All 79 A-share listed companies in Chongqing have disclosed their 2025 annual reports, collectively achieving a net profit of 52.589 billion yuan, setting a new historical record. In 2025, among these 79 A-share listed Chongqing enterprises, 59 companies were profitable, accounting for over 74%. *ST Jinke became the "Net Profit King" with 29.325 billion yuan, Seres Group Co.,Ltd. (SERES) became the "Earnings Per Share King" with 3.68 yuan per share, and Taiji Group became the "Growth King" for net profit with a 352.38% increase.
Huang Xiaoning, President of the Chongqing Liangjiang SME Finance Research Institute, noted that A-share listed companies in Chongqing exhibit a distinct pattern of polarization: automotive companies saw significant performance growth, the consumer sector demonstrated notable resilience, the financial industry maintained steady quality improvements, while some companies continued to face challenges.
**Steady Improvement: 59 Companies Achieve Profitability** Among the 59 profitable listed Chongqing companies, *ST Jinke reported the highest net profit. In 2025, the company achieved operating revenue of 6.884 billion yuan, a year-on-year decrease of 75.02%; its net profit attributable to shareholders reached 29.325 billion yuan, a sharp increase of 191.73% from -31.970 billion yuan in the same period last year. This substantial profit growth primarily stemmed from the completion of its restructuring plan and the conclusion of restructuring procedures, generating approximately 72.6 billion yuan in debt restructuring gains recorded as non-recurring gains and losses for the period. Excluding this income, its non-GAAP net profit was -35.576 billion yuan, a year-on-year decrease of 25.19%.
In 2025, Chongqing Rural Commercial Bank Co.,Ltd. (CQRC BANK) achieved operating revenue of 28.648 billion yuan, a year-on-year increase of 1.37%; its net profit attributable to shareholders was 12.128 billion yuan, a year-on-year increase of 5.35%. After adjustments, the non-GAAP net profit attributable to shareholders reached 12.097 billion yuan, a year-on-year increase of 8.55%.
Seres Group Co.,Ltd. (SERES) achieved operating revenue of 165.054 billion yuan in 2025, a year-on-year increase of 13.69%; its net profit attributable to shareholders was 5.957 billion yuan, a year-on-year increase of 0.18%. The adjusted non-GAAP net profit attributable to shareholders was 5.136 billion yuan, a year-on-year decrease of 7.84%.
Chongqing Bank ranked fourth in total net profit. In 2025, the bank achieved operating revenue of 15.113 billion yuan, a year-on-year increase of 10.48%; its net profit attributable to shareholders was 5.654 billion yuan, a year-on-year increase of 10.49%. The adjusted non-GAAP net profit attributable to shareholders was 5.647 billion yuan, a year-on-year increase of 12.01%.
Additionally, eight other companies reported net profits attributable to shareholders exceeding 1 billion yuan in 2025. These are: Chongqing Changan Automobile Company Limited (Changan Auto), 4.075 billion yuan; Giant Network Group, 1.755 billion yuan; Loncin Motor, 1.648 billion yuan; Sanfeng Environment, 1.231 billion yuan; Chongqing Brewery, 1.231 billion yuan; Southwest Securities, 1.062 billion yuan; China Automotive Engineering Research Institute, 1.058 billion yuan; and Chongqing Department Store, 1.045 billion yuan.
**Integration and Mutual Promotion: Automotive Ecosystem Collaboration Leaps Forward** Seres Group Co.,Ltd. (SERES) achieved profitability for the second consecutive year, with multiple indicators hitting record highs. The 2025 annual report shows the company achieved operating revenue of 165.05 billion yuan, a year-on-year increase of 13.7%; net profit attributable to shareholders of 5.96 billion yuan, a year-on-year increase of 0.18%; and sales of new energy vehicles reaching 472,000 units, a year-on-year increase of 10.6%. Its financial structure improved significantly: the asset-liability ratio decreased from approximately 87% to 70.91%, and monetary funds reached 87.287 billion yuan, accounting for 60.66% of total assets. In January 2026, the 1 millionth AITO vehicle rolled off the production line, making Seres Group Co.,Ltd. (SERES) the first luxury new energy vehicle manufacturer in China listed on both the A-share and H-share markets. Entering 2026, the first-quarter revenue reached 25.75 billion yuan, a year-on-year increase of 34.5%, with a net profit attributable to shareholders of 750 million yuan. With the AITO M6 commencing mass deliveries and the new-generation AITO M9 set to launch, these two new products are expected to form a powerful growth engine. The company is deepening its large single-product strategy, with the M6 expected to fill the product gap in the 250,000-300,000 yuan price range, consolidating AITO's high-end positioning.
