CHINA EARNINGS DIGEST: 23-28 March, 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.

TECHNOLOGY

Kingsoft Office (3888.HK / 688111.SS), which develops WPS Office tools, reported revenue in 2025 rose 16 percent from a year earlier to 5.93 billion yuan (US$850 million). Net profit rose 11.6 percent to 1.84 billion. The company proposed a cash dividend of 12.5 yuan for every 10 shares. Its flagship product, WPS Office, an alternative to Microsoft Office, had global monthly active devices of 678 million, representing a 7 percent increase.

Kuaishou (1024.HK), a leading developer of a mobile app for sharing short videos and video generation tool Kling AI, posted a 30 percent rise in the fourth-quarter profit to 5.2 billion yuan (US$743 billion) as revenue rose 11.8 percent to 39.6 billion yuan. For the whole year of 2025, the company posted profit of 18.6 billion yuan, up 21.5 percent, and a gain of 12.5 percent in revenue to 142.8 billion yuan. By 2025, the company had a 741 million monthly active users globally.

Sanhua Intelligent (002050.SZ / 2050.HK), the world's largest supplier of valves critical to electric carmaking, reported fourth-quarter profit edged up 3 percent to 821 million yuan (US$119 million) as revenue declined 5.4 percent to 8.9 billion yuan on weaker demand. The Zhejiang Province-based company produces electronic expansion and four-way reversing valves supplied to Tesla, BYD and other electric automakers. The company is also reportedly a parts supplier of Optimus humanoids, but that hasn't been publicly verified due to non-disclosure agreement.

Sanhua said it's expanding into electromechanical actuators for bionic robots, leveraging its research and manufacturing capabilities to develop new growth drivers. At the end of last year, Sanhua had six research and development centers and held 4,680 patents globally.

SenseTime (0020.HK), a Chinese AI software company involved in facial recognition, medical image and voice analysis, autonomous driving technology and remote sensing, narrowed its loss in 2025 by 59 percent from a year earlier to 1.8 billion yuan (US$245 million), with revenue surging 33 percent to 5 billion yuan. The earnings beat analysts' forecasts. The "generative AI" segment now accounts for nearly 80 percent of revenue, effectively replacing "smart city" and "visual AI" as the core business. The company said earnings before interest, taxes, depreciation and amortization (EBITA) in the second half of the year turned positive for the first time since the company was listed in Hong Kong in 2021. EBITA is often used as a measure of core profitability by tech companies with high researching and development costs.

SenseTime said it will launch a new model based on the second-generation NEO framework, with much greater efficiency, in the second quarter this year. SenseTime has said it is aligning its business strategy with the central government's "AI+" initiative, which aims for adoption of AI devices to reach 90 percent by 2030.

Xiaomi (1810.HK / NY:XIACF), a smartphone and electric car maker, reported profit for the fourth quarter fell 27 percent to 6.5 billion yuan (US$940 million) to the lowest quarterly figure in a year. Revenue rose 7.3 percent to a record 116.9 billion yuan. Revenue from smartphones, which remains its biggest business segment, decreased 13.6 percent to 44.3 billion yuan, reflecting an industry bitten by rising prices for memory chips. The Beijing-based company, sometimes called the "Apple of China," remained the world's third-largest global phone vendor after Apple and Samsung.

Smartphone shipments decreased 11.6 percent to 37.7 million, and the average phone price slipped 2.2 percent. The car segment was the star engine in earnings, but growth in vehicle shipments slowed at the end of the year amid a highly competitive Chinese mainland market and a slowdown in industry-wide sales. Revenue surged 122 percent to 36.3 billion yuan on a doubling of deliveries to 145,115 vehicles. However, shipment growth cooled from a high of 300 percent last April. The company's star performer was the SU7 model SUV, which was upgraded this year.

For the full year, the company reported revenue rose 25 percent to 457.3 billion yuan and profit surged 76 percent to 41.3 billion yuan. The company delivered 411,082 vehicles last year. It has been aggressively expanding into AI, with three MiMo large-language models and its new MiClaw smartphone. Xiaomi said research and development spending in 2025 rose 3.8 percent 33.1 billion yuan. It has earlier announced plans to spend more than 60 billion yuan on artificial intelligence over the coming three years. Xiaomi shares have dropped nearly 19 percent this year.

FINANCE

China Life Insurance (2628.HK / 601628.SS), the nation's largest life insurer, reported 2025 profit increased 44 percent from a year earlier to 7.6 billion yuan (US$1.1 billion) on a 16.5 percent rise in revenue to 616.1 billion yuan. In its main business segments, life insurance was up 11 percent, health insurance edged up 0.9 percent and accident insurance slipped 13 percent. The company said it has been moving into aged-care services in 16 major cities. At the end of last year, the company had assets of 7.59 trillion yuan and a sales force of 638,000.

Citic Ltd (0267.HK / 600030.SS / NY OTC:CTPCY), one of China's largest conglomerates, is involved in financial services, resources and energy, manufacturing, engineering contracting and real estate. The company reported 2025 profit of 58.7 billion yuan (US$8.5 billion), up 3 percent from a year earlier. Revenue edged up 0.9 percent to 769.3 billion yuan. Citic is an outgrowth of predecessor China International Trust & Investment Corp, which was established in 1929 to pilot the nation's economic reforms and open ties abroad. The company reported assets of 13 billion yuan at the end of December.

