Editor's note:

Corporate earnings in China reflect a mixed bottom line for listed business bellwethers in a year beset by slowing economies, tighter consumer spending, tariff wars and geopolitical tensions. We have compiled highlights of earnings released August 25-29 across different sectors.

Technology

Alibaba reports strong profit, driven by AI businesses

Alibaba Group, a Chinese multinational technology company that operates one of the world's largest e-commerce platforms and also specializes in AI applications, reported profit in its first fiscal quarter ended June 30 rose 78 percent from a year earlier to 43 billion yuan (US$6 billion). Revenue edged up 2 percent to 247.6 billion yuan, largely on gains in digital businesses and equity investments. It said revenue from its e-commerce platforms Taobao, Tmall, Ele.me and travel agency Fliggy rose 10 percent, but the company didn't break out specific figures for its new instant-delivery food service that began in April and pits Alibaba against rivals Meituan and JD.com in a fierce discounting war.

Huawei profit drops as spending on research and development surges

Chinese technology giant Huawei posted a 32 percent drop in first-half net profit to 37 billion yuan (US$5.2 billion) on heavy research and development spending to challenge Nvidia's dominance in the global chip market. Revenue rose 4 percent to 427 billion yuan. Investment in research and development rose 9 percent to 97 billion yuan, accounting for 23 percent of total revenue. China is relying on advanced technologies from companies like Huawei to reduce national dependence on US AI chips, which have been weaponized by the Trump administration its trade showdown with China. Huawei is also a major manufacturer of smart phones and a top selling brand in China. The company shipped 26.6 million smartphones globally in the first half, a 1.7 percent rise from a year earlier, with 95 percent shipments going to the China market, according to data from business consulting firm IDC.

Cambricon revenue skyrockets, turning loss to profit

Shanghai-listed Cambricon Technology, a leading Chinese AI chipmaker, turned to half-year profit of 1 billion yuan (US$140 million) from a year earlier loss of 530 million on explosive growth in artificial intelligence industry. Revenue skyrocketed 4,347 percent to 2.9 billion yuan. The market value of Cambricon surged to 579 billion yuan this week, with its Shanghai-traded shares challenging liquor maker Kweichow Moutai as the most costly in mainland markets.

SMIC profit surges on chip demand

China's largest chipmaker, Semiconductor Manufacturing International Corp (SMIC), posted a 40 percent jump in first-half net profit, powered by strong wafer demand and higher selling prices, despite global industry headwinds. SMIC said profit rose to 2.3 billion yuan (US$321 million) in the January-June period, while revenue climbed 23 percent to 32.4 billion yuan. Wafer shipments increased nearly 20 percent to 4.68 million units, with average selling prices also up. Gross margin expanded to 22 percent.

ZTE reports profit drop, revenue rise

ZTE, a Chinese technology company specializing in telecommunications, said revenue for the first half increase 14.5 percent to 71.6 billion yuan (US$9.8 billion), but net income fell 12 percent to 5 billion yuan. The company said it assisted wireless carriers China Mobile and China Unicom in adoption of cloud computing, and expanded its global deployment of 5G technology. Gross operating margin on the mainland dropped to 33.7 percent from a year earlier. Operating revenue from overseas operations increased 8 percent, accounting for 29 percent of the total. Research and development spending fell 0.5 percent. Looking ahead, ZTE said it expects to accelerate development of its "secondary-curve" business, which comprises computing and handsets.

Data intelligence firm Baiwang turns to profit on AI

Hong Kong-listed Baiwang, a Chinese company that provides data intelligence services to clients covering finance, manufacturing, energy and logistics, turned to a first-half profit of 3.6 million yuan (US$503 million) from a year-earlier loss on growth in artificial intelligence technologies and ongoing global expansion. Revenue totaled 347.6 million yuan. A key driver of the turnaround was the AI sector, which generated 60.9 million yuan, or 17.5 percent of the total revenue for the period.

SenseTime narrows loss in first half

SenseTime, a Chinese artificial intelligence software company involved in facial recognition, medical image and voice analysis, autonomous driving technology and remote sensing, narrowed its loss in the first half to 1.2 billion yuan (US$168 million) from 2.3 billion yuan a year earlier. Revenue rose 36 percent to 2.3 billion yuan, driven by a 73 percent expansion in generative AI.

