CHINA EARNINGS DIGEST: 27 April to 3 May, 2026

Editor's note:

Earnings of China companies reflect economic, political, industrial and trade trends affecting the bottom line. To keep you up-do-date, we are compiling a weekly roundup of earnings results from major listed companies. Stock tickers are in parentheses.

TECH

AI chip startup Cambricon(688256.SS), often called "China's Little Nvidia," posted a 185 percent surge in first-quarter profit on escalating demand for AI computing power. The company reported net of 1 billion yuan (US$146 million), with revenue surging 160 percent to 2.89 billion yuan. Beijing-based Cambricon, which is listed on the Shanghai STAR market, makes core processor chips and general-purpose graphics processing units used in AI technologies. Founded by brothers Chen Tianshi and Chen Yunji in 2016, the company is aiming to more than triple AI chip output this year.

China's Wingtech Technology(600745.SS), which has been in a prolonged battle with its Netherlands subsidiary Nexperia, reported its 2025 loss widened to 8.7 billion yuan (US$1.3 billion) from 2.8 billion yuan a year earlier. In the first quarter, the company turned to a loss of 189.3 million yuan from year-earlier profit of 261.4 million yuan. The company's control over Nexperia remains constrained by a legal battle in the Netherlands, triggered when that nation took control of Nexperia, citing governance issue amid national security concerns related to US policy.

Chinese optical chipmaker Yuanjie Semiconductor Technology(688498.SS) reported an elevenfold surge in first-quarter profit on soaring demand for computing power for AI. Net profit in the three months soared to 179 million yuan (US$26 million), while revenue grew 321 percent to 355 million yuan, the Shanghai-listed company said in a filing on Monday. Yuanjie makes laser chips used in applications including AI data centers, the South China Morning Post reported. Yuanjie was the second company on China's tech-focused Star Market to see its share price surpass the 1,000 yuan mark.

ENERGY AND RESOURCES

Aluminum Corp of China (Chalco)(601600.SS/2600.HK/US OTC: ALMMF), one of the world's biggest producers of the metal, said first-quarter profit rose 15 percent to 75.7 million yuan (US$11 million) despite a 10 percent decline in revenue to 4.3 billion yuan. The company said new contracts in the period rose 35 percent to 11.4 billion yuan and it has deepened its presence in key markets such as Southeast Asia and Africa. Research and development spending was flat at about 123 million yuan. In its stock exchange filing, the company gave no figures on ore extraction or refining activities, or on market prices in the period.

Shanghai-based Baoshan Iron & Steel(600019.SS), the listed unit of Baowu Steel Group, reported an 8.6 percent drop in first-quarter profit to 2.2 billion yuan (US$322 million) on a 5.7 percent gain in revenue to 77 billion yuan. For the full year, 2025 net profit rose 40.5 percent to 10.4 billion and revenue fell 1.4 percent to 317.5 billion yuan. The company reported a squeeze in profit margins between mid-2025 and early 2026. The company said ongoing efforts to curb excess capacity and reduce unruly competition in the steel sector could improve its bottom line, leading to a prediction that profitability will gradually strengthen.

China National Offshore Oil (CNOOC)(0883.HK), the nation's third-largest oil producer, reported a 7.1 percent rise in first-quarter profit to 39.1 billion yuan on an 8.6 percent increase in revenue to 116.1 billion yuan. The earnings reflect higher crude and natural gas prices triggered by the war in Iran. The company said crude output in the period rose to 158.5 million barrels from 145.5 million a year earlier, and natural gas production rose to 272.5 million cubic feet from 253 million. Crude sales rose 11.3 percent and gas sales were up 2.3 percent. The company said capital expenditure rose 19 percent to 33 billion yuan. Cnooc reported four new discoveries in the period, and three new projects began operations.

