CHINA EARNINGS DIGEST: 8th-14th 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

Contemporary Amperex Technology (3750.HK / 300750.SZ) reported a sharp rise in fourth-quarter earnings as strong demand from the electric-vehicle industry boosted sales of power batteries. The Chinese battery giant said net profit surged 57 percent to 23.2 billion yuan (US$3.35 billion) on a 37 percent increase in revenue to 140.6 billion yuan.

For the full year, 2025 profit rose 42 percent to 72.2 billion yuan, while revenue gained 17 percent to 423.7 billion yuan. The company's share of the global battery market last year was unchanged at about 30 percent.

Based in Ningde, Fujian Province, CATL is the world's largest producer of lithium-ion batteries for electric vehicles and energy-storage systems, supplying major automakers and energy companies globally.

The company has also been expanding its capital base and technology pipeline. In 2025, CATL completed a HK$35.7 billion (US$4.6 billion) initial public offering in Hong Kong, the world's second-largest listing of the year after Medline Industries. Its shares have risen about 90 percent above the issue price since they began trading.

CATL said it is developing a next-generation battery capable of charging a vehicle in about five minutes while offering longer lifespan and range. The company plans to increase investment in research and development, including wider adoption of AI-driven technologies.

AI chip startup Cambricon (688256.SS), often called "China's little Nvidia," posted its first-ever annual profit as demand for semiconductors surged. The company reported 2025 profit of 2.1 billion yuan (US$300 million), turning from a loss of 452 million yuan a year earlier. Revenue surged 453 percent to 6.5 billion.

For the fourth quarter, Cambricon profit rose 67 percent to 455 million yuan, while revenue jumped 91 percent to nearly 2 billion yuan. The company announced its first-ever dividend, paying out 15 yuan for every 10 shares.

Beijing-based Cambricon listed on the Shanghai STAR Market in 2020, raising US$369 million. The company makes core processor chips and general-purpose graphics processing units for use in AI.

Founded by brothers Chen Tianshi and Chen Yunji in 2016, the company says its Siyuan 590 chip matched 80 percent of the performance of Nvidia's A100 chips, with the updated Siyuan 690 chip to be released. The company said it is aiming to more than triple AI chip output this year, pitting it against larger Chinese rival Huawei.

Victory Giant Technology (300476.SZ), a leader in AI computing cards, reported fourth-quarter net profit soared nearly 174 percent from a year earlier to 1 billion yuan (US$170 million) on a 71 percent jump in revenue to 5 billion yuan. The strong performance helped lift full-year profit 273.5 percent to 4.3 billion yuan. The company said 2025 revenue surged nearly 80 percent to 19.3 billion yuan.

Founded in 2006, Victory Giant Technology is capitalizing on strong demand triggered by the boom in AI. The company currently holds a leading global market share in AI computing cards and network switches.

Foxconn Industrial Internet (601138.SS) said fourth-quarter net profit jumped 58 percent from a year earlier to 12.8 billion yuan (US$1.9 billion) on a 73 percent jump in revenue to 299 billion yuan, led by cloud computing. For the full year, revenue rose 48 percent to 903 billion yuan, with net climbing nearly 52 percent to 35.3 billion yuan.

Revenue from the cloud computing division surged 89 percent, accounting for more than 60 percent of total sales. AI server demand from cloud service providers has increased sharply amid rapid growth in products tied to AI chips and generative AI expansion across industries.

AUTO

Shanghai-based electric carmaker Nio (9866.HK / NY:NIO) turned to net profit of 282.7 million yuan (US$40.4 million) in the fourth quarter, its first-ever quarterly profit, from a year earlier loss of 7.1 billion yuan. Revenue rose 76 percent to 34.6 billion yuan on an 81 percent increase in vehicle sales to 31.6 billion yuan. Deliveries rose 71 percent to quarterly record of 124,807 units. Gross margin reached 17.5 percent, ending a long cash-burning phase.

The fourth-quarter profit narrowed Nio's full-year loss to 14.9 billion yuan from 22.4 billion a year earlier. Revenue in 2025 rose 33 percent to 87.5 billion yuan. Spending on research and development last year fell 19 percent to 10.6 billion yuan. The carmaker forecast deliveries in the first quarter of this year will rise up to 90 percent.

Nio is a leading Chinese company in the manufacture and sales of electric SUVs and sedans, and is involved in development of batteries, smart-driving chips and autonomous vehicles. The company additionally operates battery-swapping stations for faster recharging. In addition to its namesake brand, Nio also sells vehicles under the Onvo and Firefly marques.

Beijing-based Li Auto (2015.HK / NY:LI) reported a 99 percent plunge in fourth-quarter net profit to 20.2 million yuan (US$2.9 million) as the automaker navigated a period of product cycle transitions and intensified market competition in China. Revenues decreased 35 percent from a year earlier 28.8 billion yuan.

