China's economy demonstrated strong resilience by advancing under pressure in 2025, with GDP exceeding 140 trillion yuan, a year-on-year increase of 5%. The outline for the 15th Five-Year Plan emphasizes promoting high-quality development, consolidating and strengthening the real economy, and building a modern industrial system with advanced manufacturing as the backbone. Listed companies serve as pioneers driving industrial upgrading and are key entities in fostering new quality productive forces, bearing the significant responsibility of achieving high-quality development.
As of April 30, excluding companies that announced delayed disclosures, a total of 5,516 listed companies in China's domestic stock markets (Shanghai, Shenzhen, and Beijing Stock Exchanges, collectively referred to as the "full market") have released their 2025 annual reports. Data indicates that the listed company sector has continued to consolidate its "stable" trend, accelerated its "progressive" pace, expanded its "new" momentum, and fully demonstrated its "vital" effects. The positive performance of listed companies provides solid support and injects strong momentum into China's high-quality economic and social development.
**I. Overall Performance Stabilizes and Rebounds, Core Assets Show Steady Improvement**
In 2025, listed companies gradually moved beyond a period of adjustment, with technological dividends accelerating, industrial structure optimizing and upgrading, and growth momentum converging towards innovation. Both revenue and net profit for the full market shifted from a two-year contraction to renewed positive growth.
**(I) Overall Performance Stabilizes and Rebounds**
Listed companies in the full market achieved total revenue of 73.01 trillion yuan, a year-on-year increase of 1.2%, with the growth rate rising by 1.9 percentage points compared to the previous year. Revenue in the second half of the year grew 2.2% year-on-year, accelerating by 2.1 percentage points from the first half.
Overall net profit reached 5.40 trillion yuan, increasing by 2.6%, with the growth rate up by 4.8 percentage points year-on-year. Over 70% of listed companies in the full market were profitable, with the Beijing Stock Exchange having the highest profitability rate (83%). A total of 3,235 companies reported positive revenue growth, 2,425 companies reported positive profit growth, and 370 companies turned losses into profits.
**(II) Optimized and Upgraded Growth Structure**
Among the 19 industry categories, 10 reported positive revenue growth, and 15 were profitable. Excluding the financial sector, listed companies in the real economy achieved revenue of 63.64 trillion yuan and net profit of 2.55 trillion yuan. Further excluding the real estate and photovoltaic equipment sectors, which reported concentrated losses, real economy listed companies achieved a net profit of 2.75 trillion yuan. Constituent companies of the CSI A500 Index achieved revenue of 44.80 trillion yuan and net profit of 3.79 trillion yuan, accounting for 61.4% and 70.2% of the full market respectively, indicating stable operations of core high-quality assets and further market concentration.
Companies on the ChiNext and STAR Markets entered a harvest period from sustained investment, with revenue growth exceeding 10% and net profit growth surpassing 20%. Six STAR Market companies successfully removed the "U" suffix, highlighting the trend of growth momentum converging towards innovation.
By ownership type, state-controlled listed companies focused on their main responsibilities and businesses, continuously enhanced their core competitiveness, and achieved positive results from deepened reform and enhancement actions. They achieved annual revenue of 39.48 trillion yuan and net profit of 1.56 trillion yuan. Improved business environment brought significant positive effects, with privately-controlled listed companies achieving revenue of 18.34 trillion yuan and net profit of 0.87 trillion yuan, growing by 4.9% and 17.3% respectively.
**(III) Dual Improvement in Profit Quality and Efficiency**
In terms of profit quality, the overall net profit margin for real economy listed companies in 2025 was 4.44%. The return on equity was 6.43%, essentially flat with the previous year, with a median of 4.19%. The cash flow situation continued to improve, with net operating cash flow reaching 6.45 trillion yuan, a 3.5% increase year-on-year, and the net cash flow ratio improved further. The cash collection ratio (operating cash receipt ratio) was 1.03, an increase of 0.02.
