As of September 21, nearly 900 companies across the entire market have unveiled their interim dividend proposals, with the total payout anticipated to exceed 700 billion yuan. The bulk of these large distributions is heavily concentrated among industry frontrunners, while technology and growth-oriented firms are increasingly boosting their payout levels. Industry experts point out that the market’s regular shareholder return structure is becoming more established, paving the way for a faster-forming positive cycle.
The overall scale of dividend distributions continues its upward trajectory. On September 21, 四方股份 announced its 2026 interim profit distribution implementation plan. The company intends to distribute a cash dividend of 0.48 yuan per share, amounting to roughly 400 million yuan in total. Meanwhile, 中国移动 recently disclosed a proposal to pay an interim dividend of 2.51 yuan per share to all shareholders, a 0.3% increase year-on-year, with cash payouts for A-shares alone reaching about 2.266 billion yuan. Other listed firms such as 厦门钨业, 千禾味业, and 长电科技 have also rolled out their respective 2026 interim distribution plans in recent days. 杭州银行 has declared an intended cash dividend of 0.46 yuan per share, totaling 3.335 billion yuan.
Companies announcing substantial dividends are predominantly the market leaders. For instance, 中国移动, 中国石油, and 中国神华 all have dividend amounts exceeding 20 billion yuan. The banking sector remains the largest contributor to dividend payouts, with the six major banks including 工商银行 collectively distributing more than 200 billion yuan.
“The scale of interim dividend distributions from A-share companies in 2026 has continued its year-on-year growth trend,” noted a recent research report from 万联证券. As of August 31, a total of 870 A-share companies had implemented or declared interim profit distributions for 2026, including those from Q1 and semi-annual reports, with projected dividend amounts reaching 731.727 billion yuan. This represents year-on-year increases of 1.99% in the number of companies and 0.70% in the payout total. Among these, 860 companies based on their 2026 semi-annual reports have implemented or declared dividends, with expected payouts exceeding 700 billion yuan.
From a payout scale perspective, the banking, petroleum and petrochemical, and telecommunications sectors lead in distribution amounts within the Shenwan primary industry classification. In terms of the number of companies paying dividends, industries such as mechanical equipment, pharmaceutical and biological, basic chemicals, power equipment, electronics, and automotive each have over 50 firms distributing payouts. Looking at the proportion of dividend-paying companies within each industry, the non-bank financial, banking, and beauty and personal care sectors show the highest payout willingness, with over 40% of their companies declaring or implementing interim dividends. Compared to the 2026 interim period, 15 primary industries have seen their dividend scales grow year-on-year. Notably, the national defense and military industry sector experienced a year-on-year growth rate exceeding 100%, while the non-ferrous metals and comprehensive industries both saw dividend growth of over 50%.
Tech and growth-oriented companies have stepped up their dividend efforts following the release of this year’s semi-annual results. High-prosperity tracks like AI and new energy are not only reaping industry benefits but also choosing to reward investors with real cash. 科威尔, a STAR Market listed firm, unveiled its 2026 interim rights distribution plan on September 21, proposing a cash dividend of 0.10 yuan per share for all shareholders, totaling approximately 10.8 million yuan. This marks the company’s first formal interim distribution. Since its STAR Market listing in 2020, it has completed eight dividend rounds, cumulatively distributing 183 million yuan. Its latest semi-annual report shows revenue of 217 million yuan and net profit attributable to shareholders of 15.0701 million yuan, driven by its focus on strategic emerging industries.
华微电子, a power semiconductor specialist, disclosed its interim profit distribution plan on September 18, intending to distribute a cash dividend of 0.43 yuan per 10 shares, totaling 41.2927 million yuan. This accounts for 35.04% of its consolidated net profit attributable to the parent in the first half of the year. Both the payout amount and ratio have increased compared to the same period last year.
中际旭创, which saw rapid earnings growth in the first half thanks to a surge in optical module business, introduced a plan in its interim distribution proposal to pay a cash dividend of 12.00 yuan per 10 shares to all shareholders, summing up to 1.404 billion yuan. This payout represents a more than threefold increase over its interim dividend from the previous year.
源杰科技, focused on the semiconductor laser chip sector, recently announced its interim distribution implementation plan, intending to pay 10 yuan in cash per 10 shares, with a total proposed distribution of 124 million yuan. Compared to the same period last year, this mid-year dividend shows a significant boost; the prior year had a plan of “3 yuan per 10 shares, with a proposed cash distribution of 25.6487 million yuan.” Additionally, companies like 海康威视 and 长飞光纤 have also rolled out dividend plans lately, all showing substantial scale increases year-on-year.
The strong backing for active corporate dividend distribution comes from sound operational fundamentals. In the first half of this year, corporate earnings continued to recover, and operating cash flows improved, providing a solid base for interim payouts. According to the《Semi-Annual Operating Performance Report of Listed Companies in the Domestic Stock Market for 2026》, released by the China Association for Public Companies on August 31, a total of 5,557 listed companies across the domestic market, including the Shanghai, Shenzhen, and Beijing exchanges, had disclosed their 2026 semi-annual reports. In aggregate, these companies generated operating revenue of 37.76 trillion yuan in the first half, up 7.6% year-on-year, and achieved net profit of 3.58 trillion yuan, a 19.5% increase, with the growth rate accelerating by 16.7 percentage points compared to the full year of last year. On a granular level, 60% of companies saw positive revenue growth, 40% reported net profit increases, and 2,015 firms achieved growth in both metrics.
ChiNext companies showed robust momentum in the first half, with overall revenue up 22.3% and net profit climbing 32.7%. STAR Market firms delivered even more striking results, with revenue growth nearing 40% and net profit soaring 4.4 times. BSE companies reached a new revenue milestone, surpassing 138 billion yuan, while 28 of them doubled their net profits, indicating strengthening profitability.
The China Association for Public Companies analysis suggests that a normalized, sustainable shareholder return mechanism is gradually taking shape in the A-share market, with interim dividend intensity from listed firms increasing year by year. “With the continuous refinement of regular dividend mechanisms, a positive cycle of ‘stable dividends – long-term capital accumulation – high-quality development’ is expected to accelerate. This will create more sustained and stable investment returns for investors and drive higher-quality development in the capital market through constructive interaction with market participants.”
At a press conference held by the State Council Information Office on September 10, a representative from the China Securities Regulatory Commission noted that since the implementation of the new “National Nine Measures,” listed companies have cumulatively distributed dividends and conducted share buybacks exceeding 7 trillion yuan. Over 2,000 companies have paid dividends for five consecutive years, and more than 1,000 have initiated interim distributions, with both the frequency and amount of payouts steadily increasing. Moving forward, the CSRC will intensify its efforts to guide and urge listed companies to strengthen their awareness of investor returns, enhance the sustainability, timeliness, and predictability of these returns, and better protect the legitimate rights and interests of small and medium-sized investors.