Last year, the company unveiled its AI generative model, SenseNova 5.0. SenseTime said it is aligning its business strategy with the central government's "AI Plus" initiative, which aims for adoption of AI devices to reach 90 percent by 2030. Revenue from what SenseTime calls its X Businesses, which include smart autos, healthcare and robotics, decreased to 106.7 million yuan from 176.5 million yuan a year earlier, while sales in its computer vision business fell 17 percent. Spending on research and development increased 12 percent to 2.1 billion yuan.

Apple supplier Luxshare Precision posts profit increase

Luxshare Precision Industry, a supplier to Apple, said first-half net profit rose 23 percent from a year earlier to 6.6 billion yuan (US$928 million) on a 20 percent revenue increase to 124.5 billion yuan. The Shenzhen-listed company forecasts net will rise in the third quarter between 15 percent and 38 percent.

Fudan Microelectronics shows profit decline

Shanghai Fudan Microelectronics, an integrated circuit designer that works in collaboration with Fudan University, said net profit in the first half fell 44 percent from a year earlier to 194 million yuan (US$27 million) on a decrease in input tax credits and government subsidies. Revenue rose 2.5 percent to 1.8 billion yuan. The company said its products faced intense market competition.

Finance

Big 4 Chinese national banks report lower net interest margins

China's Big 4 national banks reported lower or weak profits for the first half as a succession of central bank reductions in prime lending rates to buttress a slowing economy eroded net interest margins to below the threshold of 1.8 percent, considered an industry standard to maintain reasonable profitability.

Industrial and Commercial Bank of China, the world's largest lender, said first-half net profit declined 1.5 percent from a year earlier to 168 billion yuan (US$23.5 billion). Its net interest margin fell to 1.3 percent. Operating income rose 1.8 percent to 409 billion yuan. The bank reported assets of 52 trillion yuan as of June 30, and a non-performing loan ratio of 1.33.

Agricultural Bank of China, the country's second-largest lender, reported first-half net profit rose 2.7 percent to 139.5 billion yuan. Operating income rose 0.7 percent to 370 billion yuan. The bank reported assets of 46.9 trillion yuan as of June 30, and a non-performing loan ratio of 1.28. Net interest margin was 1.32. Residential mortgages grew 53 percent and personal consumption loans were up 5.8 percent. The bank had 22,914 branches as of June 30 and total assets of 46 trillion yuan.

China Construction Bank's net profit fell 1.4 per cent to 162 billion yuan from a year earlier. Its non-performing loan ratio stood at 1.33 percent, while its net interest margin declined to 1.4 percent. Operating income was up 3 percent at 385 billion. Total assets were 44 trillion.

Bank of China reported profit fell 0.85 percent from a year earlier to 117.6 billion yuan. Operating income rose 3.6 percent to 329 billion yuan. Net interest margin was 1.26 percent, with the non-performing loan ratio slipping to 1.26 percent. The bank's total assets at June 30 were 36.8 billion yuan.

Citic Securities profit jumps on market boom

Citic Securities, China's biggest brokerage, reported a 30 percent rise in first-half profit as buoyant stock markets fueled by a sizzling technology sector and a revival in initial share offers draw more investors into trading. Net profit rose to 13.7 billion yuan (US$2.4 billion) in the first six months, up from 10.6 billion yuan a year earlier, the company said in a filing. Investment income more than doubled to 21 billion yuan, while net fee and commission income rose 23 percent. The surge came as Hong Kong's Hang Seng Index soared 30 percent this year and Shanghai's benchmark jumped over 18 percent to multi-decade highs.

China Life posts 6.9 percent profit increase

China Life Insurance, the nation's largest life insurer, reported first-half profit rose 6.9 percent to 41 billion yuan (US$5.7 billion) on a 2.2 percent rise in overall revenue to 239.5 billion yuan, missing market estimates. New life insurance policies written in the six months grew 20 percent. The company's payout ratio on policies was a low 16 percent.

Ping An reports 9 percent decline in profit

Ping An Insurance, China's most valuable insurance company, reported first-half profit fell 9 percent to 68 billion yuan (US$9.5 billion) as a revaluation of investments cut growth in income from life and health insurance policies. Profit from property and casualty insurance rose 2 percent to 11 billion yuan. Total investment income fell 30 percent to 6 billion yuan in the first half.

