Shanghai Stock Exchange: The operating performance of Shanghai listed companies in the third quarter achieved year-on-year and month-on-month increases

The Zhitong Finance App learned that as of October 31, the Shanghai Stock Exchange announced that as of October 31, listed companies in Shanghai have completed the disclosure of their 2025 three-quarter reports. According to the data, as macroeconomic policies became effective, listed companies in Shanghai withstood the pressure and achieved year-on-year and month-on-month increases in business performance, showing a good momentum of development. In the first three quarters of 2025, listed companies in Shanghai achieved total revenue of 37.58 trillion yuan, a slight increase over the previous year; realized net profit of 3.79 trillion yuan, an increase of 4.5% year on year; net profit after deduction of 3.65 trillion yuan, an increase of 5.5% year on year.

The original text is as follows:

As of October 31, listed companies in Shanghai have completed the disclosure of their 2025 three-quarter reports. According to the data, as macroeconomic policies became effective, listed companies in Shanghai withstood the pressure and achieved year-on-year and month-on-month increases in business performance, showing a good momentum of development.

The performance growth rate for the first and third quarters was impressive

In the first three quarters of 2025, listed companies in Shanghai achieved total revenue of 37.58 trillion yuan, a slight increase over the previous year; realized net profit of 3.79 trillion yuan, an increase of 4.5% year on year; net profit after deduction of 3.65 trillion yuan, an increase of 5.5% year on year.

On a quarterly basis, net profit for the third quarter and net profit after deduction increased 11.4% and 14.6% year-on-year, respectively, 10.8 percentage points and 14.3 percentage points higher than the second-quarter growth rate, and 16.9% and 19.2%, respectively. With steady growth in performance, dividends over a year have gradually become the norm. A total of 501 sub-companies have introduced interim and three-quarter dividend plans. The total amount of cash dividends exceeded 600 billion yuan, an increase of 3.3% over the previous year.

Science and technology innovation board companies are developing steadily. In addition to the 4 multi-listed red chip companies including SMIC, which are expected to disclose their three-quarter reports in November, the remaining 588 science and technology innovation board companies achieved a total revenue of 1.01 trillion yuan, an increase of 6.6% over the previous year. Since their launch, they have achieved continuous growth, with a median R&D intensity of 12.4%, and breakthrough progress in various fields. Among them, unprofitable enterprises in the science and innovation growth tier are developing impressive. The 33 companies that have disclosed three quarterly reports continued to increase investment in R&D while increasing shrinking losses. Revenue increased 35.1% year on year, net profit decreased losses by 45.4% year on year, and the median R&D intensity reached 44.3%.

The growth rate of private enterprises increased from quarter to quarter. The revenue and net profit of private enterprises increased by 4.5% and 10.0% year-on-year respectively in the first three quarters. On a quarterly basis, net profit growth rates for the first to third quarter were 0.4%, 12.3%, and 17.2%, respectively. The growth rate increased 4.9 percentage points month-on-month in the third quarter, and the growth momentum was particularly evident. The hematopoietic capacity of physical enterprises was further enhanced. The net cash flow from operating activities in the first three quarters was 2.37 trillion yuan, an increase of 14.6% over the previous year, and the ratio of operating cash flow to net profit increased 1.5 times. Among them, the growth rate of cash flow from operating activities of private entities was 10.2 percentage points higher than the overall rate.

II. Steady growth towards new momentum

New quality productivity has become an important driving force for performance growth. The modern industrial system has been formed at an accelerated pace, and the high-tech industry has maintained relatively rapid growth. In the first three quarters, the high-tech manufacturing service industry invested a total of 229.6 billion yuan in R&D, an increase of 9% over the previous year. High R&D investment led to a year-on-year increase in revenue and net profit of 10% and 19%, respectively, and the share of contributed profit increased by 3.4 percentage points. Among them, the trend in the semiconductor industry was driven by AI, and the net profit of chip design and semiconductor equipment increased 82% and 25% year-on-year respectively; domestic computing power received market recognition, Cambrian revenue increased 24 times, and Haiguang Information's revenue increased 55%; and the net profit of core component companies such as Minzhi Electric and Obi Zhongguang all increased year-on-year due to the two-way driving iteration of embedded intelligence and artificial intelligence.

