中上协：上市公司业绩向好 分红回购频次稳步提升

Core Insights - The overall performance of listed companies in China continues to improve, with significant contributions from technology-driven enterprises and a focus on high-quality development [1][2][3] Group 1: Financial Performance - As of October 31, 2025, a total of 5,446 listed companies disclosed their Q3 reports, showing a year-on-year increase in operating revenue of 1.36% to 53.46 trillion yuan and a net profit increase of 5.50% to 4.70 trillion yuan [2] - In Q3 alone, revenue and net profit grew by 3.82% and 11.45% year-on-year, respectively, indicating a significant improvement compared to the first half of the year [2] - The total cash dividend announced by 1,033 companies reached 734.9 billion yuan, with 89 companies distributing over 1 billion yuan in dividends [1][5] Group 2: Sector Performance - Among 19 industry categories, 17 reported profits, with 9 experiencing revenue growth and 10 showing net profit growth [3] - The electronic industry leads in market capitalization, surpassing the banking sector, with a market share of 12.42%, an increase of nearly 3 percentage points since the beginning of the year [2] - The storage chip industry saw revenue growth of 16.08% and net profit growth of 26.44%, driven by expanding AI data storage needs [3] Group 3: Innovation and R&D - Listed companies invested a total of 1.16 trillion yuan in R&D, marking a 3.88% increase year-on-year, with 168 companies investing over 1 billion yuan [4] - The overall R&D intensity across the market is 2.16%, with the ChiNext, STAR Market, and Beijing Stock Exchange showing higher intensities of 4.54%, 11.22%, and 4.42%, respectively [4] Group 4: Capital Market Reforms - The frequency of cash dividends and share buybacks has steadily increased, with 1,195 companies announcing 1,525 buyback plans, completing 899 of them [5] - The total amount repurchased reached 92.3 billion yuan, with 36% of buybacks funded by self-owned capital [5] - The "14th Five-Year Plan" period has seen positive outcomes from capital market reforms, with significant measures being implemented to attract long-term investments [5]