Core Viewpoint - The introduction of new cash dividend regulations and policies in China has led to a significant increase in cash dividends among listed companies, marking a new phase of "return-focused" capital markets aimed at enhancing investor returns [3][4]. Summary by Categories Cash Dividend Rankings - The 2025 cash dividend rankings for listed companies in China will be based on objective cash dividend data, considering multiple factors to form three lists: total cash dividends, dividend payout ratio, and dividend yield, each featuring 100 companies [3]. - The rankings emphasize compliance and integrity, with non-compliant companies facing disqualification [3]. Dividend Trends - In 2024, the total cash dividends from A-share listed companies reached a record high of 2.4 trillion yuan, representing a 9% increase from 2023 [4]. - The number of companies consistently paying dividends has increased, with 2,447 out of 4,445 companies listed for over three years having paid dividends for three consecutive years, a 12% increase from the previous year [4]. Investor Returns - A total of 466 A-share listed companies had an average dividend yield exceeding 3% over the past three years, with 133 companies exceeding 5% [5]. - The average dividend payout ratio for A-share listed companies in 2024 was 39%, with 1,411 companies maintaining an average payout ratio above 40%, a 24% increase from 2023 [5]. Notable Companies - Nine companies distributed over 50 billion yuan in cash dividends in 2024, including major banks such as Industrial and Commercial Bank of China and China Construction Bank, as well as companies like China Petroleum and Kweichow Moutai [4]. - The rankings for cash dividends, payout ratios, and yields include various prominent companies, reflecting a diverse range of sectors [6][9][10].

Core Viewpoint - The article emphasizes the importance of cash dividends for listed companies in China, highlighting a shift towards a "return-focused" capital market driven by new regulations and policies aimed at enhancing investor returns [3]. Group 1: Cash Dividend Rankings - The 2025 cash dividend rankings for listed companies are based on objective data, considering multiple factors to form three lists: total cash dividends, dividend payout ratio, and dividend yield, each featuring 100 companies [3]. - The rankings prioritize compliance and integrity, disqualifying companies with irregular dividend behaviors and emphasizing the need for continuous and stable dividends over a three to five-year evaluation period [3][4]. - The overall cash dividend amount for A-share listed companies reached a record high of 2.4 trillion yuan in 2024, marking a 9% increase from 2023 [4]. Group 2: Dividend Continuity and Stability - The number of companies consistently paying dividends has increased, with 2,447 out of 4,445 companies listed for over three years having paid dividends in the last three years, a 12% increase from 2023 [4]. - Among companies listed for over five years, 1,681 have paid dividends consistently over the last five years, a 6% increase from the previous year, with 210 companies showing continuous growth in dividends [4]. Group 3: Dividend Yield and Payout Ratio - A total of 466 companies have an average dividend yield exceeding 3% over the past three years, with 133 companies exceeding 5%, and the average yield for the top companies is 6.73%, significantly higher than some national bond yields [5]. - The average dividend payout ratio for A-share listed companies is 39%, with 1,411 companies maintaining a payout ratio above 40%, a 24% increase from 2023 [6]. - The increasing trend in dividends reflects a growing internal motivation among companies to provide predictable cash flow returns to investors, fostering a healthier capital market [6].

Core Viewpoint - The total cash dividends of A-share listed companies in China for the 2024 fiscal year have exceeded 2.4 trillion yuan, marking a historic high and reflecting an increase in dividend awareness among companies [1][2]. Group 1: Dividend Performance - The total cash dividends for A-share listed companies in 2024 reached 2.4 trillion yuan, a 9% increase from 2023 [2][3]. - Nine companies distributed over 50 billion yuan in cash dividends, while 33 companies exceeded 10 billion yuan, and 61 companies surpassed 5 billion yuan in dividends [2][3]. Group 2: Dividend Continuity - The number of companies with continuous dividends has increased, with 2,447 out of 4,445 companies listed for over three years having paid dividends continuously over the past three years, a 12% increase from 2023 [3]. - Among 3,569 companies listed for over five years, 1,681 have paid continuous dividends over the past five years, a 6% increase from the previous year, with 210 companies showing continuous growth in dividends [3]. Group 3: Investor Returns - A total of 466 companies have an average dividend yield exceeding 3% over the past three years, and 133 companies have an average yield exceeding 5%, indicating that dividend yields are significantly higher than government bond yields in some economies [3]. - The average dividend payout ratio for A-share listed companies in 2024 is 39%, with 1,411 companies having an average payout ratio greater than 40% over the past five years, a 24% increase from 2023 [3].