Property

Vanke posts wider loss

Troubled China property developer Vanke reported its half year loss widened to 12 billion yuan (US$1.7 billion) from 10 billion yuan a year earlier. Revenue dropped 26 percent to 105 billion yuan, while contracted sales fell nearly 46 percent by value. The company blamed weaker project settlements, thin margins, asset write-downs and discounted sales. Still, Vanke said it had made headway on debt repayment, paying down 24 billion yuan in public market debt with support from state-owned major shareholder Shenzhen Metro. The company said it faces no offshore public bond maturities until 2027. The results highlight how China's real estate slump continues to strain even top developers.

Shui On Land posts profit drop, says Shanghai luxury property 'resilient'

Hong Kong property developer Shui On Land, which has significant investments in Shanghai, reported first-half net income fell 29 percent from a year earlier to 51 million yuan (US$7.1 million), though it said Shanghai's luxury property market has been resilient in face of a nationwide slump. Revenue totaled 2.1 billion yuan. Shui On Chairman Vincent Lo Hong-sui said it will take some time for the property market to hit bottom amid uncertainty in the mainland economy.

Developers signal tentative recovery in China's property slump

Developer China Resources Land reported half-year profit rose 16 percent from a year earlier to 12 billion yuan (US$1.7 billion) on a 20 percent gain in revenue to 95 billion yuan. Developer Sino Land said net profit in the first six months fell slightly to HK$4 billion (US$514 million) on a one-time loss of HK$1 billion from a re-evaluation of its investment properties. Revenue rose 22 percent to HK$11 billion. Sunac, one of China's largest private developers, reported its half-year loss narrowed to 12.8 billion yuan. China's property market has been in a slump for four years after developer debt defaults.

Retail

Meituan reports 89 percent profit plunge on fast-food delivery price war

Meituan, China's biggest food-delivery service, reported an 89 percent plunge in second-quarter adjusted net profit to 1.5 billion yuan (US$208 million) amid fierce competition with Alibaba and JD.com in the new fast-food delivery market. Revenue jumped 12 percent to 91.8 billion yuan, but operating margin declined 19 percentage points to 5.7 percent. The results missed market forecasts. The Beijing-based company, which also has business interests in travel bookings, restaurant reviews, bike and power-bank sharing, drones and self-driving delivery vehicles, said hot competition in fast-food delivery makes it impossible to forecast earnings for the rest of the year.

Hong Kong-listed Meituan, which launched its 30-minute food delivery service in April, has splashed out huge sums of money on customer discounts, merchant subsidies and enhancements for deliverymen to try to hold on to its estimated 70 percent of the delivery market. It said "irrational competition" that started in the second quarter resulted in a 1.9 billion operating loss in its "new initiatives segment."

PDD reports drop in quarterly revenue amid competition

PDD Holdings, a Chinese online retailing giant that owns the Temu discount e-commerce platform, reported second-quarter net profit fell 4 percent from a year earlier to 30.7 billion yuan (US$3.4 billion) on a 7 percent increase in revenue to 103 billion yuan. The company, in a statement, cited intense competition in the marketplace and said it is continuing to invest in incentives for merchants. It warned that its focus on long-term value creation may weigh on short-term profitability. Its financial statement didn't break down Temu earnings. Temu has been hit by US and European removal of duty-free access of the small-goods parcels that formed the core of its marketing strategy. PDD's Nasdaq-listed shares closed up 0.9 percent on higher-than-expected revenue, but were down 0.3 percent in after-hours trading in New York.

Retailer Lianhua revenue drops as consumers weigh price against quality

Lianhua Supermarket Co, the Hong Kong-listed subsidiary of Chinese retail giant Bailian Group, turned to a first half profit of 42.2 million yuan from a year earlier loss of 54.8 million yuan. Revenue fell 12 percent to 9.6 billion yuan. In revenue from its major segments, hypermarkets fell 10 percent, supermarkets lost 6 percent and convenience stores were down 12 percent. The company said a recovery in consumer spending has been spotty across the nation, with consumer-goods sales in Beijing declining 3.8 percent while rising 1.7 percent in Shanghai. Consumers, Lianhua said, are making more decisions based on quality versus price, influenced by social media promotions. Amid intense competition, it said traditional retailers have to be quick to capture shifts in consumer trends, like a preference for fresh, healthy foods.

