Chinese Firms Report Strong Financial Results in 2024, Led by Semiconductor Sector
Over 1,000 companies report growth, with key sectors including semiconductors and consumer electronics benefiting from rising AI demand.
As of April 2, 2025, over 1,083 listed companies in China have revealed their financial results for the fiscal year 2024. Notably, the semiconductor and consumer electronics sectors exhibited robust performances, driven by the increasing demand stemming from the country’s rapid adoption of technologies associated with cloud computing and artificial intelligence (AI).
Data from information provider Wind indicates that approximately 646 of these companies, or about 60 percent, reported year-on-year revenue growth, while 616 companies also experienced profit increases compared to the previous year.
Among the sectors performing well, semiconductor, consumer electronics, and auto parts firms stood out.
Shengyi Electronics Co., a manufacturer of printed circuit boards based in Dongguan, reported revenues of 4.69 billion yuan (approximately $645 million) in 2024, marking a significant year-on-year increase of 43.19 percent.
The company attributed this growth to a rebound in the electronics market, which it claims was propelled by advancements in next-generation information technologies and heightened demand for AI applications.
Black Sesame Technologies, an auto-chip manufacturer located in Wuhan, achieved 474 million yuan in revenue in 2024, reflecting a 51.8 percent growth year-on-year.
The company's profit reached 313 million yuan, with its A1000 chip series entering mass production and supplying major automakers such as Geely, Dongfeng, and BYD.
InnoScience (Suzhou) Technology Holding Co., a semiconductor entity in Suzhou, reported a revenue increase to 828.5 million yuan, which is a 39.8 percent rise year-on-year.
Victory Giant Technology (Hui Zhou) Co., another producer in the printed circuit board sector, announced that its revenues reached 10.73 billion yuan, representing a 35.3 percent increase.
Xiang Ligang, director-general of the Information Consumption Alliance based in Beijing, highlighted that 2024 is a pivotal year for China’s advanced semiconductor industry.
He noted that the burgeoning demand for data centers, fueled by advancements in AI technologies, coupled with the challenges of US chip export controls, has catalyzed China's focus on expanding its semiconductor capabilities.
According to customs data, China’s chip exports surpassed 1 trillion yuan in value for the first time in 2024, making it the highest export commodity, overtaking mobile phones.
The integration of the AI Plus initiative is projected to further accelerate growth within the semiconductor sector in 2025, underpinned by confidence in the country's extensive domestic market.
Investor sentiment towards Chinese equities has markedly improved, as reported by Meng Lei, an equity strategist at UBS Securities, who noted a significant market rally in response to innovations in AI and related technologies.
These developments have made sectors such as humanoid and industrial robotics, as well as intelligent driving, highly attractive to global investors.
A recent report from Morgan Stanley indicated a positive outlook for the Hong Kong market's Hang Seng index, raising the year-end index target to 25,800, suggesting a 9 percent growth potential from current levels.
The target for MSCI China was also adjusted upward by 9 percent.
Data from information provider Wind indicates that approximately 646 of these companies, or about 60 percent, reported year-on-year revenue growth, while 616 companies also experienced profit increases compared to the previous year.
Among the sectors performing well, semiconductor, consumer electronics, and auto parts firms stood out.
Shengyi Electronics Co., a manufacturer of printed circuit boards based in Dongguan, reported revenues of 4.69 billion yuan (approximately $645 million) in 2024, marking a significant year-on-year increase of 43.19 percent.
The company attributed this growth to a rebound in the electronics market, which it claims was propelled by advancements in next-generation information technologies and heightened demand for AI applications.
Black Sesame Technologies, an auto-chip manufacturer located in Wuhan, achieved 474 million yuan in revenue in 2024, reflecting a 51.8 percent growth year-on-year.
The company's profit reached 313 million yuan, with its A1000 chip series entering mass production and supplying major automakers such as Geely, Dongfeng, and BYD.
InnoScience (Suzhou) Technology Holding Co., a semiconductor entity in Suzhou, reported a revenue increase to 828.5 million yuan, which is a 39.8 percent rise year-on-year.
Victory Giant Technology (Hui Zhou) Co., another producer in the printed circuit board sector, announced that its revenues reached 10.73 billion yuan, representing a 35.3 percent increase.
Xiang Ligang, director-general of the Information Consumption Alliance based in Beijing, highlighted that 2024 is a pivotal year for China’s advanced semiconductor industry.
He noted that the burgeoning demand for data centers, fueled by advancements in AI technologies, coupled with the challenges of US chip export controls, has catalyzed China's focus on expanding its semiconductor capabilities.
According to customs data, China’s chip exports surpassed 1 trillion yuan in value for the first time in 2024, making it the highest export commodity, overtaking mobile phones.
The integration of the AI Plus initiative is projected to further accelerate growth within the semiconductor sector in 2025, underpinned by confidence in the country's extensive domestic market.
Investor sentiment towards Chinese equities has markedly improved, as reported by Meng Lei, an equity strategist at UBS Securities, who noted a significant market rally in response to innovations in AI and related technologies.
These developments have made sectors such as humanoid and industrial robotics, as well as intelligent driving, highly attractive to global investors.
A recent report from Morgan Stanley indicated a positive outlook for the Hong Kong market's Hang Seng index, raising the year-end index target to 25,800, suggesting a 9 percent growth potential from current levels.
The target for MSCI China was also adjusted upward by 9 percent.
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