CHINA EARNINGS DIGEST: April 20-26, 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

Han's CNC Technology(301200.SS/3200.HK), China's largest specialized printed circuit board equipment manufacturer, reported first-quarter profit surged 177 percent from a year earlier to 322.9 million yuan (US$48.8 million) on a doubling of revenue to 1.9 billion yuan. The Shenzhen-based company designs, produces and sells specialized computer-controlled equipment used to make the boards that wire components to one another in the circuitry of nearly all electronics products. Han's credited the strong results to growing demand from AI computing centers, with next-generation AI servers, high-speed switches and high-speed optical modules driving growth in market size and in the company's advanced specialized products. Han's 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.

Shanghai-based Moore Threads(688795.SS), a maker of graphics processing units, said it turned to profit of 29 million yuan (US$4.2 million) in the first quarter from a year earlier loss of 112.5 million yuan, with revenue surging 155 percent to 738 million yuan on escalating demand for AI computing power. In its first earnings reports since listing last December, the company also reported a net loss of 1 billion yuan for 2025 despite a 243 percent surge in revenue to 1.5 billion yuan. The company said it spent 1.3 billion yuan on research and development last year. Moore Threads said it secured a 660-million-yuan order for its Kuae intelligent computing cluster in the first quarter of this year.

Shanghai STAR Market-listed Roborock (688169.SS), the world's leading robotic vacuum manufacturer, said first quarter net profit hit 323 million yuan (US$47 million), up 21 percent from a year earlier, on a 23.3 percent increase in revenue to 4.23 billion yuan. The company invested 1.4 billion yuan in research and development last year, yielding results in deploying large-language model AI and smart navigation into its products.

Beijing-based supercomputer maker Sugon (603019.SS), officially known as Dawning Information Industry, posted nearly a 22 percent year-on-year increase in first-quarter net profit to 228 million yuan (US$31.5 million), propelled by continuous expansion in core business operations. The software and information technology services provider reported operating revenue of about 3.2 billion yuan for the quarter, up almost 24 percent. To meet growing AI computing demand, Sugon said research and development expenses surged 52 percent to 592 million yuan, or 18.5 percent of total operating revenue. Fueled by the boom in large artificial intelligence models, the demand for computing power in China is steadily increasing. Sugon's aggressive research and development spending is aimed at trying to stay ahead of the competition.

ENERGY & RESOURCES

Goldwind Science & Technology(002202.SZ/2208.HK/US OTC: XNJJY), a leading global manufacturer of turbines for wind farms, reported first-quarter profit surged 60 percent from a year earlier to 907.2 million (US$133 million) on a 63.5 percent jump in operating revenue to 15.5 billion yuan on higher sales of turbines. Last year the company ranked first in the world in onshore wind turbines and second in offshore turbine manufacturing. The Beijing-based company said overseas sales surged 133 percent in the quarter and orders on hand at the end of the quarter, both domestic and overseas, totaled 53,935 megawatts, up 5.6 percent from the same three months a year earlier.

Shenhua Energy(601088.SS/1088.HK/US OTC: CSUAY), China's largest coal producer, reported first-quarter profit fell 11 percent to 11.9 billion yuan (US$1.7 billion) on a 1.2 percent increase in revenue to 70.4 billion yuan. The company said it sold 103.2 million tons of coal, up 4 percent from a year earlier, with self-produced coal comprising 75 percent and purchases from other coal sources accounting for the rest. Cost of purchased coal rose, and gross profit margin fell to 22.6 percent from 25.5 percent. In its power-generation segment, Shenhua reported 55.9 billion kilowatts, most of it from coal-fired plants. 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.

Zijin Mining (601899.SS/2899.HK/NY:ZJMY), one of China's largest producers of gold, copper and zinc, reported net profit in the first quarter nearly doubled to 20.1 billion yuan (US$3 billion) on higher ore output and solid commodity prices. The company posted revenue of 98.5 billion yuan, up 25 percent from a year earlier. Gold production increased 23 percent to 23.5 tons, driven in part by newly acquired assets under subsidiary Zijin Gold International, including mines in Ghana and Kazakhstan. Copper output reached 260,000 tons. Excluding disruptions at the Kamoa-Kakula mine in the Democratic Republic of Congo, other operations progressed in line with annual plans. The second phase of the Julong copper mine in southwestern China, launched in late January, produced 60,000 tons in the quarter. Lithium output totaled 16,000 tons of lithium carbonate equivalent. Zijin said expects output to reach 120,000 tons this year and up to 320,000 tons by 2028, positioning lithium as a key growth driver.

