Within the year, over 700 companies have conducted buybacks totaling over 66 billion yuan, with value sector leaders leading the charge.

Securities Times reporter Chen Jiannan

In the first half of this year, the A-share market saw structural trends become increasingly prominent. Technology stocks performed remarkably well, with sectors such as electronics and communications all rising by more than 70% year-to-date. Value sectors led by big consumption and big finance performed weaker, with sectors including food and beverage, non-bank financials, and banks all down by more than 10% year-to-date.

Against this market backdrop, a large number of value stocks trading near the bottom of valuations have sparked a wave of share buybacks. Data shows that the total buyback amount already carried out and implemented this year has exceeded RMB 66 billion. In addition, another batch of buybacks is under way, with the combined upper limit of intended repurchase amounts totaling more than RMB 88 billion.

More than 700 companies carried out buybacks this year

According to data from Wind compiled by Securities Times·Data Treasure, as of June 30, in the A-share market, more than 700 listed companies have implemented buybacks so far this year, with a total repurchase amount exceeding RMB 66 billion, reaching a high level for the same period historically.

Nine companies, including Midea Group, BOE A, and SF Holding, each repurchased more than RMB 1 billion this year. In addition, more than 100 companies have repurchased amounts exceeding RMB 100 million.

From the perspective of participants, industry leaders with abundant cash flow and stable long-term profitability are the main force behind current buybacks. Among the companies with buybacks exceeding RMB 1 billion mentioned above, seven are enterprises with market caps of more than RMB 1 trillion, including Kweichow Moutai, Zijin Mining, Midea Group, WuXi AppTec, BOE A, Haier Smart Home, and SF Holding. The industries are mainly distributed across value sectors such as liquor and home appliances.

In terms of specific buyback amounts, Midea Group ranked first in cumulative buyback amount for the year, reaching RMB 4.939 billion. BOE A and SF Holding followed closely, with both having already implemented buybacks exceeding RMB 4 billion during the year.

32 stocks with large-scale buybacks and high dividends

For individual stocks with buyback amounts exceeding RMB 100 million this year, most are high-dividend value stocks. Based on the latest stock price compared with 2025 dividends, 32 stocks have dividend yields exceeding 3%. Among them, Nanshan Aluminum’s latest dividend yield is close to 11%, ranking first.

Data shows that Nanshan Aluminum’s cash dividend in 2025 is close to RMB 5 billion, with a payout ratio of over 105%. Wuliangye’s dividend yield is close to 7%; the company’s 2025 cash dividend exceeds RMB 20 billion, with a payout ratio close to 224%. Jiahe Energy’s dividend yield is 6.85%; the company’s 2025 cash dividend reached RMB 588 million, with a payout ratio close to 60%.

It is worth noting that all three companies mentioned above have already disclosed their shareholder return plans for 2024 to 2026.

Among them, Jiahe Energy stated that, after meeting the conditions for cash dividends, the profit distributed annually in cash shall not be less than 40% of the distributable profit realized for that year. Wuliangye stated that the total annual cash dividend should be no less than 70% of the year’s net profit attributable to the parent company, and not less than RMB 200 billion (inclusive of tax). Nanshan Aluminum stated that the profit distributed annually in cash shall not be less than 40% of the distributable profit realized for that year (if multiple dividends are paid within the year, they are calculated on a cumulative basis).

Nearly 200 companies have buybacks in the pipeline

In addition to the companies currently implementing buybacks, a large number of buybacks are in the pipeline. Data shows that, excluding cases where buybacks have been completed and based on the disclosed upper limits of intended repurchase amounts, nearly 200 listed companies plan to repurchase with a combined upper limit exceeding RMB 88 billion. Midea Group, Wuliangye, and Gree Electric Appliances all plan buyback amounts of RMB 10 billion or more. Haier Smart Home, Dongpeng Beverage, Haitian Flavoring and Food, and others all plan buyback amounts exceeding RMB 2 billion.

Midea Group issued an announcement on March 30 this year, proposing to repurchase no more than RMB 13 billion and no less than RMB 6.5 billion worth of the company’s shares, which will be used to implement an equity incentive plan and/or an employee stock ownership plan. The company has already obtained a《Loan Commitment Letter》issued by Bank of China, under which the loan ratio can reach up to 90% of the repurchase amount. Notably, in an announcement on April 30, the company changed the purpose of the buyback to “for legal cancellation to reduce registered capital.”

Gree Electric Appliances also put forward a large-scale buyback proposal. In its April 28 announcement, the company said it plans to repurchase no more than RMB 10 billion and no less than RMB 5 billion worth of the company’s shares. In this buyback, the proportion of shares not less than 70% will be used for cancellation to reduce registered capital, aiming to increase the company’s earnings per share; the remainder will be used to implement an employee stock ownership plan or equity incentives.

Overall, there are more than 150 companies with buyback upper limits of more than RMB 100 million. Based on the latest trailing price-to-earnings ratio, stocks such as Bailian Co., Ltd., ORG Technology, Lianmei Holdings, and Liugong are all below 10 times.

Stocks with lower P/E ratios are mainly concentrated in traditional industries. For example, Bailian Co., Ltd. focuses on businesses centered on department stores, supermarket chains, shopping malls, and outlets. It holds a controlling stake in Sanlian Group Co., Ltd. and Lianhua Supermarket Co., Ltd., which is listed in Hong Kong, and owns a number of well-known enterprises at home and abroad.

ORG Technology’s core business is to provide comprehensive packaging solutions for fast-moving consumer goods clients such as food and beverage companies, while also expanding into food deep processing. Its specific scope includes packaging solution planning, packaging product design and manufacturing (mainly metal pull-tab cans), filling services, and intelligent packaging information services.

Lianmei Holdings mainly engages in comprehensive energy services centered on clean heating supply and high-speed railway digital media advertising operations. The company’s layout in the hard-technology field has moved from the “planting period” to the “harvest season,” covering three core tracks: the AI industry chain, humanoid robots, and quantum computing. It also lays out frontier technologies such as nuclear fusion, forming a clearly structured investment matrix.