10 dividends of 8 yuan, 10 dividends of 5 yuan! A-shares, "Red Envelope Rain" is coming!

As A-share 2025 annual report disclosures enter a dense stretch, the “dividend rain” continues to pour on listed companies. On the evening of March 24, Shenzhen Inovance? (002463)、Shuanghui Development (000895) released their annual reports, and both industry leaders unveiled generous cash dividend plans.

Shenzhen Inovance? delivered record-high performance, proposing a dividend of RMB 5 per 10 shares

In 2025, the global PCB industry underwent profound changes driven by artificial intelligence (AI) technology. Shenzhen Inovance? accurately seized market opportunities, moved to embrace the AI wave early, and both revenue and profits hit record highs.

In 2025, the company’s overall operating revenue was approximately RMB 18.95B, up about 42% year over year. The net profit attributable to shareholders of the listed company was approximately RMB 3.82B, up about 47.74% year over year. Of this, the PCB business generated operating revenue of approximately RMB 18.14B, up about 41.31%; at the same time, as the product mix of the PCB business continued to be further optimized, the gross margin of the PCB business increased to about 36.91% in 2025.

PCBs in the data communications application sector continued to grow steadily. Last year, operating revenue reached approximately RMB 14.66B, up significantly by about 45.21% year over year. Of this: operating revenue in the high-speed network switch and related router application area was approximately RMB 8.17B; operating revenue in the AI server and HPC application area was approximately RMB 3.01B; operating revenue in the general server application area was approximately RMB 2.54 billion; and operating revenue in the wireless communications network and other application areas was approximately RMB 940 million.

PCBs in the intelligent automotive application sector also continued to grow. In 2025, operating revenue was approximately RMB 3.05B, up about 26.41% year over year. Of this: operating revenue in the automotive safety systems and other application areas was approximately RMB 1.86B, providing steady support; operating revenue in the automotive intelligent and electrification system application area was approximately RMB 1.18B, surging about 114.62% year over year. This is the growth engine. The company’s new automotive board products—represented by millimeter-wave radar, automatic driving assistance using HDI, intelligent cockpit domain controllers, and P2Pack—continued to ramp up in volume, offsetting some of the price pressure from traditional automotive safety system products, among others.

Against the backdrop of high growth in performance, Shenzhen Inovance? plans to distribute cash dividends of RMB 5 per 10 shares to all shareholders (including tax). Based on the company’s current total share capital, the total cash to be distributed is expected to be about RMB 962 million.

Shuanghui Development’s net profit last year exceeded RMB 5.1 billion; proposing RMB 8 per 10 shares

As a company in the food processing industry, Shuanghui Development has maintained operational resilience amid a complex market environment. In 2025, the company’s operating revenue was RMB 59.27B, down 0.48% year over year; the net profit attributable to parent company was RMB 5.11B, up 2.32% year over year. The company plans to distribute cash dividends of RMB 8 per 10 shares to all shareholders (including tax).

Regarding the opportunities for company development, Shuanghui Development said that as the “expand domestic demand” strategy is further advanced and implemented, the structure of income distribution continues to be optimized. At the same time, consumer confidence among Chinese residents shows a mild rebound, and residents’ willingness to consume is expected to gradually strengthen, creating favorable conditions for the company to explore and expand its business. Meanwhile, under the wave of digital technology, online consumption has flourished, providing enterprises with expanded sales channels and consumption scenarios.

Shuanghui Development said that in response to changes in channel and market structure, the company will optimize its allocation of resources. By building a high-quality market network, it will stabilize the fundamental base of traditional channels, cultivate new growth drivers in emerging channels, and open up additional incremental space for the company’s development.

Shuanghui Development said that in 2026, the company’s management team will adhere to the policy of “industrialization, diversification, internationalization, and digitization.” It will stay focused on the full-year targets. With transformation to support breakthroughs and innovation to drive development, and by “responding to change with change and winning with new,” it will strive to achieve growth in operating indicators.

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