A-share cash dividend boom surges, over 100 Shanghai-listed companies plan to distribute more than 80 billion yuan

As the 2025 annual reports are densely released, listed companies are also distributing “red envelopes.” According to incomplete statistics, as of March 22, a total of 122 Shanghai-listed companies have disclosed their 2025 annual reports, with 101 companies announcing dividend plans, accounting for over 80%. Among them: 70 main board companies have released dividend proposals, with an estimated total dividend of 76.524 billion yuan; 31 STAR Market companies announced dividends, with an expected total dividend of 3.788 billion yuan.

Industry Leaders Make Generous Payouts

In this round of “red envelope” distribution, the high proportion of dividends from industry leaders is quite impressive.

As a leader in traditional Chinese medicine, Baiyunshan achieved a total profit of 3.69 billion yuan in 2025, up 2.28% year-over-year; net profit attributable to parent company was 2.983 billion yuan, up 5.21%. According to its 2025 profit distribution plan, the company intends to pay a cash dividend of 4.5 yuan per 10 shares to all shareholders, totaling approximately 732 million yuan in cash dividends. In 2025 (including semi-annual dividends), a total of 1.382 billion yuan in cash dividends will be distributed, accounting for 46.32% of the consolidated net profit attributable to shareholders. Since completing a major asset restructuring in 2013, Baiyunshan has implemented 15 cash dividends, with a total payout of nearly 11 billion yuan.

Notably, many Shanghai-listed companies plan to distribute dividends exceeding 100 billion yuan.

CITIC Bank’s 2025 profit distribution plan shows that the company intends to pay a cash dividend of 1.93 yuan per 10 shares, with an annual total cash dividend of 10.74 billion yuan; combined with the 10.461 billion yuan in cash dividends already paid in mid-year, the total cash dividends for 2025 will reach 21.201 billion yuan, averaging 3.81 yuan per 10 shares. The cash dividend payout ratio is 31.75% of net profit attributable to common shareholders, setting new records for both dividend amount and payout ratio.

On the evening of March 20, Zijin Mining, known as the “Mining King,” disclosed its 2025 annual report. During the reporting period, the company achieved operating revenue of 349.1 billion yuan, up 15%; net profit attributable to parent was 51.8 billion yuan, a 62% increase. Zijin Mining’s 2025 profit distribution plan shows that the company plans to pay a cash dividend of 3.8 yuan per 10 shares, totaling 10.104 billion yuan. Including the 5.85 billion yuan in mid-year dividends already paid, the total annual dividend will reach 15.95 billion yuan.

Sinopec plans to distribute a cash dividend of 0.112 yuan per share, with a total of 13.544 billion yuan in cash dividends planned for 2025; plus the 0.088 yuan per share paid in mid-year, the total cash dividend for 2025 will be 0.2 yuan per share, with a payout ratio of about 76%.

According to Chinese accounting standards, combined with share repurchases, Sinopec’s annual profit distribution ratio reaches 81%, an increase of 6 percentage points from 2024. Over the past three years, Sinopec has distributed over 106.2 billion yuan in cash dividends and share repurchases, reflecting the company’s ongoing focus on enhancing shareholder returns.

Emerging Industry Companies Focus on Dividends

Benefiting from the rapid development of AI technology, many emerging industry companies have achieved explosive growth in performance. Along with their annual reports, these companies also announced their 2025 dividend plans, aiming to share the fruits of development with shareholders in real cash, providing strong support for company value.

In 2025, Foxconn Industrial Internet’s revenue reached 902.887 billion yuan, up 48.22%; net profit attributable to parent was 35.286 billion yuan, up 51.99%. The company plans to pay a cash dividend of 6.5 yuan per 10 shares, totaling 12.901 billion yuan in cash dividends. The total cash dividends (including mid-year dividends) for 2025 will reach 19.451 billion yuan, with a payout ratio of 55.12%, both hitting new highs since listing. Since going public in 2018, Foxconn Industrial Internet has paid out cash dividends nine times, with a total of about 75.995 billion yuan.

STAR Market companies also show strong dividend efforts. In 2025, Cambrian achieved its first profit, with a net profit attributable to parent of 2.059 billion yuan. Cambrian plans to pay a cash dividend of 15 yuan per 10 shares, totaling about 632 million yuan, accounting for 30.71% of its net profit attributable to parent in 2025. This is Cambrian’s first cash dividend since listing, demonstrating its emphasis on shareholder interests and confidence in sustainable profitability.

Leshan Technology’s annual report shows that in 2025, the company achieved revenue of 2.565 billion yuan, up 27.82%; net profit attributable to parent was 498 million yuan, up 46.72%. The company plans to pay a cash dividend of 5 yuan per 10 shares and convert capital reserve into 4 shares per 10 shares, with an expected cash dividend of 83.0036 million yuan, accounting for 16.67% of net profit attributable to parent in 2025.