, the company plans to authorize the board of directors to implement interim cash dividends in mid-2026, under the condition that profit distribution conditions are met, with the total dividend not exceeding 100% of the net profit attributable to shareholders for that period.

Ping An plans to pay a final dividend of 1.75 yuan per share in cash for 2025; the total annual dividend per share is 2.70 yuan, a 5.9% increase; the total cash dividend for the year is 48.891 billion yuan, maintaining growth for 14 consecutive years.

CITIC Securities’ 2025 profit distribution plan proposes a cash dividend of 4.10 yuan per 10 shares (tax included); combined with the interim dividend of 2.90 yuan per 10 shares (tax included), the total annual cash dividend per 10 shares is planned to be 7 yuan (tax included).

China Pacific Insurance (CPIC) plans to distribute an annual cash dividend of 1.15 yuan per share (tax included), totaling approximately 11.063 billion yuan, with a dividend payout ratio of about 20.7%, continuing its policy of steady shareholder returns.

CNOOC’s board recommends a final dividend of 0.55 Hong Kong dollars per share, combined with an interim dividend of 0.73 HKD per share, totaling 1.28 HKD per share for the year, with a total payout of about 60.8 billion HKD, accounting for 45% of the net profit attributable to shareholders that year, in line with the commitment that “the dividend payout ratio will not be less than 45% from 2025 to 2027.”

(Source: China Securities Journal)