In major business segments, Citic reported revenue from all financial services, including banking and brokerage, rose 6.2 percent. Customer deposits rose, and net fee and commission revenue gained 18 percent. Advanced materials, which includes trading in iron ore, crude oil and specialty steel, had a 3 percent rise in revenue, while advanced intelligent manufacturing, with includes robotics and heavy machinery, had 12.5 percent gain. The consumption segment, which includes food, telecom and agricultural businesses, fell 3.4 percent.

Separately listed Citic Securities (6030.HK) had a 22 percent rise in 2025 revenue to 104.7 billion yuan on surges in brokerage fees and investment income. The company benefited from the 18 percent rise in Shanghai shares and gains on the Shenzhen exchange last year, with a 39 percent gain in brokerage fees. Profit for the year rose 39 percent to 30.1 billion yuan. The company's office in Hong Kong was raided by authorities in March 2026, following an investigation into insider trading between two brokerage houses and a hedge fund.

Three of China's five biggest banks reported modest profit gains for 2025 as lower net interest margins loomed over earnings. The squeeze came from high-yield time deposits and state-controls on how much banks pay on regular deposits. Some of the banks last year curtailed issuing five-year certificates of deposit that carry higher yields. Net interest margins are a key gauge of profitability, comparing the interest that banks earn from lending with the interest they pay out on deposits. The banks have also had to contend with a continuing slump in the property market and weaker consumer spending. They are steering more lending to technology and green energy programs as well as upgrading their operations with new technologies.

Industrial & Commercial Bank of China (1398.HK / 601398.SS), the largest bank in the world by assets, reported fourth-quarter profit rose 1.9 percent to 98.65 billion yuan (US$142 million) from a year earlier on a 1.8 percent gain in operating income to 190.4 billion yuan. For the full year, 2025 profit edged up 0.7 percent to 368.6 billion yuan, and operating income gained 1.9 percent to 801.4 billion yuan. The net interest margin fell to 1.28 percent from 1.42 percent. "Over the past year, we consistently conveyed the requirement that stabilizing revenue hinges on stabilizing net interest margin," the bank said. That margin compares the interest earned on loans against the interest a bank pays out on deposits. Total loans and advances to customers rose 7.5 percent to 30.5 trillion yuan, and net interest income decreased by 0.4 percent. ICBC's non-performing loan ratio was flat at 1.3 percent. Assets at the end of the year totaled 53 trillion yuan.

China Construction Bank (0939.HK / 601939.SS) reported fourth-quarter profit rose 2.2 percent to 81.5 billion yuan (US$11.8 billion) from a year earlier on a 2.4 percent increase in operating income to 180.6 billion yuan. For the full year, 2025 profit edged up 1.5 percent to 333.5 billion yuan, and operating income gained 1.7 percent to 740.8 billion yuan. Net interest income fell 2.9 percent to 572.8 billion yuan, with the net income margin falling to 1.34 percent from 1.51 percent. The non-performing loan ratio slipped to 1.31 percent from 1.34 percent. Assets totaled 45.63 trillion yuan.

Bank of Communications (3328.HK / 601328.SS) posted 2025 net profit of 95.6 billion yuan (US$13.8 billion), up 2.2 percent, with operating income rising 2 percent to 265.6 billion yuan. Net interest income rose 1.9 percent to 173.1 billion yuan. The net interest margin slipped to 1.20 percent from 1.27 percent, and the non-performing loan ratio fell to 1.28 from 1.31 percent. Revenue from the sales of wealth management products rose 19 percent. Assets totaled 15.54 trillion yuan at the end of the year.

Guotai Haitong Securities (2611.HK / 601211.SS) reported a 113.5 percent surge in 2025 net profit to 27.81 billion yuan (US$4.02 billion), driven by a strong rally in Chinese mainland equities fueled by artificial intelligence-related stocks and robust initial public offerings. Revenue rose 87.4 percent to 63.1 billion yuan, with brokerage income nearly doubling as trading activity surged. Net commission income from brokerage services climbed 93 percent year on year to 15.1 billion yuan, while investment gains more than doubled to 13.7 billion yuan. Investment banking and asset management fees also posted solid growth, rising 59 percent and 64 percent respectively.

China's benchmark Shanghai Composite Index gained 18.4 percent in 2025, reflecting improved investor sentiment and increased retail participation. An employee at Guotai Haitong's Hong Kong was among eight people arrested earlier this month in a raid by Hong Kong authorities, following an investigation of insider trading involving two brokerages and a hedge fund.

People's Insurance Co of China (PICC) (2328.HK / 601319.SS) reported a 2025 net profit of 62.5 billion yuan (US$9 billion), up 10 percent from a year earlier, supported by steady growth in both insurance and investment operations. Revenue rose 7.6 percent from a year earlier to 669.25 billion yuan, with insurance services adding 6.1 percent to 570.7 billion yuan. The insurer's investment asset portfolio expanded 15.8 percent to exceed 1.9 trillion yuan, underscoring stronger capital deployment. Total assets climbed 14.8 percent to 2.03 trillion yuan by year-end. Founded in 1949, PICC operates across life, health, and property and casualty insurance, as well as reinsurance and asset management.