Mengniu, Yili report shrinking profit on lower milk sales

Chinese dairy giant Mengniu said net profit in the first half fell 16 percent to 2.5 billion yuan (US$351 million) on a 7 percent decline in revenue to 41.6 billion yuan. It cited a downturn in demand for milk products, where revenue fell 12 percent. However, its ice cream, cheese and other businesses recorded double-digit growth.

Its main competitor, Yili reported half year net profit fell 4.4 percent to 7.2 billion on a 3.4 increase in revenue to 62 billion yuan. In revenue segments, milk dropped 2.1 percent, powdered milk surged 14 percent and ice cream sales rose 12 percent.

Haier Smart Home reports strong first half

Qingdao-based household appliance maker Haier Smart Home announced strong financial results for the first half of 2025. Net profit rose 16 percent from a year earlier to 12 yuan billion (US$1.7 billion), and revenue increased 10 percent 156.5 billion yuan. Growth was fueled by sales in both domestic and international markets. In its home market, revenue grew by 8.8 percent, with its premium brand Casarte showing a 20 percent gain. Overseas business sales rose 12 percent, largely driven by business in the Americas and Europe. Spending on research and development rose 12 percent to 5.8 billion yuan.

Giant profit increases on hit new game

Shenzhen-listed game firm Giant Network said half-year net profit rose 8.3 percent to 777 million yuan (US$108 million), after the January debut of its popular game "Supernatural Action Team." Revenue grew 16 percent to 1.7 billion yuan from a year earlier. In July, "Supernatural Action Team" hit a major milestone, exceeding 1 million concurrent players, and has consistently ranked in the Top 5 on Apple's iOS free game charts.

'Ne Zha 2' film producer Enlight posts 372 percent surge in profit

China's Enlight Media, producer of the hit animation movie "Ne Zha 2," said first-half net profit surged 372 percent to 2.2 billion (US$308 million) from a year earlier, equal to its combined earnings in the past seven years, Yicai reported. Operating revenue soared 143 percent to 3.2 billion yuan. The film, based on Chinese mythology, has broken box office records this year, with global receipts to date exceeding 16 billion yuan. Enlight didn't disclose its cut of revenues.

Nongfu Spring revenue rises on diversified product line

Nongfu Spring, China's largest packaged water company, reported first-half revenue increased 16 percent from a year earlier to 25.6 billion yuan (US$3.58 billion), delivering a 22 percent jump in gross profit to 15 billion yuan on a more diversified product line that also includes tea and sports drinks.

Hotpot chain Haidilao reports first-half fall in revenue, profit

Haidilao International, China's largest hotpot chain, reported a drop in both revenue and profit for the first half of 2025. Revenue fell 3.7 percent from a year earlier to 20.7 billion yuan (US$2.8 billion), with net profit down 14 percent at 1.75 billion yuan. The Beijing-based restaurant chain cited intense market competition and shifts in consumer dining trends for the declines. The Hong Kong-listed company operates hundreds of restaurants on the mainland and 123 eateries in 14 countries and regions across four continents. In a statement, the company acknowledged a need for management improvements.

Tsingtao Brewery profit rises 7 percent in 'volatile market'

Tsingtao Brewery, whose namesake brand is the largest selling Chinese beer in the US, said first- half net profit rose 7 percent from a year earlier to 4 billion yuan (US$561) on 2 percent increase in revenue to 20.5 billion yuan. The Qingdao-based company, China's second-largest brewer, called the first half "a complex and volatile market environment," where output by large brewers declined 0.3 percent. Product sales volume rose 2.3 percent to 4.73 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. Mainland revenue was 20.2 billion yuan, while overseas sales totaled 229 million yuan. Tsingtao, founded in 1930 by German brewers, entered the US market in 1972, where it became the top selling Chinese beer.

Thriving pet market in China feeds companies' earnings growth

China's booming pet market is proving a bonanza for companies supplying nutrition and care products to dog and cat owners, Yicai reported. Guaibao Pet Food posted a 23 percent surge in first-half profit on a 33 percent surge in revenue. Tianyuan Pet Products delivered a 20 percent increase in profit on a 15 percent rise in revenue. H&H Group, a global health and nutrition company, has also entered the market, reporting an 8.5 percent rise in China sales. And China sales of pet foods soared 86 percent.

