On September 10, the China Association for Public Companies released its 2026 cash dividend ranking list for listed firms. Following the introduction of the new "National Nine Measures" and updated dividend regulations, a coordinated push from regulators, proactive corporate participation, and healthy market feedback has moved cash dividends into a phase of true normalization, cementing what was once a periodic trend into a permanent institutional practice.

Overall dividend data reveals that listed companies have strengthened their commitment to rewarding shareholders, with the dividend ecosystem steadily improving. The approach now balances encouraging higher payouts with preventing excessive distributions, fostering a positive cycle where capital inflows support market stability.

First, market-wide dividends have shown consistent, moderate growth, underscoring the resilience of investor returns. Cash dividend distribution among A-share companies continues its steady upward trajectory, with total payouts reaching new highs and further solidifying the foundation for shareholder rewards. In fiscal year 2025, 3,712 A-share companies released cash dividend plans, with nearly 70% of all listed firms sharing their operational success with investors through cash distributions. The total dividend pool for the fiscal year reached 2.4 trillion yuan, a 3.3% year-over-year increase, reflecting the steady expansion of payouts and a firm commitment to delivering ongoing returns to investors.

Second, companies are embracing a long-term mindset toward returns, with the cohort of consistent dividend payers growing steadily. Among A-share firms, 3,067 have paid dividends for three consecutive years, a share that rose by 3 percentage points year-over-year, while 2,235 companies have maintained payouts for five straight years, also up by 3 percentage points. By enhancing shareholder returns while preserving sustainable development capacity, listed companies are strengthening the stability and durability of their dividends, gradually forging a pattern of lasting, reliable, and consistent investor rewards.

Third, dividend distribution spans a broad range of industries, with distinctive sector characteristics emerging. In fiscal year 2025, cash-dividend-paying A-share companies covered all 31 Shenwan primary industries. Among these, 30 industries saw over 50% of their firms distribute dividends, 20 industries surpassed 60%, and 12 industries exceeded 70%. Sectors such as food and beverage, communications, coal, and home appliances posted notably high dividend payout ratios above 60%, while pharmaceutical and biotech, power equipment, defense and military, and electronics recorded payout ratios in the 30%–50% range.

Fourth, leading companies continue to deliver robust dividend scales, playing a key exemplary and catalytic role. Top-tier listed firms, with their solid operational foundations and strong earnings stability, have become vital pillars of cash dividend distribution, maintaining high payout levels. In fiscal year 2025, nine companies each distributed over 50 billion yuan, totaling 730.955 billion yuan; 35 companies paid out more than 10 billion yuan each, for a combined 1.273864 trillion yuan; and 65 companies exceeded 5 billion yuan each, reaching 1.480077 trillion yuan in aggregate.

Consistent and stable cash dividends are a hallmark of high-quality development among listed companies and a cornerstone of a virtuous cycle between investment and financing in the capital market. Firms must adopt a rational and well-founded approach to dividend policies, carefully balancing investor returns against sustainable growth, planning cash flows and capital expenditure needs prudently, and ensuring dividend decisions align with actual operational conditions and financial capacity.

As normalized dividend mechanisms are refined, a virtuous loop of "stable dividends—long-term capital accumulation—high-quality growth" is set to accelerate, delivering more sustained and dependable returns to investors and propelling the capital market toward higher-quality development through constructive engagement with shareholders.

To further implement the new "National Nine Measures" and deepen the institutionalization of regular dividends, the China Association for Public Companies has again compiled and released its 2026 cash dividend ranking list. This year's list features three sub-rankings—total dividends, dividend payout ratio, and dividend yield—evaluated respectively by cash dividends over the past three years, payout ratios over the past five years, and yields over the past three years, adjusted for factors like market integrity compliance and exceptional dividend activity, with 100 companies included in each category.