Over a thousand A-share companies have submitted their annual reports, with emerging industries releasing new growth momentum

The peak season for annual report disclosures by A-share listed companies in 2025 is underway. On the evening of March 30, several industry leaders—including Micron Technology, Accelink Technologies, Huawei (EV), and Salt Lake Co.—released their full-year 2025 performance. According to data from Choice, as of 21:00 on March 30, 1,043 listed companies had officially published their 2025 annual reports. Nearly nine-tenths of the companies are profitable, and overall business quality of the listed companies that have released annual reports has shown steady improvement.

From the annual report data already disclosed, leading companies such as Zijin Mining, CATL, Luxshare Precision, and WuXi AppTec continue to play the role of a “stabilizing anchor,” with steady growth in performance. At the same time, emerging industries are running hot; in sectors such as semiconductors and communications, multiple companies have turned in impressive results by leveraging technological breakthroughs and market expansion.

Sustainable Growth by Leading Enterprises

In 2025, several leading industry companies stayed focused on their core businesses and optimized their layouts, achieving steady growth in both revenue and net profit.

Looking first at the non-ferrous metals industry, leading companies such as Goldwind? Wait—Jinli Yong? (Jinli Yong?)/?—Jinli Yongmagnet, Zijin Mining, and Luoyang Molybdenum all showed strong performance. Benefiting from a simultaneous rise in volume and prices of mineral products such as copper and gold, Zijin Mining reported full-year 2025 operating revenue of RMB 349.079 billion, up 14.96%; net profit attributable to shareholders of listed companies was RMB 51.777 billion, up 61.55%.

According to disclosures, in 2025 Zijin Mining achieved 90 tons of mined gold production and 1.09 million tons of mined copper production. Under the company’s plan, the main output of the company’s mineral products in 2026 will still maintain growth, including 105 tons of mined gold, 1.2 million tons of mined copper, 120,000 tons of equivalent lithium carbonate, and 520 tons of mined silver.

Next, in the biopharmaceutical sector, internationalization has helped leading industry companies open up incremental markets, driving growth in full-year performance. Taking WuXi AppTec as an example: the company achieved operating revenue of RMB 45.456 billion, up 15.84%; net profit attributable to shareholders was RMB 19.151 billion, up 102.65%. Both revenue and net profit hit historical highs.

From the revenue mix, WuXi AppTec’s overseas revenue share has risen to 83.5%, reaching RMB 37.954 billion. The company expects that in 2026 its overall revenue will reach RMB 51.3 billion to RMB 53.0 billion, and that revenue from continuing business will grow year over year by 18% to 22%.

Against the backdrop of continuing explosive demand for AI computing power, consumer electronics leader Luxshare Precision (Industrial Foxconn?) continued to strengthen its R&D and technological innovation capabilities, demonstrating steady growth resilience. In 2025, the company’s operating revenue reached RMB 902.887 billion, up 48.22%; net profit attributable to shareholders was RMB 35.286 billion, up 51.99%. The AI business became the core engine for the company’s performance growth. In its annual report, Luxshare Precision explicitly stated that, benefiting from the continued expansion of the AI server market, its market share among major customers has increased steadily. Meanwhile, its cloud services business performed well, driving overall operating revenue growth.

Emerging Industries’ Boom Strengthens

Emerging industry companies represented by semiconductors and communications, leveraging technological breakthroughs, accelerated domestic substitution, and a surge in downstream demand, have also shown strong growth momentum.

The AI computing power industrial chain’s upstream and downstream players were among the first to benefit from the global wave of AI data center construction, resulting in rapid performance growth. On the evening of March 30, optical module leader Accelink Technologies disclosed its 2025 annual report: full-year operating revenue was RMB 38.240 billion, up 60.25%; and net profit attributable to shareholders of listed companies was RMB 10.797 billion, up 108.78%. During the reporting period, benefiting from strong spending by end customers on computing infrastructure, the company’s product shipment volume grew quickly. The share of high-speed optical modules continued to rise, and the company’s product solutions were continuously optimized while operating efficiency continued to improve.

The transmission of AI computing power demand is also reflected in the PCB segment. Shenghong Technology’s 2025 annual report shows: the company achieved operating revenue of RMB 19.292 billion, up 79.77%; and net profit attributable to shareholders of listed companies was RMB 4.312 billion, up 273.52%. Shenghong Technology said that in key areas such as AI computing, data centers, and high-performance computing, multiple high-end products have achieved large-scale mass production. In fiscal year 2025, the company’s cumulative R&D spending was RMB 0.778 billion, up 72.88%.

In the semiconductor industry, multiple companies including S & A Microelectronics, Weihai? Micro? (Miller?)—Sci micro electronics, Microne? (Microne?)—Micronet? (Mikron?)—Microne Semiconductor, and Yuanjie Technology achieved rapid performance growth. In particular, as storage demand shows explosive growth, listed companies in the storage industry delivered outstanding results in 2025. De Ming Li’s 2025 annual report shows: the company achieved operating revenue of RMB 10.789 billion, up 126.07%; and net profit attributable to shareholders was RMB 0.688 billion, up 96.35%. Currently, the company has formed multiple storage product lines, including solid-state drives, embedded storage, memory sticks, and mobile storage.

The STAR Market is a hub for emerging technology enterprises. In 2025, for multiple STAR Market companies, technology R&D investment entered the phase of results being realized, marking the first year of annual profitability and successfully removing the “U” designation. For example: Cambricon in 2025 achieved net profit attributable to shareholders of listed companies of RMB 2.059 billion, realizing profitability and becoming one of the first batch of “graduated” enterprises in the STAR Market growth tier; and Noclin Health was also disclosed recently: in 2025, it achieved net profit attributable to shareholders of RMB 0.642 billion, turning from loss to profit for the first time and officially removing the special symbol “U” from its stock short name.