2 1 Shi Ji Jing Ji Bao Dao·2025-08-29 09:04Core Viewpoint - The A-share market is experiencing a significant transformation in its dividend distribution landscape, with an increasing number of companies announcing mid-term dividend plans, reflecting a stronger emphasis on shareholder returns [1][3][11]. Group 1: Dividend Distribution Trends - As of August 28, 2025, 713 A-share companies have disclosed mid-term dividend plans, surpassing the previous year's 704 companies, indicating a growing trend in dividend distribution [3][4]. - The total scale of mid-term dividends has exceeded 100 billion yuan, continuing the rapid expansion of the dividend pool since 2024 [1][3]. - The number of companies distributing mid-term dividends has increased from fewer than 200 annually to several hundred, showcasing a shift towards prioritizing shareholder returns [1][3][11]. Group 2: Industry and Company Performance - Traditional high cash flow sectors such as finance, energy, and telecommunications remain the primary contributors to dividends, while consumer and manufacturing sectors are rapidly releasing their dividend potential [2][11]. - Leading companies like China Mobile and JiBit have established stable and predictable high-dividend styles, with China Mobile's mid-term dividend increasing from 222.47 yuan in 2023 to 250.25 yuan in 2025 [9][10]. - JiBit, recognized as the "dividend sincerity king," has maintained a high dividend level, with 660 yuan per share in 2025, reflecting a strong commitment to shareholder returns [10][11]. Group 3: Regulatory and Policy Impact - The new "National Nine Articles" policy links dividend distribution to refinancing and share reduction behaviors, significantly enhancing companies' motivation to distribute dividends [2][7]. - The information disclosure evaluation mechanism incentivizes companies to increase the frequency and proportion of dividends, fostering a more robust dividend culture [2][7][11]. - Regulatory guidance has led to a notable increase in the number of companies announcing mid-term dividends, with eight newly listed companies also introducing mid-term dividend plans [7][11]. Group 4: Future Outlook - The A-share dividend system is expected to evolve towards greater stability, transparency, and efficiency, driven by market and institutional collaboration [2][11]. - Companies are increasingly adopting long-term dividend plans, enhancing predictability and investor confidence, as seen with companies like Mindray Medical and China National Automotive [11][12]. - The trend of increasing dividend frequency and amounts is anticipated to continue, further attracting long-term capital to the A-share market [10][12].