Chongqing Changan Automobile Company Limited (Changan Auto) underwent a structural adjustment characterized by "volume increase but profit decrease" in 2025. Full-year revenue reached 164 billion yuan, with vehicle sales hitting a record high of 2.913 million units. However, net profit attributable to shareholders was 4.075 billion yuan, a year-on-year decrease of 44.34%, reflecting strategic investment pressures during the transition period. Non-GAAP net profit increased by 8.03% year-on-year, indicating continued improvement in core business quality. All three of Changan Auto's new energy brands showed strong growth: Changan Qiyuan, 410,000 units (+42.6%); Deepal, 325,000 units (+44.4%); and Avatr, over 120,000 units (+63%). Although Avatr and Deepal still reported strategic losses, the loss margins narrowed significantly. Entering 2026, Changan Auto sold 209,500 vehicles in April, with new energy deliveries reaching 94,200 units (+32.2%), including 33,200 Deepal units (+64.8%). In terms of internationalization, the company has established 22 overseas manufacturing bases with an annual capacity of 350,000 vehicles. Overseas deliveries in April reached 72,700 units (+69.9%). The company launched the "Sea Acceptance" 2.0 plan, targeting overseas sales of 1.5 million vehicles by 2030. Breakthroughs were made in intelligent driving: following the L3 road test license, the company obtained an L4-level Robotaxi test license.
Loncin Motor delivered a highly valuable performance report. 2025 revenue was 19.135 billion yuan, with net profit attributable to shareholders of 1.648 billion yuan, where profit growth far exceeded revenue growth. Among this, the VOGE series revenue was 3.954 billion yuan, with sales in the European market exceeding 80,000 units; export revenue reached 1.303 billion US dollars. Against the backdrop of a 12.16% increase in fuel motorcycle sales across the industry, Loncin Motor's high-quality growth serves as a testament to Chongqing enterprises advancing towards the high end of the global industrial chain.
Sichuan Instrument achieved a net profit attributable to shareholders of 643 million yuan and earnings per share of 1.26 yuan; SMEs like Shenchi Electromechanical and Landai Technology maintained orderly growth in their respective niche segments.
**Quality and Efficiency Dual Improvement: Consumer Leaders Navigate the Waves** Chongqing Brewery achieved growth in both revenue and net profit for three consecutive years. 2025 revenue was 14.722 billion yuan (+0.53%), and net profit attributable to shareholders was 1.231 billion yuan (+10.43%), outperforming the national average. Non-GAAP net profit was 1.188 billion yuan, a year-on-year decrease of 2.78%, mainly due to rising raw material costs. The premiumization strategy continues to deliver results.
Chongqing Department Store reported a net profit attributable to shareholders of 1.045 billion yuan in 2025, with earnings per share of 2.38 yuan, demonstrating the digital adaptability of a regional consumer enterprise. On April 23 this year, Chongqing Department Store announced its intention to change its name to "Chongqing Zhongbai Technology Group Co., Ltd." and its stock abbreviation to "Zhongbai Group".
Fuling Zhacai achieved annual revenue of 2.432 billion yuan (+1.88%), with net profit attributable to shareholders of 768 million yuan and basic earnings per share of 0.67 yuan, indicating solid brand fundamentals and stable demand.
Giant Network Group became a representative of "phenomenal growth" in the consumer sector: 2025 revenue was 5.047 billion yuan (+72.69%), and net profit attributable to shareholders was 1.755 billion yuan (+23.13%); the first quarter of 2026 saw net profit attributable to shareholders of approximately 1.08 billion yuan, a year-on-year increase of 108%, indicating the continued release of potential in digital entertainment volume.
It is worth noting that the financial sector remained stable. As the first "A+H" listed rural commercial bank and the first "A+H" listed bank in western China, Chongqing Rural Commercial Bank Co.,Ltd. (CQRC BANK) has consistently anchored its course towards high-quality development, with its operating conditions continuously improving and comprehensive competitiveness steadily rising. Revenue and net profit achieved synchronized growth, with return on equity reaching 9.18%, maintaining a stable profitability level.
Chongqing Bank's total assets surpassed the trillion-yuan mark, reaching 1.03 trillion yuan, a significant increase of 20.67% from the end of the previous year. This means Chongqing Bank has joined the "trillion-yuan club", becoming the first "A+H" dual-listed city commercial bank in China with assets exceeding one trillion yuan. Meanwhile, Chongqing Bank also achieved double-digit growth in both revenue and net profit. In 2025, operating revenue was 15.113 billion yuan, a year-on-year increase of 10.48%; net profit attributable to the bank's shareholders was 5.654 billion yuan, a year-on-year increase of 10.49%.
