A-shares Q1 earnings forecast reports are flooding in: over 90% are positive, with multiple sectors experiencing explosive performance

As of April 2, 2026, 32 A-share companies have released their first-quarter earnings forecasts. The proportion of companies expected to deliver good results exceeds 90%. Three companies have net profit year-over-year growth of more than 10 times, with the highest projected increase reaching 5,383.14%. Against the backdrop of the steady recovery of the macroeconomy, the surge in AI compute demand, and the upward cycle in industry trends, four major tracks—semiconductors, pharmaceutical & biologicals, nonferrous metals, and high-end manufacturing—have become the main drivers of earnings growth. The core logic centers on a simultaneous rise in both volume and price, domestic substitution, and policy dividends.

Good results exceeding 90%: many companies show “explosive” growth

Based on the forecasts already disclosed, A-share first-quarter earnings overall performed strongly. Of the 32 companies, 29 are expected to post good results (increasing, slightly increasing, or turning from loss to profit), while only 3 are expected to incur losses or continue losing. Among them, Demingli, Fuxiang Pharmaceutical, and Oukeyi have become the “front-runners” in earnings growth, with net profit year-over-year growth rates of 5,383.14%, 3,250.01%, and 2,770.86%, respectively.

Demingli expects attributable net profit of RMB 3.15 billion–3.65 billion for the first quarter, turning from loss to profit year-over-year, with growth of more than 46 times; single-quarter earnings are nearly 5 times the full-year level of 2025. The company benefits from the surge in demand for AI servers and a jump in enterprise storage orders, along with strategic inventory reserves of raw materials from earlier periods, which has led to a significant increase in gross margin. Fuxiang Pharmaceutical expects net profit of RMB 52 million–75 million, up more than 22 times year-over-year, driven by price increases for electrolyte additive products and capacity ramp-up. Wanbangde expects net profit of RMB 165 million, up 985.4% year-over-year, with a clear recovery in its pharmaceutical manufacturing business.

Four high-visibility, high-excitement sectors lead the way: earnings logic is clear

The semiconductor sector has become the biggest highlight of the first quarter, with a convergence between the AI compute demand surge and the upward move in the industry cycle. Hygon Information expects net profit of RMB 620 million–720 million, up 22.56%–42.32% year-over-year, as high-end processors continue to benefit from sustained expansion in AI demand. Dinglong Co., Ltd. expects net profit of RMB 240 million–260 million, up 70.22%–84.41% year-over-year, with steady growth in its semiconductor materials business. In the memory chip sector, Demingli has achieved an index-like leap in performance by relying on its fully self-developed controller chips and entering the supply chain for consumer electronics and automotive electronics.

The pharmaceutical sector, backed by high certainty, has become a “steady winner.” Elites expects net profit of RMB 590 million, up 43.73% year-over-year; after its core products entered the National Reimbursement Drug List, they have ramped up quickly, and commercialization revenue has continued to grow. Wanbangde has seen significant results from transforming from generic drugs to innovative drugs, leading to a major rebound in performance. Industry-wide, the overall sector has benefited from rigid demand driven by an aging population, optimization of medical insurance payments, and the domestication substitution of innovative drugs—shifting from the period of R&D investment to the period of profitability capture.

Nonferrous metals have seen a market trend with both volume and prices rising. Tianshan Aluminum expects net profit of RMB 2.2 billion, up 107.92% year-over-year; the capacity release of 1.4 million tons of green electrolytic aluminum projects has increased production and sales by about 10%, and aluminum prices are up about 17% year-over-year. Shengtun Mining expects net profit of RMB 950 million–1.15 billion, up 226.27%–294.95% year-over-year; improved output of its copper-cobalt projects, along with copper prices remaining at a high level, has led to a significant improvement in performance.

In the high-end manufacturing sector, orders have been full, with demand in hard metal cutting tools and precision structural components for consumer electronics recovering. Oukeyi and Xinrui Co., Ltd. have reported the largest net profit growth rates of 2,770.86% and 603.64%, respectively. They benefit from raw material price increases, product price hikes, and growth in overseas orders. Fulinwang expects net profit of RMB 40 million–50 million, up 183.84%–254.81% year-over-year, driven by dual engines from both its 3C and robotics businesses.

Major public funds actively distribute dividends: earnings and dividends resonate

The impressive performance reflected in first-quarter earnings forecasts aligns with the dividend wave of RMB 53.55B distributed by public mutual funds in the first quarter. Equity funds have become the main force behind dividend distributions, and broad-based ETF dividends were distributed in large amounts. This not only reflects the resilience of core assets’ profitability, but also confirms that rising corporate earnings provide solid support for fund returns.

Industry insiders said that the first-quarter earnings guidance reflects an intensifying structural differentiation in the A-share market, with high-excitement sectors and high-quality leading companies continuing to lead. As the AI industry advances and economic recovery deepens, companies with high earnings growth are expected to continue attracting sustained capital interest, becoming a main theme in the market.

By / Beijing Youth Daily reporter Zhu Kaiyun

Photography / Beijing Youth Daily reporter Zhu Kaiyun

Edited by / Zhang Li