Ping An Insurance (2318.HK / 601318.SS), China's most valuable insurance company, reported 2025 net profit attributable to shareholders reached 134.8 billion yuan (US$20 billion), up 6.5 percent from 2024. Revenue rose 2.1 percent to 1.1 trillion yuan. New business value in its life and health insurance segment, which measures the profitability of new policies sold, grew 29 per cent year. Profit from property and casualty slipped 0.3 percent. Banking business was down 4 percent, and the loss in its asset management business narrowed to 3 billion yuan from 11 billion yuan a year earlier. The company said it had 251 million retail customers at the end of the year.

AUTO

BYD (1211.HK / NY OTC: BYDDF), the world's biggest maker of electric cars last year, reported 2025 profit fell 19 percent from a year earlier to 32.6 billion yuan (US$4.7 billion). It was the first profit decline since 2021, primarily driven by changes in product mix, leading to drop in net profit margin to 4.1 percent from 5.2 percent. To maintain market share in a fierce domestic price war, BYD sold a higher proportion of lower-priced vehicles, diluting its profit per car. Revenue gained 1.2 percent to near 804 billion yuan.

The company has been struggling to retain its market dominance amid stiff domestic competition, with rival Geely nipping at its heels. The company said it sold 4.6 million vehicles last year, up 8 percent, but domestic sales fell 8 percent, with competitors aggressively launching new models, especially in the plug-in hybrid segment.

BYD has been rapidly expanding overseas. Car exports surged 140 percent to more than 1 million. The company is banking on more powerful, faster-charging batteries for earnings growth. "We recognize that competition in the industry has reached a fever pitch and is undergoing a brutal knockout stage," BYD Chairman Wang Chuanfu said in the earnings statement.

Great Wall Motor (2333.HK / 601633.SS), which primarily manufactures SUVs and pick-up trucks, said 2005 profit fell 22 percent to 9.86 billion yuan (US$1.4 billion), on a 10 percent increase in revenue to 222.8 billion yuan. The company sold a record 1.3 million vehicles in 2025, up 7.3 percent from a year earlier. Overseas sales rose 12 percent to 506,000 vehicles, of which 406,000 were new-energy models. The company operates under the major brands Haval, Wey, Tank, Ora and GWM. Havel brand model sales rose 7.7 percent, and GWM pickups remained China's best-selling in that category, with sales of 178,936 vehicles. The Wey premium plug-in hybrid series posted the biggest growth last year at 79 percent.

Guangzhou Automobile (2238.HK / 601238.SS), reported a consolidated net loss of 11.5 billion yuan (US$1.66 billion) in 2025, deteriorating sharply from a loss of 494 million yuan a year earlier. The loss attributed to equity shareholders 8.78 billion yuan. Revenue declined 10 percent drop in revenue to 96.5 billion yuan. The company was hurt by its joint ventures with Japanese automakers, who are grappling with financial problems and global pressures. Revenue from its joint venture with Honda fell 25 percent; revenue from its venture with Toyota edged up only 1 percent. Production capacity utilization with Honda was 59 percent, compared with 76 percent with Toyota.

Japanese carmakers have been slow to recognize China's swift transition to electric vehicles and deployment of advanced smart driving technologies, becoming Johnny-come-latelies in a highly competitive market. "The transformation toward electrification and intelligent cars has entered a critical moment, with its pace and intensity far exceeding expectations," GAC said. "Joint-venture brand competition has entered a knockout stage." The automaker sold 1.7 vehicles last year, a 14 percent decline from a year earlier. GAC said it is revamping its strategy to focus on electric cars, low-carbon technologies and improved batteries.

Chinese robotaxi firm Pony AI (2026.HK / NY Nasdaq:PONY) reported its first-ever quarterly profit, with fourth-quarter net income of 528 million yuan (US$75.4 million), driven by what it called successful strategic investments. Annual revenue reached 629 million yuan, 20 percent higher than a year earlier. The robotaxi division had a 129 percent annual surge in revenue to 116 million yuan. Moving into 2026, the company said it has initiated a "dual-engine strategy" to deepen its domestic presence in China while accelerating international expansion. As of March, its robotaxi fleet exceeded 1,400 vehicles, with plans to surpass 3,000 vehicles by the end of the year. Pony AI announced a strategic collaboration with Verne and Uber, which will launch Europe's first commercial robotaxi service in Zagreb, the capital of Croatia.

Guangzhou-based WeRide (0800.HK / NY:WRD), a ride-hailing and robobtaxi company, reported fourth-quarter revenue rose 123 percent from a year earlier to 314 million yuan (US$45.2 million), narrowing its net loss 6 percent year to 556 million yuan. For the full year, WeRide posted a loss of 1.7 billion yuan, contracting about a third from a year earlier, as revenue surged 90 percent to 685 million yuan on tripled revenue from robotaxi services. Last year, WeRide announced its first European fully self-driving robobus as part of a shuttle-service partnership with Renault Group and others. It also launched its robotaxi model GXR in Beijing and began fully driverless commercial operations at select locations in Abu Dhabi in concert with Uber, the first self-driving taxi service in the Middle East. Its Abu Dhabi fleet has reached unit breakeven, but fleet operations have been suspended since the Iran war started. Last week, the company announced it would launch robotaxi, robobus, robovan and robosweeper in Slovakia, its 12th market.