TELECOMS

China Mobile (600941.SS/0941.HK), the nation's biggest wireless carrier, reported a 4.2 percent drop in first-quarter profit from a year earlier to 29.3 billion yuan (US$4.3 billion), on a 1 percent gain in operating revenue to 266.5 billion yuan, as traditional telecom growth slowed and emerging businesses such as AI computing gained momentum. The company said the number of mobile subscribers in the first three months was relatively flat at 1 billion, including 668 million 5G customers. Broadband network customers rose to 333 million from 329 million a year earlier. Cellular Internet of Things connections rose marginally to 1.5 billion. Revenue from other business segments, including AI smart computing, increased 13 percent to 46.6 billion yuan.

China Telecom (601728.SS/0728.HK) reported first-quarter profit fell 17.1 percent to 7.4 billion yuan (US$1 billion) on a 2.3 percent decline in revenue to 131.4 billion yuan, as growth in its traditional telecom business slowed amid intensifying competition. The company said its emerging businesses continued to gain traction, with cloud revenue rising 6.8 percent and smart services income surging 39.4 percent, driven by expanding AI-related offerings. Operating cash flow jumped 114 percent to 23.2 billion yuan, supported by tighter receivables management and lower cash outflows. The wireless carrier said its 5G subscriber base exceeded 314 million, with penetration reaching 71.3 percent, while total mobile users rose to 441 million.

China Unicom (600050.SS/0762.HK), the country's second-largest telecom carrier, said its profit dropped 18 percent to 2.1 billion yuan in the first quarter on a 0.5 percent dip in revenue to 102.8 billion yuan. For both carriers, higher value-added taxes were cited as one reason for profit declines, but China Unicom's worse-than-expected performance showed its less agile adjustment toward new services, analysts said.

Shenzhen-based communication service provider ZTE (000063.SZ/0763.HK) reported a 46.6 percent year-on-year decline in first-quarter net profit to 1.3 billion yuan (US$180.7 million), heavily impacted by unfavorable currency fluctuations. Despite the sharp drop in profit, the telecommunications provider posted a 6.1 percent increase in operating revenue, reaching about 35 billion yuan for the quarter. The company attributed the earnings downturn primarily to exchange-rate losses that starkly contrasted with the exchange gains recorded during the same period last year. A decrease in net interest income and a drop in other income tied to daily operations further squeezed the bottom line. ZTE maintains a massive global footprint. Its overseas business, which primarily focuses on carrier network operations, spans more than 160 countries.

AUTO

Great Wall Motor (601633.SS) reported first-quarter profit plunged 46 percent from a year earlier to 946 million yuan (US$130.3 million), despite a 13 percent increase in operating revenue to 45 billion yuan. The automaker said the profit decline reflected substantial foreign-exchange-gains in the year earlier period that swelled the comparative base. Revenue rose on higher vehicle sales, particularly overseas. The company noted its shift toward international markets improved gross margins and revenue per vehicle. Operating cash flow also increased, boosted by higher spot exchange collections from growing overseas sales.

CONSUMER

Muyuan Foods (002714.SZ/2714.HK), one of the world's biggest hog breeders and pork producers, said first-quarter profit plunged 127 percent to 1.2 billion yuan (US$176 million) on a 17 percent decline in revenue to 29.9 billion yuan. The company wrote down 41.5 million yuan in credit and asset impairments. The domestic hog and pork market has been suffering from oversupply and plummeting prices. The Nanyang-based company earlier said its revenue in the first two months of this year dropped despite selling more than 11.6 million hogs.

PHARMA & HEALTHCARE

Hengrui Pharmaceuticals (600276.SS/1276.HK) reported a 21.8 percent rise in first-quarter net profit on steady growth in innovative drug sales and licensing income. Net profit attributable to shareholders reached 2.28 billion yuan (US$334 million) for the three months ended March, while revenue increased 13 percent from a year earlier to 8.14 billion yuan, the company said in a filing on Wednesday. Sales of innovative medicines remained the main driver. Revenue from oncology products rose 11.6 percent to 3.31 billion yuan, while non-oncology innovative drugs surged 92.1 percent to 1.21 billion yuan. The company also booked 787 million yuan in income from external licensing of innovative drugs during the quarter. Sales of generic drugs declined during the period, reflecting the impact of China's centralized procurement programs and the company's strategic shift toward innovation-focused investments.

FINANCE

Citic Securities (600030.SS/6030.HK/US OTC:CIIHY), a leading Chinese brokerage house, reported a 54.6 percent year-on-year surge in first-quarter net profit to 10.2 billion yuan (US$1.41 billion), driven by a strong performance across its operations. Operating revenue for the quarter jumped 40.9 percent to 23.1 billion yuan. The brokerage giant attributed the robust earnings to robust capital markets and sustained high trading activity during the first three months of the year. The brokerage achieved positive growth across all its major business lines, encompassing wealth management, investment banking, asset management and securities investments.