2 1 Shi Ji Jing Ji Bao Dao·2025-11-10 15:31Core Viewpoint - The A-share market is experiencing an unprecedented wave of dividend reform, with 25 companies announcing their first interim dividend plans since listing, distributing a total of 69.39 billion yuan in cash dividends as of November 10, 2025 [1][4][5] Group 1: Dividend Trends - As of November 10, 2025, 25 companies with net profits exceeding 3 billion yuan in the third quarter have collectively announced interim dividends, averaging 2.78 billion yuan per company [1][4] - The trend of interim dividends is becoming a new standard for high-quality companies, with over half of the 207 companies reporting net profits over 3 billion yuan in the third quarter opting for interim dividends, a sixfold increase compared to three years ago [1][4][5] - The number of companies choosing to implement interim dividends has seen exponential growth, with 58 out of 80 companies with net profits over 10 billion yuan in 2025 announcing interim dividends, marking a significant increase from previous years [4][5][7] Group 2: Leading Companies - Leading companies such as China Shenhua, Industrial Fulian, and Industrial Bank are at the forefront of this dividend reform, with China Shenhua leading with a dividend of 19.47 billion yuan [1][5][6] - China Shenhua's total market value reached 852.86 billion yuan, with a net profit of 46.92 billion yuan in the third quarter of 2025, while Industrial Fulian's market value increased from 427.16 billion yuan to 1.44 trillion yuan [5][6] - The banking sector, particularly Industrial Bank, has also contributed significantly to the total dividend distribution, with its first interim dividend amounting to 11.96 billion yuan [5][6] Group 3: Regulatory Influence - Regulatory policies are significantly driving the transformation of the A-share dividend ecosystem, with new regulations imposing stricter requirements on companies that have not distributed dividends for years [10][11] - The introduction of policies encouraging multiple dividends per year aims to enhance investor returns and promote a healthy investment environment [10][11] - The evolution of the dividend system from soft constraints to hard indicators reflects a shift towards a more mature and rational dividend ecosystem in the A-share market [10][11]