AIRLINES

Air China (0753.HK / 601111.SS / NY OTC:AIRYY), the nation's flagship carrier, reported a 2025 net loss of 1.77 billion yuan (US$246 million), widening from a loss of 237 million yuan a year earlier. Revenue rose 2.9 percent to 171.5 billion yuan. Domestic passenger traffic rose 5.5 percent, while international passenger numbers increased 22 percent amid a recovery in global travel demand. The carrier said it operated a fleet of around 500 aircraft by the end of the year. Jet fuel, maintenance, catering, marketing and airport-related costs all increased as flight activity expanded. The airline said it implemented cost-control measures during the year.

ENERGY & RESOURCES

Aluminum Corp of China (Chalco) (2600.HK / 601600.SS), one of the world's biggest producers of the metal, said 2025 profit rose 2.3 percent to 12.67 billion yuan (US$1.83 billion) on a 1.7 percent increase in revenue to 241 billion yuan. The domestic spot price of aluminum fell 21 percent. Across the Chinese industry, domestic production of bauxite, which is refined into alumina, the raw material used in aluminum making, was flat and imports rose 26 percent. Supply of alumina in the domestic market exceeded demand last year. Chalco profit in that segment dropped 41 percent. The primary aluminum segment posted a 129 surge in profit on lower raw material costs.

CMOC (3993.HK / 603993.SS), one of the world's largest producers of molybdenum, tungsten, cobalt, niobium and copper, reported 2025 profit surged 50 percent to 20.3 billion yuan (US$2.9 billion), but operating revenue fell 3 percent to 206.7 billion yuan. Across Asia, South America and Africa, the company mines metals and minerals vital in industrial production, and also produces fertilizer. It's the world's biggest cobalt miner, holds about a third of the global tungsten market, and is the second-largest miner of niobium. Production of molybdenum, used in steel and electronics, fell 10 percent last year. Cobalt output rose 3 percent, and tungsten fell 14 percent. Production of niobium, used in jet rockets, building girders, oil rigs and gas and oil pipelines and MRI scanners, edged up 3 percent, and copper gained 14 percent. The company said, "2026 marks the beginning of a new era" in the company's aim to build a distinctive global mining company.

China National Offshore Oil (CNOOC) (0883.HK / 600938.SS), the nation's third-largest oil producer, reported a 11.49 percent drop in 2025 profit to 122.1 billion yuan (US$17.7 billion) despite a 7 percent increase in production to a record 2.13 million barrels of oil equivalent. Revenue dropped 5.3 percent to 398.22 billion yuan on weaker energy prices in the year, before the start of the Middle East war. CNOOC reported six new oil and gas discoveries last year and successful appraisal of 28 oil and gas bearing structures. In addition, it acquired four new exploration projects in Iraq, Kazakhstan and Indonesia, further diversifying its overseas asset portfolio. The company is making a transition to greener energy. Without specifically mentioning the Iran war, CNOOC said its 2026 focus will be on its core oil and gas and continue business as it faces the challenge of volatile prices. Annual production is targeted at up to 800 million barrel equivalents.

Goldwind Science & Technology (2208.HK / 002202.SZ / NY OTC: XJNGF), a leading global manufacturer of turbines for wind farms, reported 2025 profit rose 49 percent to 2.77 billion yuan (US$390.6 million) on a 29 percent revenue increase to 72.78 billion yuan. Last year the company ranked first in the world in onshore wind turbines and second in offshore turbine manufacturing. The Beijing-based company is also involved in wind farm development, which contributed 8.7 billion yuan to revenue. Mainland China, which has the world's largest installed wind power capacity, accounted for about 75 percent of revenue, with the rest from overseas sales, where Argentina was the top buyer. Wind power assets in 21 Chinese provinces and abroad totaled 18.3 billion kilowatt-hours.

China Petroleum & Chemical (Sinopec)(600028.SS / 0386.HK), Asia's largest oil refiner, reported 2025 operating profit fell 33.6 percent to 32.5 billion yuan (US$4.63 billion) as decreased prices of petroleum and petrochemical products and lower sales of refined oil products dropped revenue 9.5 percent from a year earlier to 2.78 trillion yuan. Both figures were below analysts' estimates. Production of oil and gas rose 2 percent to 525.28 million barrels of oil equivalent, but average crude prices were down about 15 percent from a year earlier, and sales of refined oil dropped 4.1 percent. Production capacity rose 10 percent, outstripping demand and leading to a drop in margins.

The company touted its move into green energy, saying it is committed to development of wind and solar power, and hydrogen and biomass energy. It said it established more than 13,000 charging and battery swapping stations for electric vehicles. Without mentioning the Middle East war directly, Sinopec said the impact of changes in global supply and geopolitics has increased uncertainty this year.

TCL Zhonghuan Renewable Energy Technology (002129.SZ), a company that makes silicon materials and is involved in solar power stations, reported a 9.2 billion loss on a 2.2 percent gain in operating revenue to 29.1 billion yuan. It cited intense competition in the photovoltaic industry. Wafers remained the company's second-biggest segment, with chip shipments rising 22 percent.

