Nearly 600 Shanghai Stock Exchange annual reports send positive signals; overall maintaining a steady development trend

As of the close on April 2, 590 companies on the SSE have disclosed their annual reports, with total operating revenue of RMB 3.25 trillion, up 1%. They achieved attributable net profit to the parent of RMB 3.74 trillion, an increase of 3.3%, continuing the overall steady development trend.

In 2025, against the backdrop of a complex and rapidly changing external environment and increasing industry segmentation, a number of industry leaders have shown positive changes in their operating performance—highlighting advantages in the power sector, leveraging opportunities in electronics, and accelerating manufacturing toward “new” growth drivers. Currently, SSE-listed leading companies, relying on their scale advantages, control over industry chains, and continuous innovation capabilities, have demonstrated strong operational resilience. They have played a key role in supporting stable growth and structural adjustment, and have laid a solid foundation for the start of the “14th Five-Year Plan” period.

In the power sector, high-quality assets have become more prominent, and the proportion of clean energy continues to increase. In 2025, SSE-listed utility companies collectively achieved attributable net profit to the parent of RMB 42.7 billion, up 26.7% year-over-year. Among them, Huanneng International and Datang Power achieved attributable net profits of RMB 14.41 billion and RMB 7.386 billion, respectively, up 42.17% and 63.91%. The decline in coal prices significantly improved costs. These leading power generation companies are also accelerating their transition to clean energy. Huanneng International stated that by the end of 2025, the company’s low-carbon and clean energy installed capacity accounted for 41.01%.

In the communications and electronic manufacturing sectors, facing major opportunities such as the “digital economy” and “AI+,” leading enterprises have seized the moment. In 2025, 81 companies in SSE-listed communications and electronics manufacturing achieved combined operating revenue of nearly RMB 3.5 trillion and attributable net profit to the parent of RMB 253.9 billion, representing year-over-year increases of 13.8% and 8.9%, respectively.

Taking the three major telecom operators as an example, as of March 26, China Mobile, China Telecom, and China Unicom had all completed their 2025 annual report disclosures. During the reporting period, their revenues remained stable: China Mobile achieved RMB 1,050.2 billion, up 0.9%; China Telecom’s operating revenue was RMB 529.6 billion, a slight increase; China Unicom’s operating revenue was RMB 392.2 billion, up 0.7%.

In the context of slowing growth in traditional businesses, intelligent computing services are becoming a new engine for growth. Data shows that China Mobile’s intelligent computing service revenue grew by 279%, and China Unicom’s artificial intelligence business revenue increased by over 140%. Amid overall reductions in capital expenditure, the three operators have coincidentally regarded computing power as the main investment focus for 2026, with their investment proportions in this area rising above 30%.

Electronics giants such as Foxconn Industrial Internet, Wistron? Technology, and OmniVision Group have seized opportunities across the entire AI industry chain, achieving attributable net profits to the parent of RMB 35.286 billion, RMB 4.054 billion, and RMB 4.045 billion, respectively—up 51.99%, 38.55%, and 21.73%.

The manufacturing sector is undergoing a transformation from old to new growth drivers, shifting from scale expansion to technology-driven and structural upgrades. Notably, companies in the automotive and machinery equipment industries together achieved net profits exceeding RMB 100 billion in 2025, maintaining overall growth.

During the reporting period, Seres realized a net profit of RMB 5.957 billion, with core profitability improving. Sany Heavy Industry’s attributable net profit to the parent reached RMB 8.408 billion in 2025, up 41.18%. Driven by overseas market expansion and product structure optimization, revenue and profit maintained steady growth, and the results of its internationalization strategy are gradually emerging.

China CNR relied on its leading advantages in rail transit equipment, with high-end product orders continuing to be released. Both operating scale and profitability quality improved simultaneously. During the period, it achieved attributable net profit to the parent of RMB 13.181 billion, up 6.4%. Manufacturing leaders are accelerating their move toward high-end and intelligent development.

In resources and new materials, nonferrous metal companies are showing strong growth momentum. Zijin Mining achieved operating revenue of RMB 349.079 billion in 2025, up 14.96%; attributable net profit to the parent was RMB 51.777 billion, an increase of 61.55% year-over-year. The company’s key economic indicators for its main mineral products, including gold and copper, reached record highs again.

Benefiting from rising prices of copper, cobalt, and other resources, as well as increased capacity from overseas projects such as in the Democratic Republic of the Congo, Luoyang Molybdenum Industry achieved RMB 206.684 billion in operating revenue in 2025, maintaining the RMB 200 billion level for two consecutive years. Its attributable net profit to the parent was RMB 20.339 billion, up 50.30%, setting a five-year record. Operating net cash flow reached RMB 20.843 billion. Total assets first exceeded RMB 200 billion, reaching RMB 200.932 billion, an increase of 18.03%.

Leading consumer sectors are gradually shifting from scale expansion to growth driven by structural optimization. During the period, Haitian Flavoring and Food achieved operating revenue of RMB 28.873 billion, up 7.32%, and attributable net profit to the parent of RMB 7.038 billion, up 10.95%. Amid a slowdown in industry growth, the company maintained steady growth through product restructuring and channel expansion. Haier Smart Home’s operating revenue exceeded RMB 300 billion for the first time, reaching RMB 302.337 billion, an increase of 5.71%; attributable net profit to the parent was RMB 19.553 billion, up 4.39%. Both key indicators set new historical highs. The company’s share of overseas markets and high-end products continues to grow.

(Source: Shanghai Securities News)