CHINA EARNINGS DIGEST: 30 March - 4 April, 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

Han's CNC Technology(301200.SZ/3200.HK), a maker of printed circuit boards, reported 2025 profit surged 1.7 times to 824 million yuan (US$119 million) as revenue surged 73 percent to 5.78 billion yuan. Founded in 2002, the Shenzhen-based company designs, produces and sells specialized computer-controlled equipment used to make the boards that wire components to one another in an electric circuit, boards used in nearly all electronics products. The company raised HK$4.8 billion (US$618 million) in an initial public offering in Hong Kong in February, becoming the first in the printed circuit board equipment sector to achieve a dual listing in both the Chinese mainland and Hong Kong. According to its prospectus, it was China's largest specialized board PCB equipment manufacturer by revenue in 2024, with a market share of 10 percent.

Privately-owned Chinese tech giant Huawei (not listed) said 2025 net profit rose 8.6 percent from a year earlier to 68 billion yuan (US$9.8 billion). Revenue increased to 881 billion yuan from 862 billion yuan, in line with expectations. The company said it spent 192.3 billion yuan on research and development, with accumulated capital spending in that segment exceeding 1.4 trillion yuan in the past decade. It said it is focusing on fast development of tokens, the units of data processed by AI models, and expects China's AI-related industries to exceed 10 trillion yuan by 2030, amid booming demand for intelligence and AI infrastructure. Huawei said it will open its modular hardware, servers, motherboards and "super-node" to partners this year.

Knowledge Atlas Technology (Zhipu) (2513.HK), one of China's so-called "AI Tiger" companies, said its 2025 loss widened to 4.72 billion yuan (US$674 million) from 2.96 billion yuan a year earlier. The company, rebranded from Zhipu in China and to Z.ai outside China, said revenue surged 132 percent to 724.3 billion yuan. The company is considered the third-largest Chinese mainland player in large language models. It was the first earnings report since its initial public offering in Hong Kong in January that raised US$558 million. Chief Executive Zhang Peng said in a conference call with analysts that he expects explosive demand in tokens, the units of data processed by AI models. The company's self-developed OpenClaw-style token subscription plan, launched earlier this month, has garnered more than 400,000 subscribers. Zhang said company is gaining pricing power for its AI services, which will boost its revenue and profit.

The company, founded at Tsinghua University in 2019, received about US$3 billion in startup investments from Alibaba, Tencent, Meituan and Xiaomi, in addition to funding from Saudi Arabia. Last year, the company released three GLM series models, with the GLM 5 language model was unveiled in February 2026. The company's application programming interface business platform now serves more than 4 million paying customers, including some of the largest Chinese technology companies.

Shenzhen-based UBTech Robotics (9880.HK), a leading player in embodied humanoid robots, narrowed its 2025 loss attributable to shareholders to 715 million yuan (US$104 million) from 1.1 billion yuan a year earlier. Revenue rose 53.3 percent to 2 billion yuan, fueled in part by a 22-fold rise in sales of consumer-related robots used in pool cleaning, lawn mowing, vacuum cleaners and pet care. The company said it achieved annual production capacity of over 6,000 full-size embodied intelligent robots last year, leading the global industry in order volume. Last April, in the world's first humanoid robot half-marathon, a robot developed in tandem with Beijing Humanoid Robot Innovation Center crossed the finish line first. The company unveiled its Walker S2 robot in 2025, the world's first humanoid robot capable of replacing its own batteries.

FINANCE

Agricultural Bank of China (601288.SS/1288.HK), the world's second-largest bank by assets, posted 2025 profit of 292 billion yuan (US$42.2 billion), up 3.3 percent from 2024, beating forecasts. Operating income rose 1.9 percent to 725.1 billion yuan. Its net interest margin, a key gauge of profitability, fell to 1.28 percent from 1.42, and the non-performing loan ratio slipped to 1.27 from 1.3. Its year-end assets totaled 48.78 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.

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 2025 profit of 257 billion yuan, up 2.1 percent from a year earlier. Operating income rose 4.28 percent to 659.9 billion yuan. Net interest margin slipped to 1.26 percent from 1.40 percent, and the non-performing loan ratio fell to 1.23 from 1.25. Bank assets on December 31 stood at 38.4 trillion yuan.

The bank's listed Hong Kong arm posted 5 percent growth in profit to HK$40.1 billion (US$5.1 billion) as strength in wealth management offset a 67 percent rise in bad-debt provisions related to the mainland's property slump. The impaired loan ratio rose to 1.14 per cent from 1.05. Net operating income rose 8 percent to HK$77 billion, and net interest margin slipped to 1.4 percent from 1.46 perautcent.