Zijin Gold International (2259.HK), which manages overseas mining operations for mainland parent Zijin Mining, posted a 233 percent surge in 2025 profit to US$1.6 billion on an 80 percent increase in revenue to US$5.4 billion. The company mines gold, silver and copper, but gold is its biggest operation. Gold production last year rose 20 percent to 4.9 tons, and sales almost doubled.

Zijin Gold has major mining operations across Central Asia, Africa, Europe, and the Americas. Last April, the company completed the US$1 billion acquisition of Canadian-owned gold miner Newmont Golden Ridge, which owns the Akyem gold mine in Ghana, and the US$1 billion purchase of the a project in Kazakhstan. In its initial public offering in Hong Kong last September, Zijin Gold raised HK$25 billion (US$3.2 billion).

CONSUMER MARKET

China's Anta Sports (2020.HK / NY:ANPDY), a leading global sportswear retailer, reported a 13 percent decrease in 2025 profit to 13.6 billion yuan (US$1.97 billion). Revenue rose 13.3 percent from a year earlier to a record 80.2 billion yuan. Both figures were in line with forecasts. The profit drop largely reflects a high base in 2024 on Amer Sports IPO-related gains. Anta has a majority stake in Helsinki-based Amer Sports, which owns Salomon, Arc'teryx, Wilson and other major brands. Excluding gain arising from equity dilution related to the initial public offering, profit grew 13.9 percent last year.

Anta's own brand, contributing about 43.3 percent of revenue, grew 3.7 percent, and the Fila brand, accounting for 35.5 percent of revenue, grew 6.9 percent. Anta is acquiring a 29.1 percent stake in Puma for 1.5 billion euros (US$1.8 billion), making it the largest shareholder. The Arc'teryx brand, which counts China as its second-largest market, caused a public outcry last year for its involvement in a Chinese fireworks show in the Himalayan foothills of China that degraded the environment.

Shanghai-based Baozun (NY Nasdaq:BZUN), which operates the Gap brand in China, reported Gap achieved its first breakeven quarter in the last three months of the year, turning to an operating profit of 1.8 million yuan (US$260,000) from a 34.2-million-yuan loss a year earlier. For all segments of its business in the quarter, Baozun posted a 20 percent rise in revenue to 3.2 billion yuan and a 91 percent surge in operating profit to 198 million yuan. Vincent Qiu, Baozun chief executive, told Bloomberg News that Gap plans to open 50 new stores on the Chinese mainland this year and reopen shops in Hong Kong. He said the company is "ready to accelerate the business and scale to a bigger size" in a domestic consumer market that is recovering "a little."

The Nasdaq-listed company, which specializes in brand e-commerce solutions, reported full-year revenue rose 5.6 percent to 9.95 billion yuan, yielding an 11-fold surge in operating profit to 126.2 million yuan. The company's turnaround model in China has relied on a strategy of tuning in" to local culture and trends. Baozun, which acquired Gap in 2022, had 64 brand shops at the end of last year. The company also operates the Hunter boot label in China.

Haidilao International (6862.HK), China's largest hotpot restaurant chain, said 2025 profit fell 14 percent to 4 billion yuan (US$586 million) on rising costs, and revenue crept up 1 percent to 43.3 billion yuan. At the end of the year, the company had about 1,135 restaurants in the Chinese mainland, Hong Kong and Macau, in addition to 248 overseas outlets. In recent years, the company has streamlined operations with automated kitchens and robotic chefs. Last year, Haidilao suffered negative press after a video of two drunken teenagers urinating in broth at one of its Shanghai branches went viral. Investors will be watching to see the company's growth plans after founder Zhang Yong returned to the company as chief executive in in January.

Qingdao-based household appliance maker Haier Smart Home (6690.HK / 600690.SS), the listed arm of the Haier Group, announced net profit for 2025 rose 4.39 percent from a year earlier to 19.55 billion yuan (US$2.7 billion). Revenue increased 5.71 percent to 302.35 billion yuan. In the domestic market, revenue growth was affected by weaker consumer demand, while overseas sales gained 8.3 percent. The company said operating cash flow reached 26 billion yuan, reflecting solid earnings quality. In addition to its namesake brand, Haier also markets under the labels of Casarte, Leader, GE Appliances, Fisher & Paykel, Aqua, Candy and Evo.

Beijing-based Laopu Gold (6181.HK) reported a sharp rise in 2025 earnings, driven by strong demand for upmarket gold jewelry and record global gold prices. Net profit surged 2.3 times to 4.9 billion yuan (US$708 million), while revenue rose 2.2 times to 27.3 billion yuan. The company, which shot to popularity with jewelry inspired by Chinese cultural heritage, has outpaced domestic peers including Chow Tai Fook Jewelry Group, positioning itself in the premium segment alongside global luxury brands such as Tiffany. Growth was driven by expanding brand influence, continued product upgrades and strong sales across both online and offline channels. During the year, Laopu opened 10 new boutiques and upgraded or expanded nine others, bringing its total store count to 45. The company said it expects momentum to continue into 2026. For the first quarter, it forecasts net profit of between 3.6 billion and 3.8 billion yuan, with sales of up to 20 billion yuan.

Meituan (3690.HK / NY OTC:MGNGF), China's biggest food-delivery service, reported an operating loss of 16.7 billion yuan (US$2.4 billion) in the fourth quarter, turning from net profit of 6.9 billion yuan a year earlier. The company blamed the result on "intensified industry competition." The loss reflects cash burn as Meituan sought to defend its 70 percent market share against rivals Alibaba and JD.com in a food-delivery war that promises a meal on the doorstep within an hour of an order.

