On the evening of August 22, 65 listed companies disclosed their 2025 semi-annual reports along with semi-annual profit distribution plans, with a total planned dividend amount of 17.73 billion yuan. Among them, several leading listed companies such as CRRC, Hengli Petrochemical, and Changan Automobile announced mid-term dividends for the first time.
Mid-term dividends (especially the first ones) usually indicate that the company has ample cash flow, improved profit stability, and is transitioning from an “expansion and accumulation phase” to a “shareholder return phase,” which is a signal of improved operational quality for listed companies. In the current market environment, investors’ demand for “stable return assets” is increasing. Mid-term dividends provide more timely cash flow returns compared to year-end dividends, meeting the needs of some funds to “secure profits” or for rolling reinvestment.
Multiple Companies Announce First Mid-Term Dividends
On the evening of August 22, CRRC released its 2025 semi-annual report, achieving operating revenue of 119.758 billion yuan in the first half of the year, a year-on-year increase of 32.99%, and a net profit attributable to shareholders of 7.246 billion yuan, a year-on-year increase of 72.48%. At the same time, the company announced its 2025 semi-annual profit distribution plan, with a cash dividend of 1.1 yuan per 10 A-shares (including tax). As of June 30, 2025, the company’s total share capital was 28,698,864,088 shares. Based on this, the total cash dividend to be distributed is calculated at 1.1 yuan per 10 shares, amounting to 3.157 billion yuan (including tax). The remaining undistributed profits will be carried forward to the next year. The cash dividend amount this time accounts for 43.57% of the company’s first-half net profit attributable to shareholders.
Since its listing in 2008, CRRC has paid dividends every year. According to Wind data, over the past 17 years, the company has distributed a total of 60.442 billion yuan in dividends. However, this is the first mid-term dividend. Including this mid-term dividend, CRRC’s total dividend amount will reach 63.599 billion yuan, with a dividend payout ratio of 201.43%.
On the evening of August 22, Hengli Petrochemical released its first mid-term dividend announcement. The 2025 semi-annual profit distribution plan shows a cash dividend of 0.08 yuan per share (including tax). As of the announcement date, the company’s total share capital is 7.039 billion shares. Based on this, the total cash dividend to be distributed is 563 million yuan (including tax), accounting for 18.46% of the 2025 semi-annual net profit attributable to shareholders.
On the evening of August 22, Changan Automobile released its 2025 mid-term profit distribution plan. Based on a total share capital of 9.914 billion shares, the company plans to distribute a cash dividend of 0.50 yuan per 10 shares (including tax) to all shareholders, totaling 496 million yuan (including tax). No bonus shares will be issued, and no capital reserve will be converted into share capital.
Changan Automobile stated that this dividend distribution is in active response to the spirit and requirements of the “State Council’s Several Opinions on Strengthening Supervision, Preventing Risks, and Promoting the High-Quality Development of the Capital Market” (the new “National Nine Articles”). The company formulated the 2025 mid-term profit distribution plan in compliance with the Company Law and the company’s articles of association regarding profit distribution policies. While ensuring the company’s operational and long-term development funding needs, the plan actively rewards shareholders, increases the frequency of dividends, allows shareholders to share in the company’s operational development results, and enhances shareholders’ sense of gain. It is legal, compliant, and reasonable.
284 Companies Plan Semi-Annual Report Dividends Totaling 163 Billion Yuan
The new “National Nine Articles” propose enhancing the stability, continuity, and predictability of dividends, promoting multiple dividends per year, pre-dividends, and dividends before the Spring Festival.
Since last year, multiple dividends per year have become a common trend among listed companies. According to Wind data, as of August 23, 1,660 listed companies have disclosed their 2025 semi-annual reports, of which 284 companies have disclosed semi-annual dividend plans, with a total planned dividend amount of 163.027 billion yuan. Among them, China Mobile, China Telecom, and Sinopec all plan to distribute dividends exceeding 10 billion yuan.
