590 Shanghai-listed companies annual reports released: total revenue of 32.5 trillion yuan, net profit of 3.74 trillion yuan

As of April 2, 590 listed companies on the SSE have disclosed their annual reports, with total operating revenue of 32.5 trillion yuan, up 1% year over year; net profit totaled 3.74 trillion yuan, up 3.3% year over year.

“Against the backdrop of a complex and ever-changing external environment and intensifying industry differentiation, the annual reports for 2025 from a group of industry leaders show positive changes, such as the突出优势 in the power sector, electronics riding the wave, and manufacturing accelerating toward new development.” Market participants further noted, “With their scale advantages, control over industrial chains, and sustained innovation capabilities, SSE leading companies have demonstrated solid operating resilience.”

Specifically, first, in the power sector, high-quality assets have become even more prominent, and the share of clean energy continues to rise. SSE utilities companies currently have combined net profit of 42.7 billion yuan, up 26.7%.

Among them, Huaneng International (600011) and Datang Power (601991) respectively achieved net profit of 14.4 billion yuan and 7.4 billion yuan, up 42% and 63.9%; falling coal prices drove a marked improvement in costs.

It is worth noting that these power-generation leaders are also accelerating their transition to clean energy. Huaneng International said that by the end of 2025, the share of installed capacity of low-carbon clean energy at the company increased to 41.01%, up 5.19 percentage points year over year. Datang Power stated that in 2025, it added 5,120 megawatts of clean energy installed capacity; total clean energy installed capacity amounted to 37,058 megawatts, representing about 42.99% of total installed capacity, up 2.62 percentage points from the previous year.

Second, in the communications and electronics manufacturing sector, amid major opportunities from the “digital economy” and “AI+,” leading companies are seizing the moment. At present, 81 companies in SSE’s communications and electronics manufacturing industry have combined operating revenue of nearly 3.5 trillion yuan, and net profit of 253.9 billion yuan, up 13.8% and 8.9% year over year.

Taking the main board as an example, the three major telecom operators together achieved net profit of 179.4 billion yuan, still maintaining steady performance, with rapidly developing emerging businesses beyond the “core base.” For example, China Telecom (601728) recorded full-year revenue of 523.9 billion yuan; among it, the emerging strategic business continued to grow at a relatively fast pace, while Tianyi Cloud revenue was 120.7 billion yuan. Electronic industry giants such as Foxconn Industrial Internet (601138), Wuxi? 华勤技术 (603296), and OmniVision Group (603501) are grabbing opportunities across the AI industry ecosystem, achieving net profit of 35.3 billion yuan, 4.05 billion yuan, and 4.05 billion yuan respectively, up 52%, 38.6%, and 21.7%.

Third, the manufacturing sector is experiencing a transition in growth drivers, shifting from scale expansion toward technology-led development and structural upgrading. Auto and machinery equipment sectors together have achieved net profit of over 100 billion yuan, maintaining overall growth.

Sailun? (601127) achieved net profit of 6.0 billion yuan in 2025, with a gross margin of 28.21%, up 2.52 percentage points. In the upstream of the industrial chain, Fuyao Glass (600660) achieved revenue growth of 17% and net profit growth of 24%; relying on intelligent manufacturing and high value-added products, it delivered both higher volume and higher prices, and strengthened its ability to withstand cyclical risks through global expansion.

Sany Heavy Industry (600031) in 2025 reported total operating revenue of 89.7 billion yuan and net profit attributable to shareholders of 8.4 billion yuan, up 14% and 41% year over year. CRRC (601766) reported operating revenue and net profit of 273.1 billion yuan and 13.2 billion yuan during the reporting period, up 10.8% and 6.4%. Manufacturing leaders are accelerating their move toward higher-end and more intelligent directions.

Fourth, in resources and new materials, growth momentum among non-ferrous metals leaders remains strong. Zijin Mining (601899) achieved operating revenue of 349.1 billion yuan in 2025, up 15% year over year; net profit was 51.8 billion yuan, up 62% year over year. Benefiting from rising prices of major products such as gold and copper, as well as the release of overseas mine capacity, it delivered both higher volume and higher prices. Luoyang Molybdenum (603993), benefiting from rising resource prices such as copper and cobalt, as well as increased production capacity from overseas projects such as in the Democratic Republic of the Congo, has continued to expand its profitability scale, with performance maintaining a 50% growth trend. As demand in the new energy industry chain continues to be released, growth momentum among resource-leading enterprises continues to strengthen.

Finally, consumer staples leaders are gradually shifting from the stage of scale expansion to growth driven by structural optimization. Haitian Flavoring & Food (603288) recorded revenue of 28.87 billion yuan, up 7% year over year, and net profit attributable to shareholders of 7.04 billion yuan, up 11%; Haier Smart Home (600690) achieved revenue growth of nearly 6% and net profit growth of 4.4%.

(Source: The Paper)