A-share cash dividend surge: Over 100 Shanghai-listed companies plan to distribute over 8 billion yuan

Source: Shanghai Securities Journal Author: He Xinyi

As the 2025 annual reports are densely released, listed companies’ “red envelope rain” is also falling one after another. 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 expected total dividend of 76.524 billion yuan; 31 STAR Market companies announced dividends, with a total expected payout of 3.788 billion yuan.

Industry leaders take generous action

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

As a leading Chinese medicine company, Baiyunshan achieved a total profit of 3.69 billion yuan in 2025, up 2.28% year-on-year; net profit attributable to parent was 2.983 billion yuan, up 5.21%. According to its 2025 profit distribution plan, the company intends to distribute a cash dividend of 4.5 yuan per 10 shares to all shareholders, totaling about 732 million yuan; in 2025 (including semi-annual), a total cash dividend of 1.382 billion yuan 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 distribution of nearly 11 billion yuan.

Noticing that many Shanghai-listed companies plan to distribute dividends exceeding 100 billion yuan.

CITIC Bank’s 2025 profit distribution plan shows: the company plans 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 paid out in 2025 will reach 21.201 billion yuan, i.e., a total of 3.81 yuan per 10 shares. The cash dividend ratio to net profit attributable to common shareholders is 31.75%, setting new records for both dividend amount and ratio.

On the evening of March 20, Zijin Mining, known as the “mining giant,” disclosed its 2025 annual report. During the reporting period, the company achieved operating revenue of 349.1 billion yuan, up 15% year-on-year; net profit attributable to parent was 51.8 billion yuan, a significant increase of 62%. Zijin Mining’s 2025 profit distribution plan shows 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 planned for distribution at the end of 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 cash dividend payout ratio of about 76%.

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

Emerging industry companies pile into dividends

Benefiting from the strong development of AI technology, many emerging industry companies have achieved explosive growth in performance. While disclosing their annual reports, these companies also announced their 2025 dividend plans, intending to share the company’s development achievements with shareholders in real money, providing strong support for company value.

In 2025, Foxconn Industrial Internet’s revenue reached 902.887 billion yuan, up 48.22% year-on-year; 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. 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 its listing in 2018, Foxconn Industrial Internet has paid cash dividends nine times, with a total of about 75.995 billion yuan.

STAR Market companies also show strong dividend strength. In 2025, Cambrian achieved its first profit, with a full-year 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 the 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: in 2025, the company achieved operating 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.