CONSUMER

China's Chagee Teahouse (Nasdaq: CHA), a leading premium tea drinks chain sometimes called the "Oriental Starbucks," reported fourth-quarter profit plunged 95 percent to 33.9 million (US$4.9 million) as revenue dropped 11 percent to 2.97 billion yuan. Same-store sales declined 25 percent on restructuring and slower new product roll-out. For the three months, the Nasdaq-listed company turned to an operating loss of 35.5 million yuan from an operating profit of 642.5 million yuan a year earlier on adjustments in share-based compensation and business model changes. The Chengdu-based company had 7,453 teahouses at the end of 2025, 91 percent of them in Chinese mainland. Chagee operates on a franchise model, with franchisees accounting for 82 percent of revenue. The company said it entered Indonesian, US, Vietnamese and Philippine markets last year, increasing its overseas network to seven countries. Founded in 2017 with a name drawn from traditional Chinese opera, Chagee made its mark by transforming traditional tea culture into a modern lifestyle experience. Chief Executive Zhang Junjie told analysts that mainland online food-delivery price wars had a negative effect on outlet traffic.

Shanghai based conglomerate Fosun International(0656.HK) reported a 2025 loss of 23.4 billion yuan (US$3.4 billion), on a revenue decline of 9.7 to 173.42 billion yuan. The company called the loss "unprecedented" in its 30-year history. It noted that the losses came not mainly from deteriorating operating fundamentals, but rather the result of non-cash impairment provisions, and reduced value of goodwill and other intangible assets in non-core business sectors.

Fosun's interests span asset management, private equity, banking, entertainment and media, mining, pharmaceuticals, fashion, food and beverages, insurance, hospitals, real estate, retail, technology and tourism. It owns or has stakes in China Minsheng Bank, Cirque du Soleil, the UK Wolverhampton football club, Lanvin, Sinopharma, Focus Media, iFlytek and Club Med, among other investments. Overseas revenue in the year comprised 54.7 percent of total earnings.

Separately listed Fosun Pharma earlier reported that 2025 net profit rose 22 percent to 3.37 billion yuan on a 1.5 percent gain in operating revenue to 41.7 billion yuan. Innovative drugs became the core driver of earnings, surging 30 percent to 10 billion yuan. Overseas revenue rose 15 percent. Research and development spending on innovative drugs rose 16 percent to 4.3 billion.

Lianhua Supermarket Co (0980.HK), the Hong Kong-listed subsidiary of Chinese retail giant Bailian Group, reported a 2025 revenue of 17.75 billion yuan (US$2.57 billion), down 9.9 percent from a year earlier. It narrowed its operating loss by 76 million yuan to 181 million yuan, narrowed by 76 million yuan. In revenue from its major segments, hypermarkets fell 14.7 percent, supermarkets lost 5.9 percent and convenience stores were down 11.2 percent. The company was operating in a market of weaker consumer spending and fierce competition from e-commerce.

Midea(000333.SZ/0300.HK), a leading Chinese electrical appliance manufacturer that is turning its focus to embodied robots, posted 2025 profit of 43.95 billion yuan (US$6.36 billion), up 14 percent from a year earlier. Revenue rose 12 percent to a record 456.45 billion yuan. Midea produces lighting, kitchen and laundry appliances, microwave ovens, and heating, ventilation and conditioning units. It also is an equipment maker for major international brands. 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 December, it debuted the "ultra" humanoid robot Miro U, which has six arms and runs on wheels.

SF Express (002352.SZ/6936.HK), China's largest courier service and the fourth-largest express delivery service in the world, posted 2025 net profit of 11.1 billion yuan (US$1.6 billion), rising 9.3 percent from a year. Revenue increased 8.4 percent to 308.2 billion. Fourth-quarter profit rose 3.4 percent to 2.8 billion yuan. Business was enhanced by the growing market in online retailing that promise fast-delivery services. Time-definite express service revenue rose 7.2 percent. Overall parcel volume increased 25 percent to 16.7 billion. Intra-city services rose 43 percent. The company operates domestic and international express delivery services relying mainly on rail and on air transport provided by a fleet of cargo aircraft owned by subsidiary SF Airlines. Rail and air shipments last year were roughly equal at 28 million tons each, with seagoing cargo totaling 1,150 twenty-foot equivalent units, a maritime weight measure. Air cargo rose 15 percent, with domestic service up 33 percent. Supply chain and international business rose 3.5 percent, affected by what the company called global volatility. The company operated 1,500 warehouses and 340 sorting hubs last year.

