State-owned enterprises lead A-share companies to distribute over 700 billion yuan in dividends; "hard technology" sector boasts impressive high dividends

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◎Reporter Gao Zhigang

According to Wind data, as of the midday of March 30, the A-share market has 600 companies that have rolled out cash dividend plans for 2025. The total cash dividend amount proposed is 400B yuan (including dividends already implemented).

State-owned enterprise (SOE)-controlled listed companies remain the absolute main force behind dividends, with a combined cash dividend amount exceeding 406.74B yuan, accounting for more than 50%. Among them, multiple companies such as Industrial and Commercial Bank of China, China Mobile, and Ping An have each returned over 10 billion yuan.

In terms of industry distribution, companies in sectors such as electronics, bio-pharmaceuticals, machinery equipment, and electrical equipment show higher dividend willingness. In particular, a group of “double-innovation” (mass entrepreneurship and innovation) companies listed on the ChiNext and STAR Market have entered the harvest period. Their confidence in high dividends comes from outstanding “performance reports.”

SOE “big moves” lead the dividend ranking

Data show that among 600 companies planning cash dividends, 125 SOE-controlled listed companies have become the absolute main force. They plan to distribute cash dividends totaling 160B yuan, accounting for 55.39% of the total dividend amount.

Although earnings have declined to varying degrees, the “three oil majors” remain generous with dividends. For 2025, their combined dividends exceed 45.76B yuan. Among them: For China National Petroleum (CNPC), the proposed final cash dividend per share is 0.25 yuan (tax included) at the end of 2025. The total comes to 13.54B yuan, including interim cash dividends; the total dividend for 2025 reaches 86.02 billion yuan, with a payout ratio of 54.7%. For China Petrochemical (Sinopec), it plans to distribute 24.21B yuan in dividends; after adding the interim amount, the total dividend is approximately 60.84B yuan, with a payout ratio of about 76.1%. For CNOOC, the proposed dividend for all of 2025 is 1.28 HKD per share (tax included). The total dividend amount is 49.29B HKD, which is equivalent to about 54.95 billion yuan, with a payout ratio of 45%.

The three major telecom operators also do not fall behind. Their combined dividends for 2025 are about 130 billion yuan. Among them, China Mobile plans to distribute a final dividend of 2.52 HKD per share (tax included) to all shareholders, totaling the equivalent of about 8.31B yuan. Including the interim dividend already paid, the company’s total dividends for 2025 grew year-on-year by 3.5%, with a payout ratio of 75%.

China Telecom plans to distribute a final cash dividend of 0.0908 yuan per share (tax included), with dividends totaling 24.89B yuan. Adding the interim dividend, cash dividends for 2025 are about 5.11B yuan, with a payout ratio of 75%.

Now look at China Unicom. It plans to distribute a final dividend of 0.0523 yuan per share (tax included). Together with the interim dividend, the full-year cash dividend totals about 15.95B yuan.

In addition, multiple “Zhong Zi Tou” enterprises such as Ping An, CITIC Bank, and COSCO Shipping Holdings have 2025 annual report dividend totals all exceeding 6 billion yuan.

Local SOE listed companies also show strong dividend capacity. With steady growth in performance, Zijin Mining’s 2025 annual report proposes to distribute 3.8 yuan in cash dividends per 10 shares (tax included), with a total proposed dividend amount of 31.53B yuan. Combined with the interim dividend, the full-year cumulative cash dividend reaches 29.61B yuan. In addition, for many local SOE-backed listed companies such as Weichai Power, Industrial Bank, Anhui Conch Cement, and Tsingtao Brewery, their 2025 annual report dividend amounts are all over 3 billion yuan.

“Double-innovation” companies come into view

As the performance of a batch of “double-innovation” (ChiNext and STAR Market) companies moves into the harvest period, these firms are becoming a dividend force that cannot be ignored. As of now, 164 “double-innovation” companies have already rolled out dividend plans, accounting for nearly one-third of the total. Their combined dividend amount exceeds 60 billion yuan, significantly higher than the same period in previous years.

Within the “double-innovation” segment, CATL ranks first for now with a total dividend of 362.01B yuan. According to its 2025 profit distribution proposal, the company plans to distribute to all shareholders a cash dividend of 69.57 yuan per 10 shares (tax included). Adding interim dividends, the company’s full-year dividend total as a proportion of its 2025 net profit attributable to shareholders reaches 50%. This is also the company’s third consecutive year of distributing cash dividends at 50% of net profit attributable to shareholders. If this dividend payment is completed, since CATL’s listing there will have been 11 cash dividend distributions in total, with total dividends approaching one trillion yuan.

CATL’s continued high dividend payouts come from its years of performance growth. From 2018 to 2024, the company’s operating revenue rose from 3.39B yuan to 50.75B yuan, and net profit attributable to shareholders increased from 423.7B yuan to 72.2B yuan. In 2025, the company’s performance again hit new highs: operating revenue reached 19.29B yuan, up 17.04%; net profit attributable to shareholders reached 4.31B yuan, up 42.28%.

CATL’s high dividends are not an isolated case. In recent years, more and more technology companies have continued to increase investment in innovation and R&D. Hard-tech achievements are accelerating into new productive forces, driving the company’s continued performance growth—and thereby laying a solid foundation for high dividend payouts.

Take Shenghong Technology, a global leading supplier of AI and high-performance computing PCBs, as an example: In 2025, its operating revenue reached 778M yuan, up 79.77%; net profit attributable to shareholders reached 4.312 billion yuan, a year-on-year surge of 273.52%. Behind the strong growth in performance is the company’s continued investment in R&D—its R&D spending in 2025 reached 0.778 billion yuan, up more than 70%.

Based on its outstanding performance, Shenghong Technology plans to distribute a cash dividend of 20 yuan per 10 shares (tax included). The total dividend amount is 1.74 billion yuan, with a payout ratio exceeding 40%.

In addition, multiple technology companies such as Cambricon, China Railway Signal & Communication, and Kingsoft Office have also rolled out dividend plans of more than 500 million yuan in their 2025 annual reports, showing that the力度 (strength) of returning to shareholders is increasing year by year.

Looking ahead, Li Chun, a member of the Financial and Investment Committee of the China Markets Association, believes that the overall dividends for the 2025 A-share market are relatively optimistic, but the “structural” characteristic will become even more apparent. He expects that the total dividend amount may not rise as sharply as it did in 2024, but high dividend payouts will gradually become the norm and more stable.

“In the future, SOE-controlled listed companies will continue to serve as the main force behind dividends, with the dividend ratio moving up steadily; at the same time, some high-quality private enterprises are starting to follow suit, strengthening shareholders’ return awareness. However, those ‘fake high dividends’ that run down future development will be progressively identified by the market, and pricing will diverge.” Li Chun said.

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责任编辑：Tu Xinyi