Listed companies in the full market generated an added value of 20.52 trillion yuan, accounting for 14.6% of national GDP. Real economy listed companies generated an added value of 14.82 trillion yuan, with the scientific research and technical services, water conservancy, environment and public facilities management, and education sectors seeing added value growth exceeding 10%. The overall labor productivity for the full market was 660,000 yuan per person, an increase of 1.6% year-on-year, maintaining an efficiency advantage 3.6 times the national average.
**II. Industrial Manufacturing Strengthens the Foundation, Emerging Momentum Burgeons**
**(I) Industrial Manufacturing Consolidates a Positive Foundation**
By the end of 2025, manufacturing listed companies accounted for 68% of the total number and 57% of the total market capitalization in the full market. National Bureau of Statistics data showed that the total profit of industrial enterprises above designated size returned to positive growth, reversing a three-year consecutive decline. Reflecting this in the capital markets, manufacturing listed companies achieved a net profit of 1.38 trillion yuan, a year-on-year increase of 10.0%. All manufacturing sub-sectors were profitable. High-tech manufacturing showed significant supportive effect, with net profit growth exceeding the full market average by 14.7 percentage points. The stabilization and recovery of prices for some bulk commodities drove profit improvements in related industries, with net profit growth in the non-ferrous metals and basic chemicals sectors reaching 55.3% and 4.3% respectively.
**(II) Emerging Industries Contribute Significantly to Growth**
The integration of computing and power was included as a national-level new infrastructure project, smart grid construction accelerated, and virtual power plant pilots were rolled out orderly. The power grid equipment sector saw revenue growth of 5.6% and net profit growth of 19.1%. New breakthroughs in domestic reusable rocket technology spurred application scenarios like satellite networks and space-based solar power, creating development opportunities for the power battery and energy storage industries, with net profit increases exceeding 16%. The pace of localization for key materials accelerated, with 8-inch SiC wafers entering mass production. Listed companies in the semiconductor sector saw net profit grow by 39.1%. Domestically developed innovative drugs performed impressively overseas, and the substitution of high-end medical devices with domestic products accelerated comprehensively. Listed companies in the chemical pharmaceuticals sector achieved net profit growth of 12.9%.
**(III) Intelligent Economy Opens New Growth Space**
Shorter iteration cycles for large AI models drove the construction of ultra-large-scale intelligent computing clusters. Listed companies in the computing power leasing industry saw revenue and net profit grow by 11.4% and 75.0% respectively. Upstream demand for hardware like GPUs and LPUs remained strong, with key equipment components revenue growing 31.7% and net profit growing 70.6%. The volume of AI token calls experienced explosive growth, and the commercialized, scaled application of AI agents deepened, empowering numerous industries. The intelligent manufacturing and autonomous driving industries flourished, with listed companies achieving revenue growth exceeding 10% and net profit growth surpassing 20%.
**(IV) Diverse Consumption Reflects Domestic Demand Momentum**
Government policies to expand and strengthen trade-in programs promoted the green and intelligent upgrade of durable consumer goods. Listed companies in the new energy vehicle and consumer electronics sectors achieved double-digit growth in both revenue and net profit. The automotive consumption chain extended further, with increasingly diverse scenarios like automotive modification, leasing, motorsports, and RV camping. The automotive parts sector saw revenue growth of 9.3% and net profit growth of 16.0%. High demand for holiday travel led to record highs in national inbound and outbound trips. The transportation and tourism sectors saw revenue growth of 1.4% and 5.0% respectively. Experiential and social consumption became trends, highlighting segmentation among younger demographics. The gaming and pet economy sectors saw revenue growth of 23.0% and 10.7% respectively.
**(V) Financial Services Enhance Quality and Efficiency in Serving the Real Economy**
In 2025, the financial sector adhered to serving the real economy, deeply advancing the "Five Key Areas of Finance," significantly enhancing the financial accessibility for businesses and residents. Listed financial companies achieved annual revenue of 9.37 trillion yuan and net profit of 2.85 trillion yuan, growing by 3.1% and 6.8% respectively. Listed banks maintained resilient intermediary businesses, with overall non-interest income growing steadily, contributing to a 1.4% positive revenue growth. Credit funds were increasingly directed towards three key areas: technology innovation, inclusive finance, and green development. The stabilization and recovery of capital markets and active trading led insurance funds to increase allocations to equity assets. Five listed insurers saw net profit growth exceed 20%. Leading securities companies significantly improved profitability, deepening their comprehensive and international strategies, with synergistic efforts in cross-border investment banking, derivatives, and wealth management. The sector's revenue grew 8.2%, with net profit surging 42.8%.
