China Listed Companies Association Releases 2026 Cash Dividend Rankings as A-Share Payouts Hit Record RMB 2.4

On September 10, 2026, the China Association for Public Companies released its 2026 cash dividend rankings for listed companies. Data showed that A-share listed companies distributed a total of RMB 2.4 trillion in dividends for fiscal year 2025, up 3.3% year on year and a record high. Nearly 70% of listed companies paid cash dividends.

To implement the requirements of the new "Nine National Guidelines," the China Association for Public Companies continued in 2026 to compile and publish three sub-rankings: total dividend amount, dividend payout ratio and dividend yield. These use total cash dividends over the past three years, the dividend payout ratio over the past five years and the dividend yield over the past three years as evaluation indicators, respectively, adjusted for integrity, compliance and abnormal dividend factors. Each sub-ranking selects 100 benchmark companies.

According to the ranking results, in the total cash dividend ranking, ICBC, China Construction Bank, China Mobile, Agricultural Bank of China and PetroChina took the top five spots, followed by Kweichow Moutai, China National Offshore Oil Corporation and China Merchants Bank. In the dividend payout ratio ranking, Dong-E-E-Jiao, Yunnan Baiyao and Tiandi Digital led the list, while consumer companies such as Kweichow Moutai and Yili Group were also included. In the dividend yield ranking, COSCO Shipping Holdings, Guangri and Zhonggu Logistics placed in the top three, with companies such as Gree Electric Appliances and Heilan Home also making the list.

Data showed that 3,712 companies issued cash dividend proposals for fiscal year 2025, of which nine companies distributed more than RMB 50 billion and 35 distributed more than RMB 10 billion. In terms of dividend continuity, 3,067 companies paid dividends for three consecutive years and 2,235 companies paid dividends for five consecutive years, with both proportions rising 3 percentage points year on year. Dividends covered all 31 Shenwan first-level industries. The dividend payout ratios of industries such as food and beverage, telecommunications, coal and home appliances exceeded 60%, while those of industries such as pharmaceuticals and biologics and power equipment were approximately 30% to 50%.

In releasing the rankings, the China Association for Public Companies stated that listed companies need to balance returns to investors with sustainable development and prudently plan cash flow and project investment needs. Dividend decisions must be based on actual operations, and short-term, irrational practices such as dividends beyond capacity, high-ratio overdraft-style dividends and large-scale debt-funded dividends must not occur.