AUTO and AIRLINES

Shanghai-based China Eastern Airlines (002352.SZ/6936.HK) narrowed its 2025 loss to 1.6 billion yuan (US$236 million) from 4.2 billion yuan a year earlier as China's visa-free entry policies pushed up international passenger numbers 21 precent. Revenue in the year rose to 139.9 billion from 132.1 billion a year earlier. Domestic passenger numbers rose 6.7 percent. The carrier said it operated a fleet of 826 aircraft at the end of the year. Jet fuel, maintenance, catering, marketing and airport-related costs increased 5 percent to 143.5 million yuan. The carrier's brand influence ranked seventh in the world last year.

China Southern Airlines (600029.SS/1055.HK) turned to a profit of 855 million yuan in 2025 from a year earlier loss of 1.8 billion yuan as revenue rose 4.6 percent to 173 billion yuan. Domestic passenger numbers rose 4.8 percent and international numbers surged 20 percent. Operating expenses, which include jet fuel, maintenance, catering, marketing and airport-related costs, rose 3 percent to 177 million yuan.

Shanghai Automotive Industry Corp (SAIC) (600104.SS) reported 2025 profit skyrocketed sixfold to 10.1 billion yuan (US$1.5 billion) from a year earlier on a 4.6 percent rise in revenue to 656.2 billion yuan. The dramatic profit gain reflects a 2024 provision of 7 billion yuan related to asset impairment involving its joint ventures, which include SAIC-GM. Beyond that lowered baseline, SAIC's core operations last year underwent a big structural shift. Sales of self-owned brands like MG, IM and Roewe rose 22 percent to 2.9 million vehicles, accounting for two-thirds of total company sales, a 5 percentage point increase. Full-year exports and overseas sales hit 1.07 million, up 3 percent. The MG brand alone sold over 300,000 units in Europe, cementing its position as the best-selling Chinese brand on the continent. Shanghai-based SAIC is China's largest state-owned automaker. While historically reliant on highly lucrative domestic joint ventures with Volkswagen and General Motors, the automotive giant is now pivoting toward new energy vehicles and aggressive global expansion to maintain its competitive edge in a fiercely contested market.

Chinese electric vehicle maker Seres Auto (601127.SS/9927.HK) recorded a net profit of about 5.9 billion yuan (US$827 million) in 2025, edging up 0.18 percent year-on-year. While bottom-line growth was modest, total revenue surged 13.6 percent to 164.9 billion yuan. This top-line expansion was heavily fueled by strong demand for its premium Aito brand, developed in conjunction with tech giant Huawei, which delivered 426,000 units and drove a 28.2 percent increase in gross profit.

A landmark Hong Kong listing radically transformed the company's balance sheet, cutting its debt-to-asset ratio by 16 percentage points and swelling cash reserves past 48 billion yuan. Instead of maximizing immediate earnings, Seres heavily reinvested its capital. The automaker poured more than 12 billion yuan into research and development, while an 11.5 billion yuan strategic stake in Huawei's Yinwang deepened its supply chain integration, solidifying its competitive edge in the market.

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.

ENERGY and RESOURCES

Metallurgical Corp of China (601600.SS/2600.HK/US OTC: ALMMF), a leading construction contractor and engineering company that builds steel, railway, urban transport and other major infrastructure, reported profit for 2025 tumbled 80 percent to 1.3 billion yuan (US$188 million). Revenue fell 17 percent to 455.4 billion yuan on industry headwinds, major asset divestments and operations restructuring, but the company maintained a leading global position in metallurgical construction. Revenue from signed engineering contracts, a principal earnings driver, sank 19 percent and overseas revenue slid 12 percent. The company cited geopolitical conflicts, increasingly stringent standards and negative public sentiment as factors causing disruptions and delays to ongoing projects and lower profit margins in its overseas business. Major contracts last year included a coking project in Hebei Province, a solar and wind power hydrogen project in Xinjiang Uygur Autonomous Region and a solar project in Oman. The company is the listed core subsidiary of state-owned China Metallurgical Group, which became one of China's biggest resources conglomerates after its merger with Minmetals in 2015.

Shenhua Energy (601088.SS/1088.HK), China's largest coal producer, reported 2025 profit fell 5.3 percent to 52.85 billion yuan (US$7.65 billion), slightly better than forecast. Revenue decreased 13.21 percent to 294.91 billion yuan. The company said it sold 430 million tons of coal in 2025, down 6.4 percent, and cited supply and changes in the industry and lower prices. The company is operating amid a national goal of reducing use of fossil fuels and going green. The company last year completed the 853-billion-yuan takeover of coal miner Hangjin Energy.

