Over 150 billion yuan "Red Envelope Rain" hits the A-shares market

In late March, A-share companies enter a period of intensive annual report disclosures, along with the announcement of annual profit distribution plans.

According to data, as of the morning of March 23, about 250 companies have disclosed their annual reports for 2025, of which nearly 200 companies have profit distribution plans, accounting for nearly 80%, with a total proposed dividend of 152.2 billion yuan.

In terms of the total planned dividend amount, among the companies that have disclosed profit distribution plans, CATL (300750.SZ), Sinopec (600028.SH), Foxconn Industrial Internet (601138.SH), CITIC Bank (601998.SH), and Zijin Mining (601899.SH) announced comparatively large planned dividend amounts, all exceeding 10 billion yuan. These five companies plan to distribute a total of 78.8 billion yuan in dividends at year-end.

Among them, CATL leads with a planned dividend amount of 31.528 billion yuan. According to CATL’s disclosed profit distribution plan, the company’s dividend this time includes annual cash dividends, as well as special cash dividends that actively implement the relevant spirit and requirements of regulatory authorities, with dividend ratios of 20% and 30% respectively based on the net profit attributable to shareholders of 72.201 billion yuan for 2025. This means the company plans to use half of its net profit attributable to shareholders for cash dividends in 2025.

Previously, CATL had conducted a mid-term cash dividend, amounting to 4.568 billion yuan. Based on this, CATL will allocate 31.528 billion yuan for annual and special cash dividends, distributing cash dividends of 69.57 yuan per 10 shares (tax included) to all shareholders, based on a distributable share capital of 4.532 billion shares.

If buybacks are considered, it is disclosed that the total cash dividends and share repurchase for CATL in 2025 amount to 40.486 billion yuan, accounting for 56.07% of the net profit attributable to listed company shareholders in the consolidated financial statements for 2025.

Data shows that the dividend payout ratio for CATL has remained around 50% for the past three years, indicating stability.

In addition to CATL, Sinopec, Foxconn Industrial Internet, CITIC Bank, and Zijin Mining all have planned dividend amounts ranging from 10 billion to 15 billion yuan.

Sinopec is the one with the highest dividend payout ratio among the five companies this time. It plans to distribute cash dividends of 0.112 yuan per share (tax included). The total cash dividends planned at the end of 2025 amount to 13.544 billion yuan (tax included). Adding the mid-term cash dividends distributed in 2025 of 0.088 yuan per share (tax included), Sinopec’s total annual dividend is 0.2 yuan per share (tax included), with the corresponding cash dividend ratios under Chinese accounting standards and international financial reporting standards being approximately 76% and 75% respectively.

Data shows that Sinopec’s dividend payout ratio is slightly higher than in previous years, with its payout ratios around 69% for both 2024 and 2023.

If buybacks are considered, Sinopec’s annual cash dividend ratio (including the amount for repurchased shares through centralized bidding) under Chinese accounting standards and international financial reporting standards is approximately 81% and 79% respectively.

Foxconn Industrial Internet plans to distribute cash dividends of 6.5 yuan per 10 shares (tax included) to all shareholders, with a total planned cash dividend of 12.9 billion yuan (tax included). The total annual cash dividends for Foxconn Industrial Internet (including mid-term distributed cash dividends) amount to 19.451 billion yuan, accounting for 55.12% of the net profit attributable to listed company shareholders for 2025. After considering buybacks, the dividend ratio is close to this figure.

CITIC Bank’s profit distribution plan indicates that it plans to distribute cash dividends of 1.93 yuan per 10 shares (tax included), with the total cash dividends for ordinary shares in 2025 amounting to 10.740 billion yuan, along with the mid-term cash dividends already distributed of 10.461 billion yuan (1.88 yuan per 10 shares), resulting in a total annual cash dividend of 21.201 billion yuan (3.81 yuan per 10 shares), which accounts for 31.75% of the net profit attributable to ordinary shareholders after consolidation, and 30.02% of the net profit attributable to the bank’s shareholders after consolidation.

Zijin Mining plans to distribute cash dividends of 3.8 yuan per 10 shares (tax included) to all shareholders, with a total planned cash dividend of 10.104 billion yuan (tax included). Considering the semi-annual profit distribution of a total of 5.847 billion yuan in cash dividends and nearly 1 billion yuan in buybacks, Zijin Mining’s total dividend of 16.951 billion yuan accounts for 33% of the net profit for the year.

Among the nearly 200 companies that announced profit distribution plans, in addition to the aforementioned five with planned dividend amounts exceeding 10 billion yuan, there are 16 companies with planned distribution amounts in the tens of billions, 84 companies in the range of 1 billion to 10 billion yuan, 79 companies with dividends in the millions, and 11 companies at the million level.

Among the companies with year-end dividends exceeding 1 billion yuan, the non-ferrous metal industry has the most companies, with four: Zijin Mining, Hongqiao Group (002379.SZ), Shanjin International (000975.SZ), and Cang Ge Mining (000408.SZ), covering four sub-sectors: copper, aluminum, gold, and lithium. Additionally, there are three companies in the electronics industry, namely Shennan Circuit (002916.SZ) and Shenghong Technology (300476.SZ) in the printed circuit board sub-sector, and Foxconn Industrial Internet in the consumer electronics components and assembly sector.

(Author: Wang Zhiqiang HF013)

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