23 listed brokerages plan to distribute a total of nearly 37.9 billion yuan in "annual bonuses"

Reporter Yu Hong

Dividends are an effective way for listed companies to directly return value to investors. Recently, while listed brokerages have been releasing their 2025 annual reports in rapid succession, they have also continued to announce their 2025 annual dividend plans (excluding interim dividends). Data from Wind Information shows that, as of March 31, when the reporter submitted the article, 23 A-share listed brokerages had already disclosed 2025 annual dividend plans. The total amount proposed for distribution is 37.898 billion yuan (including tax, the same below). Among them, 10 listed brokerages plan to distribute at least 1 billion yuan.

In terms of dividend per share, among the 23 listed brokerages that have disclosed their annual dividend plans, GF Securities plans to pay 0.5 yuan in cash dividend per share, the highest amount. Next is China Merchants Securities, which plans to pay 0.45 yuan in cash dividend per share. For CITIC Securities, Haitong Securities, and Guotai Junan each, the planned cash dividends per share are 0.41 yuan, 0.4 yuan, and 0.35 yuan, respectively.

On the basis of dividend amount, Guotai Junan tops the list with a proposed annual dividend of 6.13 billion yuan. Next is CITIC Securities, with a proposed dividend amount of 6.076 billion yuan. GF Securities, China Merchants Securities, Haitong Securities, and China Galaxy plan dividend amounts of 3.912 billion yuan, 3.905 billion yuan, 3.611 billion yuan, and 2.46 billion yuan, respectively. For Swantong (Shenwan Hongyuan), Oriental Securities, CITIC Jianchou, and CICC, their proposed dividend amounts are all above 1 billion yuan.

To effectively enhance investor returns, listed brokerages have actively responded to the call for “dividends multiple times within a year.” Based on a review, all 23 of the aforementioned listed brokerages implemented interim dividends in 2025. Looking at the total dividends for 2025 (including interim dividends and annual dividends), for many brokerages, the proportion of full-year dividend amounts relative to the company’s net profit attributable to shareholders for the same year exceeds 40%. For example, Southwest Securities has already implemented two rounds of interim dividends in 2025 in addition to its annual dividend plan; the full-year total dividend amount is expected to account for 60.05% of its 2025 annual net profit attributable to shareholders. Hongta Securities’ full-year dividend amount accounts for 81.3% of its 2025 annual net profit attributable to shareholders.

The latest data released by the China Securities Association shows that in 2025, 150 securities companies achieved operating revenue of 541.171 billion yuan, up 19.95% year over year; they achieved net profit of 219.439 billion yuan, up 31.2% year over year, and their operating performance maintained steady growth.

Wang Hongying, Dean of the China (Hong Kong) Institute of Financial Derivatives Investment Research, said in an interview with reporters from Securities Daily: “Brokerages have increased the intensity of dividends and enhanced dividend frequency, reflecting a significant improvement in their operating quality and profitability. Stable, ongoing dividends can directly increase investors’ sense of gain and convey signals that the company’s operations are healthy and cash flow is abundant. This attracts more individual and institutional investors to hold the shares over the long term, thereby forming a virtuous cycle of stable development for the company and improved investor returns.”

To further enhance the transparency and stability of profit distribution, several brokerages—including Oriental Securities and Hongta Securities—have also recently released shareholder return plans for the next three years (2026 to 2028). Among them, Hongta Securities has clearly stated that the profits cumulatively distributed by cash over the most recent three years should not be less than 30% of the average annual distributable profits achieved over the most recent three years. Southwest Securities and Oriental Securities have also clarified that the profits distributed in cash each year should not be less than 30% of the distributable profits realized for that year.

“When brokerages formulate dividend policies, they need to comprehensively consider multiple factors such as industry characteristics, the development stage of the company, profitability levels, and capital needs,” Zheng Zhigang, a professor of finance at the School of Finance and Economics at Renmin University of China, told reporters. “By establishing a continuous, stable, and scientific investor return mechanism under the premise of balancing the company’s capital needs for medium- to long-term development, it can help maintain financial flexibility while capturing future growth opportunities. In the future, brokerages should firmly establish an investor return mindset, continuously improve operating quality, and strictly implement shareholder return plans. Under the premise of balancing sound operations and complying with regulatory requirements, they should work to enhance the stability, timeliness, and predictability of dividends, thereby boosting investors’ confidence in long-term holding.”