Order backlog and sufficient capacity: Listed companies across multiple sectors reveal Q1 operational highlights

As the first quarter wraps up, institutional investors have been going to listed companies to check on their first-quarter operating performance and get a read on the direction of their second-quarter development.

It is reported that listed companies across multiple sectors, including pharmaceuticals, high-end manufacturing, and new energy, have abundant in-hand orders, and capacity utilization is at a high level. Several companies also disclosed their operating plans for the second quarter and their outlook for full-year capacity, sending a clear signal to the market. In addition, many industries’ price increases are being transmitted more smoothly, the competitive advantages of leading companies continue to strengthen, and the industrial landscape is accelerating its optimization and upgrades.

Order backlogs are full, and capacity is sufficient

Based on institutional research and surveys, in the first quarter, many industry-listed companies saw clear order growth trends, capacity stayed at a high level, and faster new-product iteration provides solid support for subsequent performance.

In the pharmaceutical sector, many companies’ order growth momentum has been strong. Kelly was says that from the fourth quarter of 2025 to the first quarter of 2026, the company’s order growth will remain rapid. As of the disclosure date of the 2025 annual report, excluding 2025 revenue already confirmed, the company’s total in-hand orders were 1.39B USD, up 31.65% year over year.

HaoYuan Pharmaceutical focuses its back-end business on fields such as specialty APIs and intermediates. As of the end of the third quarter of 2025, the company’s in-hand orders for its back-end small-molecule business exceeded RMB 630 million, up more than 50%. In addition, after the fourth quarter of 2025, there has been a positive signing trend for its back-end small-molecule and ADC large-molecule businesses; the cycle for in-hand orders to be converted into operating revenue is typically 6 months to 1 year.

In the manufacturing and new materials sector, many companies’ capacity has remained running at a high level. Shares of DILONG report that in the first quarter, sales volume of polishing pads maintained growth. For the polishing hard pad production lines at the Wuhan plant, capacity has reached around 50k pieces per month. Combined with the soft pad capacity at the Qianjiang industrial park, current capacity utilization remains at a good level. In the first quarter, Tianyuan shares achieved full-capacity production and full sales for titanium dioxide pigment produced via the chloride process. The company expects it will remain in a state of full-capacity production and full sales in the second quarter. Its export share for titanium dioxide pigment is around 40%; it has already been exported to Southeast Asia, Europe, and other regions.

Meanwhile, many listed companies have提前 disclosed their plans to expand capacity in the second quarter or to launch new products.

Dingtong Technology said that demand for its 112G and 224G products continued to rise in the second quarter. Orders are now more saturated than before, and customers have asked the company to add production lines in the second quarter to advance expansion preparation work. Qinchuan Machine Tool disclosed that the company has completed the development and test validation of high-efficiency CNC internal-thread grinding machines and high-efficiency CNC external-thread grinding machines for machining planetary roller screw shafts, and plans to promote them comprehensively to the market at the 14th China CNC Machine Tool Fair in April.

The global production base strategy layout of Tianshun Wind Energy has been basically implemented. Its Yangjiang base in Jiangsu Yancheng Sheyang, its Nantong Tongzhou Bay base, its Jieyang Huilai base in Guangdong, and its Shanwei Lufeng base have all reached production. The company’s Yangjiang base has basically completed equipment commissioning in the fourth quarter of 2025, and it is expected to start production in the second quarter of 2026. The Phase II expansion project of the Sheyang base is expected to complete production line commissioning and start production in 2026.

Rising market demand drives price increases

Affected by factors such as higher raw-material prices, in the first quarter, many industry-leading listed companies initiated product price adjustments, and the price-transmission effect gradually became apparent. At the same time, the advantages of leading enterprises have stood out, and industry concentration may further increase.

In the building materials sector, the cost-transmission effect is evident. For example, Beixin Building Materials said that in the first quarter, the waterproofing and coatings industries raised prices in tandem, effectively transmitting the pressure from rising raw-material costs. As market resources concentrate toward enterprises with comprehensive advantages such as R&D, manufacturing, and brands, it may also drive increased industry concentration.

In the electronic information sector, companies’ operations show differentiated growth. BOE, when analyzing the price trend of LCD panels, stated that driven by inventory buildup for events, tight supplies of storage chips, and price-increase expectations, the prices of mainstream TV sizes in the first quarter rose somewhat. In the second quarter, after the event inventory buildup ends, the price increases may narrow back to levels comparable to before.

“In the first quarter, consumer electronics products such as mobile terminals and PCs maintained steady year-over-year growth. Meanwhile, this year, the domestic GPU server business for data centers is rapidly ramping up, and super-node products will start shipping one after another in the second quarter.” Huaqin Technology expects that the company’s full-year 2026 revenue will grow by more than 15% year over year, and revenue will exceed 200 billion yuan (RMB); its profit growth rate will be even higher.

In the semiconductor and new energy sectors, the pace of price transmission shows diverse characteristics relative to industry supply and demand. Beijing Junzheng disclosed that current DRAM capacity can support a certain growth in this year’s sales. The company’s inventories at the end of 2025 were nearly RMB 3 billion, most of which are storage products, significantly higher than in the previous cycle. The company’s storage chips currently use a quarterly allocation mechanism to ensure supply stability, but they cannot fully satisfy all market demand. The company will continue strengthening communication with upstream leading manufacturers to secure more capacity.

“For 2026, when pricing newly signed contracts, the company has fully taken the latest market prices of lithium hexafluorophosphate into account, and transmission efficiency continues to improve.” Says Sinocera? (New?

Xin Zhoubao explained: In the fourth quarter of 2025, lithium hexafluorophosphate prices rose, mainly driven by a surge in energy-storage demand and temporary supply-demand imbalance caused by industry inventories being at low levels. In the first quarter of 2026, prices fell back mainly due to adjustments to power-battery policies, inventory replenishment, and the release of some capacity; however, energy-storage demand remains strong, and the industry as a whole is still in a relatively tight supply-demand situation.

“After the cancellation of export tax rebates for solar in the second quarter, the company’s production scheduling still remains relatively stable, showing strong resilience in global solar demand.” JinkoSolar stated that it maintains an optimistic outlook on global solar market demand, and especially when international oil and gas prices rise rapidly, the economics of solar + storage stand out further, becoming one of the preferred solutions for improving energy security and independence.