Over 200 Companies Release Annual Reports with Dividend Distribution Plans; Industry Leaders Generously Distribute Cash

Securities Times Reporter Liu Junling

A-shares’ 2025 annual report cash dividends are being implemented intensively, with listed companies steadily increasing their shareholder returns. According to Securities Times Data Treasure, as of the close on March 24, 224 companies have announced their annual dividend plans, with a total cash dividend of 171.068 billion yuan, of which 27 companies have dividends exceeding 1 billion yuan.

Five leading companies with annual dividends over 10 billion yuan

Data shows that the top of the dividend list exhibits a significant head effect. Among the 27 companies with dividends over 1 billion yuan, five leading firms—CATL, Sinopec, Industrial Fulian, CITIC Bank, and others—have surpassed the 100 billion yuan mark.

CATL has the highest total dividend, planning to distribute 69.57 yuan (including tax) in cash dividends per 10 shares to all shareholders, totaling 31.532 billion yuan, the highest dividend record since the company’s listing. The company’s 2025 performance continues to grow rapidly, with operating revenue of 423.702 billion yuan, up 17.04% year-over-year, and net profit attributable to shareholders of 72.201 billion yuan, up 42.28%.

Sinopec follows closely, with a cash dividend of 0.112 yuan (including tax) per share, totaling 13.544 billion yuan (including tax). The annual report shows that due to significant declines in international crude oil prices and sluggish chemical market gross margins, the company’s performance has decreased considerably year-over-year. However, cash flow from operating activities remains ample, and financial health is stable. The total cash dividends for the year amount to 0.2 yuan per share, with the combined payout ratio—including share repurchases—reaching 81%.

In terms of market performance, since March, the stock prices of companies that have announced dividend plans have generally retreated, with an average decline of 10.37%. Companies with large dividends over 1 billion yuan have been relatively resilient, with 27 such companies experiencing an average stock price decline of 5.77%. Baofeng Energy, CATL, CITIC Bank, and Satellite Chemical have all gained more than 10% in total.

19 large-dividend companies with net profit attributable to parent increased

Among the 27 companies with dividend plans exceeding 1 billion yuan, 19 saw their net profit attributable to parent increase year-over-year, accounting for over 70%. High-growth listed companies tend to show a stronger willingness to pay dividends.

Shenghong Technology had the highest growth, with net profit attributable to parent reaching 4.312 billion yuan in 2025, up 273.52% year-over-year, and planning to distribute 1.74 billion yuan in cash dividends. The company’s annual report states that it has seized the historic opportunity of AI computing power technology innovation and data center upgrades, continuously consolidating its technological leadership in the global PCB manufacturing field. Its overseas business performed strongly, with direct export revenue of 14.821 billion yuan, a 126.88% increase.

WuXi AppTec’s growth was also notable, with net profit attributable to parent reaching 19.151 billion yuan, up 102.65%. The company stated in its annual report that its performance is closely related to the development of the global pharmaceutical industry and investment in new drug R&D. Driven by the booming global pharmaceutical industry, the company’s main business has broad development prospects, and the global pharmaceutical market size and demand for pharmaceutical R&D services are expected to continue growing.

More than 40 companies in the electronics industry paid dividends

From an industry perspective, listed companies that have announced annual dividend plans are mainly concentrated in six sectors: electronics, pharmaceuticals and biotechnology, electrical equipment, basic chemicals, machinery, and non-ferrous metals. Each of these sectors has more than 10 companies, with electronics leading at 42 companies, followed by pharmaceuticals and biotechnology with 25.

Within the electronics sector, semiconductor companies are the most active in paying dividends, with 20 semiconductor companies having announced dividend plans, totaling 2.05 billion yuan. In recent years, the semiconductor industry has experienced rapid growth. According to the U.S. Semiconductor Industry Association, global semiconductor sales in January 2026 are projected to reach $82.54 billion, a new high, up 3.65% month-over-month, achieving 11 consecutive months of growth.

Among semiconductor companies, Cambrian has the highest total cash dividend, reaching 632 million yuan, and plans to issue 4.9 new shares for every 10 shares held. In 2025, the company achieved its first full-year profit turnaround, removing the special label “U” from its A-shares and announcing its first dividend plan. The company states that, based on significant progress in AI chip products, basic software platforms, and cluster software tools, its products have been deployed at scale in key industries such as telecom, finance, and internet, passing rigorous customer environment tests, and are widely recognized for their versatility, stability, and ease of use.

CITIC Construction Investment Securities’ research report suggests that the semiconductor equipment and component sector is currently under a dual trend of independent controllability: on one hand, AI-driven capacity expansion in downstream markets is opening up, with domestic substitution of equipment components increasing; on the other hand, the overall domestic substitution rate for key components remains low, and high-end product replacement is still in early stages.