The banking sector has been the primary driver of cash dividend distributions ahead of the Spring Festival. In the final trading sessions before the holiday, nearly 20 companies listed on the Shanghai market are set to collectively distribute 25.8 billion yuan in "Spring Festival red envelopes." From December 2025 up until the holiday period, the total dividend payout from Shanghai-listed firms is projected to exceed 347.6 billion yuan. By February 5, 321.8 billion yuan had already been disbursed.
On February 6, Industrial Bank Co., Ltd. will distribute over 11.9 billion yuan in dividends to its A-share investors, with a cash dividend of 0.565 yuan per share (before tax). Banks have played a major role in pre-holiday cash distributions. Since January, nine banks listed in Shanghai, including Industrial Bank Co., Ltd., Bank Of Jiangsu Co., Ltd., Postal Savings Bank Of China Co., Ltd., China Merchants Bank Co., Ltd., and China Everbright Bank Company Limited, have announced implementation plans for their interim 2025 A-share dividend distributions, amounting to nearly 70 billion yuan in total.
On January 16, China Merchants Bank Co., Ltd. initiated its first mid-term dividend payout to A-share investors. According to the announcement, the total cash dividend distributed across A-shares and H-shares amounted to approximately 25.55 billion yuan (before tax), with about 20.9 billion yuan allocated to A-share investors, representing a payout ratio of 35%.
Among interim dividends across the banking industry, six major state-owned banks led in total payout value, distributing a combined 204.66 billion yuan in interim cash dividends, each with a payout ratio exceeding 30%. Industrial And Commercial Bank Of China Limited distributed the highest mid-term dividend at 50.4 billion yuan. Industry observers note that changes in the timing and frequency of bank dividend payouts reflect the implementation of the "pre-Spring Festival dividend" policy, offering investors earlier and clearer visibility of cash returns, which enhances shareholder experience.
Beyond the banking sector, several traditional industry companies are also distributing cash dividends before the holiday. Multiple firms, including China Yangtze Power Co., Ltd. and Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited, are scheduled to pay out cash dividends in the final week before the Spring Festival. China Yangtze Power Co., Ltd. will distribute its 2025 interim dividend on February 12, totaling over 5.1 billion yuan. The company pioneered a 10-year high-ratio cash dividend commitment in China starting in 2016. Under this commitment, the annual cash dividend per share was no less than 0.65 yuan from 2016 to 2020, and the dividend payout ratio will not be less than 70% of annual net profit from 2021 to 2025. Over the past five years, the company’s total cash dividends have reached 97.69 billion yuan.
On the evening of February 4, Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited also announced its quarterly equity distribution plan for 2025, setting a cash dividend of 2.45 yuan per share (before tax), totaling 1.887 billion yuan, which will be paid on February 12. Since its listing in 2001, the company has distributed cumulative cash dividends of 5.117 billion yuan, with an average dividend payout ratio of 50.69% and a dividend-to-financing ratio of 414.01%.
Xiamen C&D Inc. released its interim 2025 equity distribution announcement as well, proposing a cash dividend of 2.00 yuan per 10 shares (before tax) to all shareholders, totaling approximately 579.9 million yuan, accounting for 50.49% of its net profit for the first three quarters of 2025.
Industry analysts suggest that as regulators continue to strengthen requirements for cash dividend policies and information disclosure, listed companies are increasingly enhancing their focus on shareholder returns. For investors, selecting companies that can navigate economic cycles while consistently rewarding shareholders is becoming a key approach to value investing.
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