Over 100 A-share companies have filed their annual reports!

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Since February, A-share listed companies have been releasing their 2025 annual reports, revealing operational results for 2025 to investors.

Wind data shows that as of 7 p.m. on March 16, 101 A-share listed companies have disclosed their 2025 performance, with 82 companies turning a profit, accounting for over 80%. Among them, 55 companies saw year-over-year growth in net profit attributable to shareholders (excluding losses), with 9 companies doubling their performance and another 9 turning losses into profits.

Leading companies like CATL, Foxconn Industrial Internet, and Shenghong Technology showcase strong performance, demonstrating leadership, influence, and value. In terms of industry segments and attributes, emerging industries such as new energy and AI have impressive results, accelerating industry transformation through technological innovation. Additionally, several STAR Market companies achieved their first annual profit or successfully reduced losses, showcasing their solid technological capabilities.

Leading Companies Shine

In 2025, industry leaders like CATL, Foxconn Industrial Internet, and Shenghong Technology continue to lead with solid results.

CATL’s 2025 annual report shows that during the reporting period, the company achieved revenue of 423.702 billion yuan, up 17.04% year-over-year; net profit attributable to shareholders was 72.201 billion yuan, up 42.28%, with Q4 exceeding market expectations. As the core of CATL’s business, power batteries sold 541 GWh, up 41.85%, setting a new global market share record. In energy storage, sales reached 121 GWh, an increase of 29.1%.

Strong performance forms the foundation for high dividends. Relying on robust profitability and cash flow, CATL plans its largest-ever dividend in 2025, with a cash dividend of 14.44 billion yuan and a total payout of about 36.1 billion yuan for the year, representing 50% of net profit attributable to shareholders.

Foxconn Industrial Internet follows closely. Benefiting from the rapid growth in global AI computing power demand, the company’s revenue reached 902.887 billion yuan, up 48.22%; net profit attributable to shareholders was 35.286 billion yuan, up 51.99%. Basic earnings per share (EPS) were 1.78 yuan, up 52.14%; return on equity (ROE) was 21.65%, an increase of 5.8 percentage points, both hitting new highs since listing.

AI business is the core growth engine. “AI is reshaping the global tech landscape at unprecedented speed. The widespread application of generative AI is rapidly shifting demand from ‘general computing’ to ‘high-performance computing.’ Benefiting from the continuous expansion of AI server markets and strong cloud service provider performance, the company’s overall revenue has grown,” Foxconn said in its annual report.

The sustained surge in AI computing demand has also driven the PCB (printed circuit board) industry into a new phase of volume and price increases. Shenghong Technology achieved revenue of 19.292 billion yuan, up 79.77%; net profit attributable to shareholders was 4.312 billion yuan, up 273.52%. During the period, the company’s high-end products in AI computing, data centers, and high-performance computing have been mass-produced, upgrading product structure toward higher value and complexity, significantly increasing the proportion of high-end products and driving rapid growth.

Shenghong Technology also announced its 2026 investment plan, with a total investment not exceeding 20 billion yuan, focusing on new factories, equipment purchases, and automation upgrades to lay a solid foundation for future growth.

Several STAR Market companies turn losses into profits or reduce losses

Technological innovation fuels development momentum. As of 7 p.m. on March 16, 12 STAR Market companies had disclosed their 2025 results, with many successfully turning losses into profits or reducing losses. Improving market conditions and sustained sales growth outline the development prospects for these companies in 2025.

Xinjie Microelectronics mainly supplies PCB and semiconductor equipment. According to Zhuoshi Consulting, in 2024, Xinjie Microelectronics was the world’s largest supplier of PCB direct imaging equipment, with a market share of 15%. In 2025, revenue reached 1.408 billion yuan, up 47.61%; net profit attributable to shareholders was 290 million yuan, up 80.42%.

Its annual report shows that in 2025, the explosive growth in global AI computing power demand accelerated upgrades and increased output in high-layer PCB and high-end HDI industries. Orders remained strong throughout the year. Since March 2025, capacity has been overloaded, maintaining maximum utilization. Orders with tax included hit a record high, with equipment shipments exceeding 100 units in March alone.

In 2025, Junshi Biosciences achieved revenue of 2.498 billion yuan, up 28.23%; net loss narrowed to 875 million yuan, a reduction of 31.68%. Its core product, Toripalimab, generated about 2.068 billion yuan in domestic sales, up 37.72%. Currently, Toripalimab has been approved for 12 indications in China, all included in the latest national medical insurance catalog, making it the only PD-1 antibody used for kidney cancer, triple-negative breast cancer, and melanoma in the catalog.

With strong performance growth, a batch of STAR Market companies that were unprofitable at listing have achieved their first profits, successfully shedding the “U” label. Cambrian is one such example.

During the period, Cambrian achieved revenue of 6.497 billion yuan, a significant increase of 453.21%; net profit attributable to shareholders was 2.059 billion yuan, the company’s first annual profit since listing in 2020. On March 16, Cambrian removed the “U” designation, changing its stock abbreviation from “Cambrian-U” to “Cambrian,” becoming one of the first “delisted” companies on the STAR Market Growth Tier.

Author: He Xinyi