Securities Times reporter Cheng Dan

  The annual report season has come to an end, and the dividend distribution plan of listed companies has surfaced.

According to statistics, more than 3,300 companies have launched cash dividend plans in 2021, accounting for 81.67% of all profitable companies.

By the end of 2021, a total cash dividend of 1.55 trillion yuan has been completed, hitting a new high in recent years.

  Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology, believes that with the growth and development of listed companies, it is the responsibility and obligation of listed companies to give investors a reasonable return on investment and provide investors with opportunities to share the fruits of economic growth.

Cash dividend is an important form of realizing investment returns, and it is also an important way to cultivate the long-term investment concept of the capital market and enhance the vitality and attractiveness of the capital market.

Listed company dividends

new high

  According to the statistics of the China Association of Listed Companies, a total of more than 3,300 companies have launched cash dividend plans, accounting for 81.67% of all profitable companies.

Among them, there are 2,009 companies with a dividend ratio of more than 30%, and 900 companies with a dividend ratio of more than 50%.

At the same time, the stock repurchase of listed companies has been further strengthened. A total of 503 companies implemented the repurchase through centralized bidding and tender offer throughout the year, involving a total amount of about 565.42 billion yuan.

  Specifically, a total of 1,221 companies on the main board of the Shanghai Stock Exchange have launched dividend plans, accounting for 84% of all profitable companies.

From the perspective of proportion, 70% of the company's cash dividend ratio exceeds 30%.

A total of 322 companies on the Science and Technology Innovation Board have launched cash dividend plans, accounting for 85% of all profitable companies, with a total cash dividend of 29.044 billion yuan.

Among them, 236 companies have a cash dividend ratio of more than 30%.

At the same time, share repurchase has been further intensified. Since 2021, 41 companies have issued share repurchase plans, involving a total amount of 3.882 billion yuan.

  The total amount of cash dividends on ChiNext continued to increase.

In 2019, 2020 and 2021, the total cash dividends of GEM companies will reach 41.6 billion yuan, 51.7 billion yuan and 69 billion yuan respectively.

In 2021, the cash dividend ratio of 153 GEM companies will exceed 50%, and the cash dividend ratio of 348 companies will exceed 30%.

  Among the companies listed on the Beijing Stock Exchange, more than 80% of the companies have issued cash dividend plans. The proposed dividend amounted to 1.95 billion yuan, an increase of 11.2% year-on-year. The cash dividend rate of 34 companies exceeded 40%.

  In recent years, with the encouragement and guidance of supervision, the dividend distribution of listed companies has become more and more standardized, and the enthusiasm for dividend distribution has increased. The capital market has paid more than one trillion yuan in dividends for five consecutive years.

Dong Dengxin said that for companies that distribute dividends on schedule, their cash dividends are relatively stable and consistent, which in turn benefits long-term investors and helps cultivate the market's long-term value investment concept.

In recent years, the China Securities Regulatory Commission has continued to strengthen system construction, strengthen the decision-making mechanism and information disclosure requirements for cash dividends, and require listed companies to fully listen to the opinions of small and medium investors when formulating profit distribution policies, especially cash dividend policies. Reward investors in other ways, strengthen the market's long-term investment concept, and make dividend distribution of listed companies a "new channel" for investors to share the dividends of economic growth.

28 companies

The proposed cash dividend exceeds 10 billion

  There are two notable changes in this year’s dividend companies. First, the number of companies with high proportions and large dividends is increasing. This is mainly because the industry structure is more stable. The high proportion of dividends in these industries will continue in the future. Second, high dividends Stocks with higher rates are more and more attractive to investors, which often means that the investment value of A-shares is further revealed, which is expected to attract more incremental capital influx.

  Judging from the amount of the dividend plan disclosed in the 2021 annual report, among the top 50 listed companies, ICBC lives up to its reputation as "cosmopolitan", ranking first with 104.534 billion yuan, and this company is the only one with a dividend of over 100 billion yuan. In addition, there are 27 companies with over 10 billion yuan, including China Construction Bank, Agricultural Bank of China, Bank of China, Sinopec, Ping An of China, PetroChina, etc. Kweichow Moutai ranks 10th.

  Among them, banks dominated the "high dividend", and the six major banks paid a total of 382.2 billion yuan in dividends.

Among them, ICBC plans to distribute a cash dividend of 2.93 yuan (tax included) for every 10 shares; China Construction Bank will distribute a cash dividend of 3.64 yuan (tax included) for every 10 shares; Bank of Communications will distribute a cash dividend of 3.55 yuan (tax included) for every 10 shares; The Bank distributed RMB 2.474 (tax included) for every 10 ordinary shares; Bank of China distributed a dividend of RMB 2.21 (tax included) for every 10 shares; Agricultural Bank distributed a cash dividend of RMB 2.068 (tax included) to all shareholders for every 10 shares.

  Bank of China President Liu Jin previously stated at the performance conference that from the perspective of Bank of China and several large banks, major shareholders have determined a 30% dividend ratio, which has not changed for many years, and will not change unless there are special circumstances. The market should also Have full confidence.

  In 2021, Midea Group's revenue exceeded 300 billion yuan for the first time, which once again refreshed the revenue and net profit scale of listed home appliance companies; Gree Electric also regained growth, with annual revenue of 187.87 billion yuan, a year-on-year increase of 11.69%, and net profit attributable to the parent of 230.6 100 million yuan, a year-on-year increase of 4.01%.

The "frank" dividends of the two leading companies in the industry have also been hotly debated in the market.

According to the announcement, Midea Group plans to distribute cash dividends of 17 yuan per 10 shares in 2021; Gree Electric plans to distribute cash dividends of 20 yuan (tax included) to all shareholders in 2021 for every 10 shares, with a total cash dividend of 11.828 billion yuan (tax included).

In addition, China Shenhua's 100% super-high percentage of dividends also exceeded expectations.

In 2021, the company plans to distribute a cash dividend of 2.54 yuan per share (tax included), equivalent to a dividend rate of 100.4%.

  It is worth noting that among the companies that issued the distribution plan, 497 companies have sent and transferred in the annual report distribution plan, and 448 companies have distributed dividends and transferred them. China Reflective, Fullhan Micro, etc.

  Relevant analysts of Zheshang Securities pointed out that since the implementation of the new policy regulations in 2018, due to the stricter financial conditions to be met, relevant "high-speed transfer" programs are relatively scarce.

However, during the period of intensive disclosure of annual reports over the years, such schemes still attract market attention.

In terms of intentions, many companies try to send investors a signal that their future performance will maintain high growth through "high delivery and transfer".