China Petroleum & Chemical (Sinopec) (600028.SS/0386.HK), Asia's largest oil refiner, said first-quarter profit rose 27 percent to 17.7 billion yuan US($2.6 billion) despite a 3.9 percent drop in operating revenue to 706.7 billion yuan. Against a backdrop of a 70 percent rise in oil prices on the back of the Iran war and the closure of the Strait of Hormuz, the company said higher crude prices boosted inventory values and improved margins for refined products. Sinopec cautioned about uncertainty ahead, with its traditional business model challenged by the shift to renewable energy sources. Sinopec said production of oil and gas rose 0.4 percent to 131 million barrels of oil equivalent in the quarter. Sales of refined oil products rose 0.6 percent to 43.4 million ton, and sales of chemical products totaled 20.1 million tons. The company reported capital spending of 25.2 billion yuan.

PetroChina(601857.SS/0857.HK), Asia's largest oil and gas producer, reported net profit grew 1.9 percent to 48.3 billion yuan, but revenue decreased 2.2 percent to 736.4 billion yuan. Domestic output reached 423.3 million barrels, up 1.2 percent growth from a year ago.

CONSUMER

Qingdao-based Haier Smart Home(600690.SS/6690.HK), a global maker of home appliances and the listed arm of the Haier Group, reported first-quarter profit dropped 15 percent to 4.6 billion yuan (US$670 million) on a 6.9 percent decline in revenue to 74 billion yuan. It blamed severe winter storms in North America, which kept buyers in major markets home. Tariff costs further squeezed margins.

Kweichow Moutai(600519.SS), maker of a Chinese premium distilled liquor, said first-quarter profit rose 1.5 percent to 27.2 billion yuan (US$4 billion) on a 6.5 percent rise in revenue to 53.9 billion. The results rebounded from twin declines last year, when 2025 profit fell 4.5 percent and revenue slipped 1.2 percent. Although strong spirits aren't favored as much by the younger generation anymore, the company's flagship product, Moutai Feitian, is still considered a luxury item, often given as gifts and consumed at special occasions like weddings and festivals. The company's shares are among the most expensive on the Shanghai Exchange.

Midea(000333.SZ/0300.HK), a leading Chinese electrical appliance manufacturer that is turning its focus to embodied robots, posted first-quarter profit of 12.7 billion yuan (US$1.8 billion), up 2 percent from a year earlier. Revenue rose 2.5 percent to 131 billion yuan. Midea produces air conditioners and other home appliance units. It expanded its scope in 2016-18 with the acquisitions of Toshiba's home appliance unit, German robotics company Kuka and the Eureka floor care brand. Midea is moving quickly into new technologies, pledging investment in AI and robotics of 60 billion yuan over the next three years. In the first quarter, revenue from its robot business revenue jumped 12 percent to 8.2 billion yuan.

SF Express(002352.SZ/6936.HK), China's largest and the world's fourth-largest express delivery service provider, reported first-quarter profit rose 13 percent from a year earlier to 2.5 billion yuan (US$370 million) on a 6 percent gain in revenue to 74 billion yuan. Business was improved by structural reforms and cost controls. The company's profit margin rose 0.4 percentage points to 13.7 percent on an annualized basis. Overall parcel volume increased 4.9 percent to 3.7 billion, while revenue from overseas businesses increased 8.2 percent.

Tsingtao Brewery(600600.SS), whose namesake brand is the largest selling Chinese beer in the US, said first-quarter profit rose 5.2 percent to 1.8 billion yuan (US$260 million), despite a 5.4 percent drop in revenue to 10.2 billion yuan. Volume sales in the period rose 5.6 to 2.2 million kiloliters, with a 0.4 percent rise in sales of its flagship Tsingtao beer brand. The Qingdao-based company is China's second-largest brewer. The company has been introducing new products, like Light Dry and Cherry Blossom beer to entice consumers in a slowing domestic beer consumption market. Founded in 1930 by German brewers, Tsingtao entered the US market in 1972.

Shanghai-based Yum China(9987.HK/US:YUMC), which operates KFC, Pizza Hut, Taco Bell and other fast-food outlets on the Chinese mainland and claims to be China's biggest restaurant chain, said first-quarter net income rose 6 percent to US$309 million on a 10 percent increase in revenue to US$3.3 billion, excluding foreign-exchange conversions. The Hong Kong-listed company said it was operating 18,737 outlets nationwide as of March 31, after opening a net 639 new outlets in the first three months, double the number a year earlier and a quarterly record. Same-store sales reached 100 percent of the prior year's level, and delivery sales grew 31 percent, comprising about 55 percent of total sales. Yum China was spun off from US-based Yum Brands in 2016. Despite stiff competition from the rise of domestic brand rivals, the company said it plans to expand outlets to 20,000 this year, with up to US$700 million in capital spending.

