With the disclosure season for 2026 interim reports drawing to a close, a wave of mid-year dividend proposals is sweeping across the A-share market. According to a compilation of market data, more than 100 companies unveiled their 2026 interim profit distribution plans on the evening of August 26 alone, based on the announcement date of the proposals.
In the last two days, leading companies from sectors including energy, finance, technology, and manufacturing have simultaneously released their mid-year distribution plans, with several notable large-scale payouts. CNOOC Ltd (SEHK: 0883) released its semi-annual report on August 26, revealing revenue of RMB 242.660 billion for the first half of the year, a year-on-year increase of 16.9%, and net profit attributable to the parent company of RMB 85.818 billion, up 23.4%, marking a record performance for the period. The board has resolved to pay an interim dividend of HK$0.94 per share (tax included), corresponding to a total payout of approximately RMB 38.8 billion and a payout ratio of about 45.2%, maintaining a steady and predictable dividend policy to share the fruits of growth with investors.
Bank of Hangzhou Co., Ltd. (SH: 600926) disclosed its semi-annual report on the evening of August 26, posting a net profit attributable to shareholders of RMB 12.813 billion for the first half, a 9.87% increase year-on-year. According to its 2026 interim profit distribution plan, the bank intends to distribute a cash dividend of RMB 4.60 per 10 shares (tax included) to all ordinary shareholders on record, totaling an estimated RMB 3.335 billion in cash dividends.
NARI Technology Co., Ltd. (SH: 600406) also released its interim report on August 26, showing revenue of RMB 27.767 billion for the first half, up 14.54%, and net profit attributable to the parent of RMB 3.073 billion, a 4.08% increase. Its proposed mid-year distribution is RMB 1.53 per 10 shares (tax included), with total cash dividends amounting to RMB 1.222 billion.
On the evening of August 26, Deye Technology Group Co., Ltd. (SH: 605117), a global leader in residential energy storage inverters with a market value exceeding RMB 100 billion, disclosed its 2026 semi-annual report. The company plans to distribute RMB 1.6 per share in cash dividends (tax included) to all shareholders, with total cash dividends of RMB 2.037 billion, representing a substantial 74.97% of its current net profit attributable to the parent. In the first half of the year, the company achieved revenue of RMB 10.641 billion, a 92.23% surge, and net profit attributable to the parent of RMB 2.717 billion, up 78.53%.
Also on August 26, JLC Electronics (SZ: 001229), which released its 2026 interim report, posted revenue of RMB 7.173 billion for the first half, a 54.13% year-on-year increase, and net profit attributable to shareholders of RMB 1.030 billion, up 73.54%. The company has proposed a cash dividend of RMB 5 per 10 shares (tax included), with an estimated total payout of RMB 278 million. Having been listed on the Shenzhen Stock Exchange main board on August 4, this marks the company's first mid-year dividend plan since its A-share debut.
Sanhua Intelligent Controls Co., Ltd. (SZ: 002050), a key player in thermal management core components, reported on August 26 that its first-half revenue reached RMB 16.900 billion, a 3.92% increase year-on-year, while net profit attributable to shareholders declined 3.12% to RMB 2.044 billion. The company has proposed a cash dividend of RMB 1.20 per 10 shares (tax included). Despite a slight dip in net profit, the firm's commitment to a mid-year cash payout underscores its dedication to shareholder returns and robust cash flow management.
What Drives the Mid-Year Dividend Surge?
The recent flurry of mid-year dividends over the past two days is just a snapshot of a larger trend. As of August 25, more than 450 A-share companies had announced their 2026 interim dividend plans, with a combined proposed cash payout exceeding RMB 230 billion. Most of these plans are still at the board proposal stage, while some have already been approved by shareholders' meetings or implemented, indicating an orderly rollout.
In terms of the dividend landscape, central and state-owned enterprises (SOEs) are taking the lead, with finance, technology, and manufacturing sectors also contributing significantly. Among the top dividend payers, large central SOEs dominate. China Mobile Ltd (SEHK: 0941) leads the pack with a total dividend of RMB 54.426 billion, followed by CNOOC with over RMB 30 billion in mid-year distributions. Ping An Insurance (Group) Company of China, Ltd. (SEHK: 2318), China Telecom Corporation Limited (SEHK: 0728), and China Petroleum & Chemical Corporation (SEHK: 0386) have also announced mid-year dividends of RMB 17.745 billion, RMB 14.696 billion, and RMB 12.689 billion respectively, reflecting the growing emphasis on higher payout ratios and enhanced shareholder returns among SOEs under the "China Special Valuation" framework.
Sector-wise, this round of mid-year dividends spans energy, finance, technology, manufacturing, and consumer goods. The securities brokerage segment has shown notable strength, with 16 listed brokers having unveiled interim dividend proposals as of August 26.
The surge in mid-year dividends is fueled by a confluence of policy guidance and market demand. On the policy front, the new "Nine National Guidelines" issued in April 2024 explicitly called for "strengthening cash dividend supervision" and "promoting multiple dividends per year, advance dividends, and dividends before the Spring Festival." In November of the same year, the China Securities Regulatory Commission (CSRC) released the "No. 10 Guidelines for Listed Companies - Market Value Management," encouraging companies to formulate and disclose medium- and long-term dividend plans. Furthermore, in October 2025, the CSRC revised the "Corporate Governance Guidelines for Listed Companies," encouraging an increase in the frequency of cash dividends where profit distribution conditions are met.
For listed companies, active dividend distribution not only rewards shareholders but also sends a signal to the market about stable operations and strong cash flows. An increasing number of firms are now publishing three-year shareholder return plans, institutionalizing and making their dividend policies more transparent—a clear reflection of this trend.
Analysts suggest that the core of mid-year dividends lies not in "how much is paid," but in "stability" and "sustainability." As the institutional framework improves and the market ecosystem continues to evolve, dividend practices among A-share companies are moving towards greater standardization, transparency, and long-term viability.
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