Intensive breakthroughs in key technologies. In the biomedical field, since this year, Shanghai companies have promoted the approval of 26 Class 1 new drugs, and the recombinant human albumin injection (rice) independently developed by Heyuan Biotech has been approved for marketing, making it the world's first “rice hematopoietic” Class 1 innovative drug. In the field of high-end equipment, Kode CNC has achieved batch import substitution of domestic high-end five-axis machine tools in key fields such as aerospace, and technological breakthroughs such as Zhenhua Heavy Industries' DP2 class ship dynamic positioning control system have helped build smart ports. In the field of infrastructure, the “Steel Backbone” TBM of Railway Construction Heavy Industries achieved major breakthroughs in engineering equipment, CRRC's CR450 high-speed EMU achieved technological leadership, and the world's first integrated pipe/shield machine independently developed by Tunnel Co., Ltd. completed inspection and successfully launched. In the field of communications, National Shield Quantum achieved mass production of the world's first four-channel ultra-low noise semiconductor single-photon detector, setting a new world record with key indicators.

Industrial upgrading is becoming smart and green. The four major clean energy companies in Shanghai had a total power generation capacity of 439.2 billion kilowatt-hours in the first three quarters, an increase of 5% over the previous year. Guodian Nanrui, Sifang Co., Ltd., Pinggao Electric, etc. have made breakthroughs in relay protection, UHV switches, etc., providing support for the green transformation of the energy system, and high value-added product lines are driving net profit growth. The wind power equipment industry focuses on large-scale and intelligent innovation. The share of offshore fan orders over 16 MW that has won the bid by Mingyang Intelligence has exceeded 30%. The basic chemical industry has embarked on a green circular development path. Tongkun Co., Ltd. built an internal recycling industry chain from energy to chemical fiber to reduce energy consumption with intelligent production lines. Net profit increased 54% year-on-year in the first three quarters.

III. Unleash the potential to promote new consumption

New technologies, new scenarios, and new experiences stimulate new consumer demand. Technology drives the upgrading of consumption. Smart home experiences are richer. Covos's household service robot business maintained high growth, and net profit increased 131% year on year in the first three quarters; Haier Smart Home users co-created and launched a number of popular cold washing products, and the air conditioning and kitchen appliance industry expanded rapidly, and net profit increased 15% year on year. Smart wear reshapes the picture of life. Huaqin Technology continues to consolidate its advantages in global smart terminal manufacturing, and net revenue and profit increased by more than 50% in the first three quarters. Smart mobility is gradually becoming a new trend. The five passenger car companies all increased their NEV sales by more than 10% in the third quarter. SAIC Motor Group's NEV sales reached a record high in September; Company No. 9 built differentiation barriers with high-performance intelligent short transportation products, and the increase in the share of electric motorcycle sales led to an 84% year-on-year increase in net profit in the first three quarters.

Basic consumption expands diversified new business formats. Food and beverages explore new demand for multi-level consumption. With high-end and youthful two-wheel drive in Huijishan, sales revenue of high-end rice wine increased 20% year-on-year in the first three quarters. Renovate and upgrade your home. Large single products such as Mercury Home Textiles ergonomic pillows drove the ecological expansion of products. “Online drainage+offline experience” drove double-digit net profit growth; Three Trees “Live Now” combined Art Paint Guochao series products to accelerate high-end retail transformation, and net profit increased 81% year-on-year in the first three quarters. Domestic cosmetics brands unleash their potential. With a concentrated multi-brand matrix and strong online channel marketing, Tmall Beauty ranked first since the launch of the Double Eleven Shopping Festival.

