Shanghai Stock Exchange annual dividend payouts have exceeded 800 billion yuan, with many listed companies' mid-term dividends for 2026 "already scheduled."

Press release (Reporter Mao Yirong): Entering the “final month” of the 2025 annual report disclosure season, listed companies are disclosing regular reports in a dense burst. At the same time, companies’ annual “red envelopes” and annual dividend distribution information are also being “rolled out.” Data show that as of April 1, 2026, there are 577 companies on the Shanghai market that have released their annual reports, of which 460 have disclosed annual report dividend distribution proposals, accounting for nearly 80%. The total dividend amounts corresponding to the above companies’ proposed year-end distributions exceed RMB 800 billion. The cumulative annual dividend totals corresponding to these companies reach RMB 1.38 trillion, up nearly 4% year over year.

Annual-report dividend companies’ full-year amounts are rising. Among the 460 companies that already have annual report dividend plans, their full-year dividend amounts are expected to be RMB 1.38 trillion, up 3.7% from RMB 1.33 trillion in the previous year. More than 70% of companies’ dividend levels move up again. Among them, 32 companies—including Huaihe Energy (Group) Co., Ltd. (hereinafter referred to as “Huaihe Energy”), Minmetals Development Co., Ltd. (hereinafter referred to as “Minmetals Development”), and Anhui Tongfeng Electronic Co., Ltd. (hereinafter referred to as “Tongfeng Electronic”)—achieved “breakthroughs” in annual dividend distributions compared with 2024.

For example, due to implementing a private placement for additional shares and purchasing assets with cash, Huaihe Energy has a relatively large demand for funds. In 2024, the company did not distribute profits. In 2025, the company plans to pay RMB 1.9 per 10 shares, for a total cash dividend distribution of RMB 1.36 billion, accounting for 80% of the company’s annual net profit attributable to shareholders.

Similarly, Minmetals Development implemented a use of capital reserve funds to cover losses in 2025. The parent company’s undistributed profits in its separate financial statements are positive. The consolidated financial statements recorded profit for the current period. The company plans to distribute a total cash dividend of RMB 36.02 million, accounting for 188.53% of Minmetals Development’s 2025 net profit attributable to shareholders.

In addition, the total annual dividend amounts increased for 298 companies. For example, more than 20 companies such as Shanghai Pudong Development Bank Co., Ltd., CITIC Securities Co., Ltd., Haier Smart Home Co., Ltd., and Zijin Mining Group Co., Ltd. each had full-year dividend amounts exceeding RMB 10 billion in 2025.

Multiple dividends in a year have become the norm. Among the 460 companies that have disclosed cash dividend proposals, 43% conducted multiple cash dividend distributions within 2025. The overall proportion of multiple dividend distributions among companies in 2024 was 33%. The number of companies offering multiple distributions increased significantly, and multiple dividends in one year have moved from “a small number of pilot programs” to “generalized practice.” Among them, nine companies—including Xiamen Gbyte Network Technology Co., Ltd., Foshan Haitian Seasoning Food Co., Ltd., and Wuxi AppTec Co., Ltd.—achieved three dividend distributions within 2025, becoming benchmarks for multiple-dividend-in-one-year practices. In addition, during the annual report disclosure period, more than 50 companies simultaneously made arrangements for mid-year 2026 dividend distributions.

The “over RMB 10 billion” camp is gradually taking shape, with leading enterprises acting as the “stabilizer.” Among the above 460 companies, the top five in terms of annual report dividend distribution amounts are Industrial and Commercial Bank of China (RMB 60.2 billion), China Construction Bank (RMB 53.1 billion), China Mobile (RMB 48.2 billion), PetroChina (RMB 45.8 billion), and Agricultural Bank of China (RMB 45.5 billion). The five companies together distributed RMB 252.8 billion, accounting for 32% of the total, demonstrating the strong dividend distribution capability of blue-chip leaders.

On a full-year basis, 25 companies’ total dividend distributions for 2025 are above RMB 10 billion. Among them, Industrial and Commercial Bank of China, China Mobile, and China Construction Bank each have annual dividend amounts exceeding RMB 100 billion. The “Big Three Oil” companies’ total dividends for 2025 are approximately RMB 165 billion. Of these, PetroChina’s total annual dividend reaches RMB 86.02 billion, with a cash dividend payout ratio of 54.7%; Sinopec’s dividend payout total is approximately RMB 24.206 billion, with a cash dividend payout ratio of 76.1%; and CNOOC’s total dividends, converted into RMB, are approximately RMB 54.95 billion, with a cash dividend payout ratio of 45%. The three major telecom operators combined distribute approximately RMB 130 billion in dividends, up 2.4% year over year, and China Telecom’s cash dividend payout ratio reaches 75%. The four major banks’ cumulative cash dividends in 2025 total RMB 372.5 billion, slightly higher than in 2024. 2025 is the second year for the four major banks to implement the “interim + final” dual-dividend model, and all four major banks have carried out multiple dividend distributions within the year. Represented by banks, they continue to consolidate the position of A-shares’ most representative high-dividend-yield segment.