The A-share market is witnessing a concentrated release of corporate earnings forecasts. According to data, as of 12:30 PM on January 22, 640 A-share listed companies have disclosed their 2025 performance forecasts or preliminary results. Among them, 248 companies have delivered positive news (including projections for significant growth, slight growth, turning losses into profits, and continued profitability), accounting for 38.75% of the total. In terms of growth magnitude, 130 companies expect the maximum increase in net profit attributable to shareholders to exceed 100%, with 29 companies projecting growth over 300% and 11 companies anticipating growth surpassing 500%. The top three performers on the earnings growth leaderboard are Huisheng Biological, Nanfang Precision, and Shanghai Yizhong, with projected maximum net profit increases of 1444.54%, 1417.00%, and 903.54%, respectively. As the "preliminary growth champion," Huisheng Biological stated in its earnings forecast that a simultaneous rise in revenue from both domestic and international markets, coupled with technological upgrades, improved capacity utilization, and rising prices for active pharmaceutical ingredients, collectively drove a substantial improvement in profitability, with an estimated annual net profit ranging from 235 million to 271 million yuan.

From the perspective of profit scale, industry leaders continue to demonstrate strong resilience. 101 companies project their highest annual net profit for 2025 to exceed 500 million yuan, with 64 companies surpassing 1 billion yuan, 35 companies exceeding 2 billion yuan, 11 companies topping 5 billion yuan, and 7 companies breaking the 10-billion-yuan mark. Zijin Mining Group currently leads with an estimated net profit of 52 billion yuan, followed by China Molybdenum and WuXi AppTec, with projected net profits of 20.8 billion yuan and 19.151 billion yuan, ranking second and third, respectively. Hu Qimu, a special researcher at the China Enterprise Confederation, commented, "Market recognition for new quality productive forces has significantly increased. Companies with genuine technological barriers, global competitiveness, or resource pricing power are successfully navigating economic cycles."

Amid the divergent performance landscape, the hard technology sector has become the most prominent highlight. Driven by the continued global expansion of AI infrastructure and computing power demand, companies in sub-sectors like storage and PCB have seen a marked enhancement in profitability, with many reporting explosive earnings growth. The storage segment is undoubtedly the "star performer" in this earnings cycle. Benefiting from the massive data storage and high-speed access demands driven by AI infrastructure, BIWIN Storage Technology announced an estimated 2025 net profit of 850 million to 1 billion yuan, a year-on-year increase of 427.19% to 520.22%. Notably, its fourth-quarter net profit surged by up to 1449.67% year-on-year and up to 278.43% quarter-on-quarter. Similarly impressive, Deming International, also in the storage field, expects 2025 revenue between 10.3 billion and 11.3 billion yuan, a year-on-year increase of 115.82% to 136.77%, with the maximum net profit growth reaching 128.21% and its Q4 net profit skyrocketing over twelve-fold year-on-year. The company indicated that starting from Q3 2025, buoyed by AI-driven demand, the storage industry's sentiment gradually recovered, prices entered an upward trajectory, leading to a significant improvement in product gross margins and operating performance.

Beyond the storage sector, leading PCB manufacturer Shengyi Technology expects its 2025 net profit to be between 4.16 billion and 4.56 billion yuan, a year-on-year increase of 260.35% to 295%. The core driver stems from the mass production of high-end products for the AI computing sector, which has upgraded its product mix and increased the proportion of high-value products. Several other tech firms, including Changxin Bochen and Zhongke Lanxun, have also forecasted maximum profit growth of over 100%. "The significant earnings growth in the hard tech sector essentially reflects the direct outcome of AI technology's industrial application," Hu Qimu noted, adding that compared to traditional servers, AI servers require substantially higher specifications for hardware like high-end storage and PCBs. Concurrently, capital expenditure from original equipment manufacturers remains restrained on the supply side, creating an industry-wide trend of rising volumes and prices.

Wu Wanying, a senior researcher at the Tianyi Digital Economy Think Tank, stated, "The hard tech sector's performance in this earnings preview cycle is exceptionally outstanding. This high growth is not a broad-based recovery but is specifically driven by the确定性需求 for global AI infrastructure development, presenting a distinct structural industrial trend that highlights the strong alpha characteristics of the hard tech赛道 in the current economic environment."