Consumption demand for summer cultural tourism is being released centrally. Summer family trips and inbound and outbound travel led to an increase in demand in the air travel market, and aviation airport revenue increased 21% month-on-month in the third quarter. China Eastern Airlines launched a number of new direct flights. In the third quarter, passenger capacity investment and passenger turnover increased by 6% and 9%, respectively. There was a surge in tourist hotel customers, and revenue increased 10% month-on-month in the third quarter. Building on “cultural experience+digital consumption” to develop a new digital cultural tourism business, revenue increased 46% year-on-year in the third quarter. Domestic movies are leading the summer movie boom. The film “Nanjing Photo Gallery” produced by Chinese filmmakers became this year's summer box office winner, with a 36% year-on-year increase in revenue in the third quarter; Shanghai Film's Guofeng aesthetic animation “Langlang Mountain Monster” successfully verified the “content investment+distribution screening+IP operation” full-chain business model, and IP commercialization accelerated implementation.

4. Anti-internal volume results are beginning to show

“Anti-internal scrutiny” promotes the optimization of the industrial pattern. Traditional key industries are reshaping the balance between supply and demand. The steel industry combined stabilizing production capacity and restructuring. In the first three quarters, net profit increased 550% year on year, and gross margin increased 2.91 percentage points year on year. The share of high-end steel sales of Nangang Steel Co., Ltd. has been steadily increasing. A number of fine steel products have been used in key international projects, and gross margin increased 1.91 percentage points over the same period last year. Shandong Iron and Steel used the Baowu platform to promote intensive procurement. The difference between purchase and sale continued to improve, and net profit for the third quarter reached a record high in a single quarter of nearly 11 quarters. The cement industry actively implemented false peak production, repaired and improved product prices, and gross margin increased 2.95 percentage points year-on-year in the first three quarters. Conch Cement and Huaxin Cement benefited from rising prices and falling costs. Net profit for the first three quarters increased 21% and 76% year-on-year.

Photovoltaic lithium batteries break the game with innovation. In the field of photovoltaics, Shanghai companies are gradually getting out of the low price dilemma and shifting to technological iteration and global layout. The price of silicon wafers rebounded markedly. Tongwei Co., Ltd. reduced losses sharply year-on-month in the third quarter, while Hongyuan Green Energy and Daquan Energy turned losses into profits in the third quarter. Battery module companies Longji Green Energy and Aixu Co., Ltd. broke through the game with BC technology, reducing losses sharply year-on-year in the first three quarters. In the field of lithium batteries, Shanghai companies have achieved cost reduction and efficiency and performance growth through process upgrades and product structure optimization. Relying on the advantages of industrial chain integration, Huayou Cobalt focuses on high-end materials. The share of ultra-high nickel 9 series products increased to more than 60%, and net profit increased 40% year over year. Putailai closely followed demand for downstream power and energy storage batteries. The market share of the diaphragm coating business continued to increase, and net profit increased 37% year over year.

5. Foreign trade shows resilience

Diversified markets provide strong support for exports. The volume of imports and exports of goods continues to grow. Various ports handed over impressive “report cards”, and throughput continued to increase in the first half of the year. In the first three quarters, major port companies such as Ningbo Port, SIPG Group, and Qingdao Port completed a total cargo throughput of 1.912 billion tons, an increase of 5% over the previous year, and completed container throughput of 107 million boxes, an increase of 8% over the previous year. Among them, Shanghai Port's single day and night throughput reached 170,000 TEUs, another record high. New business formats such as cross-border e-commerce stimulate new momentum for foreign trade growth. The Commodity City Global Digital Trade Center market project was launched, and the Chinagoods platform collaborated with the Chinagoods platform to form a good industrial linkage. Net profit increased 49% year-on-year in the first three quarters.