Core Viewpoint - A-share companies are increasingly announcing mid-term dividend plans alongside their semi-annual reports, reflecting a trend of returning value to shareholders and signaling confidence in their financial performance [1][2][4]. Group 1: Dividend Announcements - As of August 8, 2023, 178 A-share companies have released their 2025 semi-annual reports, with 48 companies proposing cash dividends [3]. - China Mobile announced a mid-term dividend of HKD 2.75 per share, translating to approximately CNY 541.99 billion based on the exchange rate as of June 30, 2025 [2]. - CATL reported a revenue of approximately CNY 1788.86 billion for the first half of 2025, with a net profit of about CNY 304.85 billion, marking a year-on-year growth of 33.33% [2]. Group 2: Company Performance - China Mobile's semi-annual report indicated a revenue of CNY 543.8 billion, with a net profit of CNY 842 billion, reflecting a 5% year-on-year increase [2]. - Oriental Yuhong's revenue for the first half of 2025 was approximately CNY 135.69 billion, a decrease of 10.84%, with a net profit of CNY 5.64 billion, down 40.16% year-on-year [4]. - The company plans to distribute a cash dividend of CNY 9.25 per 10 shares, totaling approximately CNY 22.1 billion [4]. Group 3: Implementation of Dividend Plans - Sujiao Technology announced a cash dividend of CNY 0.2 per 10 shares, with the record date set for August 11, 2025 [5]. - Zhongchong Co. disclosed a cash dividend of CNY 2 per 10 shares, with the record date on August 13, 2025 [5].

◎记者 张雪 沪深A股上市公司现金分红总额2024年度首次突破2.4万亿元大关！中国上市公司协会8月8日发布2025年 上市公司现金分红榜单，揭晓了在现金分红总额、股利支付率、股息率三大维度表现最为突出的百家标 杆企业。榜单考量显示，A股上市公司不仅分红规模创历史新高，高股息、连续稳定分红的群体亦显著 扩容，投资者获得感切实增强。 据介绍，榜单基于上市公司现金分红客观数据，综合考量多维因素，旨在树立标杆、引导预期，鼓励上 市公司持续、稳定、诚信回报投资者，推动资本市场高质量发展。榜单包含现金分红总额、股利支付 率、股息率三个维度，每个维度评选出表现优异的100家上市公司。 榜单评选标准突出三大特点： 一是强调诚信合规底线，将违法违规、资本市场诚信、审计意见等作为前置条件，将异常分红行为纳入 负面调整因素，对不合规的公司"一票否决"。 二是注重分红连续性、稳定性。榜单对分红数据进行三到五年的长周期评价，并增加多年连续分红、分 红连续增长等前置条件，鼓励公司连续分红、稳定分红、多次分红，与投资者共享公司长期发展带来的 收益和回报。 三是注重多维度评价。榜单综合考量上市公司分红金额和分红比例，将绝对指标和相对指标相 ...

Core Insights - The China Securities Association released the 2025 cash dividend ranking for listed companies, emphasizing principles of compliance, continuity, and multi-dimensional evaluation [1][2] - The total cash dividends for A-share listed companies in 2024 reached a record high of 2.4 trillion yuan, representing a 9% year-on-year increase [1][2] - The trend of increasing cash dividends reflects a growing awareness among companies to reward investors with tangible returns [2] Summary by Category Cash Dividend Data - In 2024, 9 companies distributed over 50 billion yuan in cash dividends, with 33 companies exceeding 100 billion yuan and 61 companies surpassing 50 billion yuan [1] - Among 4,445 companies listed for over three years, 2,447 have maintained continuous cash dividends for the past three years, a 12% increase from the previous year [1] - For companies listed for over five years, 1,681 have achieved continuous cash dividends over the last five years, a 6% increase year-on-year [1] Dividend Payout Ratios - The average dividend payout ratio for A-share listed companies in 2024 was 39%, with 1,411 companies having an average payout ratio above 40%, a 24% increase from the previous year [2] - Companies on the dividend payout ratio list had an average payout ratio of 49% over the past five years [2] Dividend Yields - 466 A-share listed companies had an average dividend yield exceeding 3% over the past three years, with 133 companies yielding over 5% [2] - The average dividend yield for the dividend yield list was 6.73%, surpassing the yields of some government bonds in other economies [2]

2025.08. 08 本文字数：1255，阅读时长大约3分钟 据中国上市公司协会网站，近年来，在新"国九条"和现金分红新规等政策的引导下，提高投资者回报已经成为上市公司的"必修课"，我国资本市场进 入"重回报"的新阶段，塑造共建共享的资本市场新生态。为引导上市公司树立回报投资者的理念，增强分红意识，中国上市公司协会结合现金分红规 则要求，编制发布2025年上市公司现金分红榜单。 2025年上市公司现金分红榜单以现金分红客观数据为基础，综合考量多维因素，最终形成现金分红总额、股利支付率、股息率三个榜单（详见附 件），每个榜单100家公司。 一是强调诚信合规底线 ，将违法违规、资本市场诚信、审计意见等作为前置条件，将异常分红行为纳入负面调整因素， 对不合规的公司"一票否决"。 二是注重分红连续性、稳定性 。榜单对分红数据进行三到五年的长周期评价，并增加多年连续分红、分红连续增长等前 置条件，鼓励公司连续分红、稳定分红、多次分红，与投资者共享公司长期发展带来的收益和回报。 三是注重多维度评价 。榜单综合考量上市公司分 红金额和分红比例，将绝对指标和相对指标相结合，发挥对不同规模、不同发展阶段上市公司的激励作用，鼓 ...

