Shanghai Securities News | Nearly 600 Annual Reports from SSE Send Positive Signals

As of the close on April 2, 590 companies listed on the Shanghai Stock Exchange had disclosed their 2025 annual reports. They achieved a combined operating revenue of RMB 32.5 trillion, up 1% year-on-year, and net profit attributable to parent shareholders of RMB 3.74 trillion, a year-on-year increase of 3.3%, maintaining an overall steady development momentum.

Amid a complex and volatile external environment and intensified industry divergence in 2025, a host of industry leaders delivered positive operating performance: advantages in the power sector became more prominent, electronics enterprises seized favorable development opportunities, and the manufacturing industry accelerated its shift toward "new" growth drivers. Backed by scale advantages, industrial chain control and sustained innovation capabilities, leading companies listed on the Shanghai Stock Exchange have demonstrated strong operational resilience, playing a key supporting role in stabilizing growth and advancing structural adjustment, and laying a solid foundation for the inaugural year of the "15th Five-Year Plan" period.

In the power sector, high-quality assets became increasingly competitive, and the share of clean energy kept rising. Public utility companies listed on the Shanghai Stock Exchange posted a combined net profit attributable to parent shareholders of RMB 42.7 billion in 2025, up 26.7% year-on-year. Among them, Huaneng Power International and Datang International Power achieved net profit attributable to parent shareholders of RMB 14.41 billion and RMB 7.386 billion respectively, up 42.17% and 63.91% year-on-year, as declining coal prices significantly improved their cost structure. These leading power generators are also accelerating their transition to clean energy. Huaneng Power International announced that by the end of 2025, the proportion of its installed low-carbon clean energy capacity had risen to 41.01%.

In the communications and electronics manufacturing sector, leading enterprises capitalized on the major opportunities of the "digital economy" and "AI+". In 2025, 81 communications and electronics manufacturing companies listed on the Shanghai Stock Exchange achieved a combined operating revenue of nearly RMB 3.5 trillion and net profit attributable to parent shareholders of RMB 253.9 billion, up 13.8% and 8.9% year-on-year respectively.

Taking the three major telecom operators as an example, China Mobile, China Telecom and China Unicom all released their 2025 annual reports by March 26. During the reporting period, all three maintained sound revenue growth: China Mobile generated revenue of RMB 1,050.2 billion, up 0.9% year-on-year; China Telecom's operating revenue reached RMB 529.6 billion, a slight year-on-year increase; China Unicom posted operating revenue of RMB 392.2 billion, up 0.7% year-on-year.

As growth in traditional businesses moderated, intelligent computing services have emerged as a new growth engine. Data show that China Mobile's intelligent computing service revenue surged 279% year-on-year, while China Unicom's artificial intelligence business revenue rose by more than 140%. Despite an overall contraction in total capital expenditure, all three operators have identified computing power as their core investment theme for 2026, with the share of computing power investment rising above 30% for each.

Electronics industry giants including Foxconn Industrial Internet (FII), Huaqin Technology and OmniVision Integrated Circuits Group seized full-scenario opportunities in the AI industry. They achieved net profit attributable to parent shareholders of RMB 35.286 billion, RMB 4.054 billion and RMB 4.045 billion respectively, up 51.99%, 38.55% and 21.73% year-on-year.

The manufacturing sector is undergoing a shift from scale expansion to technology-driven growth and structural upgrading, as old and new growth drivers replace each other. In 2025, companies in the automobile and machinery equipment industries achieved a combined net profit of over RMB 100 billion, maintaining overall growth.

During the reporting period, Seres Group posted a net profit of RMB 5.957 billion, with improved core profitability. Sany Heavy Industry recorded a net profit attributable to parent shareholders of RMB 8.408 billion in 2025, up 41.18% year-on-year. Driven by overseas market expansion and product mix optimization, the company sustained steady growth in revenue and profit, with tangible results emerging from its international strategy.

Relying on its leading position in rail transit equipment, CRRC Corporation Limited secured a steady stream of high-end product orders, achieving simultaneous improvement in business scale and profit quality. It posted a net profit attributable to parent shareholders of RMB 13.181 billion during the reporting period, up 6.4% year-on-year. Leading manufacturing enterprises are accelerating their move toward high-end and intelligent development.

In the resources and new materials sector, leading non-ferrous metal companies posted strong growth. Zijin Mining Group achieved an operating revenue of RMB 349.079 billion in 2025, up 14.96% year-on-year, and a net profit attributable to parent shareholders of RMB 51.777 billion, surging 61.55% year-on-year. Key economic indicators including output, revenue and profit of its core mineral products such as gold and copper hit record highs.

Benefiting from rising prices of copper, cobalt and other resources as well as expanded capacity at overseas projects including those in the Democratic Republic of the Congo (DRC), CMOC Group Limited generated an operating revenue of RMB 206.684 billion in 2025, staying above the RMB 200 billion mark for the second consecutive year. Its net profit attributable to parent shareholders reached RMB 20.339 billion, up 50.30% year-on-year, setting a new record for the fifth straight year. Net cash flow from operating activities amounted to RMB 20.843 billion, and total assets broke through RMB 200 billion for the first time to reach RMB 200.932 billion, up 18.03% year-on-year.

Leading large consumer enterprises are gradually shifting from scale expansion to structure-optimized growth. During the reporting period, Foshan Haitian Flavouring & Food Company achieved an operating revenue of RMB 28.873 billion, up 7.32% year-on-year, and a net profit attributable to parent shareholders of RMB 7.038 billion, up 10.95% year-on-year. Amid slowing industry growth, the company maintained steady expansion through product mix optimization and channel expansion. Haier Smart Home achieved an operating revenue of RMB 302.337 billion, breaking the RMB 300 billion threshold for the first time, up 5.71% year-on-year. Its net profit attributable to parent shareholders stood at RMB 19.553 billion, up 4.39% year-on-year, with both core indicators hitting all-time highs. The company continued to raise the proportion of overseas markets and high-end products in its overall business.