**III. Fully Implementing New Development Concepts, Focusing on Cultivating New Growth Engines**
**(I) Continuous Release of Scientific and Technological Innovation Potential**
Guided by policies, scientific and technological innovation integrated deeply with industrial innovation. Future industries maintained rapid development momentum, with fixed asset investment in frontier fields like nuclear fusion growing 8.0%. The transformation and upgrading of traditional industries continued, with fixed asset investment in the general equipment sector growing 8.7%.
In 2025, total R&D expenditure for listed companies in the full market reached 1.94 trillion yuan, marking the fourth consecutive year of positive growth and accounting for approximately half of the national R&D spending. The R&D intensity was 2.66%, continuing to increase from the previous year. Listed companies employed 3.27 million R&D personnel, representing 10.4% of their total workforce. The top 100 listed companies by R&D expenditure were primarily concentrated in electronics, automobiles, and power equipment, with 17 companies having an R&D intensity exceeding 10%.
By ownership type, state-controlled listed companies demonstrated stronger resource integration capabilities, with average R&D expenditure of 623 million yuan, 1.8 times the full market average. Privately-controlled listed companies exhibited flexible R&D innovation mechanisms, with an overall R&D intensity 1.6 percentage points higher than the full market average.
**(II) Sustainable Development Becomes a Consensus**
As of the reporting date, 2,706 listed companies in the full market (49.0%) had separately prepared and released their 2025 Sustainable Development Reports, an increase of 3.5 percentage points year-on-year. The financial sector led with a 95% reporting rate. Disclosure rates exceeded 70% in mining; production and supply of electricity, heat, gas, and water; and transport, storage, and postal services. All A+H share companies disclosed, and 94.4% of CSI A500 Index constituents did so. The number of reports with third-party assurance continued to increase, and disclosure quality improved steadily.
Listed companies actively implemented green development concepts, comprehensively promoting green transformation. Key industries implemented actions to improve quality, reduce costs, and cut carbon emissions, deploying zero-carbon parks and factories. The hydrogen energy sector saw revenue grow 6.2% year-on-year, while the steel industry's net profit surged 273.9% year-on-year.
**(III) Global Expansion Showcases Chinese Strength**
Amid a complex external environment, 3D printers and digital cameras were exported in bulk, and domestic teams provided photovoltaic solutions in Europe. From product exports to capacity layout, and from brand globalization to standards export, the advantages and potential of Chinese listed companies became increasingly evident.
In 2025, China's total goods exports increased 6.1% year-on-year, while service exports grew 14.2%. Leveraging their advantageous industries, listed companies accelerated their global expansion, actively building "second growth curves." A total of 3,848 listed companies (70%) disclosed overseas revenue, achieving a combined overseas revenue of 12.38 trillion yuan, a growth of 13.3%, accounting for 22.7% of total revenue, an increase of 2.2 percentage points year-on-year. 629 companies derived over 50% of their revenue from overseas. Among the top 100 listed companies by overseas revenue, those in electronics, automobiles, and transportation ranked top three in number, with 18, 10, and 10 companies respectively.
Structurally, the overseas business of listed companies showed characteristics of stable core markets and revitalized new markets. On one hand, traditional markets remained solid with steady growth, with overseas revenue in wholesale and retail trade, machinery and equipment, and construction and decoration achieving double-digit growth. On the other hand, the international competitiveness of high-tech, high-value-added products continued to strengthen, with overseas revenue growth in communications and marine equipment sectors exceeding 30%.