Meituan's local commerce segment, which encompasses food delivery, posted a loss of 10 billion yuan. Selling and marketing expenses for "user incentives, promotion and advertising" rose 83 percent to 31.7 billion yuan. Revenue in the quarter rose a modest 4.1 percent to 92.1 billion yuan. Chairman Wang Xing, on a conference call with analysts, said the company opposes reckless competition and believes the focus is shifting from "pure subsidy wars toward innovation, service experience and efficiency." The company acknowledged rising competition from ByteDance's Duoyin, which has increased subsidies for its in-store business, saying it could affect short-term profitability. It also defended its US$717 million acquisition of e-commerce grocery company Dingdong, now in progress, as a boost to on-demand grocery retailing and supply chain.

For the year, Meituan turned to a loss of 23.4 billion yuan from a year-earlier profit of 35.8 billion. Revenue rose 8.1 percent to 854.9 billion yuan. The Beijing-based company also has business interests in travel bookings, restaurant reviews, bike and power-bank sharing, drones and self-driving delivery vehicles.

Meituan has been expanding its business overseas, with its Keeta food delivery unit operating in Brazil, Saudi Arabia and the United Arab Emirates. The loss in its new initiatives segment that hosts overseas operations widened to 10.1 billion yuan from 7.3 billion a year earlier, attributed to increased foreign investment and some stiff competition in Brazil.

The company said it is committed to AI transformation and developing in-house large language models. It said it has made "significant investments" in the technology and has launched AI assistants for users.

Chinese dairy giant Mengniu (2319.HK) said 2025 revenue fell 7 percent to 82.2 billion yuan (US$12 billion) as Chinese mainland consumers drank less milk. Net profit in 2025 surged 15-fold to 1.54 billion yuan but operating profit was down 9.5 percent at 6.56 billion yuan. Net profit growth reflected large year-earlier writedowns on idled plants, inventories, equipment and goodwill. Fresh milk consumption in China has been falling, affecting the company's main business line. Revenue in that segment slid 11 percent. The company also makes yogurt, ice cream and cheese. Mengniu said it is focused on changing consumer trends with the introduction of new products such as lactose-free milk and campaigns combining sports and dairy products.

Mixue (2097.HK), China's largest bubble tea chain, reported 2025 profit jumped 33 percent to 5.9 billion yuan (US$859 million) on a 35 percent gain in revenue to 32.7 billion yuan. The company, founded in 1997, has built a multinational network based on low prices for milk tea, fruit drinks and ice cream. At the end of the year, it had 60,000 outlets in China and overseas, including the first US shops, opened in New York and Hollywood. Nearly all its shops run on a franchise basis, with Mixue's revenue largely coming from supplying ingredients, equipment and packaging to franchisees. Mixue raised HK$3.5 billion (US$444 million) in an initial public offering in Hong Kong last year.

Muyuan Foods (2714.HK / 002714.SZ), one of the world's biggest pig breeders and pork producers, said 2025 profit fell 16.5 percent 15.8 billion yuan (US$2.3 billion) as live hog prices tumbled 9.2 percent from a year earlier. Revenue rose 4.5 percent to 114.1 billion yuan, largely on slaughtering gains. The company, operating in the world's largest pork production market, has been struggling as hog prices fell to a seven-year low. The company said hog sales in 2025 rose 2.9 percent, with the price per hog plunging 83 percent. Revenue from slaughtering surged 86 percent, with the company reporting it sold 3.2 million tons of fresh and frozen pork products. The Nanyang-based company earlier said its revenue in the first two months of this year has dropped despite selling more than 11.6 million hogs. The company raised HK$10.7 billion (US$1.4 billion) in initial public offering in Hong Kong in February. The outlook for 2026 will depend on prices, Muyuan said.

Nongfu Spring (9633.HK), China's largest packaged water company, reported 2025 revenue increased 22.5 percent from a year earlier to a record 52.5 billion yuan (US$7.6 billion) despite slower consumer spending on the mainland. Profit jumped 31 percent to 15.8 billion yuan. The company is also a top producer of bottled tea, juices and sports drinks.

PDD Holdings (NY:PDD), a Chinese online retailing giant that operates the Pinduoduo e-commerce platform and the Temu discount platform, reported fourth-quarter net profit dropped 12 percent from a year earlier to 24.5 billion yuan (US$3.5 billion) on a 12 percent increase in revenue to 123.9 billion yuan. For the full year, 2025 profit fell 12 percent to 99.4 billion yuan on revenue of 431.8 billion yuan, up 10 percent. Its financial statement didn't break down Temu earnings. The discount online platform last year was hurt by US and European removal of duty-free access of the small-goods parcels that formed the core of its marketing strategy, and by regulatory scrutiny in Europe over business practices.

Shares of Pop Mart International Group (9992.HK / NY:PMRTY), creator of the Labubu collectible doll craze, plunged 22 percent in Hong Kong after 2025 revenue and earnings growth missed analysts' forecasts. The sharp selloff came despite the company reporting that revenue rose 185 percent to 37 billion yuan (US$5.4 billion) and net income quadrupled to 12.8 billion. But growth slowed in the fourth quarter after sales of company's wildly popular Labubu monster dolls, a prime source of income, began dropping in midyear.

