沪深两市9年信披评价：超九成A级公司每年分红

Core Viewpoint - Information disclosure is a core aspect of the registration system, with at least 60 A-share companies penalized for disclosure issues since 2025, highlighting the importance of transparency in corporate governance [1] Group 1: Information Disclosure Evaluation - The Shanghai and Shenzhen stock exchanges evaluate listed companies' information disclosure quality annually, categorizing them into four grades: A (excellent), B (good), C (qualified), and D (unqualified) [3] - Over the past nine years, the number of A-rated companies in the Shanghai market increased from 289 in 2016 to 430 in 2024, although the proportion of A-rated companies decreased from 24.6% to 19% due to the overall increase in evaluated companies [3] - In the Shenzhen market, A-rated companies grew from 375 in 2016 to 523 in 2024, with a similar decline in proportion from 20.2% to 18.4% [7] Group 2: Performance of A-rated Companies - A-rated companies in both markets consistently show strong performance, with over 90% of them paying annual dividends from 2016 to 2024, significantly higher than the overall market [5][9] - The average annual net profit growth rate for A-rated companies in the Shanghai market remained positive, with a peak growth of 60.5% in 2017 and a minimum of 12.78% in 2024 [4] - In the Shenzhen market, A-rated companies had an average net profit growth rate exceeding 30% in seven out of nine years, with the highest growth reaching 85.73% in 2017 [8] Group 3: Performance of D-rated Companies - D-rated companies exhibit poor performance, with an average market value ranging from 4.68 billion to 10.66 billion yuan, significantly lower than A-rated companies, which range from 68.51 billion to 105.38 billion yuan [6] - Over nine years, D-rated companies reported average net profits that were consistently negative, with the worst year showing a decline of -1155.83% in 2018 [6] - Only a small fraction of D-rated companies paid dividends, with less than 30% doing so in 2016 and as low as 1.1% in 2018 [9] Group 4: Implications for Investors - The quality of information disclosure serves as a critical reference for investors, with a clear correlation between disclosure quality and core operational data [10] - The disparity in performance between A-rated and D-rated companies underscores the importance of transparency and governance in attracting investment [10] - Recent evaluations revealed that six A-rated companies experienced a downgrade to C in 2024, indicating potential risks for investors [11]