Fresh Release of "Report Cards" of SSE-listed A+H-share Blue-chip Stock Companies and "Dark Horse" Sectors with Performance beyond Expectations

Zhang Yu, Yicai

As of March 31, more than 100 SSE-listed A+H-share companies had completed their 2024 annual reports, delivering report cards featuring "progress based on stability". The total operating revenue was 25.38 trillion yuan, the same as that in the previous year. The net profit reached 3.12 trillion yuan, with a year-on-year increase of 9.56%.

Blue-chip Stock Giants Hold the Rudder: Leading Enterprises with a Market Value of over 100 Billion Yuan Play a Major Role

Among the SSE-listed A+H-share companies, stocks of leading enterprises with a market value of over 100 billion yuan account for more than 40%, serving as the "mainstay" of the capital market. About 19 companies have achieved a daily net profit of more than 100 million yuan, with Industrial and Commercial Bank of China Limited playing a leading role with a daily profit of 1 billion yuan. In the banking sector, the six major state-owned banks achieved a total operating revenue of 3.52 trillion yuan and a total net profit of 1.4 trillion yuan in 2024, both showing positive growth. In the field of petroleum and petrochemicals, Petrochina Company Limited, CNOOC Limited, and China Petroleum & Chemical Corporation generated a total profit of 352.9 billion yuan, with a year-on-year increase of 2.16%. CNOOC Limited's net profit growth rate reached 11.38%. In the field of non-ferrous metals, Zijin Mining Group Company Limited and CMOC Group Limited performed remarkably. Zijin Mining Group Company Limited's operating revenue was 303.64 billion yuan, with a year-on-year increase of 3.49%, and its net profit increased by 51.76%. CMOC Group Limited's operating revenue was 213.029 billion yuan, showing a year-on-year increase of 14.37%, and its net profit increased by 64.03%.

Breakthroughs of New Quality Productive Forces: Innovation Engines Drive Industrial Leaps

The 2025 government work report has proposed "developing new quality productive forces in line with local conditions". SSE-listed A+H-share companies have responded positively, driving industrial development with technological innovation. In 2024, Haier Smart Home Co., Ltd.'s operating revenue was 285.981 billion yuan, with a year-on-year increase of 4.29%, and its net profit increased by 12.92%. Fuyao Glass Industry Group Co., Ltd.'s operating revenue reached 39.252 billion yuan, showing an increase of 18.37% year on year. Its net profit increased by 33.20%, and the proportion of high-value-added products increased. Shanghai Fosun Pharmaceutical (Group) Co., Ltd.'s net profit was 2.77 billion yuan, representing a year-on-year increase of 16.08%, with innovative products serving as the main performance growth driver.

A+H-share Companies Actively Distribute Dividends to Investors

Based on the market value as of March 31, 2025, 31 companies had a dividend yield of more than 4%, showing an increase of nearly 10 from 2022. COSCO Shipping Holdings Co., Ltd. paid cash dividends of 1.03 yuan per share, and the total amount of cash dividends and repurchases in 2024 was about 25.134 billion yuan, accounting for 51.19% of the net profit. The six major banks planned to distribute year-end dividends of over 215.8 billion yuan in total in 2024. Together with interim dividends, they planned to distribute cash dividends of more than 420 billion yuan, aiming to promote the stable and healthy development of the capital market while stabilizing investors' income expectations.

The above information is provided for reference purposes only and does not constitute investment advice.