Multiple large-scale dividends are coming to the A-shares!

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On the evening of March 27, another batch of listed companies announced their annual dividend plans for 2025.

Falcon Electronics (600563.SH) released its annual performance report stating that its operating income for 2025 is approximately 5.327 billion yuan, an increase of 11.64% year-on-year; the net profit attributable to shareholders of the listed company is approximately 1.192 billion yuan, an increase of 14.72% year-on-year; basic earnings per share are 5.3 yuan, an increase of 14.72% year-on-year, and it will distribute a cash dividend of 23 yuan (tax included) for every 10 shares to all shareholders.

Xin’ao Co., Ltd. (600803.SH) announced that its operating income for 2025 is 131.457 billion yuan, a decrease of 3.22% year-on-year; net profit is 4.681 billion yuan, an increase of 4.19% year-on-year. It plans to distribute a cash dividend of 9.6 yuan (tax included) for every 10 shares based on 3.094 billion shares, totaling a cash dividend of 2.97 billion yuan (tax included).

Ruijie Networks (301165.SZ) released its annual performance report stating that its operating income for 2025 is approximately 14.316 billion yuan, an increase of 22.37% year-on-year; the net profit attributable to shareholders of the listed company is approximately 696 million yuan, an increase of 21.3% year-on-year; basic earnings per share are 0.8754 yuan, an increase of 21.3% year-on-year. The company plans to distribute a cash dividend of 5.25 yuan (tax included) for every 10 shares to all shareholders and will transfer 4 shares for every 10 shares from the capital reserve.

China National Heavy Duty Truck Group (000951.SZ) announced that it achieved operating income of 57.737 billion yuan in 2025, an increase of 28.51% year-on-year; net profit attributable to shareholders of the listed company is 1.666 billion yuan, an increase of 12.58% year-on-year; basic earnings per share are 1.42 yuan. The company plans to distribute a cash dividend of 5.12 yuan (tax included) for every 10 shares to all shareholders, with no bonus shares (tax included), and will not transfer shares from the capital reserve.

Last year, over 4,000 listed companies implemented cash dividends, with 97% of those meeting dividend conditions actually distributing dividends, totaling 2.55 trillion yuan in cash dividends, a record high.

Dividends are not merely a simple profit distribution action but a comprehensive reflection of the company’s operational quality, financial status, and governance level. What the market “likes” is not just the amount of dividends but also whether the company has the ability to provide stable returns to shareholders.

When observing the dividends of listed companies, it is essential to look at both “how much was distributed” and “what supports the dividend distribution.” For listed companies, making dividends real, stable, and long-term hinges on “strengthening internal capabilities,” solidifying the operational foundation, and enhancing the confidence in dividends.

First, stable primary business operations are the fundamental source of dividend capability.

Regulators encourage listed companies to return cash to investors, but they do not advocate for living off borrowed funds without a solid foundation. Only with a solid primary business and stable profits can dividends be sustainable and convincing. Listed companies must deeply cultivate their core responsibilities and business through technological innovation, product upgrades, and cost reduction to enhance core competitiveness, thereby stabilizing their fundamentals and opening up new spaces.

Only with steady profit growth can dividends have a basis; only with continuous improvement in profit quality can return expectations be more stable. Conversely, if there is a lack of endogenous growth support, even high dividends may only be short-term arrangements, difficult to convert into long-term return capabilities. Ultimately, the level of dividends depends on the company’s ability to create value; the more solid the operational foundation, the more substantial the dividend confidence.

Second, ample cash flow and a healthy financial structure are the practical support for dividends.

Truly quality dividends must be both affordable and distributed safely and sustainably. To judge whether a listed company has the ability to sustain dividends, one cannot only look at the income statement but must also examine the operating cash flow and balance sheet. Only companies with strong cash generation capabilities, good receivables collection capabilities, and a robust financial structure can offer dividends that have real value and sustainability.

At the same time, for listed companies, dividend decisions must also balance current returns with long-term development, continuously optimizing the financial structure. For companies with sufficient cash on hand and stable capital expenditures, appropriately increasing the dividend ratio can enhance capital utilization efficiency; however, for those still in the expansion phase and with high R&D investments, it is crucial to manage the dividend rhythm to prevent excessive payouts from impacting future growth.

Third, a stable return awareness and a standardized dividend mechanism are important guarantees for continually returning value to shareholders.

In reality, some companies do not entirely lack dividend capability, but due to unclear governance concepts and unstable return arrangements, investors find it difficult to form clear expectations, which also diminishes the effect of dividends. In recent years, regulators have continuously encouraged listed companies to normalize and institutionalize dividends to enhance their stability and predictability.

For listed companies, dividends should not be a temporary tool for market value management nor a reactive measure to market sentiment; instead, they should be internalized as an essential part of corporate governance. Only by establishing a transparent, coherent, and predictable return mechanism can a company’s return capability be more accurately recognized by the market, allowing investors to form more stable long-term expectations. Furthermore, the more standardized the dividend mechanism, the more it can attract medium- to long-term capital, reducing short-term speculation interference and enhancing market resilience.

In summary, dividends are not simple benefit distributions but an external manifestation of a company’s operational strength, financial health, and governance maturity. For A-share listed companies, only by solidifying operations, strengthening finances, optimizing governance, and stabilizing returns can a dividend plan translate into sustainable investment value.

A wealth of information and precise interpretations are available on the Sina Finance APP.

【Source: Securities Daily】