**(IV) Enhanced Awareness of Sharing Development Outcomes**
In 2025, listed companies contributed a total of 4.55 trillion yuan in taxes, accounting for one-quarter of the national tax revenue. They added 530,000 employees and paid employee compensation totaling 7.35 trillion yuan, an increase of 4.0%.
Since the implementation of the new "National Nine Articles," the scale of dividends from listed companies has repeatedly hit record highs, with significantly increased frequency and active share buybacks and increases, moving shareholder returns into a new phase of normalization. A total of 3,711 listed companies announced cash dividend plans for 2025, with a total dividend amount of 2.43 trillion yuan, an increase of 80.5 billion yuan from the previous year, and an average dividend payout ratio of 37.7%. Nearly 90% of profitable companies paid cash dividends, with over 2,500 companies having a payout ratio exceeding 30%. 1,052 companies implemented multiple dividends within the year, and 287 companies had total dividends exceeding 10 billion yuan.
Several state-controlled listed companies successively launched large-scale share increase and buyback plans, using real capital to solidify market bottom support and signal long-term investment confidence, better fulfilling the role of state capital as a "stabilizer." Excluding canceled plans, a total of 1,238 listed companies announced buyback plans for 2025, with a cumulative repurchase amount of 130.77 billion yuan. Central and state-owned enterprises accounted for 23% of these companies and 29% of the repurchase value.
**IV. Continuous Market Ecology Optimization Releases Strong Development Momentum**
During the "14th Five-Year Plan" period, China's capital markets achieved steady quantitative growth and effective qualitative improvement. The listed company sector continued to grow and strengthen, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period. By the end of 2025, the full market comprised 5,477 listed companies, including 3,196 on the Main Board, 1,393 on the ChiNext, 600 on the STAR Market, and 288 on the Beijing Stock Exchange. The total share capital in the full market was 8.7 trillion shares, an increase of 1.3 trillion shares from the end of the "13th Five-Year Plan" period. The total market capitalization of domestic shares reached 108.9 trillion yuan, a record high, having grown by 29.1 trillion yuan over five years. The number of companies with market capitalization exceeding 100 billion yuan reached 168, and those exceeding 10 billion yuan reached 1,915, representing increases of 42 and 636 companies respectively.
During the "14th Five-Year Plan" period, 1,481 companies conducted IPOs in the full market, with total fundraising (including follow-on offerings) reaching 5.9 trillion yuan. Among these, 1,183 were strategic emerging industry companies, accounting for nearly 80%. Diversified delisting channels became more accessible. The IPO process on the Hong Kong Exchange accelerated, adding 41 A+H share companies. Medium- to long-term holders like public funds, social security funds, insurance funds, and annuities saw their A-share holdings' market value increase by over 50%. The proportion of direct financing increased further, and the market's function of coordinating investment and financing became more robust.
During the "14th Five-Year Plan" period, the average annual revenue growth for listed companies in the full market was 6.6%, and the average annual net profit growth for manufacturing listed companies was 5.1%. Total R&D investment reached 8.53 trillion yuan, a 1.3-fold increase compared to the "13th Five-Year Plan" period. The market capitalization share of the technology sector exceeded one-quarter, significantly increasing the "tech" and "innovation" content. Overall labor productivity rose from 550,000 yuan to 660,000 yuan per person.
Cumulative dividends during the "14th Five-Year Plan" period totaled 10.8 trillion yuan, a 97% increase from the "13th Five-Year Plan" period, equivalent to 1.8 times the scale of equity financing (including IPOs and follow-on offerings) during the same period. By the end of 2025, the total number of employees in listed companies exceeded 31.45 million, an increase of 21.7% from the end of the "13th Five-Year Plan" period. In the first quarter of 2026, the potential of service consumption was steadily released, foreign trade import and export achieved growth exceeding expectations, the domestic producer price index turned positive, market supply and demand relations further improved, and the domestic and international cycles mutually reinforced each other, giving the national economy a good start. Listed companies in the full market achieved revenue of 17.72 trillion yuan and net profit of 1.60 trillion yuan, representing year-on-year growth of 5.1% and 7.5% respectively, further consolidating the positive performance trend.