PHARMA AND HEALTHCARE

Ping An Insurance(601318.SS/2318.HK/US OTC: PNGAY), China's most valuable insurance company, reported first quarter net profit fell 7.4 percent to 25 billion yuan (US$3.7 billion) on a 7 percent decline in revenue to 238.5 billion yuan. The company's retail customers totaled 251 million in the period. Profit from life and health insurance, the company's biggest business segment, rose 6.4 percent, and profit from property and casualty fell 13.4 percent. As of March 31, over 290,000 customers had become entitled to home-based senior care services, and the company's health and senior care services covered 165,000 paying corporate clients. Ping An's asset management arm reported 9 trillion yuan under management. Ping An Bank delivered a 3 percent rise in net income to 14.5 billion yuan on a 4.7 percent increase in revenue to 35.3 billion yuan. Net interest margin dropped to 1.79 from 1.83 and the non-performing loans rate was flat at 1.05.

China Life Insurance(601628.SS/2628.HK), the nation's largest life insurer, reported net profit 19.5 billion yuan (US$2.7 billion) for the first quarter, dropping a third from a year earlier. Premium income for the quarter rose 1 percent to 358.4 billion yuan, an increase of 1.1 percent year-on-year. The company said the profit decline reflected an unusually high base a year earlier, coupled with fluctuations in the market value of certain equity investments.

The People's Insurance Company of China (PICC)(1339.HK/US OTC: PINXY) reported first-quarter net profit fell 31 percent to 8.8 billion yuan despite a 2 percent gain in revenue to 138.9 billion yuan. The group attributed the profit decline to capital market turbulence driven by external geopolitical conflicts and broader market instability, which negatively impacted investment returns of its insurance funds.

Shanghai-based WuXi AppTec(603259.SS/2359.HK), which supplies services across the drug development chain, reported first-quarter net profit rose 27 percent to 4.7 billion yuan (US$690 million), driven by a 29 percent increase in revenue to a record 12 billion yuan. The robust performance was largely fueled by the company's chemistry business, which had a revenue surge 44 percent to 10.6 billion yuan. Its testing business had growth of 35 percent and biology rose 10 percent. The company produces key components for drugs used in treatment of diseases like leukemia, lymphoma, HIV and obesity. Its client base includes leading Chinese drugmakers such as Jiangsu Hengrui and multinational pharmaceutical companies like GlaxoSmithKline, AstraZeneca and Pfizer.

FINANCE

Industrial and Commercial Bank of China(601398.SS/1398.HK/US OTC: IDCBY), the largest bank in the world by assets, reported its first-quarter net profit rose 3.9 percent to 88 billion yuan (US$12.9 billion) from a year earlier on an 8.5 percent gain in operating income to 221.9 billion yuan. Net interest margin, a key gauge of bank's profitability that compares interest earned on loans against the interest a bank pays out on deposits, edged up 0.01 percentage point to 1.29 percent. ICBC's non-performing loan ratio was flat at 1.3 percent. Assets totaled 55.7 trillion yuan, up from 53 trillion yuan at the end of 2025.

Agricultural Bank of China(601288.SS), the world's second-largest bank by assets, posted a net profit of 75.6 billion yuan in the first quarter, up 4.8 percent from a year earlier. Operating income jumped 10.5 percent to 206 billion yuan. The net interest margin fell to 1.26 percent from 1.28 percent, while the non-performing loan ratio decreased 0.02 percentage point to 1.25 percent. Assets totaled 51 trillion yuan. The bank has been expanding from its origins as a rural lender into broader services that include technology, aged care and green finance nationwide.

China Construction Bank(601939.SS/0939.HK/US OTC: CICHY), reported first-quarter profit rose 3.7 percent to 86.8 billion yuan on an 11 percent increase in operating income to 206 billion yuan. Its net interest margin was 1.36 percent while non-performing loan ratio was 1.31 percent. Assets totaled 47.13 trillion yuan.

