20CM Limit Up! A-shares first-quarter report rally kicks off, with 12 listed companies expecting net profit increases of over 200% year-on-year.

Ask AI · How will demand for power batteries ignite the A-share Q1 earnings season?

Jianxin Times April 5 (Editor Pingfang) The Q1 earnings season is unfolding step by step. The day after companies released profit forecasts, Fuxiang Pharmaceuticals and Boyi Shares hit the 20% limit up (20CM), Wanbangde, Tianshan Aluminum, and Shandong Heda also hit the limit up, Oksei rose more than 19%, and Dinglong Shares rose more than 17%.

According to Jianxin Times’ incomplete statistics, as of the time of this publication, 36 A-share listed companies have released 2026 Q1 profit forecasts. Among them, 12 stocks have net profit year-over-year expected growth upper limits exceeding 200%, namely Fuxiang Pharmaceuticals, Oksei, Wanbangde, Qiangyi Shares, Xinxin Shares, Huarui Precision, Dongyue Silicon Materials, Stumpt Mining, Fuliwang, Kuncai Technology, Aolai De, and Huaxin Building Materials (for details, see the chart below). In addition, Demingli, Boyi Shares, Weilili, and others are expected to turn a loss into a profit in the first quarter.

Looking at individual stocks in detail, Fuxiang Pharmaceuticals ranks first with a peak performance growth rate of more than 32x. It expects Q1 attributable net profit of RMB 52 million to 75 million, up 2,222.67%–3,250.01% year over year. Based on this, the company’s expected Q1 net profit will increase 437%–674% quarter over quarter. The day after the profit forecast, its share price hit the 20CM limit up. The company said that benefiting from the ongoing improvement in the new energy industry’s outlook, demand in the power battery market is steadily growing. Demand for energy storage batteries has rapidly surged, driving sustained upward demand for upstream lithium battery materials. The company’s lithium battery electrolyte additive business is performing well, with VC, FEC, and other core products seeing increases in both volume and price, thereby pushing the company’s year-over-year performance to rise significantly.

Oksei is next, with a peak performance growth rate of more than 27x, and it expects Q1 attributable net profit of RMB 180 million to 220 million. Compared with the same period last year, it will increase by RMB 172 million to 212 million. Based on this, its Q1 net profit is expected to grow about 2,249%–2,771% year over year, and increase about 242%–318% quarter over quarter. The day after the profit forecast, Oksei’s share price rose more than 19%. The company said that during the reporting period, the main raw material tungsten carbide for cemented carbide cutting tools saw a sustained and significant increase. The company achieved growth in both product volume and pricing. The utilization rates of the CNC inserts and CNC tooling industrial park projects continued to improve, leading to corresponding price increases for the products; gross margin and net margin both increased year over year, supporting the improvement in the company’s profitability.

Wanbangde ranks third with a performance growth rate of more than 9x. It expects Q1 attributable net profit of RMB 165 million, with year-over-year growth of 985.4%. The day after the profit forecast, its share price hit the limit up. Looking over a longer time frame, Wanbangde’s share price has posted its largest cumulative gain from the March low to date of 114%. Regarding the reasons for the performance changes, Wanbangde said that its 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, accelerates the collection of accounts receivable, and effectively speeds up the return of funds.

Boyi Shares released its Q1 performance forecast on April 1, and the following day its share price hit the 20CM limit up. Boyi Shares said in its announcement that it expects Q1 attributable net profit of RMB 40 million to 50 million, turning a loss into a profit year over year. During the reporting period, the company took measures to actively expand the market, optimize its product structure, and achieved stable and high production in the first quarter. Both production and sales, operating revenue, and net profit saw significant increases. In addition, the new business has already become profitable, providing the company with a new profit growth point contributing to overall performance.

Dinglong Shares released its Q1 performance forecast on March 26, and the next day its share price rose more than 17%. Dinglong Shares said that it expects Q1 attributable net profit of RMB 240 million to 260 million, a year-over-year increase of 70.22%–84.41%, and a quarter-over-quarter increase of 19.53%–29.49%. The company said its business development trend remains favorable, with operating revenue from its semiconductor materials business growing steadily. The company continues to optimize its product structure and deepen lean operational management. Operating efficiency continues to improve, and its overall profitability is further enhanced.

An analyst at Shanghai Securities, Fang Chen, in a research report dated April 1, believes that as a leading domestic “choke-point” innovation materials platform company, Dinglong Shares is based on CMP polishing pads, and it continues to expand and enrich its business layout. The layout includes key materials such as CMP polishing pads, CMP polishing liquid and cleaning liquid, the display materials segment, advanced semiconductor packaging, and high-end wafer lithography photoresists, driving growth in the company’s revenue and profit levels. Meanwhile, the company continues to enhance the self-sufficiency level of its upstream supply chain to ensure the core competitiveness of its products. By acquiring Haofei New Materials, it is entering the lithium battery materials industry, and is expected to significantly thicken the company’s performance.

Tianshan Aluminum released its performance forecast on March 29, and its share price hit the limit up the next day. Tianshan Aluminum said in its announcement that it expects Q1 attributable net profit of RMB 2.2 billion, up 107.92% year over year. The company said the main reasons for the growth in its performance are: part of the capacity of its 1.4 million-ton green low-carbon energy efficiency improvement project for electrolytic aluminum has commenced operations, and the electrolytic aluminum production and sales volume will rise by about 10% year over year. At the same time, the sales price of electrolytic aluminum products is expected to increase by about 17% year over year, while production costs are effectively controlled, resulting in a decline year over year; with both volume and pricing working together, strong momentum is achieved.

Shandong Heda released its performance forecast on March 27, and its share price hit the limit up the next day. Shandong Heda said that it expects Q1 attributable net profit of RMB 90.3386 million to 99.3725 million, a year-over-year increase of 100% to 120%. During the reporting period, the company continuously increased its efforts to expand domestic and overseas markets, continued to optimize its product structure, and sales volumes of high-value-added products such as plant-based hollow capsules increased significantly compared with the same period last year. In addition, with improved capacity utilization, the company effectively reduced depreciation of fixed assets and other amortization expenses. The company’s net profit in the first quarter of 2026 is expected to increase significantly compared with the same period last year.

(Jianxin Times Pingfang)