Multiple A-share listed companies in Wenzhou have disclosed their 2025 annual reports.

This article is republished from: Wenzhou Daily

Performance remains on an upward track; new momentum accelerates release

Multiple listed companies in Wenzhou, China, release their 2025 annual reports

Our correspondent (reporter Zou Wenwen) On March 30, 2025, the disclosure period for A-share annual reports entered its peak. By March 30, more than 1,000 companies had released their annual reports; nearly 90% were profitable. Overall operating quality continued to improve steadily. From March 30 to 31, Wenzhou A-share firms such as Zhucheng Technology, Wenzhou Hongfeng, Xinling Electrical, and Zhejiang Dongri disclosed their annual reports. Their performance features included steady growth, strong recovery, and a focus on innovation, highlighting the resilience of the local industrial ecosystem and growth potential.

On the evening of March 30, Zhucheng Technology turned in an impressive set of results. The company uses home-appliance connectors as its “stabilizing anchor,” and new-energy, robotics, and communications as “new engines.” Full-year revenue was 1.759 billion yuan, up 9.73% year over year; net profit attributable to shareholders was 209 million yuan, up 12.53% year over year. The company plans to distribute 2 yuan in cash for every 10 shares and issue 4 bonus shares for every 10 shares, delivering a solid return to shareholders. Of note is that the company’s new businesses are seeing breakthroughs in multiple directions: automotive connectors have entered the supplier chains of BYD, Tesla, and Geely, among others; industrial connectors supply for Yuobes, KUKA robots, and the company has newly established a subsidiary to expand into the humanoid-robot field; communication connectors are used in data centers and satellite communications, and customers include Amphenol and Aviation Industry Optoelectronics. In 2025, R&D spending was 70.53 million yuan, accounting for 4.01%. The company has accumulated 191 patents (including 33 invention patents). Through outbound M&A to strengthen high-frequency, high-speed connectors, a dual-wheel-driven pattern has taken shape.

On the same day, Wenzhou Hongfeng’s 2025 annual report showed a key turnaround from losses to profits. In 2025, operating revenue was 3.656 billion yuan, up 24.55%; net profit attributable to shareholders was 25.17 million yuan, a significant improvement from the prior year’s loss of 73.67 million yuan; non-recurring profit (after excluding non-recurring items) was 37.39 million yuan. Operating cash flow was approximately 59 million yuan, up more than 200%. The electrical contact materials and functional composite materials segment performed strongly: revenue was 2.851 billion yuan and net profit was 119 million yuan, up 19.93% and 125.12% year over year, respectively. The company optimized its product structure and strengthened technological innovation, expanding applications in areas such as new energy and 5G base stations, with both its asset scale and profitability quality rising in tandem.

On March 31, Xinling Electrical disclosed its annual report, with a notable upside in performance. Full-year revenue was 477 million yuan, up 1.73%; net profit attributable to shareholders was 21.1566 million yuan, up 38.14%, and it plans to distribute 2 yuan in cash for every 10 shares. The company has been deeply engaged in low-voltage electrical appliances for more than 30 years. Relay products generated 236 million yuan in revenue, accounting for nearly 50%, up 4.03% year over year. High-voltage DC relays have broken through core technologies, with voltage coverage of 750V–1500V and current above 200A, becoming an important foothold in the new-energy track. R&D spending was 26.2756 million yuan, accounting for 5.51%. The company has accumulated 321 patents (including 55 invention patents) and 131 software copyrights, continuously strengthening technical barriers. Meanwhile, Zhejiang Dongri maintained steady growth: full-year revenue was 774 million yuan, up 7.06%; net profit attributable to shareholders was 144 million yuan, up 6.94%. In the fourth quarter, revenue was 216 million yuan, up 20.4% year over year; its operating trend remained stable and improving.

Judging from the Wenzhou-listed companies that have already published their annual reports, these A-share firms put R&D at the core, focus on their main businesses, and actively expand into new tracks such as new energy and intelligent manufacturing, with their performance structures continuing to improve. Industry insiders said that as industry opportunities are released in 2026, Wenzhou A-share companies will further strengthen their core competitiveness and promote high-quality development of the regional capital market.