Reached the 20CM limit-up on the spot! A-share first-quarter report momentum kicks off, with 12 listed companies’ net profit expected to rise by more than 200% year-on-year.

First-quarter earnings outlook is unfolding step by step. The day after earnings guidance is disclosed, Fuxiang Pharmaceutical and BoHui Co., Ltd. both hit the 20CM daily limit, while Wanbangde, Tianshan Aluminum, and Shandong Herda also hit the daily limit. OKEYI surged more than 19%, and Dinglong Shares rose more than 17%.

According to incomplete statistics by China Financial Information and Services Co., Ltd. (Cailian Society), as of the time of this release, a total of 36 A-share listed companies have issued first-quarter 2026 earnings guidance. Among them, 12 individual stocks have net profit year-on-year growth with the upper limit exceeding 200%—namely, Fuxiang Pharmaceutical, OKEYI, Wanbangde, Qiangyi Shares, Xinrui Shares, Huarui Precision, Dongyue Silicon Materials, Shengtun Mining, Fuliwang, Kuncai Technology, Ollaud, and Huaxin Building Materials (for specific details, see the chart below). In addition, Demingli, BoHui Co., Ltd., Weierli, and others are expected to turn a loss into a profit in the first quarter.

Looking specifically at individual stocks, Fuxiang Pharmaceutical ranks first with an earnings growth rate of over 32 times. It expects first-quarter attributable net profit of 52.0 million to 75.0 million yuan, up 2,222.67% to 3,250.01% year on year. Based on this, the expected Q1 net profit is forecast to increase 437% to 674% quarter-on-quarter. The day after the earnings guidance was released, its share price hit the 20CM daily limit. The company said that benefiting from the sustained improvement in the new energy industry outlook, demand in the power battery market is steadily growing; the energy storage battery market demand is rapidly breaking out; and this has driven a continuous rise in demand for upstream lithium battery materials. The company’s lithium battery electrolyte additive business is operating well, with core products such as VC and FEC seeing both price and volume rise, thereby driving a large year-on-year increase in its performance.

OKEYI follows next with the highest-than-27-times earnings growth rate. It expects first-quarter attributable net profit of 180 million to 220 million yuan, which—compared with the same period last year—will add 172 million to 212 million yuan. Based on this, its Q1 net profit is forecast to grow by approximately 2,249% to 2,771% year on year, and increase by about 242% to 318% quarter on quarter. The day after the earnings guidance was released, OKEYI’s share price surged more than 19%. The company said that during the reporting period, key raw material tungsten carbide for hard alloy cutting tools continued to rise significantly, and the company achieved both higher product volume and prices. Capacity utilization rates for the CNC tool insert and CNC cutting tools industrial park projects have both continued to increase; products were accordingly repriced; gross margin and net margin both rose year on year; and this is pushing up the company’s profitability.

Wanbangde ranks third with an earnings growth rate of over 9 times. It expects first-quarter attributable net profit of 165 million yuan, up 985.4% year on year. The day after the earnings guidance was released, its share price hit the daily limit, and over a longer time horizon, Wanbangde’s share price has posted the largest cumulative gain of 114% since the March low. Regarding the reasons for the change in performance, Wanbangde said that the company’s transition from generic drugs to an innovative drug strategy has shown initial results; business expansion has made positive progress; and it continues to increase R&D efforts. At the same time, it strengthens internal management, speeds up the collection of accounts receivable, and effectively accelerates cash turnover.

BoHui Co., Ltd. released its first-quarter earnings guidance on April 1, and the next day its share price hit the 20CM daily limit. BoHui Co., Ltd. said in its announcement that it expects first-quarter attributable net profit of 40 million to 50 million yuan, turning a loss into a profit year on year. During the reporting period, the company took measures to actively expand the market, optimize its product mix, and achieved stable and high output in the first quarter; its production and sales, operating revenue, and net profit all rose significantly. In addition, the new business has already become profitable, contributing a new profit growth point to the company’s overall performance.

Dinglong Shares released its first-quarter earnings guidance on March 26, and the next day its share price rose more than 17%. Dinglong Shares said in its announcement that it expects first-quarter attributable net profit of 240 million to 260 million yuan, up 70.22% to 84.41% year on year, with a quarter-on-quarter increase of 19.53% to 29.49%. The company’s business development momentum has continued to improve. Operating revenue from the semiconductor materials business has grown steadily. The company has continued to optimize its product mix and deepen lean operational management; operating efficiency has improved steadily; and its overall profitability has been further strengthened.

In a research report dated April 1, analyst Fang Chen of Shanghai Securities believed that as a leading domestic “choke-point” innovation materials platform company, Dinglong Shares is based on CMP polishing pads and continues to expand and enrich its business layout. Its layout includes CMP polishing pads, CMP polishing slurry and cleaning liquids, the display materials segment, advanced semiconductor packaging, and key materials such as high-end wafer photoresist. These drive growth in the company’s revenue and profit levels. At the same time, the company continues to increase the self-sufficiency level of its upstream supply chain to ensure the core competitiveness of its products. After acquiring HaoFei New Materials, it enters the lithium battery materials industry and is expected to significantly thicken the company’s performance.

Tianshan Aluminum released its performance guidance on March 29, and the next day the share price hit the daily limit. Tianshan Aluminum said in its announcement that it expects first-quarter attributable net profit of 2.2 billion yuan, up 107.92% year on year. The main reasons for the company’s performance growth are: part of the capacity of the 1.4 million-ton green and low-carbon energy efficiency improvement project for electrolytic aluminum has been put into operation, and the electrolytic aluminum production and sales increased by about 10% year on year. Meanwhile, the selling price of electrolytic aluminum rose by about 17% year on year, while production costs were effectively controlled with a decrease year on year, and volume and price synergy was put to work.

Shandong Herda released its performance guidance on March 27, and the next day its share price hit the daily limit. Shandong Herda said in its announcement that it expects first-quarter attributable net profit of 90.3386 million to 99.3725 million yuan, up 100% to 120% year on year. During the reporting period, the company continuously increased efforts to expand domestic and overseas markets, kept optimizing its product mix, and the sales volume of high value-added products such as plant hollow capsules increased significantly compared with the same period last year. At the same time, the increase in capacity utilization effectively lowered depreciation of fixed assets and other amortization expenses; the company’s net profit in the first quarter of 2026 increased significantly compared with the same period last year.

(Source: Cailian Society)