**R&D Investment: Chongqing Enterprises Generally Increase Efforts** In 2025, 20 listed Chongqing companies reported losses, respectively: Chongqing Zhifei Biological Products Co.,Ltd. (Zhifei Bio) -14.723 billion yuan; Chongqing Iron & Steel -2.722 billion yuan; *ST Zhongdi -1.710 billion yuan; Chongqing Construction Engineering Group -1.195 billion yuan; *ST Fazhan -630 million yuan; Merit -567 million yuan; *ST Sansheng -420 million yuan; Zhixiang Jintai -536 million yuan; Sifang New Materials -311 million yuan; H&R Century -252 million yuan; Laimei Pharmaceutical -135 million yuan; Tianyu Bio -107 million yuan; *ST Huicheng -79.0184 million yuan; Xinan Jie -78.4978 million yuan; Zhongshe Consulting -62.1434 million yuan; ST Tiansheng -55.4235 million yuan; Wanli Shares -52.913 million yuan; Hongxi Technology -21.1328 million yuan; Sanyang Horse -8.5369 million yuan; Xinyuan Zhizao -4.4754 million yuan.
The reversal of profitability for some companies is an unavoidable issue in the annual reports. Chongqing Zhifei Biological Products Co.,Ltd. (Zhifei Bio) reported 2025 revenue of 8.958 billion yuan, a year-on-year decrease of approximately 66%; net profit attributable to shareholders was -14.723 billion yuan, marking the first annual loss since its listing, averaging a daily loss of about 40 million yuan, making it the "Loss King" among A-share pharmaceutical companies in 2025. The 2026 Q1 report shows its inventory has decreased to 3.5 billion yuan, and it is advancing destocking and transformation.
Losses for companies like Chongqing Iron & Steel, Chongqing Construction Engineering Group, *ST Zhongdi, Zhixiang Jintai, and Merit were mainly due to significant profit contraction in the construction and real estate sectors.
Notably, R&D investment has become a generally increased rigid indicator for Chongqing listed companies. Seres Group Co.,Ltd. (SERES) spent 7.95 billion yuan on R&D for the full year, Chongqing Changan Automobile Company Limited (Changan Auto) spent 7.16 billion yuan, and Chongqing Zhifei Biological Products Co.,Ltd. (Zhifei Bio) still invested 932 million yuan in R&D despite massive losses. By the end of 2025, the added value of Chongqing's strategic emerging industries accounted for 36.3% of the total, and the core digital economy industry's added value accounted for approximately 10% of GDP. "Exchanging R&D for growth" is becoming the core path for Chongqing enterprises to write a new chapter in high-quality development.
**Expert Commentary: Chongqing Annual Reports Release Three Signals: New Quality Productive Forces Accelerate, Consumption and Finance Stabilize, Transition Pains Await Resolution** "Through the 2025 annual reports of Chongqing listed companies, we can clearly see that Chongqing's economy is undergoing a profound structural transformation," said Huang Xiaoning. On one hand, new energy vehicle leaders represented by Seres Group Co.,Ltd. (SERES) and Chongqing Changan Automobile Company Limited (Changan Auto), as well as high-end motorcycle enterprises like Loncin Motor, are leading the leap from "Chongqing Manufacturing" to "Chongqing Intelligent Manufacturing". Continuous R&D investment is being transformed into growth momentum, accelerating the formation of new quality productive forces. On the other hand, the consumption and financial sectors have demonstrated strong resilience, becoming the ballast for regional economic stability.
He noted that losses at companies like Chongqing Zhifei Biological Products Co.,Ltd. (Zhifei Bio) and Chongqing Iron & Steel also serve as a warning that the shift between old and new growth drivers inevitably comes with pains, and some industries are still in a critical period of destocking and structural adjustment. Overall, the polarization among Chongqing listed companies precisely reflects the vivid picture of industrial structure optimization and upgrading—only by adhering to innovation-driven development and accelerating transformation can they seize the initiative in the national high-quality development landscape.
Huang Xiaoning stated that from a city-wide perspective, the "33618" modern manufacturing cluster system has begun to show results. The trillion-yuan engine of the intelligent connected new energy vehicle industry is igniting and taking off, while the digital and intelligent transformation of traditional advantageous industries is also advancing simultaneously. In the future, Chongqing needs to further guide capital towards technological innovation, help struggling enterprises overcome difficulties and transform, while consolidating the supporting role of finance and consumption, allowing old and new growth drivers to form synergy and truly ignite the new engine of high-quality development.
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