In the first quarter of 2026, China's major industrial enterprises achieved a total profit of 1,696.04 billion yuan, representing a year-on-year increase of 15.5%. Among listed companies, 29 firms reported net profits attributable to shareholders exceeding 10 billion yuan for the single quarter, with Foxconn Industrial Internet Co.,Ltd., a leader in the electronics sector, ranking first with a growth rate of 102.55%.
Major industrial enterprises saw a 15.5% profit growth in Q1, with several industries doubling their profits. Data from the National Bureau of Statistics indicated that the total profits of designated industrial enterprises (those with annual main business revenue of 20 million yuan or above) reached 1,696.04 billion yuan in the first quarter, up 15.5% year-on-year. Joint-stock enterprises contributed over 70% of this total, with profits of 1,305.46 billion yuan, marking a 20.9% increase.
Among the top three industries by total profit, the computer, communication, and other electronic equipment manufacturing sector reported profits of 216.96 billion yuan, surging 124.5% year-on-year. The production and supply of power and heat recorded profits of 173.57 billion yuan, down 3.4% year-on-year, while the nonferrous metal smelting and rolling processing industry saw profits of 141.98 billion yuan, rising 116.7%.
Yu Weining, Chief Statistician at the Industrial Department of the National Bureau of Statistics, stated that the industrial economy showed steady recovery in the first quarter, with accelerated profit growth among major industrial enterprises. Equipment manufacturing and high-tech manufacturing sectors experienced rapid profit expansion, while raw material manufacturing maintained double-digit growth, indicating continuous improvement in industrial enterprise performance.
Specifically, equipment manufacturing profits grew by 21%, contributing 6.8 percentage points to the overall profit growth of major industrial enterprises. The electronics industry, driven by strong production and price recovery, was a key factor supporting this rapid expansion. High-tech manufacturing profits increased by 47.4%, contributing 7.9 percentage points to the total profit growth. Within this sector, the rapid development of artificial intelligence and semiconductor-related industries propelled profit growth in optical fiber manufacturing, optoelectronic device manufacturing, and display device manufacturing by 336.8%, 43%, and 36.3%, respectively. Raw material manufacturing profits rose by 77.9%, maintaining a high growth trajectory, with the nonferrous metals industry surging 116.7% due to strong demand from strategic emerging sectors like aerospace, new energy, and next-generation information technology.
Boosted by AI demand, the electronics sector reported strong results, with one company's Q1 net profit soaring over 78 times. According to Choice financial terminal data, approximately 478 A-share companies, excluding those turning losses into profits, saw their net profits attributable to shareholders double year-on-year in Q1 2026. Classified by Shenwan primary industry (2021, A-shares only), the electronics sector led with about 58 such companies.
Among the 503 listed companies in the electronics sector, 360 reported profitable net profits attributable to shareholders. Foxconn Industrial Internet Co.,Ltd. led with an absolute amount of 10.595 billion yuan and a growth rate of 102.55%. The company attributed this performance to sustained explosive demand for AI computing power, ongoing optimization of its product mix, and steady improvement in main business operational efficiency. Revenue for the period reached 251.078 billion yuan, up 56.52% year-on-year. Cloud computing business revenue doubled, with AI GPU cabinet shipments growing 3.8 times year-on-year and AI ASIC server shipments increasing 3.2 times. In communication and mobile network equipment, shipments of 800G and above high-speed switches rose 1.6 times year-on-year and 46% sequentially, while CPO all-optical switch prototypes began shipping.
In terms of growth rate, excluding loss-to-profit companies, six firms including Shannon Semiconductor Technology Co.,Ltd., Shenzhen Success Electronics Co.,Ltd., and Xi’An Peri Power Semiconductor Converting Technology Co.,Ltd. saw Q1 net profits attributable to shareholders increase more than tenfold. Shannon Semiconductor Technology Co.,Ltd. reported revenue of 23.765 billion yuan, up 200.60% year-on-year, and net profit attributable to shareholders of 1.327 billion yuan, skyrocketing 7,835.06%. The company cited robust generative AI application demand driving industry optimism, continuous price increases for enterprise storage products, and significant improvement in profitability.
