深市“双提升”：471家率先行动 分红占净利润比重2年提升近11个百分点

Core Viewpoint - The "Quality Return Dual Improvement" initiative launched by the Shenzhen Stock Exchange aims to enhance the development quality and investment value return capabilities of listed companies, with 471 companies disclosing action plans by November 2025 [1][2]. Group 1: Company Participation and Focus Areas - Among the 471 companies, 293 are part of the Shenzhen Component Index, 88 are in the CSI 300 Index, and 82 belong to the ChiNext Index, collectively representing about 50% of the total market capitalization of the Shenzhen market [2]. - The companies involved span 30 industries, including electronics, power equipment, pharmaceuticals, and computers, with nearly 70% being private enterprises [2]. - The action plans of these companies emphasize three focal points: focusing on core business, focusing on technological innovation, and focusing on regulatory operations [2]. Group 2: Financial Performance and R&D Investment - In 2024, the "Dual Improvement" companies achieved a total operating revenue of 9.8 trillion yuan, a year-on-year increase of 3.6%, and a net profit of 743.39 billion yuan [4]. - For the first three quarters of 2025, these companies reported an operating revenue of 7.5 trillion yuan, up 6.9% year-on-year, and a net profit of 651.3 billion yuan, reflecting a 10.8% increase [4]. - The R&D investment of these companies accounted for 4.3% of their operating revenue in the first half of 2025, up 0.1 percentage points year-on-year, with total R&D expenditure representing 59.5% of the Shenzhen market [4]. Group 3: Shareholder Returns and Market Response - From 2022 to 2024, the annual total dividend of the "Dual Improvement" companies had a compound growth rate of 10.0%, with the 2024 dividend amounting to 43.6% of net profit, an increase of 10.9 percentage points from 2022 [5]. - Approximately 80% of the companies (378) maintained continuous dividends over the past three years, enhancing the stability and predictability of returns for investors [5]. - The average stock price increase for the 471 "Dual Improvement" companies from February 2024 to November 2025 was 77.2%, surpassing the growth of the Shenzhen Component Index [6].