Dividends disclosed in annual reports in the Shanghai market have already exceeded 800 billion yuan, and multiple companies have “scheduled” 2026 interim dividend payments.

Entering the “last month” of annual report disclosures, listed companies have been releasing their periodic reports in a concentrated manner, and at the same time, companies’ annual “red envelopes” and annual dividend distribution details are also going live.

As of April 1, a total of 577 companies on the Shanghai Stock Exchange have disclosed their annual reports, of which 460 have disclosed annual report dividend distribution plans, accounting for nearly 80%. The total dividend amounts represented by these companies’ end-of-period dividend proposals exceed 800 billion yuan.

Among them, the top five Shanghai-listed companies by annual-report dividend distribution amounts are Industrial and Commercial Bank of China, China Construction Bank, China Mobile, PetroChina, and Agricultural Bank of China. Together, these five companies distributed 252.8 billion yuan, accounting for 32% of the total above, demonstrating strong dividend-paying capability of blue-chip leaders.

The dividend amounts for fiscal year 2025 from companies that have disclosed their annual report dividend plans are also rising. Among the 460 companies that have disclosed annual report dividend distribution plans, full-year dividends are expected to reach 1.38 trillion yuan, up from 1.33 trillion yuan in the previous year, an increase of 3.7%. Of these, more than 70% of companies have raised their dividend levels again to a higher tier. In addition, 32 companies including Huaine Energy, Sinochem Development, and Tongfeng Electronics have achieved breakthroughs in their 2025 dividend payout ratios compared with 2024. Furthermore, among 298 companies, the total annual dividend amount has increased; among them, more than 20 companies such as Pudong Development Bank, CITIC Securities, Haier Smart Home, and Zijin Mining have full-year dividend amounts each exceeding 10 billion yuan.

Dividend distributions occurring more than once in a year have become the norm. Among the 460 companies with disclosed cash dividend distribution plans, 43% of companies will distribute dividends more than once during 2025. The proportion of companies distributing dividends more than once in 2024 was 33%; distributing dividends more than once a year has moved from “a limited pilot” to “widespread practice.” Among them, nine companies such as Gigabyte, Haitian Flavouring, and WuXi AppTec have achieved three dividend distributions within 2025. Moreover, during the annual report disclosure period, more than 50 companies simultaneously made arrangements for 2026 interim dividend distributions.

On a full-year basis, 25 companies have total dividends for 2025 exceeding 10 billion yuan, including Industrial and Commercial Bank of China, China Mobile, and China Construction Bank, whose full-year dividend amounts each exceed 100 billion yuan. The “three barrels of oil” are expected to have a combined dividend total of about 165 billion yuan for 2025. The three major telecom operators’ combined dividends are about 130 billion yuan, up 2.4% year over year.

Worth noting is that the four major banks’ cumulative cash dividend distributions for 2025 totaled 372.5 billion yuan, a slight increase compared with 2024. 2025 is the second year in which the four major banks implement the “interim + final” dual-dividend model, and all four have implemented dividend distributions more than once in a year. Represented by banks, they continue to consolidate the position of the A-share market’s most representative high-dividend-yield segment.

Proofread by: Liu Rongzhi