147 A-Share Firms to Distribute 34.8B Yuan in Dividends Before Holiday; Tapai Group Leads with 8.53% Yield

A-share listed companies are rapidly moving into the implementation phase of their 2026 mid-term dividends.

In the lead-up to the National Day holiday (with equity registration dates falling between September 21 and September 30), the A-share market is experiencing a concentrated dividend payout window. According to statistics, 147 companies will execute cash dividend plans during this period, with a cumulative distribution of approximately RMB 34.8 billion. Leading this round of payouts are companies such as Ping An Bank (000001), Bank of Hangzhou (600926), and Fuyao Glass (600660), each distributing dividends exceeding RMB 1 billion.

Ping An Bank's Dividend Exceeds RMB 4.8 Billion

As one of the most generous pre-holiday dividend payers, Ping An Bank (000001) has set its equity registration date for this profit distribution on September 23, with the ex-rights/ex-dividend date on September 24. The company will distribute a cash dividend of RMB 2.49 per 10 shares (pre-tax), bringing the total semi-annual dividend to RMB 4.832 billion. As of the closing price on September 18, the company's latest dividend yield (TTM) reached 5.21%.

Bank of Hangzhou (600926) and Shanghai Rural Commercial Bank (601825) both announced semi-annual dividends exceeding RMB 2 billion, with dividend yields above 4%.

Fuyao Glass Leads Non-Financial Companies

Among non-financial listed companies, Fuyao Glass (600660) tops the list in dividend amount. The company plans to distribute a cash dividend of RMB 10 per 10 shares (pre-tax), totaling RMB 2.61 billion, which accounts for 65.73% of net profit attributable to shareholders in the first half of the year. Specifically, it will distribute RMB 2.003 billion in cash dividends to A-share holders, with an equity registration date of September 23 and an ex-rights (ex-dividend) and payment date of September 24.

Financial Performance

In the first half of the year, Fuyao Glass achieved revenue of RMB 21.97 billion, up 2.44% year-on-year. However, net profit attributable to shareholders was RMB 3.97 billion, down 17.37% year-on-year due to foreign exchange losses. The company incurred foreign exchange losses of RMB 803 million during the reporting period, compared to foreign exchange gains of RMB 602 million in the same period last year. Excluding this factor, the company's total profit in the first half grew by 4.78% year-on-year.

Operational Quality

Fuyao Glass continues to optimize its product structure and steadily improve profitability:

• Main business gross margin: 38.30%, up 1.79 percentage points year-on-year
• Automotive glass business: Revenue of RMB 20.27 billion, up 3.75% year-on-year, with a gross margin of 32.45% (up 1.55 percentage points)
• Float glass business: Revenue of RMB 3.161 billion, up 2.11% year-on-year, with a gross margin of 41.58% (up 2.18 percentage points)

Analyst Outlook

A research report by Southwest Securities (600369) states that Fuyao Glass holds clear competitive advantages in the global automotive glass sector. With projects such as the Hefei and Fuqing bases in China and capacity expansions in the US coming online sequentially, market share is expected to continue its upward trend. Meanwhile, the increasing proportion of high-value-added products supports sustained growth in the company's average selling price (ASP).

Other Major Dividend Distributors

Industry leaders such as Dongpeng Beverage (HK9980), Yunnan Baiyao (000538), and Giant Network (002558) will also distribute cash dividends next week, each exceeding RMB 1.5 billion. These companies all have dividend yields above 3%, with Yunnan Baiyao (000538) surpassing 5%.

Tapai Group Tops the List for Dividend Yield

In this "rain of red envelopes," the dividend yields of many listed companies far exceed the one-year bank deposit interest rate, highlighting their long-term value.

According to Wind data, among the 147 listed companies implementing dividends before the holiday:

• 31 companies have dividend yields exceeding 3%
• 9 companies are above 5%
• High-yield stocks are primarily distributed across major consumer sectors such as food and beverage, pharmaceuticals and biotechnology, and automobiles

Tapai Group (002233)

Tapai Group (002233) ranks first in dividend yield. On September 18, the company released the implementation announcement for its 2026 semi-annual profit distribution, declaring a cash dividend of RMB 1.3 per 10 shares (pre-tax), totaling RMB 152 million, which accounts for nearly 70% of net profit attributable to shareholders for the period. The equity registration date is September 23, with the ex-rights (ex-dividend) date on September 24. Based on the latest closing price, Tapai Group's dividend yield reaches 8.53%.

Historical Dividend Performance

Reviewing data from the past three years, Tapai Group demonstrates characteristics of long-term stable high dividends:

| Year | Dividend Yield | |------|----------------| | 2023 | 7.01% | | 2024 | 6.31% | | 2025 | 6.73% | | 3-Year Average | 6.69% |

Since its listing in 2008, Tapai Group has made 22 cumulative cash dividend payments totaling RMB 7.107 billion, with an average payout ratio of 52.38%.

Outlook for the Second Half

Tapai Group recently stated at a performance briefing: "Entering September, the cement industry in southern China enters its traditional peak sales season. With improving weather and resumed construction activities, market demand is expected to gradually recover, and cement prices are anticipated to receive strong support. Future trends still require attention to the enforcement of staggered production self-discipline within the industry and coal price movements."

Other High-Yield Companies

Besides Tapai Group, several other companies also have dividend yields exceeding 5%, including:

• Chao Hong Ji (002345)
• Xiantan Shares (002746)
• Zuoli Pharmaceutical (300181)
• Yunnan Baiyao (000538)

Xiantan Shares Profitable for 14 Consecutive Years

Xiantan Shares (002746) boasts a dividend yield of 5.44%, supported by solid fundamentals. From 2012 to 2025, the company's net profit attributable to shareholders remained positive for 14 consecutive years, never recording a loss since its listing, making it a rare "zero-loss" enterprise among peers.

First-Half Performance

In the first half of this year, the company achieved:

• Operating revenue: RMB 2.995 billion, up 17.92% year-on-year
• Net profit attributable to shareholders: RMB 180 million, up 31.97% year-on-year

Recent Operations

In August 2026, Xiantan Shares achieved:

• Chicken product sales revenue: RMB 548 million
• Sales volume: 62,500 tons
• Year-on-year changes: 6.15% (revenue) and 4.20% (volume)
• Month-on-month changes: 1.28% (revenue) and 3.00% (volume)

During institutional investor surveys, the company revealed: "As of now, 36 commercial broiler farms in the Zhucheng project have commenced production, with the remaining two expected to be built and put into operation successively this year."

Dividend History

Since its listing in 2015, Xiantan Shares has cumulatively distributed RMB 1.541 billion in cash dividends (pre-tax), with an average payout ratio of 48.28%. Notably, the National Social Security Fund Portfolio 413 has held shares for 27 consecutive quarters (nearly seven years) since Q3 2019, currently ranking as the third-largest tradable shareholder with 15.99 million shares, valued at approximately RMB 82 million, reflecting long-term capital's recognition of the company's value.