Latest statistics from iFinD, a financial data platform by Hithink RoyalFlush, reveal that as of the time of reporting on August 30, a total of 851 listed companies have unveiled their interim profit distribution plans for the first half of 2026. This figure excludes firms that merely disclosed a dividend intention without specific cash payout amounts. Collectively, these companies are set to distribute a substantial 665.291 billion yuan in dividends. Among them, 79 companies have already completed their distribution plans, with a combined payout of 27.754 billion yuan, showcasing a notable improvement in the commitment of listed firms to rewarding their shareholders.

Turning to the specifics of this round of interim dividends, the substantial payouts from industry leaders stand out prominently. Fourteen companies have unveiled dividend amounts exceeding the 10 billion yuan threshold, with an impressive 13 of these being state-controlled enterprises, which encompass central government-owned, provincial state-owned, municipal state-owned, and other state-controlled categories.

Diving deeper into the data, among the 851 companies that have published their half-year profit distribution plans, 279 are state-controlled listed companies. These entities collectively plan to distribute approximately 325.721 billion yuan, accounting for nearly half of the total planned payout amount.

Zhu Changming, a partner at Sunshine Era Law Firm and the head of the SOE Mixed-Ownership Reform Center, shared insights with reporters. He noted that the substantial interim dividends from state-controlled listed companies this year convey a positive message to the market about their "stable profitability and healthy cash flow." This action is anticipated to bolster market confidence and enhance the attractiveness of the A-share market to long-term investors.

The escalating dividend payouts from state-controlled firms are strongly supported by favorable policy initiatives. In April 2024, the State Council issued the "Several Opinions on Strengthening Regulation, Preventing Risks, and Promoting the High-Quality Development of the Capital Market," commonly known as the new "National Nine Articles." This policy established a framework that encourages multiple dividend distributions within a single year, thereby removing regulatory obstacles and normalizing interim dividends for all listed companies, especially those that are state-controlled.

Furthermore, with the inclusion of market value management in the performance evaluation system for central enterprise leaders, central state-owned listed companies have seen their enthusiasm for dividend distribution further ignited. Their commitment to payouts continues to intensify.

Elaborating on this trend, Zhu Changming explained that dividends function as a tool for market value management due to their clear decision-making processes, low compliance risks, and quick implementation. This allows companies to promptly respond to market value management assessment requirements and efficiently transmit positive signals to the market. He emphasized that at its core, dividend distribution is a form of cash flow allocation, sharing the value that a company has already created. For any enterprise, the foundation of market value management remains its fundamentals and intrinsic value; relying solely on dividends is insufficient to support a long-term elevation in valuation.

Zhang Xiaoxi, the Secretary-General of the Chinese Academy of Social Sciences' Listed Company Research Center, provided her perspective in an interview. She pointed out that while profits can be subject to accounting flexibility, genuine cash dividends must be backed by solid operating cash flow. For listed companies, executing a large payout in the middle of the year serves as a demonstration of the health of their balance sheet and cash flow statement, acting as an implicit endorsement of their financial transparency.

Additionally, the generous dividends from state-controlled listed companies correspond with the policy direction of increasing the proportion of state capital returns and allowing the public to share in the operational achievements of central enterprises. This carries significant demonstrative value and serves as a guiding indicator for the broader market.

Zhang Xiaoxi also offered her overall assessment, stating that the normalization of interim dividends in the A-share market is beneficial for smoothing investors' cash flows and improving their overall holding experience. The ability to receive dividends multiple times a year provides investors with more consistent cash inflows, which is conducive to cultivating long-term investment habits.

Adding to this, Zhu Changming observed that sustained and stable high dividends fundamentally reflect a company's superior profitability. The dividend mechanism is instrumental in channeling market funds towards high-quality listed companies with stable operations and generous returns, thereby enhancing the efficiency of market resource allocation and better supporting the development of the real economy.