The new momentum for foreign trade continues to grow. The “new three” exports continue to improve, and the NEV sector is particularly impressive. Exports from leading car companies such as SAIC Motor, Guangzhou Automobile, and Great Wall increased 71% year-on-year in the first three quarters; Yutong Bus's new energy buses were exported to nearly 60 countries or regions, and exports increased 59% year-on-year in the first three quarters. High-end equipment “made great strides” overseas. Shanghai Electric delivered the world's first ITER magnet cold state test Dewar, marking a new level of large-scale high-vacuum container development in China; Electric Wind Power won the bid for Ole Cook 90MW and other wind power projects to promote the globalization of the wind power industry through technological innovation. The core logic of innovative drugs going overseas is being reshaped, shifting from a single product license to a joint development model such as NewCo that can create longer-term value. Since this year, 5 NewCo deals have been completed in Shanghai, and the total potential transaction amount is close to 8 billion US dollars. If Nuochengjianhua reached a licensing agreement with Zenas, the total potential transaction amount was as high as US$2 billion; Hengrui Pharmaceutical and Braveheart Bio signed a license for the HRS-1893 project, and the maximum milestone payment could reach US$1,013 million.

The market diversification pattern is becoming more and more stable. Industrial cooperation among ASEAN countries continues to deepen. Many leading tire companies, such as Zhongce Rubber, Linglong Tire, and Sailun Tire, have successively built factories in Southeast Asian countries such as Cambodia, Thailand, and Vietnam; Jack Technology's new “Quick Reverse 2” smart sewing machine catalyzed a wave of technological innovation in the Southeast Asian garment industry, and net profit increased 10% year-on-year in the first three quarters; Longpan Technology's first phase of the 30,000 ton lithium iron phosphate cathode material project in Indonesia was put into operation at the beginning of the year, and is now at full capacity. The Middle East market is expanding steadily. China Power Construction and China Energy Construction and other central enterprises have successively announced the signing of major new energy project contracts in Saudi Arabia, with a total amount exceeding 30 billion yuan; Dongfang Electric signed a general contract for about 1 GWh grid-side energy storage project in Abu Dhabi, achieving a major breakthrough in the Middle East battery energy storage system market.

6. Accelerate implementation of reform initiatives

The “Science and Technology Innovation Board 1+6” and “Eight Rules for the Science and Technology Innovation Board” reforms have been implemented at an accelerated pace. Since the release of the “Science and Technology Innovation Board 1+6”, 18 new IPO applications have been accepted. Of these, 4 are unprofitable companies, and 2 have applied the fifth set of standards. It only took 4 months from acceptance to registration for the Moore Thread. The first batch of 3 newly registered companies in the Science and Innovation Growth Tier have already gone public. Since the release of the “Eight Rules of the Science and Technology Innovation Board”, nearly 150 new industrial mergers and acquisitions were added, and nearly 90 new transactions were added this year; the total amount of transactions was nearly 48 billion yuan, of which 46 were major asset restructuring or issuance of securities, and the number of transactions was more than double the sum of the years before the release of the “Eight Rules of the Science and Technology Innovation Board”; 11 science and technology innovation board companies applied for “asset-light, advanced R&D” for refinancing. The amount of funds raised was nearly 29 billion yuan, which was partially used for R&D projects.

Since the publication of the “Six Rules of Mergers and Acquisitions”, the level of restructuring activity has increased markedly. In the first three quarters of 2025, the number of new asset restructuring orders in Shanghai reached 602, including 76 major asset restructuring, an increase of 117% over the previous year. The total transaction amount exceeded 400 billion yuan, far exceeding the same period last year. Xiangcai Co., Ltd. has absorbed great wisdom, and Haiguang Information has been absorbed and disclosed by Zhongke Shuguang to step up industrial integration efforts; Songfa Co., Ltd. has used asset restructuring to achieve cross-border transformation into the field of shipbuilding and high-end equipment manufacturing. Zhizheng Co., Ltd. acquired AAMI through a cross-border share exchange, and the first cross-border share exchange order was implemented after the new battle investment management measures were issued; China Shenhua disclosed the restructuring plan, and it is expected that a simple “2+5+5” review procedure can be applied to the transaction. Valuation, performance commitments, and inclusiveness of peer competition continue to rise, and Huahai Chengke's acquisitions of leading companies in the same industry, Hengshuo Warwick and Yuanda Environmental Protection's hydropower assets, the controlling shareholders, have successively landed.

This article was edited by: “Published by the Shanghai Stock Exchange”; Zhitong Finance Editor: Chen Xiaoyi.