A total of 471 Shenzhen market companies have disclosed their action plans.
In February last year, the Shenzhen Stock Exchange officially launched the "Quality and Return Enhancement" special initiative, aiming to drive all listed companies to solidify development quality and enhance their ability to return investment value. As of the end of November 2025, 471 Shenzhen market companies had disclosed their action plans, proposing a series of measures focusing on strengthening core business awareness, improving innovation capabilities, and enhancing investor returns.
Among the 471 pioneering companies, statistics show that 293 are Shenzhen Component Index constituents, 88 are CSI 300 Index constituents, and 82 are ChiNext Index constituents. Their combined market capitalization accounts for approximately half of the total Shenzhen market value, with 366 companies valued over 10 billion yuan and 43 exceeding 100 billion yuan. Nearly 60% of these companies received an 'A' grade in their 2024 information disclosure assessments.
These companies span 30 industries, covering key Shenzhen market sectors such as electronics, power equipment, pharmaceuticals and biotechnology, and computers, with registered offices distributed across 31 provinces, autonomous regions, and municipalities nationwide. Private enterprises participated actively, accounting for nearly 70% and becoming the core force driving the "Quality and Return Enhancement" initiative.
The companies' action plans consistently demonstrate "three focal points": concentrating on developing core businesses, focusing on technological innovation, and emphasizing standardized operations.
For instance, Shenzhen Mindray Bio-Medical Electronics Co.,Ltd. (300760.SZ) pursued sustained high-intensity R&D investment and a global R&D layout; Victory Giant Technology(Huizhou) Co.,Ltd. (300476.SZ) acquired a Singapore-based world-leading specialized manufacturer of flexible circuit boards; Byd Company Limited (002594.SZ) reported R&D expenditure reaching 54.2 billion yuan in 2024; and Semitronix Corporation (301095.SZ) saw its 2024 R&D investment exceed 50% of its operating revenue.
To implement the initiative, Shenzhen-listed companies steadily increased dividend payouts and share repurchases. Companies like Boe Technology Group Co.,Ltd. (000725.SZ) proactively disclosed "Shareholder Dividend Return Plans for the Next Three Years," providing investors with stable expectations by clarifying payout ratios and mechanisms. Anhui Anke Biotechnology(Group)Co.,Ltd. (300009.SZ) has maintained cash dividends for 16 consecutive years since listing, with cumulative dividends amounting to 63% of its total net profits attributable to shareholders. Cngr Advanced Material Co.,Ltd. (300919.SZ) completed a 290 million yuan repurchase in 2024 and disclosed a new repurchase plan in November 2024, which has since been fully executed with a total transaction value of 800 million yuan.
Controlling shareholders and senior management, as key insiders, actively promoted share acquisitions and pledged not to reduce their holdings. For example, the controlling shareholder of Goertek Inc. (002241.SZ) acquired a total of 47.44 million shares between March and April 2025, with transaction value approximating 1 billion yuan. Chongqing Zhifei Biological Products Co.,Ltd. (300122.SZ) announced voluntary commitments from its controlling shareholder, actual controller, and their concerted parties not to减持 during specific periods.
Over the nearly two years since the initiative's launch, its effectiveness has progressively materialized.
In terms of operating performance, the "Quality and Return Enhancement" companies collectively achieved 9.8 trillion yuan in operating revenue for 2024, a year-on-year increase of 3.6%, with net profit reaching 743.39 billion yuan. For the first three quarters of 2025, they reported combined operating revenue of 7.5 trillion yuan, up 6.9% year-on-year, and net profit of 651.3 billion yuan, surging 10.8%.
Regarding R&D investment, these companies' R&D spending accounted for 4.3% of operating revenue in the first half of 2025, up 0.1 percentage points year-on-year, with their total R&D investment constituting 59.5% of the entire Shenzhen market's. The average number of R&D personnel reached 1,944 per company in 2024, growing 4.6% year-on-year, with R&D staff comprising an average of 19.4% of total workforce.
In corporate governance, the proportion of "Quality and Return Enhancement" companies receiving an 'A' grade in the 2024 information disclosure assessment rose by 11.3 percentage points compared to pre-initiative levels, reaching 58.6% of participating firms, indicating enhanced disclosure effectiveness.
Concerning investor returns, data shows that from 2022 to 2024, the compound annual growth rate of total annual dividends for these companies was 10.0%. The dividend payout ratio reached 43.6% of net profit in 2024, an increase of 10.9 percentage points from 2022. Their dividends constituted 60.8% of the Shenzhen market's total dividend payout in 2024, up 3.7 percentage points from 2022, demonstrating steady growth in dividend amount, ratio, and market share. Approximately 80% of companies (378 firms) maintained consecutive dividend distributions over the past three years, setting examples for dividend stability, continuity, and predictability, thereby boosting market confidence.
"Quality and Return Enhancement" companies also actively advanced share repurchases and acquisitions to stabilize market sentiment. They newly disclosed 203 share repurchase plans, such as Asymchem Laboratories(Tianjin)Co.,Ltd. (002821.SZ) completing a nearly 1 billion yuan repurchase in February 2025. Furthermore, 110 major shareholder acquisition plans were newly announced, exemplified by Rongsheng Petrochemical Co.,Ltd. (002493.SZ)'s controlling shareholder, Rongsheng Holding, disclosing three acquisition plans since January 2024 with cumulative acquisitions totaling 2.73 billion yuan.
The market response has been positive. From February 2024 to November 2025, the 471 participating companies saw an average stock price increase of 77.2%, outperforming the Shenzhen Component Index. By the end of November 2025, their combined market capitalization reached 21.2 trillion yuan, an increase of 8.1 trillion yuan since the initiative's launch, accounting for 50.0% of the Shenzhen market's total value. The numbers of companies valued over 10 billion yuan and 100 billion yuan stood at 366 (77.7%) and 43 (9.1%) respectively, increasing by 80 and 21 from pre-initiative levels.
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