Anta Sports reports record half-year revenue

China sportwear giant Anta Sports said first-half profit grew 7.1 percent from a year earlier to 6.6 billion yuan (US$922 million) on a 14 percent surge in revenue to a record 38.5 billion yuan. The company announced it will form a joint venture with South Korea's Musinsa to bring its apparel brand to the mainland.

Sports-goods retailer Li Ning posts profit decline

Beijing-based sportswear and athletic gear maker Li Ning said first-half profit fell 11 percent from a year earlier to 1.7 billion yuan (US$242 million) on weaker consumer spending and rising market competition. Revenue rose 3 percent to 15 billion yuan. The Hong Kong-listed company was founded by champion gymnast Li Ning and generates nearly 70 percent of its revenue from offline sales on the mainland, the South China Morning Post reported.

Autos

BYD posts quarter profit loss as industry price war bites

China's BYD, the world's largest electric carmaker, reported its first quarterly profit decline in three years as a domestic price war eroded earnings. Second-quarter net profit fell 30 percent from a year earlier to 6.4 billion (US$895 million), but revenue rose 14 percent to 201 billion yuan. For the first half, revenue rose 23 percent to 371 billion yuan, delivering a 14 percent increase in profit of 15.5 billion yuan. Chinese regulators have stepped in to hose down a price war in the electric-car industry that has cut into profit margins. BYD car sales in the domestic market fell for a third month in July. The company set a goal of selling 5.5 million autos in 2025, but was short of halfway at the seventh-month mark. BYD, which also makes mobile handset components, earns 81 percent of its revenue from vehicles. It has aggressively moved into overseas markets, edging out rival Tesla in market share in Europe in July. Some analysts expressed concerns about BYD's balance sheet, noting a rise in debt-to-equity ratio to 71.1 percent and a wider deficit in working capital.

Li Auto net income slips on tough market competition

Beijing-based Li Auto, a leading Chinese manufacturer of electric vehicles, said second-quarter net income fell 2.3 percent from a year earlier to 1.5 billion yuan (US$205 million) on a 4.5 percent drop in revenue to 30.2 billion yuan. Deliveries rose 2 percent to 111,074 vehicles, but revenue from sales dropped 4.7 percent in a highly competitive domestic market prone to price wars. Chairman Li Xiang said the company's pursuit of user-friendly technology and product innovations have "solidified our position as China's best-selling domestic automotive brand" in the premium market. Last month, the company launched its second all-electric vehicle, the Li i8 – a six-seater equipped with smart driving technology and fast-charging capability. Li Auto said it expects third-quarter revenue of at least 24.8 billion yuan on delivery of up to 95,000 vehicles.

SAIC Motor posts profit increase

Shanghai-based SAIC Motor, which has joint ventures with Volkswagen and General Motors and also markets under its own brands, reported adjusted first-half net profit of 5.4 billion yuan (US$757 million), a fourfold increase from a year earlier. Revenue rose 5.2 percent to 300 billion yuan. The Shanghai-listed company credited structural reforms and improved market conditions. Vehicle sales rose 12 percent to 2 million units, with the group's own brands accounting for two-thirds. New energy vehicle sales surged 40 percent to 646,000 units. In August, SAIC unveiled the Shangjie H5, the first electric vehicle produced under a new collaboration with tech giant Huawei.

Airlines

Airline profits fail to get off the ground

It's been a tough year for Chinese airlines, which reported losses or declining profits amid weak domestic consumer spending and competition from high-speed rail services.

China Eastern Airlines narrowed its first-half loss to 1.4 billion yuan (US$200 million) from a, 2.8 billion yuan loss a year earlier. Revenue rose 4 percent to 66.8 billion yuan. Passenger traffic increased 8 percent to over 73 million passengers, while cargo and mail transport gained 4 percent.

Air China reported its operating loss narrowed to 2.7 billion yuan from 3.5 billion yuan a year earlier, on a revenue gain of 0.7 percent to 83 billion yuan. Domestic passenger numbers fell 3 percent, but international numbers increased 19 percent. The carrier said it operated 934 aircraft in the period. Jet fuel costs declines, but the costs of maintenance, catering services, marketing and airport charges all rose.

