Over 1 trillion yuan "red envelope" in A-shares is coming, nearly 80% of companies plan to distribute dividends, underperforming companies "absent"

Asking AI · Dividends exceed one trillion yuan, why do traditional industries continue to lead?

With the intensive disclosure of annual reports, listed companies’ dividend plans are also being announced simultaneously. Some companies are generous with cash dividends and lavishly reward shareholders, while others are under continuous performance pressure and have not paid dividends for years.

According to Wind data, as of the evening of April 1 (same below), 1,196 A-share listed companies have disclosed their 2025 annual reports, of which 940 plan to pay dividends, totaling over 1 trillion yuan. Twenty-two companies will pay dividends exceeding 10 billion yuan, with banks, insurance, oil and petrochemical sectors still the main force of A-share dividends, and CATL (300750.SZ) and Midea Group (000333.SZ) ranking in the top ten for dividend amounts.

From the perspective of per-share dividend generosity, G-bite (603444.SH) is the most generous, planning to distribute 70 yuan in cash dividends per 10 shares (tax included), followed by CATL, planning to distribute 69.57 yuan per 10 shares (tax included); Tonghuashun (300033.SZ) plans to distribute 51 yuan in cash per 10 shares (tax included).

Of course, some companies have not paid dividends for a long time due to poor main business performance, long-term losses, or negative undistributed profits, and some have maintained the tradition of annual dividends previously, but will not pay dividends in 2025 due to their first-year loss.

Over one trillion “Red Envelope” incoming, 22 companies with dividends over 10k

As of the evening of April 1, among companies that disclosed their 2025 annual reports, 78.6% plan to pay cash dividends.

According to Wind data, 940 companies expect to distribute a total of 1.01 trillion yuan in dividends, including 467 companies in Shanghai proposing dividends of 10.1k yuan; 433 companies in Shenzhen proposing dividends of 808.03B yuan; and 40 companies on the Beijing Stock Exchange proposing dividends of 201.6B yuan.

Looking at this, among the disclosed dividend plans, Shanghai-listed companies account for nearly 80% of the total dividend scale in the A-share market by the end of 2025. This pattern is mainly because Shanghai hosts many leading companies in traditional industries such as finance, energy, and utilities, which generally have a strong willingness to pay dividends and a relatively high overall payout scale.

Among the 22 companies with total year-end dividends exceeding 1.07B yuan, 20 are from Shanghai, with only CATL and Midea Group from Shenzhen.

Among them, ICBC (601398.SH) leads with a dividend of 601.97 yuan, planning to distribute 1.689 yuan in cash per 10 shares (tax included); China Construction Bank (601939.SH) ranks second with a dividend of 53.08B yuan, planning to distribute 2.029 yuan per 10 shares (tax included); China Mobile (600941.SH), China Petroleum (601857.SH), and Agricultural Bank (601288.SH) each have dividends exceeding 45 billion yuan.

Bank of China (601988.SH), Ping An Insurance (601318.SH), and CATL each have year-end dividends over 30 billion yuan, while Midea Group, China Merchants Bank (600036.SH), CNOOC (600938.SH), and China Shenhua (601088.SH) each have dividends over 20 billion yuan. Notably, CATL and Midea Group’s dividend amounts have risen in rank, entering the top ten.

Looking at companies with the most generous per-share dividends, G-bite is the most generous, planning to distribute 70 yuan in cash dividends per 10 shares (tax included), totaling 502 million yuan in cash dividends. Additionally, the company has arranged for mid-year dividends in 2026, contingent on current profits, positive accumulated undistributed profits, and the board’s assessment that cash dividends are appropriate, and will implement the 2026 mid-year (including semi-annual and third-quarter) cash dividend plan.

CATL’s per-share dividend is second only to G-bite, planning to distribute 69.57 yuan per 10 shares (tax included); Tonghuashun plans to distribute 51 yuan in cash per 10 shares, totaling 2.74B yuan; Midea Group plans to distribute 38 yuan per 10 shares (tax included), with total cash dividends of 28.59B yuan.

In recent years, multiple dividends per year have become the norm. Among the 940 companies that have disclosed cash dividend plans, 352 companies (37.45%) plan to pay dividends more than twice in 2025.