Deliveries also took a significant hit, dropping 31.2 percent to 109,194 vehicles. Consequently, the profit margin contracted to 16.8 percent from 19.7 percent. For the full year, revenue declined 22 percent to 112.3 billion yuan, with annual vehicle deliveries reaching 406,343. Full-year net profit plummeted 86 percent to 1.1 billion yuan.

Li Auto was founded by entrepreneur Li Xiang in 2015 and launched its first vehicle, the Li One, in 2019. The company is best known for manufacturing and selling electric vehicles with range-extender petrol engines. It markets under the L and i series brands.

TRAVEL AND TOURISM

Hong Kong flagship carrier Cathay Pacific Airways (0293.HK / NY:CPCAY) said group profit for 2025, including airlines, subsidiaries and associated services companies, rose 9.5 percent to HK$10.8 billion (US$1.4 billion) on increased capacity, solid passenger load factors and resilient cargo demand. Revenue rose 12 percent to HK$116.8 billion. The airline said fuel surcharges may have to rise soon in response to higher oil prices triggered by the Middle East war.

The airline said passenger number rose 27 percent to 28 million, with revenue rising 16 percent and a load factor of 85 percent. Cargo revenue rose 1.2 percent. The company reported it was operating a fleet of 237 aircraft at the end of the year and said it expects to expand passenger capacity by around 10 percent this year with the delivery of eight new narrowbody aircraft.

CONSUMER MARKET

Didi (NY:DIDIY), an app-based Chinese provider of ride-hailing, bike rental, taxi and food delivery services, said its global loss in the fourth quarter to 333 billion yuan (US$49 billion) from 1.3 billion yuan a year earlier on a record 39 million daily transactions in China operations.

The company, often called "China's Uber," said revenue rose 10.5 percent to 58.4 billion yuan, reflecting growth in global markets such as Brazil and Mexico. Research and development spending increased 17 percent to 2.5 billion yuan. Platform sales from its China mobility segment rose 25 percent, accounting for about 85 percent of global sales.

Didi said its next-generation R2 robotaxi model began deliveries in January. The company said it will continue to increase investment in autonomous driving and integrate it into operations. For the full year, the Beijing-based company said revenue increased 9.6 percent to 226.7 billion yuan but profit attributed to shareholders slipped 21 percent to 992 million yuan.

Didi listed in New York in 2021 but its shares were later delisted and now trade on the over-the-counter market. Its app was suspended during a probe by China's cyberspace regulators but restored in 2023. In Brazil, Didi's food delivery service is under intense competition from Chinese rival Meituan, which entered the market last year. Didi has been looking at an initial public offering in Hong Kong.

PROPERTY

Swire Pacific (0019.HK / NY:SWRY), a HK-listed diversified conglomerate that traces its business roots in Chinese mainland back to the 1860s, reported profit for 2025 fell 32 percent from a year earlier to HK$2.9 billion (US$370 million), largely on a negative change in fair value property assessment. Revenue rose 10 percent to HK$90.5 billion. The company's three core divisions are property, beverages and aviation.

In property, Swire said mainland demand for office space remained weak last year, with vacancy rates rising in Shanghai and Guangzhou. Gross rental income from office properties fell 4 percent, but income from Taikoo-branded mainland malls rose about 7 percent. At HKRI Taikoo Hui in Shanghai, retail sales rose 50 per cent. The residential market for high-end developments in major cities was "relatively resilient, particularly in Shanghai."

In beverages, mainland revenue from bottling operations was relatively flat last year, reflecting what the company called a shift from traditional distribution channels triggered by the rise of fast food-delivery services. Swire Coca-Cola holds exclusive rights to manufacture, market and distribute Coca-Cola in Shanghai and across 11 provinces. Its state-of-the-art bottling plant in Zengzhou opened last October.

In aviation, revenue, which includes Swire's 21 percent stake in Air China and 43 percent stake in Cathay Pacific, rose 12 percent. Revenue from its aircraft engineering unit, which includes a major joint venture in Xiamen, rose 10 percent.

PHARMACEUTICAL

Shanghai-based Junshi Biosciences (1877.HK) narrowed its 2025 net loss to 875 million yuan (US$121 million) from 1.2 billion yuan a year earlier. Revenue climbed 28 percent to 2.5 billion yuan. The result was driven by its core product toripalimab, marketed as Tuoyi. Sales of the PD-1 monoclonal antibody in China surged 38 percent to roughly 2.1 billion yuan. Founded in 2012, the biopharmaceutical company focuses on monoclonal antibodies and therapeutic proteins. Toripalimab is currently approved for treatment of various tumors, including melanoma, nasopharyngeal cancer and non-small cell lung cancer.