In March, despite overall market volatility in A-shares due to external uncertainties, listed companies demonstrated a strong and growing enthusiasm for share buybacks. Among the firms actively implementing repurchase programs during the month, industry leaders notably accelerated their buyback activities. Concurrently, several companies adjusted their buyback plans by raising price ceilings, increasing repurchase amounts, or modifying the intended use of repurchased shares, creating favorable conditions for smooth execution.
According to statistics from Tonghuashun, approximately 244 companies disclosed their buyback progress as of the end of March, with cumulative repurchase amounts reaching about 36.517 billion yuan. In terms of sector distribution, companies in pharmaceuticals and biotechnology, electronics, machinery equipment, and power equipment led in numbers, with 33, 32, 26, and 18 firms respectively. Notably, the 18 companies in the power equipment sector collectively repurchased shares worth 5.732 billion yuan, the highest among all sectors.
Among the top companies by cumulative repurchase amount as of March 31 were S.F.Holding Co.,Ltd., Zijin Mining Group, Goertek, and Kweichow Moutai, with repurchase totals of 4.386 billion yuan, 2.6 billion yuan, 1.682 billion yuan, 1.2 billion yuan, and 1.112 billion yuan, respectively. In a post-market announcement on April 7, it was reported that S.F.Holding Co.,Ltd. had completed its current buyback program.
Focusing on March alone, more than 140 companies carried out buybacks, with total repurchases for the month amounting to approximately 9.293 billion yuan. Zijin Mining Group, Hengyi Petrochemical, Wens Foodstuff Group, S.F.Holding Co.,Ltd., and Haier Smart Home were among the prominent repurchasers in March, with monthly buybacks of 1.682 billion yuan, 882 million yuan, 732 million yuan, 600 million yuan, and 334 million yuan, respectively. Observations indicate that these five companies either executed their buybacks rapidly or significantly accelerated the pace compared to previous months.
Zijin Mining Group once again demonstrated swift action, announcing a buyback plan of 1.5 billion to 2.5 billion yuan on March 21 and formally commencing the program on March 23. By the end of March, within just seven trading days, the company had repurchased 1.682 billion yuan, already exceeding the lower limit of its planned range, maintaining its reputation for efficient execution. When inquired whether the company aimed to complete the buyback at the upper limit, a representative from Zijin Mining's securities department stated that the company is following the buyback plan, with a maximum not exceeding 2.5 billion yuan, and any updates would be disclosed via official announcements.
Haier Smart Home also acted promptly, unveiling a 3 billion to 6 billion yuan buyback plan on the evening of March 26 and quickly initiating the first round of repurchases. Over the final three trading days of March, the company bought back shares worth 334 million yuan.
Hengyi Petrochemical notably accelerated its buyback pace. After announcing a 500 million to 1 billion yuan repurchase plan in January and starting execution on February 13, the company repurchased only 77.8271 million yuan in February. However, in March alone, it spent 882 million yuan on buybacks. By the end of March, cumulative repurchases reached 960 million yuan, leaving only about 40 million yuan to reach the upper limit. The company's stock has performed strongly recently, with a year-to-date increase of 37.7% as of April 8, and a 21.66% rise over the first five trading days of April. The latest share price of 14.83 yuan is close to the buyback price ceiling of 15 yuan per share.
S.F.Holding Co.,Ltd. significantly increased its buyback activity in March, repurchasing 600 million yuan during the month, bringing the cumulative total to 2.6 billion yuan by March 31. Additionally, the company adjusted its buyback plan at the end of March, raising the repurchase amount from 1.5 billion–3 billion yuan to 3 billion–6 billion yuan, extending the implementation period, and changing the purpose of the repurchased shares from employee stock ownership or equity incentives to cancellation for capital reduction. This marks the second time the company has raised its buyback scale, with the latest amount being six times the initial plan of 500 million to 1 billion yuan disclosed in April 2025. The buybacks are funded by the company's own capital.
The company's confidence in repeatedly increasing buybacks is supported by its latest 2025 annual report, which shows annual revenue surpassing 300 billion yuan for the first time, reaching 308.227 billion yuan, an 8.37% year-on-year increase. Net profit attributable to shareholders rose 9.31% to 11.117 billion yuan. As of the end of 2025, total assets stood at 216.469 billion yuan, with monetary funds amounting to 20.969 billion yuan, indicating ample liquidity.
Amid market fluctuations, S.F.Holding Co.,Ltd. is not alone in adjusting buyback plans. Since March, 11 companies have announced modifications to their repurchase programs, with adjustments mainly involving raising price ceilings, increasing repurchase amounts, or changing the use of repurchased shares. Some firms implemented multiple changes simultaneously.
Seven companies, including National Silicon Industry Group, Keda Industrial Group, Hualu-Hengsheng, Zhuolong Intelligent, Shenma Electric, Jiufeng Energy, and Genewiz, have raised their buyback price ceilings since March. Keda Industrial Group increased its price ceiling from 30 yuan to 60 yuan per share on March 4, a 100% hike. Shenma Electric, a leading manufacturer of substation insulators, announced after market close on April 6 that it would raise its buyback price ceiling from 38 yuan to 95 yuan per share, a 150% increase. This adjustment came as the company's share price had consistently exceeded the original ceiling since late October last year, leading to a pause in buybacks after repurchasing 237 million yuan by the end of September 2025. Following the adjustment, the company quickly resumed buybacks, repurchasing 301 million yuan by April 7, meeting the lower limit of its plan. Calculations indicate that on April 7, the day after the adjustment, the company repurchased 63.9926 million yuan in a single day.
Additionally, Xgimi Technology announced an increase in its planned repurchase amount in March, while Yongguan New Materials raised both the repurchase amount and price ceiling simultaneously. Universal Scientific Industrial adjusted its price ceiling and changed the use of repurchased shares in early April. S.F.Holding Co.,Ltd. implemented multiple measures, including increasing the repurchase amount, extending the timeline, and altering the share usage.
It is noteworthy that S.F.Holding Co.,Ltd., Universal Scientific Industrial, Zhuolong Intelligent, and Genewiz have each adjusted their buyback plans for the second time recently. Universal Scientific Industrial had repurchased 150 million yuan by the end of January, meeting the lower limit, but paused buybacks in February and March as its share price remained above the original 30 yuan per share ceiling. With the buyback period set to expire on April 24, the company raised the price ceiling to 40 yuan per share on April 4 and modified the use of repurchased shares: 143.5 million to 287 million yuan will be allocated for employee stock ownership plans, while 6.5 million to 13 million yuan will be used for share cancellation. When asked about the rationale behind these adjustments so close to the expiration date, a representative from the company's securities department stated that, based on the assessment of the company's value, they intend to make additional repurchases.
In contrast, Genewiz and Zhuolong Intelligent faced delays in their buyback programs due to share prices consistently exceeding original ceilings. Both companies initially announced their current buyback plans in 2024, extended the programs upon expiration in 2025, and are set to expire in April this year.
Genewiz, whose buyback period ends on April 13, had not initiated repurchases previously due to share price constraints. On March 25, the company raised its price ceiling from 30.68 yuan to 46.25 yuan per share and promptly began buybacks, repurchasing 4.8254 million yuan by the end of March, achieving 48.25% of the 10 million yuan lower limit. Zhuolong Intelligent, with a buyback period ending on April 21, raised its price ceiling from 2.29 yuan to 4.35 yuan per share on March 10. However, as of March 31, no repurchases had been made. When contacted regarding future plans, a representative from the company's securities department mentioned that they are actively reminding management and the board to proceed with the buyback, and any developments will be announced accordingly.
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