Growth in Both Production Capacity and Orders in Q1 2025: SSE-Listed Companies Shaped New Development Momentum in Multiple Fields

Translated from Securities Times, Zhang Shuxian

Recently, SSE-listed companies have intensively disclosed their operating data, major contracts and project winnings for Q1 2025, showing a positive economic trend at the beginning of the year.

As of April 14, 101 SSE-listed companies disclosed their performance in Q1 2025 through forecasts and bulletins, of which 94 reported good news, accounting for more than 90%. More than 40% of these companies achieved net profits that doubled year-on-year. The performance of industries such as electronics, pharmaceutical biology, machinery and equipment, chemicals, and non-ferrous metals has grown strongly.

In the energy industry, the coal supply and electricity generation of SSE-listed companies have grown steadily. China Shenhua Energy Company Limited enhanced production coordination. Its planned commercial coal output, sales volume and electricity generation in 2025 are higher than those in 2024. For China Yangtze Power Co., Ltd., with abundant water inflows to the Wudongde Reservoir and the Three Gorges Reservoir in the first quarter, the electricity generation of the six cascade power stations in the territory increased by 9.35%. Huaneng Lancang River Hydropower Inc.'s electricity generation increased by 31.22% in the first quarter, and its on-grid electricity increased by 31.42%, due to the improvement in new energy installed capacity, the commissioning of TB power stations, the release of cascade storage and the increase in electricity demand.

Large orders frequently appear in the infrastructure industry. In the first quarter, the contract value of major projects signed by SSE-listed infrastructure companies reached a new high. In the first three months, China Communications Construction Co., Ltd. won about 21.143 billion yuan in bids for projects worth more than 1 billion yuan, and China Railway Construction Corporation Limited won bids for about 37.225 billion yuan. China National Chemical Engineering Co., Ltd. signed new contracts worth 59.79 billion yuan in March, a year-on-year increase of 60.71%.

SSE-listed companies have stepped up research and development to form new growth poles in fields such as artificial intelligence and semiconductors. GigaDevice Semiconductor Inc. increased R&D and product iteration in the first quarter, and the competitiveness of its product line continued to increase. It is expected that the revenue in the first quarter will be around 1.909 billion yuan, a year-on-year increase of about 17.32%.

In addition, SSE-listed companies are engaging in the development of the Belt and Road Initiative and accelerating internationalization through technology exports and other means. A subsidiary of China Tourism Group Duty Free Corporation Limited signed a strategic cooperation agreement with Beijing Tong Ren Tang Chinese Medicine Company Limited to expand overseas markets. A holding subsidiary of Shanghai Putailai New Energy Technology Co., Ltd. signed a memorandum of cooperation with its overseas customer, and its new "material + equipment" solution model was recognized by overseas customers.

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