China Southern Airlines narrowed its first-half loss to 1.5 billion yuan (US$210 million) from 1 billion yuan a year earlier, with operating revenue rising 1.8 percent to 86 billion yuan. The carrier, which operates a fleet of 943 planes, said passenger revenue rose 1.8 percent, and cargo was up 4 percent. Domestic revenue fell 1.8 percent on less consumer discretionary spending, and international revenue rose 16 percent. The airline said the market in the first six months was beset by rising competition, both from within the domestic industry and from high-speed rail.

Chinese budget carrier Spring Airlines reported first-half profit fell 14 percent from a year earlier to 1.2 billion yuan (US$168 million). Revenue rose 4.4 percent to 10.3 billion yuan.

Industrial

PetroChina profit falls, company to buy additional gas storage

Beijing-based PetroChina, Asia's largest oil and gas producer, reported first-half profit fell 5.4 percent from a year earlier to 84 billion (US$11.7 billion), weighed down by lower international crude oil prices. Revenue dropped 6.7 percent to 1.45 trillion yuan. Sales of crude-oil products rose 6 percent, but gasoline products dropped 5 percent. However, the company's gas segment reported 18.6 billion yuan in earnings, higher than a year earlier. In the new energy segment, output from wind and solar power surged 70 percent. For the rest of the year, the company said it expects oil prices to remain under pressure.

The Hong Kong-listed company separately announced plans to take over three natural gas storage facilities from its controlling shareholder, state-owned China National Petroleum Corp, in a deal valued at 40 billion yuan (US$5.6 billion) to enhance its supply chain. The purchase will give the company an addition of about 11 billion cubic meters of gas storage. A subsidiary of PetroChina operates the West-East Gas Pipeline in China.

China State Shipbuilding posts profit surge despite troubled waters

China State Shipbuilding Corp (CSSC), the world's biggest shipbuilding conglomerate, reported first-half net profit surged 2.5-fold to 526 billion yuan (US$738 million) on a 16 percent increase in operating revenue to 10.2 billion yuan. The company this year completed its takeover of affiliate China Shipbuilding Industry, creating a company with 21 percent of global capacity, as China sought to strengthen its industry amid Trump administration policies aimed at curtailing its dominance. Shipowners have become more cautious on tense geopolitical concerns, the company said. Hong Kong-listed CSSE said orders for new ships in the global shipbuilding industry declined this year, and prices for new ships showed signs of easing. However, the company said the global competitive landscape looks stable.

CNOOC profit slides on lower oil prices

China National Offshore Oil Corp (CNOOC), China's third-largest oil producer, reported a 13 percent decline in half-year profit to 69.5 billion yuan (US$9.7 billion) from a year earlier as lower oil prices offset a 6 percent rise in production to a record high. The company, in a filing with the Hong Kong Stock Exchange this week, said revenue from sales of offshore oil and gas in the six months tumbled 7 percent to 172 billion yuan. CNOOC said it made five new discoveries offshore this year and began production in several new fields in China and one in Brazil. It also signed a contract for oil exploration in Kazakhstan.

Northern Rare Earth delivers 20-fold surge in profit

China Northern Rare Earth Group reported a 2,000 percent increase in first-half net profit from a year earlier to 931 million yuan (US$128 million) on a 45 percent jump in revenue to 18.9 billion yuan, as China's dominance in industrial rare earth minerals took center stage in US-China trade relations earlier this year. China lifted its ban on rare earth exports in May in exchange for the US easing restrictions on chip exports. The ban temporarily curtailed some industrial production in Europe. Rare earths are elements whose alloys are key to manufacture of electric cars, wind turbines and smartphone, among other products. Northern Rare Earth reported record production in the six months and large increases in investment, with a new "green smelting" factory in Inner Mongolia poised to open, and work underway on at least four other sites.

Cosco Shipping posts modest rise in profit amid global uncertainties

Cosco Shipping, a Shanghai-based marine transport conglomerate, said first-half profit rose 3.9 percent from a year earlier to 17 billion yuan (US$2.4 billion) on a 7.8 percent increase in revenue to 109 billion yuan, despite what the company called a "volatile" shipping market beset by tariff wars and geopolitical tensions. Revenue in its container shipping division rose 7.5 percent, though volume throughput on its biggest route, trans-Pacific transport, rose only 1.8 percent. Revenue in Cosco's terminal business rose nearly 15 percent. The company said the short-term outlook for the container shipping market is still filled with "relatively great uncertainties."

