Data from iFinD, as of August 30, reveals that 851 listed companies have already published their interim profit distribution plans for the 2026 fiscal year (excluding those that only disclosed dividend intentions without specific cash payout amounts), with total dividends amounting to 665.291 billion yuan. Among these, 79 companies have completed their distribution plans, totaling 27.754 billion yuan, which fully demonstrates that the awareness of rewarding shareholders among listed companies is continuously strengthening.
Looking at this round of interim dividends, the substantial payouts by leading companies are particularly noteworthy. There are 14 companies with dividend amounts exceeding 10 billion yuan each, 13 of which are state-controlled listed companies (covering central enterprise state-owned, provincial state-owned, municipal state-owned, and other state-owned categories). Further analysis shows that among the 851 listed companies that have disclosed interim distribution plans, 279 state-controlled listed companies plan to distribute approximately 325.721 billion yuan in total, approaching nearly half of the overall proposed dividend amount.
Zhu Changming, a partner at Sunshine Law Firm and head of the SOE Mixed Reform Center, stated in an interview that the significant interim dividends by state-controlled listed companies this year can convey a positive signal of "stable profitability and healthy cash flow" to the market. This is conducive to boosting market confidence and enhancing the attractiveness of the A-share market to long-term capital.
The continued increase in dividend intensity by state-controlled listed companies is strongly driven by policy support. In April 2024, the State Council issued the "Several Opinions on Strengthening Regulation, Preventing Risks, and Promoting High-Quality Development of the Capital Market" (the new "National Nine Articles"), which established a systemic framework for multiple dividends per year from a policy perspective. This cleared regulatory obstacles for normalizing interim dividends among enterprises, including state-controlled listed companies. Additionally, as market value management has been incorporated into the assessment system for central enterprise leaders, the dividend enthusiasm of central enterprise-controlled listed companies has been further stimulated, with dividend intensity continuously escalating.
"As a market value management tool, dividends have clear decision-making processes, low compliance risks, and fast implementation speeds. They can not only quickly respond to market value management assessment requirements but also promptly convey positive signals to the market," Zhu Changming commented. In his view, the essence of dividends is cash flow distribution—distributing the value that enterprises have already created. For enterprises, the foundation of market value management still lies in their fundamentals and intrinsic value; relying solely on dividends cannot support long-term valuation improvements.
Zhang Xiaoxi, secretary-general of the China Social Sciences Academy Listed Companies Research Center, noted that profits can exhibit accounting flexibility, but genuine cash dividends must be backed by solid operating cash flow. For listed companies, daring to make large cash distributions mid-year effectively demonstrates the health of their balance sheets and cash flow statements to the market, serving as an implicit endorsement of their financial authenticity. Furthermore, large dividends by state-controlled listed companies also echo the policy orientation of increasing the proportion of state capital income handed over and allowing the entire population to share in central enterprise operating results, carrying demonstrative significance and serving as a bellwether.
"Overall, the normalization of interim dividends in the A-share market is conducive to smoothing investor cash flows and improving holding experience. Multiple dividends per year enable investors to receive more evenly distributed cash inflows, helping to cultivate long-term investment habits," Zhang Xiaoxi remarked.
Zhu Changming also expressed that sustained and stable high dividends are essentially a reflection of a company's superior profitability. The dividend mechanism can guide market funds toward high-quality listed companies with stable operations and generous returns, thereby improving the efficiency of market resource allocation and better serving the development of the real economy.
Comments