Bank of China(601988.SS/3988.HK/US OTC: BACHY), the world's fourth-largest bank, which was originally founded primarily to handle foreign exchange and international finance, posted first-quarter profit of 60.9 billion yuan, up 3.9 percent from a year earlier. Operating income rose 8.4 percent to 179 billion yuan. The net interest margin remained flat at 1.26 percent, and the non-performing loan ratio fell to 1.22 percent from 1.23 percent. Bank assets stood at 39.5 trillion yuan.

Bank of Communications(601328.SS/3328.HK/US OTC: BCMXY), posted first-quarter net profit of 26 billion yuan, up 3.1 percent, with operating income rising 4.9 percent to 69.6 billion yuan. The net interest margin rose to 1.23 percent from 1.20 percent at the end of last year, and the non-performing loan ratio increased 0.02 percentage point to 1.30 percent. Assets totaled 16.3 trillion yuan.

AUTO

BYD(002594.SZ/US OTC: BYDDY), China's biggest electric carmaker, reported a 55 percent plunge in first-quarter profit to 4.1 billion yuan (US$567.3 million), its steepest quarterly decline in six years. Revenue fell 11.8 percent to 150.2 billion yuan, the third straight three-month decline. New-energy vehicle sales tumbled 30 percent to 700,463 units, reflecting weak consumer demand at home and this year's halving of the government's tax exemption on new-energy car purchases. Foreign-exchange losses caused by currency fluctuations and a shift in BYD's product mix also hurt the bottom line. Research and development spending for the quarter dropped 20 percent to 11.3 billion yuan, slightly below market forecasts.

The carmaker, considered one of Tesla's major competitors globally, is facing increasing domestic competition from rivals like Geely and Leapmotor and is trying to offset a sluggish market at home with expansion overseas. BYD's export sales jumped by more than 50 percent during the first quarter, accounting for about 45 percent of total deliveries. The company has set a target of 1.5 million overseas sales overseas and is also stepping up deployment of super-fast charging technology.

Chinese automaker Chery(9973.HK) posted a 10 percent drop in first-quarter profit to 4.3 billion yuan (US$634 million) in the first quarter on weak demand in its home market and a reduction in the government's tax exemption on purchases of new-energy vehicles. Revenue dropped 3 percent to 65.9 billion yuan. Spending on research and development rose 25 percent to 2.8 billion yuan. Chery is a leader in Chinese vehicle exports.

Shanghai-based SAIC Motor(600104.SS) net profit nudged up 0.1 percent in the first quarter to 3.03 billion yuan (US$443 million). The automaker reported operating revenue of 138.5 billion yuan, up 0.6 percent from a year earlier. Overall wholesale vehicle volume rose 3 percent to 973,000. Overseas sales were a significant driver of growth, increasing by almost half to 325,000 vehicles. The European market proved particularly successful, delivering a 20 percent increase.

Chinese automaker Geely Auto (0175.HK) said first-quarter profit fell 27 percent from a year earlier to 4.2 billion yuan (US$614 million), on a revenue gain of 15 percent to 3.8 billion yuan. The company reported a 1 percent rise in auto sales to a record 709,358, with electric and hybrid models comprising 52 percent of sales. Global sales of its Zeekr brand surged 86 percent, outpacing other Geely Auto models. However, the value of revenue derived overseas, expressed in yuan, was lowered by loss on exchange due to exchange rate volatility . Research and development in the first quarter rose to 4.5 billion yuan from 3.3 billion yuan. Hangzhou-based parent Geely Holding Group's portfolio includes Zeekr, Geely Auto, Geely Galaxy and Lynk & Co. In 2010, the group acquired a majority stake Volvo Cars. The Swedish carmaker on Wednesday reported first-quarter operating profit dropped 16 percent to 1.6 billion kronor (US$172.4 million).

