The annual dividend payout of Shanghai-listed companies has exceeded 800 billion yuan, with over 70% of companies increasing their dividend levels.

The total dividend amount of annual reports from listed companies on the Shanghai Stock Exchange has already exceeded 800 billion yuan.

As companies enter the “last month” of annual report disclosure, listed companies’ periodic reports are released in dense succession, and at the same time their annual “bonuses” and annual dividend information are also being rolled out. Data show that as of April 1, among the 577 companies on the Shanghai Stock Exchange, 460 have disclosed annual dividend payout plans, accounting for nearly 80%.

In terms of overall scale, the total dividend amounts corresponding to the companies’ dividend proposals at period-end exceed 800 billion yuan, and the annual cumulative dividend total reaches 1.38 trillion yuan, up nearly 4% year over year.

Specifically, first, the full-year amounts of companies distributing dividends in their annual reports are rising. Of the 460 companies that already have annual report dividend plans, their full-year dividend amounts are expected to total 1.38 trillion yuan, up 3.7% from 1.33 trillion yuan in the prior year, and more than 70% of the companies’ dividend levels are moving up another step.

Among them, 32 companies such as Huaihe Energy (600575), Minmetals Development (600058), and Tongfeng Electronics (600237) have achieved “breakthroughs” compared with 2024 annual dividend payouts. For example, Huaihe Energy did not distribute profits in 2024, whereas in 2025 the company plans to pay 1.9 yuan per 10 shares, totaling 1.36 billion yuan in cash dividends, accounting for 80% of the company’s annual attributable net profit; at the same time, compared with “10 shares paid 1.2 yuan” in 2023, the total cash dividend of 460 million yuan increases significantly. Minmetals Development also did not distribute profits in 2024; in 2025, the company’s consolidated statements recorded profit in the current period, and it plans to pay a total cash dividend of 36.02 million yuan, accounting for 188.53% of attributable net profit for 2025.

In addition, the total annual dividend amounts for 298 companies increased. For example, more than 20 companies, including China Development Bank (600000), CITIC Securities (600030), Haier Smart Home (600690), and Zijin Mining (601899), have both increased and exceeded 13.8k yuan in full-year dividend amounts.

Second, multiple dividend payments within a single year have become the norm. Among the 460 companies that have disclosed cash dividend plans, 43% distributed dividends more than once within 2025. The proportion of companies that distributed dividends more than once in 2024 was 33% for the companies overall. The number of companies that distributed dividends multiple times has increased significantly, and multiple dividends in a year has shifted from “a small number of pilot programs” to “widespread practice.”

Among them, nine companies such as Gigabyte (603444), Haitian Flavors & Food (603288), and Innovent Biologics (603259) achieved three dividend distributions within 2025, becoming a benchmark for multiple dividend payments within a year. In addition, during the annual report disclosure period, more than 50 companies made arrangements simultaneously for 2026 interim dividend distributions.

Finally, annual dividend payouts of “over 13.8k yuan” are growing steadily among listed companies, with leading enterprises taking on the role of the “stabilizing weight.” Among the above 460 companies, the top five companies by annual report dividend amount are Industrial and Commercial Bank of China (601398), China Construction Bank (601939), China Mobile (600941), PetroChina (601857), and Agricultural Bank of China (601288), reaching 60.2 billion yuan, 53.1 billion yuan, 48.2 billion yuan, 45.8 billion yuan, and 45.5 billion yuan, respectively. Together, these five companies’ total dividends were 252.8 billion yuan, accounting for 32% of the total, demonstrating strong dividend distribution capability.

Finally, from the full-year perspective, 25 companies had total dividend payouts in their 2025 fiscal year of 10 billion yuan or more. Among them, Industrial and Commercial Bank of China (601398), China Mobile (600941), and China Construction Bank (601939) each had full-year dividend amounts exceeding 13.3k yuan. The three telecom operators combined distributed about 130 billion yuan in dividends, up 2.4% year over year; of this, China Telecom (601728) has a cash dividend payout ratio of 75%.

The “Three Big Oil” companies combined distributed about 165 billion yuan in dividends for 2025. PetroChina (601857) had a total annual dividend payout of 86.02 billion yuan and a cash dividend payout ratio of 54.7%; China Petroleum & Chemical (600028) had a total cash distribution of about 24.21B yuan with a cash dividend payout ratio of 76.1%; and CNOOC (600938) had total dividends equivalent to about 54.95 billion yuan in RMB, with a cash dividend payout ratio of 45%.

Among them, the four major state banks’ cumulative cash dividend distributions for 2025 totaled 372.5 billion yuan, increasing slightly compared with 2024. Also, 2025 marks the second year for the four major banks to implement the “interim + final” dual-dividend distribution model, and all four major banks implemented multiple dividend distributions within the year. With banks as a representative, they continue to consolidate the A-share market’s position of the most representative high-dividend sector.