Beijing-based PetroChina (601857.SS/0857.HK), Asia's largest oil and gas producer, reported 2025 profit fell 4.5 percent from a year earlier to 157.32 billion yuan (US$22.76 billion), weighed down by lower international crude oil prices before the Iran war started this year. Revenue dropped 2.5 percent to 2.86 trillion yuan. Sales of crude-oil products rose 3 percent; gasoline products decreased 2.2 percent. The natural gas and new energy segments were the primary growth drivers for the company, hedging against the 14.6 percent drop Brent crude prices that impacted oil earnings. The gas segment increased 4.5 percent to revenue of 619.5 billion yuan, with operating profit up by 12.6 percent. In the new energy segment, output from wind and solar power surged 68 percent, and downstream new materials production surged 63 percent.

During a conference call with investors and analysts, President Dai Houliang said only about10 percent of the company's crude oil and natural gas imports flow through the Strait of Hormuz, so its oil and gas operations will continue stably. He added that the company implemented a supply-chain risk plan last year. Looking ahead, the company highlighted risks, with trade protectionism and geopolitics increasing uncertainty in the global economy. PetroChina said it will seek increases in oil and gas reserves and output, upgrade refining and chemicals, and promote the transition to clean energy, among other goals. The company last year took ovber three natural gas storage facilities from its controlling shareholder state-owned China National Petroleum in a 40 billion yuan deal to enhance its supply chain. A subsidiary of PetroChina operates the West-East Gas Pipeline in China.

HEAVY INDUSTRY

China's Sany Heavy Industry(600031.SS/6031.HK) reported a 41.2 percent rise in net profit for 2025 to 8.41 billion yuan (US$1.22 billion), as revenue climbed 14.7 percent from a year earlier to 89.2 billion yuan. The company said growth was driven by a recovery in China's construction machinery sector and continued expansion overseas, supported by the launch of around 80 new products during the year. International operations remained a key pillar, with revenue from overseas markets rising 15.1 percent to 55.9 billion yuan, accounting for 64 percent of total core business revenue. Sany has prioritized globalization as its top strategy, accelerating its transition from a traditional export model to a more localized global operations approach, including manufacturing and service networks abroad. By segment, excavators, cranes and concrete machinery were the main contributors to revenue growth, reflecting improving demand both domestically and in international markets.

PHARMA

Tong Ren Tang (600085.SS/3613.HK), one of the largest traditional Chinese medicine companies, reported a 22.1 percent drop in 2025 net profit attributable to shareholders to 1.19 billion yuan (US$165 million) as revenue slid 7.2 percent to 17.3 billion yuan. The group is one of the oldest brands in traditional Chinese medicine, founded in 1669 by an imperial court physician. To attract younger customers, the company in 2020 added coffee and tea services in some of its pharmaceutical outlets.

Yunnan Baiyao (000538.SZ), a pioneer in tradition medicine that grew out of a pill created by Qu Huanzhang in 1902 to treat wounds, reported a record profit of 5.1 billion yuan in 2025, up 8.51 percent from a year earlier, thanks to rising profit margin of its products, including its well-known principal Baiyao brands, aerosols and toothpastes.

PROPERTY

Country Garden Holdings(2007.HK), China's largest property developer by sales between 2017 and 2022, reported a "book profit" after three years of record-breaking losses. The profit is a result primarily of its massive debt restructuring, while its core business of large-scale residential projects across lower-tier cities continued to shrink in a cooling market. The company reported a 38.7 percent drop in revenue to 154.9 billion yuan (US$22.41 billion), but turned from a loss of 35.15 million yuan in 2024 to a 1.62 billion yuan profit. Its offshore debt restructuring in December reduced nearly 100 billion yuan of debts. Analysts say the turnaround is a positive sign for the company, and it is key to watch whether Country Garden, greatly relieved of debt burden, can progress further.

China Vanke (000002.SZ/2202.HK), a former leader in the Chinese mainland property market now flying close to default, said its 2025 loss widened to 88.6 billion yuan (US$12.8 billion) from 49.5 billion yuan a year earlier, and nearly 6 billion yuan more than forecast. Revenue fell 32 percent to 233.4 billion yuan. The company, which has an estimated US$11 billion in onshore and foreign liabilities, has been seeking creditors approval for numerous delays in repaying maturing debt. A default could be the largest ever in China and set off a chain reaction across the banking sector. Vanke, like other property developers, was bitten by a liquidity crunch that began in 2021 and led to defaults by several developers. Vanke's largest shareholder, Shenzhen Metro, owned by the city of Shenzhen, has coughed up bailout loans in the past to stabilize Vanke, but that support has shown signs of waning. Vanke's gearing level, the ratio of debt to equity rose to 76.89 percent, up 3 percent from a year earlier. Vanke said it sold 10.25 million square meters of property last year, down 43 percent. Vanke shares have dived 50 percent in the past 12 months and 90 percent in the past five years, trading at 2.9 yuan (41 US cents).