Pop Mart has taken the attitude that when one fad fades, you create a replacement, but the jury is still out on whether new characters such as Skullpanda and Twinkle Twinkle can duplicate the success of Labubu. Chief Executive Wang Ning told investors on an earning call that "Pop Mart has more than just Labubu," and likened expectations for the company to a "rookie racing driver suddenly thrown onto an F1 circuit." He said the company is targeting 20 percent revenue growth in 2026, with expansion into home appliances and offline dessert shops. The company has teamed up with Sony Pictures to create an animated film around Labubu, and is planning a theme park call Pop Land in Beijing.

TCL Electronics (1070.HK / 000100.SZ / NY OTC:TCLHF), a Chinese home appliance and consumer electronics maker, reported 2025 profit rose 56 percent to HK$2.5 billion (US$320.6 million) on a 15 percent gain in revenue to HK$114.5 billion. The company's product line includes TVs, air conditioners, mobile phones, washing machines, refrigerators and air conditioners. In its biggest earnings segment, it said TV shipments totaled 209 million units, ranking second in the world, with larger LED models rising 5.3 percent. Revenue from overseas shipments rose 16 percent; mainland shipments fell 9.8 percent. In its solar power business segment, the company reported a 63 percent rise in revenue. The company said it is applying AI technologies across manufacturing and supply chain. Research and development spending rose 8.5 percent to HK$2.5 billion.

Tsingtao Brewery (0168.HK / 600600.SS / NY OTC:TSGTY), whose namesake brand is the largest-selling Chinese beer in the US, said first 2025 net profit rose 5.6 percent from a year earlier to 4.6 billion yuan (US$665 million) on 1 percent increase in revenue to 32.5 billion yuan. The Qingdao-based company, China's second-largest brewer, has been hit by slowing beer consumption in China. Mainland revenue was flat at 31.8 billion, while overseas sales rose about 15 percent to 446 million yuan. Product sales volume rose 1.5 percent to 7.65 million kiloliters. Hong Kong-listed Tsingtao said it introduced several new products to capture a wider consumer market, including Light Dry, Cherry Blossom White Beer and Hazy IPA. Tsingtao, founded in 1930 by German brewers, claims to be the top selling brand in China. It entered the US market in 1972.

PHARMA & HEALTHCARE

Akeso Biopharma (9926.HK), a world-leading Chinese company in bispecific antibody drugs, widened its loss in 2025 to 1.1 billion yuan (US$159 million) from 501.1 million yuan a year earlier, largely on one-time losses on its equity investment in collaboration partner Summit Therapeutics and share-based employee options expenses. Revenue, encompassing commercial sales and license income, rose 44 percent to 3 billion yuan.

The company said it has 50 innovative drug programs covering the therapeutic areas of oncology, autoimmune, metabolic diseases, and neurodegenerative disorders. Its two flagship immunotherapy drugs – cadonilimab and ivonescimab – were added to China's national reimbursement drug list last year, boosting revenue. Spending on research and development rose a third from year earlier to 1.6 billion yuan, and selling and marketing expenses fell 2.7 percent to 1.4 billion yuan.

Hengrui Pharmaceuticals(1276.HK/ 600276.SS), China's biggest drugmaker by market value, reported 2025 net profit rose 22 percent to 7.7 billion yuan (US$1.1 billion) on a 13 percent rise in revenue to 31.6 billion yuan. Fourth-quarter profit of 1.96 billion year, which was listed without year-earlier comparison, was below analysts' estimates. Innovative drug sales rose 26 percent, contributing to 58 percent of total revenue, but sales of generic drugs slipped. Cancer products generated 13 billion of revenue, up 19 percent.

The Jiangsu Province-listed company specializes in cancer, neurology, immunology, respiratory, metabolic and cardiovascular drugs. Licensing revenue rose 26 percent to 3.4 billion yuan. Last year, the company entered into an agreement with GlaskoSmithKline on drug development and signed a deal with Merck on exclusive licensing rights to its heart disease drug. The company raised HK$9.9 billion (US$1.3 billion) in an initial public offering in Hong Kong last May.

Innovent Biologics (1801.HK / NY OTC:IVBXF), a Chinese drugmaker accelerating commercialization and global partnerships, said it turned to a profit of 814 million yuan (US$118 million) in 2025 from a loss of 94.6 million yuan a year earlier. Revenue jumped 38 percent to 13 billion yuan, driven by a 46 percent increase in product revenue. Since launching its first drug in 2019, Innovent has secured approval for 18 drugs and surpassed 10 billion yuan in annual revenue within seven years, setting a rapid growth benchmark in China's biotech sector. The company has also strengthened its pipeline and global ties. Its GLP-1 drug Mazdutide won approval in China in June. Subsequent deals included a US$307.9 million oncology partnership with Sanofi and an US$11.4 billion licensing agreement with Takeda Pharmaceutical to advance cancer therapies.

Ping An Healthcare & Technology (1833.HK / NY:PIAHY), also known as Ping An Good Doctor, posted 2025 revenue of 5.47 billion yuan (US$790 million), up 14 percent from a year earlier, yielding a 366 percent surge in net profit to 379.5 million yuan. The company attributed growth to the booming Chinese market in AI-driven one-stop medical, health and senior care services. In the earnings conference call, the company said it expects China's aged healthcare market to hit 30 trillion yuan by 2035.