For example, Mindray Medical (300760.SZ) has issued four dividend payments in one year, with three interim dividend plans in 2025, totaling 4.93B yuan in cash dividends, which have been paid in May, September, and November 2025. The company plans to pay 3.10 yuan in cash dividends per 10 shares (tax included) at the end of 2025, totaling 376 million yuan. The total cash dividends for 2025 amount to 5.31 billion yuan, accounting for 65.27% of the net profit for the year.

Seventeen companies including Haitan Flavoring (603288.SH), WuXi AppTec (603259.SH), Nanshan Aluminum (600219.SH), Tianshan Aluminum (002532.SZ), G-bite, and Founder Securities (601901.SH) have announced three dividend plans each for 2025.

From the perspective of the entire year of 2025, 28 companies have total dividends exceeding 1.9B yuan, including ICBC, China Mobile, and China Construction Bank, each with annual dividends over 1.05B yuan; the “Three Oil Giants” (PetroChina, Sinopec, CNOOC) together will pay about 165 billion yuan; the three major telecom operators will pay about 130 billion yuan, a year-on-year increase of 2.4%; the four major banks’ total cash dividends amount to 372.5 billion yuan, slightly higher than 2024.

Poor-performing companies become “Iron Roosters”

Of course, among the companies that disclosed annual reports, more than 200 do not pay dividends. Some are “iron roosters” that have not paid dividends for years, and others have paused dividends for the first time due to losses.

Among these non-dividend-paying companies, most have declining or negative performance. 121 companies saw revenue decline year-on-year, 131 companies had net profit attributable to parent decline, and 155 companies reported net losses attributable to parent.

Zhongyida (600610.SH) is a typical “iron rooster,” listed since 1992 and never paid cash dividends, with cumulative losses of 2.17B yuan. The company reported revenue of 1.66B yuan in 2025, down 5.01% year-on-year; net profit attributable to parent was 50.71 million yuan, turning from loss to profit compared to the previous year.

The company states that as of December 31, 2025, the cumulative undistributed profit balance (parent company basis) was -3.24B yuan. Profits will be used first to offset previous losses until no unrecouped losses remain. Therefore, until losses are fully offset, the company faces the risk of long-term inability to pay cash dividends.

Kaiseng New Energy (600876.SH) has only paid one cash dividend since listing in 1995, distributing 25.9 million yuan at the end of its first year; since then, nearly 30 years have passed without any form of dividend. Since listing, the company’s net profit has accumulated a loss of 1.35B yuan.

In 2025, the net loss attributable to parent reached a new high since listing, exceeding 900 million yuan, further expanding from 610 million yuan loss in 2024; operating revenue was 4.9B yuan, down 29.40% year-on-year.

Yinxing Energy (000862.SZ) has only paid cash dividends three times in nearly 28 years (totaling 92.56 million yuan), with three other times involving share transfers. Since 2003, it has not paid cash dividends for 22 consecutive years.

From performance, this company has had low net profit scale and multiple losses exceeding 100 million yuan since listing. In 2025, revenue was 1.31 billion yuan, up 3.47%; net profit attributable to parent was 44.46 million yuan, down 48.84%.

Compared to these companies with poor fundamentals and long-term non-dividend history, some companies previously had a tradition of annual dividends but paused in 2025 due to declining performance.

For example, Wantong Medical (600055.SH) is one such case. Due to losses in 2025, it will not pay dividends, breaking a tradition of over 20 years of year-end dividends.

Since listing 29 years ago, the company has paid 26 cash dividends totaling 769 million yuan, with an average dividend payout rate of 41.46%. However, in 2025, it recorded its first loss since listing, with revenue of 1.89B yuan, down 11.64%; net loss was 228 million yuan, down 244.81% year-on-year.

In response, Wantong Medical states that since it did not achieve profit in 2025, and considering external industry environment and future development, the company will not pay cash dividends, issue bonus shares, transfer profits to capital reserves, or distribute profits in other forms in 2025, with undistributed profits carried forward to future years.

Yuyuan Shares (600655.SH) also experienced a similar situation. Since listing in 1992, it has paid 32 cash dividends, with no dividends in the first year, and annual dividends thereafter until 2025 when dividends were suspended.

According to the 2025 annual report, the company recorded a net profit attributable to parent of -4.897 billion yuan, the first annual loss since listing. The main reason was a total impairment provision of 1.889 billion yuan for various assets, with real estate-related asset impairments accounting for over 60%, becoming the core drag on performance.