A股五大上市险企"现金红包"陆续到账。 根据中国人保、新华保险近日发布的公告，两家公司将实施2024年年度A股分红派息，股权登记日均为 8月7日，除权（息）日和现金红利发放日均为8月8日。 届时，A股五大上市险企2024年年度分红派息将全部完成。 合计分红超900亿元 具体来看，新华保险的分红方案超出市场预期，此次利润分配以公司总股本31.20亿股为基数，每股派 发现金红利1.99元（含税），共计派发现金红利62.08亿元。2024年，新华保险合计派发现金股利78.93 亿元，同比增加近200%。 中国人保此次利润分配以公司总股本442.24亿股为基数，每股派发现金红利0.117元（含税），共计派发 现金红利51.74亿元。其中，A股普通股股份数为354.98亿股，派发A股现金红利共计41.53亿元。 在此之前，中国平安、中国人寿、中国太保的2024年年度分红派息均已实施完毕。 其中，中国平安分红总额最高，派发2024年末期股息每股现金1.62元；全年股息为每股现金2.55元，同 比增长近5%；年度现金分红总额461.74亿元，连续13年增长。 中国人寿的分红总额也较上一年实现大幅增长。根据方案，公司派发20 ...

Group 1 - The core viewpoint of the articles is that there is a significant increase in the frequency and amount of dividends distributed by listed companies in response to new regulatory requirements, leading to an early wave of dividend announcements for the 2025 interim period [2][3][5] - As of July 31, several dozen companies have announced their 2025 interim dividend plans, with at least nine companies declaring interim dividends for the first time [2][8] - Notable examples include WuXi AppTec, which announced a dividend of 35 yuan per hand, and Dongpeng Beverage, which declared a dividend of 250 yuan per hand, totaling 1.3 billion yuan [2][5] Group 2 - High-growth companies are also showing substantial dividend payouts, with CATL announcing a dividend of 100.7 yuan per hand, nearly double its previous interim dividend [6][8] - The trend of increasing dividends is supported by regulatory measures that encourage companies to distribute profits, with nearly 900 companies having multiple dividend distributions in the past year compared to around 200 in 2023 [3][9] - The number of companies announcing interim dividends is expected to rise further in 2025, reflecting a growing trend towards a dual dividend system of "interim + annual" [10][12] Group 3 - The overall dividend landscape is improving, with nearly 70% of listed companies in the Shanghai and Shenzhen markets disclosing cash dividend plans for 2024, amounting to 1.66 trillion yuan, and a total annual dividend of 2.39 trillion yuan, a 7.2% increase year-on-year [12][13] - State-owned enterprises continue to be the main contributors to dividends, with nearly 1,000 state-owned companies distributing 1.5 trillion yuan, accounting for 62.8% of the total market [13] - Recommendations for further enhancing dividend policies include optimizing regulations to encourage companies to establish stable long-term dividend policies based on their operational status and development needs [12][13]

加大分红频次与分红力度，构建"中期+年度"双分红体系，这是监管层对上市公司的分红新要 求。在此要求下，新一波分红潮提前爆发。 按照往年惯例，8月中下旬才是上市公司中期分红的高峰期。然而， 截至7月31日，发布2025 年中期分红计划的上市公司已经多达数十家。其中，至少9家为上市以来首次进行中期分红 。 药明康德即是典型案例。日前，这家公司推出的2025年中期利润分配方案，拟每手（最小持 股单位，1手等于100股）派息35元。这也是其首次中期分红。 与此同时， 大手笔分红亦在增加 。在东鹏饮料日前推出的2025年中期分红计划中，每手分红 规模达到250元。 另一个值得关注的信号是， 高成长公司也可以带来高回报 。典型如宁德时代，其2025年中期 每手分红规模同样在百元以上。 倘若拉长时间线，细查2024年以来上市公司分红情况，一年多次分红的上市公司已经接近900 家。而在2023年，这一数字仅为200家左右。 据受访人士分析，这意味着上市公司分红意识显著增强。其背后，既与监管层对上市公司 分红的反复引导相关联，又与针对分红力度不足公司的约束性措施密切相关。此前，证监 会明确，对有盈利且有盈余，但不分红或分红比例 ...