A-share annual reports released: Over 70% profitable, industry leaders show resilience

Wind Data shows that as of 8:00 PM on March 16, a total of 100 A-share listed companies have disclosed their 2025 annual reports, with over 70% of these companies achieving year-over-year growth in performance. Many industry leaders among these companies have performed well. From a dividend perspective, 76 listed companies plan to distribute cash dividends, with 61 companies paying more than 1 yuan (tax included) per 10 shares.

Leading Stocks Perform Well

Among the 100 companies that have released their 2025 annual reports, 71 achieved year-over-year increases in operating revenue, and 73 saw net profit attributable to shareholders grow compared to the previous year.

As of now, several industry leaders including CATL, ZTE, Baofeng Energy, Cambrian, and Industrial Fulian have disclosed their 2025 annual reports. Based on their reports, these top companies generally performed well.

CATL achieved approximately 423.702 billion yuan in operating revenue in 2025, up 17.04% year-over-year; net profit attributable to shareholders was about 72.201 billion yuan, up 42.28%. In its 2025 annual report, CATL stated that during the reporting period, it sold 541 GWh of power batteries, a 41.85% increase, setting a new global market share record. The company also sold 121 GWh of energy storage batteries, up 29.13%, continuing to build energy storage system solutions and service capabilities.

Industrial Fulian achieved approximately 902.887 billion yuan in operating revenue in 2025, up 48.22% year-over-year; net profit attributable to shareholders was about 35.286 billion yuan, up 51.99%. Regarding the reasons for performance growth, Industrial Fulian indicated that it was mainly driven by the continuous expansion of the AI server market, steady increase in market share among major clients, and excellent performance in cloud service business, all contributing to overall revenue growth.

Cash Dividends Are the Mainstream

From a dividend perspective, 76 listed companies plan to distribute cash dividends. Among them, 61 companies will pay more than 1 yuan per 10 shares (tax included). Many leading companies are offering substantial dividends.

Further analysis shows that CATL, Tonghuashun, Shennan Circuit, Shenghong Technology, and Yaxiang Integration are among the top in cash dividend payouts per 10 shares.

ZTE achieved about 133.9 billion yuan in operating revenue in 2025, up 10.4% year-over-year; net profit attributable to shareholders was about 5.62 billion yuan, down 33.32%. The company plans to distribute a cash dividend of 4.11 yuan per 10 shares (tax included), totaling approximately 1.966 billion yuan.

Some companies also announced share transfer or bonus issues during the reporting period.

Cambrian’s 2025 annual report shows that during the period, the company achieved 6.497 billion yuan in revenue, up 453.21%; net profit attributable to parent was 2.059 billion yuan, turning profitable from a loss. The company plans to distribute a cash dividend of 15 yuan per 10 shares (tax included) and issue 4.9 shares for every 10 shares via capital reserve.

Intensive Institutional Research

It is worth noting that many companies, after releasing their annual reports, received intensive research from institutions. These institutions generally focus on the companies’ Q4 2025 performance, sustainability of growth, future sales strategies, and overseas business development.

Regarding performance since Q4 2025, CATL stated in the latest investor relations activity record that despite external challenges such as rising lithium carbonate prices, the company’s supply chain resilience and safety margins have been significantly enhanced through product price linkage mechanisms, proactive supply chain planning, and increased long-term contracts, maintaining steady profitability. Compared to the volatile gross profit per unit affected by multiple factors, net profit per unit more objectively reflects the company’s overall operational quality.

Regarding the core drivers of performance growth, Junshi Biosciences indicated in its latest investor relations record that in 2025, the company’s overall operation continued to improve, with steady revenue growth reaching 2.498 billion yuan, up 28%. Revenue from pharmaceuticals was 2.301 billion yuan, a significant increase of 40.32%, serving as the main engine for growth. The flagship product, Toripalimab, performed particularly well, with domestic sales exceeding 2.068 billion yuan, up nearly 38%. Overseas sales also expanded rapidly, with Toripalimab becoming a key pillar of the company’s revenue. Overall, with more approved products, increased insurance coverage, a richer product matrix, and global market expansion, the company’s commercialization competitiveness continues to improve, and its self-sustaining growth capacity steadily strengthens.