Writing New Achievements with Hard Technology - Hundreds of A-Share Companies "Submit Their Answers" in 2025 Annual Reports

Since February, A-share listed companies have continuously released their 2025 annual reports, disclosing their operational results for 2025 to investors.

Wind data shows that as of 7 p.m. on March 16, a total of 101 A-share listed companies have disclosed their 2025 performance, with 82 companies reporting profits, accounting for over 80%. In terms of net profit attributable to shareholders, 55 companies achieved year-over-year growth (excluding losses), with 9 companies doubling their performance.

Leading companies such as CATL (Contemporary Amperex Technology Co., Limited) demonstrate strong leadership, influence, and value through excellent results. From industry segments and attributes, emerging industries like new energy and AI show impressive performance, accelerating industry transformation and upgrading through technological innovation. Additionally, several Sci-Tech Innovation Board companies achieved their first annual profit or successfully reduced losses, demonstrating solid strength and impressive results.

Leading Companies Perform Well

In 2025, leading companies represented by CATL, Foxconn Industrial Internet, and Shenghong Technology led the industry with solid performance, accelerating growth.

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

Relying on strong profitability and cash flow, CATL plans to implement its largest-ever dividend in 2025. The annual cash dividend will be 14.44 billion yuan, with total dividends paid around 36.1 billion yuan for the year, accounting for 50% of net profit attributable to shareholders in 2025.

Foxconn Industrial Internet benefited from the rapid global demand for AI computing power. In 2025, the company’s revenue reached 902.887 billion yuan, a 48.22% increase; 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 year-over-year, with both key profitability indicators reaching new highs since listing.

AI business has become the core engine of the company’s growth. “AI is reshaping the global technology landscape at an unprecedented speed. The widespread application of generative AI is rapidly shifting computing demand from ‘general-purpose’ to ‘high-performance computing.’ Benefiting from the continuous expansion of the AI server market and excellent performance of cloud service providers, the company’s overall revenue has grown,” Foxconn Industrial Internet stated in its annual report.

The sustained explosion in AI computing power demand has driven the PCB (printed circuit board) industry into a new stage of volume and price increases. In 2025, 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%. In key areas such as AI computing, data centers, and high-performance computing, the company’s high-end products have achieved large-scale mass production, leading to an upgrade in product structure toward higher value and more complex technology. The proportion of high-end products has significantly increased, driving rapid growth in performance.

Shenghong Technology also announced its investment plan for 2026. The total investment will not exceed 20 billion yuan, focusing on new factories, engineering construction, equipment purchase, and automation line upgrades, laying a solid foundation for future business development.

Multiple Sci-Tech Innovation Board Companies Turn Losses into Profits or Reduce Losses

Technological innovation is accumulating development momentum. As of 7 p.m. on March 16, 12 Sci-Tech Innovation Board companies had disclosed their 2025 performance, with many successfully turning losses into profits or reducing losses. The market’s improved confidence and sustained sales growth collectively outline the development prospects of these Sci-Tech Innovation Board companies in 2025.

Cenova Microelectronics’ main products are used in PCBs and general semiconductors. According to Zhuoshi Consulting data, in 2024, Cenova Microelectronics was the world’s largest supplier of PCB direct imaging equipment, with a market share of 15%. In 2025, the company achieved revenue of 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 continuous surge in global AI computing power demand accelerated the upgrade and output increase of high multi-layer PCBs and high-end HDI industries. Orders for Cenova Microelectronics remained strong throughout the year. Since March 2025, the company’s capacity was overloaded, and capacity utilization remained high all year. In terms of orders, Cenova Microelectronics’ new signed orders (including tax) reached a record high, with equipment shipments exceeding 100 units in March, setting a new monthly record.

In 2025, Junshi Biosciences achieved revenue of 2.498 billion yuan, a 28.23% increase; net loss attributable to shareholders narrowed to 875 million yuan, a significant reduction of 31.68%. The company’s core product, Toripalimab, generated domestic sales revenue of about 2.068 billion yuan, up approximately 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 monoclonal antibody used for treating kidney cancer, triple-negative breast cancer, and melanoma in the catalog.

Along with strong performance growth, a number of Sci-Tech Innovation Board companies that were unprofitable at listing have achieved their first profits, successfully “lifting the U.” Cambrian is one of them.

During the reporting period, Cambrian achieved revenue of 6.497 billion yuan, a substantial increase of 453.21%; net profit attributable to shareholders was 2.059 billion yuan, marking its first annual profit since listing in 2020. On March 16, Cambrian removed the special “U” designation, and its stock abbreviation changed from “Cambrian-U” to “Cambrian,” becoming one of the first “de-tiered” companies on the Sci-Tech Innovation Board’s growth tier.