Multiple listed companies report earnings growth of over 100%, with the highest expected increase of 32 times

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Author | Li Yiwen

Editor | Ye Yingcheng

As the end of the first quarter of 2026 approaches, the A-share market has entered a concentrated period for the disclosure of first-quarter earnings previews from the first batch of listed companies.

According to statistics compiled by 21st Century Business Herald’s 21 Quick News reporter using Tonghuashun iFinD, as of March 29, 18 listed companies have taken the lead in unveiling their “report cards” for the first quarter. Against the backdrop of an overall improvement in the market, favorable earnings have become the main theme: 10 companies reported year-on-year earnings growth, 5 companies reported slight growth, and 1 company reported a turnaround from loss to profit. The combined proportion of companies with favorable earnings reached 88.89%; only 2 companies are expected to continue losses, and overall earnings expectations remain positive.

In terms of the growth rate, the high-growth targets are mainly concentrated in three major areas: mechanical equipment, pharmaceutical and biologicals, and basic chemicals. A rise in both volume and price is the core logic behind these companies’ earnings growth. Among them, Oukaiyi and Fuxiang Pharmaceutical lead the entire market with astonishing growth rates.

Benefiting from both a rise in both volume and price of hard-alloy cutting tools and the low base effect from the same period last year, Oukaiyi expects net profit for the first quarter to be RMB 180 million to RMB 220 million. Compared with the same period last year, it will increase by RMB 172 million to RMB 212 million. Based on this calculation, the year-on-year net profit growth rate for Q1 2026 is expected to be 2248.9% to 2770.9%.

Also benefiting from the rise in both volume and price in its business is Fuxiang Pharmaceutical, a leading stock in electrolyte additives. Its earnings forecast shows that its net profit for Q1 2026 is expected to be RMB 52 million to RMB 75 million, up 2222.67% to 3250.01% year-on-year—making it also the current “king of profit growth.” Driven by the news of a large surge in first-quarter performance, after Fuxiang Pharmaceutical opened on March 24, its stock price rapidly surged; within just 1 minute and 51 seconds, it hit the “20CM” daily limit-up. This week, it has accumulated gains of more than 27%.

Fuxiang Pharmaceutical has clearly stated that the substantial increase in earnings mainly benefits from the continued improvement in the new energy industry’s business conditions, steady growth in demand in the market for power batteries, and the rapid surge in demand for energy storage batteries—driving sustained increases in upstream lithium battery material demand. The company’s lithium battery electrolyte additive business is in good operating shape. Core products such as VC and FEC saw a rise in both volume and price, thereby pushing the company’s year-on-year earnings to rise significantly.

In addition, Kuncai Technology in the basic chemicals industry also benefits significantly. The earnings forecast indicates that, as titanium dioxide prices in the industry rebound and production capacity is released, the company’s titanium dioxide and iron oxide business achieved a turnaround to profitability. Its net profit for the first quarter is expected to be RMB 60 million to RMB 80 million, up 151.56% to 235.41% year-on-year.

Apart from cyclical price increases, increased R&D investment and optimization of business structure have become important support for earnings growth for some companies. In the pharmaceutical and biologicals sector, Wanbangde is expected to achieve net profit attributable to shareholders of listed companies of RMB 165 million in Q1 2026, up 985.4% year-on-year. The company has clearly stated that the strategic shift from generic drugs to innovative drugs has begun to show results; during the reporting period, business expansion made positive progress, bringing new earnings growth points, and the company continues to increase R&D efforts.

In the automotive industry, Gude Electric Materials has boosted sales rapidly by successfully expanding into copper-aluminum composite materials and entering the supply chain system of Contemporary Amperex Technology (CATL). It expects first-quarter operating revenue to grow 41.41% to 53.89% year-on-year, and expects net profit of RMB 48 million to RMB 51 million.

In addition, in the electronics sector, Aolai De expects net profit for the first quarter to be RMB 70 million to RMB 85 million, up 175.2% to 234.17% year-on-year. Its competitive advantages in the evaporation source equipment segment continue to stand out, and revenue related to equipment has grown significantly.

Although the two companies that are expected to continue losses are still loss-making, their operating performance has shown clear improvement. Visiya Technology expects a Q1 loss of RMB 55 million to RMB 65 million; its year-on-year loss is narrowing by 15.53% to 27.60%. In the same period, operating revenue is expected to grow 235.35% to 294.53% year-on-year.

Muxi Shares expects a loss of RMB 90.76 million to RMB 182 million. The loss amount is narrowing year-on-year by 21.93% to 60.97%. It says that benefiting from the rapid development of the artificial intelligence industry, and leveraging its excellent product performance and a well-developed software ecosystem, the company’s products and services have been widely recognized by downstream customers, and its business scale has achieved a significant increase compared with the same period last year.

Looking at absolute net profit figures, Tianshan Aluminum has become the “profit champion” of this earnings season. The company expects net profit of RMB 2.2 billion in the first quarter, up 107.92% year-on-year. Tianshan Aluminum’s strong performance mainly benefits from the capacity release of its 1.4 million-ton green and low-carbon electrolytic aluminum project.

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(Statement: The content of this article is for reference only and does not constitute investment advice. Investors act on this at their own risk.)

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