Shanghai-based WuXi AppTec (603259.SS / 2359.HK) said 2025 net profit rose 103 percent to 19.2 billion yuan US$2.8 billion), supported by steady demand for pharmaceutical research and manufacturing services. Revenue increased 15.8 percent to 45.5 billion yuan. Fourth-quarter revenue rose 9.2 percent to 12.6 billion yuan while net profit soared 143 percent to 7.08 billion yuan. Founded in 2000 by chemist Ge Li, the company provides services across the drug development chain, producing key components used in treatment of diseases including leukemia, lymphoma, HIV and obesity. WuXi AppTec operates a global network of 20 sites, with major hubs in China, the US and Europe. Its client base includes leading Chinese drugmakers such as Jiangsu Hengrui and multinational pharmaceutical companies like GlaxoSmithKline, AstraZeneca and Pfizer.

Shenzhen-based drug developer XtalPi (2228.HK) reported 2025 profit of 134.6 million yuan (US$19.7 million), its first-ever full-year profit, turning from a loss of 1.5 billion yuan last year. Revenue tripled to 802.6 million yuan, with revenue from its drug discovery solutions segment surging by 419 percent to 538 million yuan. The company said spending on research and development rose 36 percent to 569 million yuan. Revenue included an upfront payment of US$51 million, the first installment of a collaborative agreement with US-based DoveTree Medicines that could ultimately generate earnings of up to US$5.9 billion. The company's pipeline includes drugs spanning oncology, autoimmune diseases, neurodegenerative disorders and chronic diseases. It has collaborative projects with Pfizer and Eli Lilly and said it is integrating AI technologies and robotics into its operations.

TELECOMS

China Mobile (0941.HK / 600941.SS), the nation's biggest wireless carrier, reported a 0.9 percent decline in 2025 profit as traditional telecom growth slowed, while emerging businesses such as AI computing gained momentum. Net profit attributable to shareholders fell to 137.1 billion yuan (US$19.8 billion), while total revenue edged up 0.9 percent to 1.05 trillion yuan. Core telecommunications service revenue rose 0.7 percent to 895.5 billion yuan. The company highlighted strong expansion in computing power services, with revenue from the segment increasing 11 percent. Revenue from AI-driven smart computing surged 279 percent, becoming a key new growth driver. The carrier said it is navigating an industry in transition as traditional drivers weaken. It said it will focus on three pillars of growth: connectivity, computing power and smart technology.

China Telecom (0728.HK / 601728.SS), the Chinese mainland's second-largest mobile carrier, said 2025 operating profit edged up 0.5 percent from a year earlier to 33.2 billion yuan (US$4.8 billion) on flat revenue of 529.6 billion yuan, signaling near saturation in the market. The company said mobile subscribers totaled 439 million, and 5G network subscriber penetration rate was 69 percent. Revenue from mobile communications rose 1 percent, revenue from wireline and its smart family service edged up 0.2 percent, and revenue from industrial digitalization services rose 0.5 percent.

China Telecom said it is escalating the position as a leading AI service provider and taking token services as the main line of business. In one sign of that, the company said it has leveraged its cloud system to achieve one-click, rapid deployment of the OpenClaw AI agent app this month. The company also noted that the value-added tax on its handset data, SMS, multimedia messaging and internet broadband access services has gone up to 9 percent from 6 percent, effective January 1.

PROPERTY

Hong Kong-based developer Kerry Properties (0683.HK/NY OTC:KPYPY) said 2025 revenue from its Chinese mainland division saw a decline with combined revenue dropping 21 percent to HK$5.9 billion (US$756 million), despite strong contracted sales largely driven the premium Jinling Residences project in Shanghai. "Overall economic sentiment remained sluggish," it said. Total 2025 revenue from combined properties in Hong Kong and the mainland edged up 0.4 percent to about HK$19.5 billion, and profit rose 16 percent to HK$938 million as Hong Kong's market offset declines on the mainland.

The company's developments in Shanghai alone include the Jing An Kerry Centre complex, Kerry Everbright City, Kerry Parkside, Park Towers and Jinling Residences. Softer office rental income and rising vacancies on the Chinese mainland contributed to a 22 percent drop in underlying profit. "What is less widely talked about is the incredible dismantling of the Chinese mainland's real estate 'time-bomb' since 2021 that put an end to the rapid expansion of low-quality, and ultimately unwanted, housing supply," Kerry said. The mainland market is now on a "much better footing" but it's uncertain when it will fully stabilize and improve, the company added.

Hong Kong property developer Shui On Land (0272.HK), which focuses heavily on the luxury residential market on Chinese mainland, reported its first loss in nearly five years, largely on writedowns of property values and on unsold inventory. The company reported a loss of 1.8 billion yuan (US$260.4 million) for 2025, turning from profit of 180 million yuan a year earlier. Revenue plummeted 50 percent to 4.1 billion yuan. Property sales revenue plunged 89 percent, while rental and related income, excluding joint ventures, dived 21 percent. In the year, no new residential properties were completed or handed over. The mainland has been in a property slump since 2021, triggered by domestic developer defaults.