226 Listed Companies Have Disclosed 2025 Dividend Distribution Plans, with Proposed Total Cash Payouts Exceeding 179 Billion Yuan

Securities Daily Reporter Chen Xiao and Li Haoyue

As A-share listed companies’ 2025 annual reports enter a busy disclosure period, dividend plans are also accelerating. Wind data shows that as of March 24, when the reporter filed this article, 226 A-share listed companies have disclosed their 2025 cash dividend plans, with a total proposed cash dividend of about 179.6 billion yuan, further strengthening the companies’ cash return capabilities.

Overall, leading companies remain the main force in dividends, with significantly increased amounts. As of now, CATL (Contemporary Amperex Technology Co., Limited) leads with a proposed cash distribution of 31.528 billion yuan, an increase from the previous year; China National Petroleum Corporation, Foxconn Industrial Internet, China CITIC Bank, and Zijin Mining Group have also proposed dividends exceeding 10 billion yuan each.

In terms of industry distribution, large dividend-paying companies are not only concentrated in the financial sector but also involve energy, metals, high-end manufacturing, biomedicine, and other fields, showing a diversified trend in dividend payers.

Taking the energy sector as an example, private energy leader Ningxia Baofeng Energy Group Co., Ltd. (hereinafter “Baofeng Energy”) has also increased shareholder returns driven by high performance growth. The company achieved operating revenue of 48.038 billion yuan in 2025, a year-on-year increase of 45.64%; net profit attributable to shareholders after deducting non-recurring gains and losses was 11.519 billion yuan, surpassing 10 billion yuan for the first time. Based on this, Baofeng Energy plans to distribute 3.055 billion yuan in cash dividends, and after mid-term dividends, the total annual dividend will reach 5.091 billion yuan, accounting for 44.85% of the annual net profit.

In resource companies, benefiting from the cyclical recovery, their dividend-paying capacity has also improved. Zijin Mining’s 2025 annual report shows that driven by rising prices and output of main products like gold and silver, the company’s annual net profit first exceeded 50 billion yuan. According to the 2025 dividend plan, the company proposes to pay a cash dividend of 3.8 yuan per 10 shares (tax included). Combined with the 5.85 billion yuan mid-term dividend already paid, the total cash dividend for the year will reach 15.95 billion yuan, a new high since the company’s listing.

Meanwhile, the dividend performance in biomedicine and technology sectors is also noteworthy. Some leading companies in specific subfields have significantly increased dividends supported by high growth in performance. For example, WuXi AppTec Co., Ltd. (hereinafter “WuXi AppTec”) expects a year-on-year increase of 102.65% in net profit attributable to shareholders, with a dividend of 4.7 billion yuan; Shenghong Technology (Huizhou) Co., Ltd. (hereinafter “Shenghong Technology”) saw a net profit increase of 273% year-on-year and plans to pay 1.74 billion yuan in dividends.

Regarding dividend frequency, more companies are exploring multiple dividends per year, with increased stability and predictability. CATL, WuXi AppTec, Shenghong Technology, and others have disclosed mid-2026 dividend arrangements. For example, CATL plans to implement a mid-term dividend in 2026, with the upper limit set at 15% of the net profit attributable to shareholders for the period, further strengthening its sustainable return capability.

Yang Huaiyu, senior researcher at Shanghai Summer Solstice Consulting Management Co., Ltd., told Securities Daily that this year’s dividend scale of A-share listed companies has significantly increased, with corporate profit recovery being the fundamental support. On a macro level, profits of industrial enterprises above designated size are expected to grow year-on-year in 2025, and the overall profitability of listed companies continues to recover, providing a foundation for increased dividend scales.

At the policy level, Yang Huaiyu believes that relevant policies have played a clear guiding and regulatory role in corporate dividend behavior.

“In recent years, regulators have continuously strengthened the focus on cash dividends, promoting listed companies to establish more stable dividend mechanisms. More and more companies are forming long-term institutional arrangements. At the same time, linking dividends with share reductions and other matters has objectively driven a shift in corporate philosophy,” Yang said.

Pan Helin, a member of the Information and Communication Economy Expert Committee of the Ministry of Industry and Information Technology, told Securities Daily that as the proportion of medium- and long-term funds increases and value investing concepts are gradually strengthened, investors are more inclined to seek returns through stable dividends. This also pressures listed companies to optimize dividend strategies. “Not only should dividend levels be increased, but stability and predictability should also be enhanced, for example, through fixed proportion dividends, to improve investors’ willingness to hold long-term, thereby stabilizing the company’s market value.”