Seres Auto(601127.SS/9927.HK) reported net profit in the first quarter edged up 0.9 percent to 754 million yuan, but core operating profit, which excludes 652 billion in one-time items, tumbled 74 percent to 102.9 million yuan. Revenue rose 34 percent to 25.7 billion. The company's negative cash flow nearly tripled from a year earlier to 21 billion yuan. Sales of new energy vehicles in the quarter rose 44 percent to 78,500 units, with demand led by its Aito premium brand. Spending on research and development rose to 1.8 billion yuan from 1 billion a year earlier, and operating costs surged 39 percent. Headquartered in Chongqing, Seres has rapidly transformed into a new energy vehicle powerhouse, largely driven by its 2021 alliance with Huawei. Together, they co-developed the Aito brand, lending Seres' manufacturing prowess with Huawei's industry-leading autonomous driving and smart cabin technologies.

INDUSTRIAL

Sany Heavy Industry (600031.SS/6031.HK), a leading Chinese manufacturer of construction machinery, reported a 14 percent rise in first-quarter revenue to 24 billion yuan (US$3.5 billion), with profit edging up 0.5 percent to 2.5 billion yuan. The company has strong overseas operations, and statement of earnings in yuan was hurt by a lower yuan value in the quarter. Sany Heavy gave no update on either domestic production or overseas sales figures for its excavators, cranes and concrete machinery.

China State Shipbuilding Corp(600150.SS), the world's largest shipbuilding conglomerate, reported a sharp rise in first-quarter earnings, driven by strong ship deliveries and higher prices. Net profit surged 252 percent from a year earlier to 4.8 billion yuan (US$703 million), with one-time gains contributing 65 billion yuan. Revenue rose 55 percent rise to 43.3 billion yuan. The Shanghai-listed company also announced earnings for the full year 2025. Profit surged 86 percent to 7.8 billion yuan on a 14 percent rise in revenue to 152 billion yuan. The US government is plowing new investment into its moribund shipbuilding industry to try to reduce China's maritime dominance.

AIRLINES

Air China(601111.SS/0753.HK), the nation's flagship carrier, said it turned to first-quarter profit of 1.7 billion yuan (US$250 million) from a year earlier loss of 2 billion yuan. Revenue rose 11 percent to 45.5 billion yuan on what the carrier called cost-cutting measures and route optimization. Operating costs in the period rose 2 percent. The airline didn't provide data on passenger and cargo numbers, or loading factors. Air China was operating a fleet of about 500 aircraft at the end of last year.

Shanghai-based China Eastern Airlines(600115.SS) posted profit of 1.6 billion yuan, turning from a 995-million-yuan loss in the same period a year earlier. Revenue rose11 percent to 37 billion. Operating costs rose 3 percent. The carrier was operating a fleet of 826 aircraft at the end of 2025. The airline didn't provide data on passenger and cargo numbers, or loading factors.

China Southern Airlines(600029.SS) turned to a profit of 1.5 billion yuan from a year earlier loss of 747 million yuan. Revenue rose 10 percent to 47.8 billion yuan. The airline didn't provide data on passenger and cargo numbers, or loading factors. The carrier and its subsidiary Xiamen Airlines announced a US$213.8 billion deal with Airbus to buy 137 aircraft in the A320neo family, with deliveries to start in 2028 and run through 2032. Southern Air also announced a share placement to raise up to 150 billion yuan, mostly earmarked for acquisition of 46 of the 102 aircraft it has ordered.

PROPERTY

China Vanke(000002.SZ), a former high-flier in the Chinese mainland property market now flapping close to default, carried its string of deficits into 2026, though its first-quarter loss narrowed to 5.95 billion yuan (US$870 million) from 6.25 billion yuan a year earlier. The loss follows an 88.6-billion-yuan loss for the full year 2025. Revenue in the first three months of the year fell 24 percent to 28 billion yuan, and the group's debt-to-equity ratio was 77.1 percent. The company has been negotiating with creditor groups for several months to extend repayments on maturing foreign and domestic debt, staving off what could turn into China's biggest-ever default, which would have a ripple effect across the banking sector. Vanke, like other property developers, was bitten by a liquidity crunch that began in 2021 and led to a continuing slump in the mainland property market. Vanke's largest shareholder, Shenzhen Metro, a unit of the Shenzhen city government, has kept the company afloat with a series of loans.