Notably, 36 electronics companies turned losses into profits year-on-year in Q1 2026. Among them, Shenzhen Longsys Electronics Co.,Ltd., Shenzhen Techwinsemi Technology Co.,Ltd., and Biwin Storage Technology Co.,Ltd. reported higher net profits attributable to shareholders at 3.862 billion yuan, 3.356 billion yuan, and 2.899 billion yuan, respectively. Shenzhen Longsys Electronics Co.,Ltd. achieved revenue of 9.909 billion yuan, up 132.79% year-on-year, and shifted from a net loss of 152 million yuan in the same period last year to a profit. The company also highlighted the driving force of AI demand, maintaining high景气度 in the global semiconductor storage industry, and the successful renewal of long-term supply agreements and memoranda of understanding with multiple original manufacturers to secure core supply chain resources.
Twenty-nine listed companies reported single-quarter net profits attributable to shareholders exceeding 10 billion yuan. According to Choice data, over 1,200 A-share companies achieved net profits surpassing 100 million yuan in Q1 2026, with 29 breaking the 10 billion yuan mark. Classified by Shenwan primary industry, the banking sector led with 14 such companies.
The big four state-owned banks dominated. Industrial And Commercial Bank Of China Limited reported net profit attributable to shareholders of 86.941 billion yuan, up 3.31% year-on-year; China Construction Bank Corporation posted 86.291 billion yuan, growing 3.53%; Agricultural Bank Of China Limited achieved 75.185 billion yuan, increasing 4.52%; and Bank Of China Limited realized 56.631 billion yuan, up 4.17%.
Petrochina Company Limited and Cnooc Limited ranked fifth and sixth, with net profits attributable to shareholders of 48.332 billion yuan and 39.144 billion yuan, up 1.9% and 7.1% year-on-year, respectively. Petrochina Company Limited attributed its growth to increased natural gas sales volume and higher sales volume and gross profit of refined oil and chemical products. The company also emphasized efficient exploration and profitable development in its oil, gas, and new energy business, with oil and gas equivalent output reaching 470.2 million barrels, up 0.7% year-on-year, and wind and solar power generation hitting 2.33 billion kWh, rising 38.5%. Cnooc Limited noted strong growth in net oil and gas production and net profit due to enhanced reserve additions and production increases, coupled with cost reduction and efficiency improvements. Key projects like the Huizhou 25-8 oilfield comprehensive adjustment and Penglai 19-3 oilfield secondary adjustment were successfully brought online, with other new projects progressing smoothly.
Other industry leaders such as China Mobile Limited, Kweichow Moutai Co.,Ltd., Contemporary Amperex Technology Co.,Ltd., and Zijin Mining Group Company Limited also featured prominently in profit rankings. Among companies achieving 10 billion yuan net profits, Foxconn Industrial Internet Co.,Ltd. had the highest growth rate, followed by Zijin Mining Group Company Limited and Citic Securities Company Limited with significant increases. Zijin Mining Group Company Limited reported revenue of 98.498 billion yuan, up 24.79% year-on-year, and net profit attributable to shareholders of 20.079 billion yuan, surging 97.5%. The company noted increased production of mineral gold and lithium carbonate, though mineral copper output declined due to lower equity copper production from Kamoa-Kakula. Rising prices of main metal varieties fully released price红利, driving significant operational performance improvement. Citic Securities Company Limited achieved revenue of 23.155 billion yuan, up 40.91% year-on-year, and net profit attributable to shareholders of 10.216 billion yuan, growing 54.6%. The company cited favorable capital market conditions, high transaction activity, and proactive market opportunities capture, with all business segments协同发力 to achieve rapid growth.
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