Since the introduction of the new "National Nine Measures" and the updated cash dividend regulations, listed companies have moved cash dividend distribution into a new phase of normalization, driven by proactive regulatory guidance, voluntary corporate action, and healthy market dynamics. This shift has evolved from a temporary trend into an established institutional practice.
Looking at the overall dividend data, listed companies have strengthened their commitment to rewarding investors, with the dividend ecosystem undergoing continuous optimization. A balanced approach that encourages increased payouts while preventing excessive distributions is taking shape, fostering a virtuous cycle between capital inflows and market stability.
First, market-wide dividend payouts have remained generally stable with an upward trajectory, consistently demonstrating resilience in investor returns. The scale of cash dividends from A-share listed companies has maintained steady growth, with total distributions reaching new highs and further solidifying the foundation for investor returns. For the 2025 fiscal year, a total of 3,712 A-share listed companies released cash dividend proposals, with nearly 70% of them sharing business achievements with investors through cash distributions. The total dividend amount for the 2025 fiscal year reached 2.4 trillion yuan, an increase of 3.3% year-on-year, reflecting a steady improvement in dividend scale and underscoring the firm determination of listed companies to deliver sustained returns to investors.
Second, companies are cultivating a long-term approach to returns, with the group of consistent dividend payers continuing to expand. A total of 3,067 A-share listed companies have paid dividends for three consecutive years, with the proportion rising by 3 percentage points year-on-year. Meanwhile, 2,235 companies have maintained dividend payments for five straight years, also marking a 3 percentage point increase. Listed companies are balancing enhanced investor returns with sustainable development capabilities, continuously improving the stability and sustainability of their dividend policies and progressively establishing a long-term, consistent framework for investor returns.
Third, dividend-paying companies span a broad range of industries, with distribution characteristics reflecting sector-specific strengths. In the 2025 fiscal year, A-share companies conducting cash dividends covered all 31 Shenwan primary industry classifications. Among these, 30 industries saw more than 50% of their companies distribute cash dividends, 20 industries exceeded 60%, and 12 industries surpassed 70%. Sectors such as food and beverage, telecommunications, coal, and home appliances recorded notably high dividend payout ratios exceeding 60%, while industries like pharmaceuticals and biotechnology, power equipment, defense and military, and electronics posted payout ratios in the range of 30% to 50%.
Fourth, leading companies have maintained substantial dividend scales, continuing to play a demonstrative and driving role. Top-tier listed companies, backed by solid operational foundations and strong earnings stability, have emerged as key pillars supporting cash dividends, with their payout volumes staying consistently elevated. For the 2025 fiscal year, a combined nine listed companies each distributed over 50 billion yuan in dividends, totaling 730.955 billion yuan. Thirty-five companies exceeded 10 billion yuan in payouts, amounting to 1,273.864 billion yuan in total, while 65 companies surpassed the 5 billion yuan mark, contributing an aggregate of 1,480.077 billion yuan.
The maintenance of consistent and stable cash dividends serves as a key indicator of high-quality development for listed companies and represents a fundamental pillar for the healthy two-way flow of capital markets. Companies are encouraged to adopt a well-reasoned dividend philosophy that carefully balances investor returns with long-term sustainable growth. Dividend decisions must be grounded in operational realities and aligned with financial capacity considerations, with prudent planning of cash flows and project investment needs. It is imperative to firmly curb short-sighted and irrational practices such as dividend payouts that look beyond available capacity, excessive or overly leveraged distributions, and substantial borrowing solely to fund dividends.
As the normalized dividend mechanisms of listed companies continue to mature, a positive feedback loop spanning stable dividends, long-term capital accumulation, and high-quality development is expected to accelerate. This will generate more sustained and reliable returns for investors while driving the capital market toward higher-quality growth through constructive engagement with investors.
To better implement the requirements of the new "National Nine Measures" and further promote the establishment of a normalized dividend mechanism while consolidating the existing dividend ecosystem, the China Association for Public Companies has continued its compilation and release of the cash dividend rankings for listed companies in 2026. The 2026 rankings feature three sub-lists focusing on total dividend payout, dividend payout ratio, and dividend yield. These are respectively measured by total cash dividends over the past three years, payout ratios over the past five years, and dividend yields over the past three years. The assessments also incorporate adjustments based on factors such as compliance in capital market integrity and abnormal dividend practices, with each sub-list comprising 100 companies.