Baosteel posts 7.4 percent profit rise amid sluggish domestic demand

Baoshan Iron & Steel, China's biggest listed steelmaker, said half-year profit increased 7.4 percent from a year earlier to 4.9 billion yuan (US$682 million), but revenue fell 7.2 percent to 151.4 billion yuan on sluggish domestic demand. The company warned of industry pressures ahead because of US global tariffs on steel. Baosteel did benefit from lower prices for iron ore and coking coal. Baosteel is a subsidiary of state-owned Baowu Steel Group, the world's largest steelmaker. It said it produced 26 million metric tons steel in the first half, and export orders rose 9.4 percent.

Gold miner Zijin hits record profit

China's Zijin Mining, a major producer of gold, copper and zinc, posted record first-half net profit of 23.3 billion yuan (US$3.3 billion), up 54 percent from a year earlier and surpassing 2023 full-year profit of 21 billion yuan. Revenue rose 11.5 percent to 167.7 billion yuan, driven by higher metals prices. Gold surged globally on geopolitical tensions. Despite the strong performance, Zijin warned that intensifying global competition for critical minerals and rising nationalism enveloping natural resources could challenge overseas projects. The company also flagged potential headwinds from rising costs, trade disruptions and regional regulatory disparities.

China's solar module manufacturing giants report first-half losses

China's leading makers of solar power modules – Trina Solar, Longi Green Energy, Tongwei, JA Solar Technology, TCL Zhonghuan Renewable Energy and JinkoSolar – reported combined losses of 20 billion yuan (US$2.8 billion) in the first half of this year amid plunging prices and a supply market glut. Trina turned to a loss of 2.9 billion from net profit of 526 million a year earlier, its first loss since going public in 2020. Longi's net loss narrowed to 2.6 billion yuan, while Tongwei's swelled to 5 billion yuan. JA Solar 's loss grew to 2.6 billion yuan, and TCL Zhonghuan's broadened to 4.2 billion yuan. Jinko's turned to a loss of 2.9 billion from profit of 1.2 billion a year earlier.

Two nuclear power giants post lower profits

China's two biggest nuclear power companies reported lower first-half profit as the rollout of the nation's electricity spot market and the rise in renewable power pushed energy prices lower. General Nuclear Power net profit tumbled 16 percent to 6 billion yuan (US$838.7 million), on a revenue slide of 0.5 percent to 39.2 billion yuan. Its power generation rose 7 percent to 113 billion kilowatt-hours in the period. China National Nuclear Power's profit fell 3.7 percent to 5.7 billion yuan, though revenue rose 9.4 percent to 41 billion yuan. It generated power of 93.5 billion kilowatt-hours, up 12 percent.

Sany Heavy first-half profit surges 46 percent

China's Sany Heavy Industry, the world's third-largest heavy equipment manufacturer, posted a 46 percent surge in first-half profit from a year earlier to 5.2 billion yuan (US$724 million). Overseas revenue, which accounts for 30 percent of sales, rose 12 percent. The company said it benefited from a recovery in the domestic construction machinery industry and from overseas growth spurred by the launch of 80 new products. By category, revenue from excavators, cranes and concrete machinery led gains.

Pharmaceuticals

Fosun Pharma posts 39 percent rise in half-year profit

Shanghai-based drugmaker Fosun Pharma reported first-half net profit rose 39 percent from a year earlier to 1.7 billion yuan (US$238 million), though revenue fell 5 percent to 19.5 billion yuan. Earnings from innovative drugs exceeded 4 billion yuan. Research and development investment in the six months totaled 2.6 billion yuan, with a focus on therapeutics that include solid tumors and immune-inflammatory disorders. The Shanghai-listed company said it is expanding its pipeline into chronic cardiovascular and kidney diseases, and has granted overseas rights to a drug in development to UK biotech company Sitala Bio for a total consideration of up to US$675 million.

Drug developer XtalPi turns to profit on US deal

Shenzhen-based XtalPi said first-half revenue from drug development surged 615 percent to 435 million yuan (US$61 million), with income turning to a profit of 141.6 million yuan from a year earlier loss of 251 million yuan. The company said it has collected an upfront payment of US$51 million, the first installment of a collaborative agreement with US-based DoveTree Medicines that could be worth up to US$5.9 billion. Under the agreement, DoveTree has exclusive global rights to develop and commercialize a portfolio of innovative therapeutics developed by XtalPi.