【导读】中上协发布2025年上市公司现金分红榜单 来源：中国上市公司协会 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1。 2025年上市公司现金分红榜单以现金分红客观数据2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3（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，鼓励上市公司培育 ...

【导读】中上协发布2025年上市公司现金分红榜单 来源：中国上市公司协会 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 1 。 2025 年上市公司现金分红榜单以现金分红客观数据 2 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 3 （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 ...

Core Viewpoint - Recently, AVIC Heavy Machinery (600765.SH) revised its company articles to include a commitment to distribute at least 30% of the annual net profit attributable to shareholders as cash dividends, reflecting the company's dedication to enhancing investor returns and market value management [1][2]. Group 1: Dividend Policy and Corporate Governance - The new articles of association institutionalize a minimum cash dividend distribution of 30% of the annual net profit, showcasing the company's commitment to stable returns for investors [1]. - This move aligns with national policies aimed at improving the quality of listed companies and enhancing investor return mechanisms, particularly encouraging state-owned enterprises to adopt stable dividend and buyback strategies [1][2]. - AVIC Heavy Machinery has maintained a leading position in shareholder returns over the past two years, with a consistent 30% dividend payout ratio, indicating strong fundamental support [2]. Group 2: Financial Performance and Market Position - In 2023, the company achieved a net profit of 1.329 billion yuan, with cash dividends totaling 399 million yuan, maintaining a 30% payout ratio [2]. - For 2024, the projected net profit is 640 million yuan, with cash dividends expected to be 192 million yuan, again sustaining the 30% payout ratio [2]. - The company reported a revenue of approximately 5.751 billion yuan for the first half of 2025, a year-on-year decrease of about 4.5%, but still meeting 50.01% of its annual target [2]. - In Q2, the company achieved revenue of approximately 3.445 billion yuan, a year-on-year increase of about 11.20%, while net profit attributable to shareholders was approximately 289 million yuan, reflecting a year-on-year decrease of about 28.82% [3]. - The commercial aviation business grew by approximately 22% year-on-year, and the civil business grew by approximately 25%, indicating strong operational resilience during industry adjustments [3].

Group 1 - The chairman of Shenzhen Rui Ming Technology Co., Ltd. proposed a mid-year cash dividend for 2025, suggesting a distribution of no less than 4 yuan per 10 shares to all shareholders [1][2] - The proposal aims to enhance the company's investment value, share development results with investors, and promote high-quality development based on confidence in the company's long-term prospects and financial outlook [1] - The specific profit distribution plan will be determined by the company in conjunction with its operational situation and will require approval from the board of directors, supervisory board, and shareholders' meeting [2] Group 2 - The board of directors believes that the proposal complies with legal regulations and the company's articles of association, aligning with the company's actual situation and future development needs [2] - The proposal is subject to approval by the board of directors, supervisory board, and shareholders' meeting, indicating that there is uncertainty until the necessary approvals are obtained [2]

Core Viewpoint - The company proposes to authorize the board of directors to formulate a mid-term dividend plan for 2025, aiming to enhance investor returns and confidence in the company's future development [1][2]. Group 1: Mid-term Dividend Arrangement - The mid-term dividend plan for 2025 is contingent upon the company having positive distributable profits after covering losses and allocating reserves [1]. - The maximum amount for the mid-term cash dividend will be limited to the net profit attributable to shareholders for the corresponding period [1]. - The board of directors seeks authorization from the shareholders' meeting to simplify the mid-term dividend process, allowing the board to determine the specific dividend amount, frequency, and implementation timing based on actual conditions [2]. Group 2: Approval Procedures and Opinions - The proposal for authorizing the board to formulate the mid-term dividend plan has been approved by the company's ninth board of directors during its fifth temporary meeting and is submitted for review at the 2024 shareholders' meeting [2]. - The supervisory board has also approved the proposal, affirming its compliance with relevant laws and regulations, and stating that it will not harm the interests of the company or shareholders, particularly minority shareholders [2].

Core Insights - The report released by the China Securities Association on May 8 indicates that 5,412 listed companies have published their 2024 annual reports as of May 7, excluding those that delayed disclosures [1] - A total cash dividend of nearly 2.4 trillion yuan has been announced, marking a historical high, with an average dividend payout ratio of 37.78% [1] - The proportion of profitable companies planning to distribute cash dividends has increased to 89.20%, with 2,093 companies having paid cash dividends for five consecutive years [1] Summary by Categories - **Dividend Distribution** - 3,751 listed companies have announced or implemented cash dividend plans for 2024 [1] - 265 companies have cash dividends exceeding 1 billion yuan, and 33 companies have dividends exceeding 10 billion yuan [1] - The number of companies implementing quarterly or semi-annual dividends has increased significantly to 1,013 [1] - **Payout Ratios** - The average dividend payout ratio across the market stands at 37.78% [1] - 1,277 companies have a payout ratio exceeding 50% [1]