Summary of Key Points Core Viewpoint - The report highlights the trends in the annual compensation of chairpersons of A-share listed companies, indicating a decline in the number of chairpersons earning over 10 million yuan, particularly in the context of performance-related pay adjustments across various industries [1][4]. Group 1: Compensation Overview - A total of 4,231 listed companies disclosed their chairpersons' annual compensation, amounting to 5.789 billion yuan [1]. - Thirteen chairpersons earned over 10 million yuan, primarily from the biopharmaceutical, electronics, home appliances, food and beverage, media, and basic chemicals sectors [1]. - The top three earners were from the biopharmaceutical industry: WuXi AppTec's chairperson earned 41.8 million yuan, Mindray Medical's chairperson earned 24.939 million yuan, and BeiGene's chairperson earned 20.194 million yuan [2]. Group 2: Trends in High Compensation - The number of chairpersons with annual salaries exceeding 10 million yuan has decreased from 27 in 2022 to 16 in 2023, and further down to 13 in 2024 [4]. - The distribution of chairpersons' salaries shows a concentration in the 1 million to 2 million yuan range, with 1,402 individuals (one-third of the total) falling within this bracket [3]. Group 3: Salary Adjustments and Performance Impact - Many companies announced salary reductions for executives in 2024, with notable examples including Minglida's chairperson voluntarily waiving half of their salary and Haineng's management team experiencing significant pay cuts [5]. - A total of 3,765 chairpersons had comparable salaries from 2023 to 2024, with 1,377 (37%) experiencing a decrease, while 1,985 (58%) saw an increase [5]. - The primary reason for voluntary salary reductions among high-earning chairpersons was a decline in company performance, as illustrated by the significant pay cuts at Longi Green Energy and Meihua Biological, where chairpersons faced reductions of 92.24% and 83.61%, respectively [6].

Core Insights - The average annual salary of A-share chairpersons shows a significant concentration in the range of 1 million to 2 million yuan, with 1,402 individuals, accounting for one-third of the total [1][4] - The total disclosed annual salary for 4,231 listed companies reached 5.789 billion yuan, with 13 chairpersons earning over 10 million yuan [1][4] - The number of chairpersons with annual salaries exceeding 10 million yuan has decreased from 27 in 2022 to 16 in 2023, and further down to 13 in 2024 [4] Salary Distribution - The top three highest-paid chairpersons are from the biopharmaceutical industry, with WuXi AppTec's chairman earning 41.8 million yuan, followed by Mindray Medical's chairman at 24.939 million yuan, and BeiGene's chairman at 20.1938 million yuan [2][3] - The salary distribution is characterized by an olive-shaped curve, with fewer individuals earning higher salaries; for instance, there are 381 individuals earning between 2 million and 3 million yuan, and only 67 earning between 4 million and 5 million yuan [6] Salary Changes - A total of 3,765 chairpersons had comparable salaries from 2023 to 2024, with 1,377 experiencing a decrease (37%) and 1,985 seeing an increase (58%) [8] - Notable salary reductions were observed among high-earning chairpersons, with some experiencing declines of over 90% due to poor company performance [9][10] Industry Performance - The salary trends reflect a dichotomy in industry performance, with high salaries in thriving sectors like media, electronics, and pharmaceuticals, while industries like real estate and finance are facing salary cuts [11][13] - The average salary for chairpersons in the media industry was 1.78 million yuan, the highest among 31 sectors, while the average salary in the construction and defense sectors was below 1 million yuan [12][13]