688308, 301308: Profits Surge Over 200-Fold! Companies with Strong H1 Earnings Growth Revealed in Advance!

Explosive Earnings Growth in Tech Stocks Since the beginning of this year, stock prices across the AI computing power and semiconductor industry chain have surged sharply—driven jointly by an explosive global demand for AI inference, severe supply-demand imbalances, accelerated domestic substitution, strong policy support, and a powerful convergence of earnings and valuation. Global cloud providers have significantly increased capital expenditures; AI servers, high-speed optical modules, and HBM memory chips—the core products—are in critically short supply, with both volumes and prices rising simultaneously; orders are already booked through 2027. Export controls imposed overseas have forced domestic substitution to shift from mere 'usability' to large-scale commercial deployment, rapidly boosting localization rates in key areas such as AI computing chips, semiconductor equipment, and advanced packaging. Coupled with strategic positioning under the 15th Five-Year Plan, robust financial backing from the third phase of China’s National Integrated Circuit Industry Investment Fund (Big Fund), and local government subsidies, companies across the industrial chain have delivered exceptionally high earnings realization. Benefiting from simultaneous volume and price increases, numerous companies have achieved dual growth in both stock price and earnings this year. Take OKY (Shanghai) Co., Ltd. (688308.SH) as an example: its Q1 2026 report shows revenue of RMB 644 million, up 113.49% year-on-year; net profit attributable to shareholders reached RMB 204 million, surging 2,560.71% YoY—not only substantially exceeding last year’s level but also surpassing its full-year 2025 earnings in just the first quarter alone. OKY is a high-tech enterprise specializing in the R&D, production, and sales of CNC cutting tools and cemented carbide products, possessing independent R&D capabilities and innovation capacity. Regarding its substantial Q1 2026 earnings growth, the company attributed the revenue increase primarily to rising raw material costs and concurrent volume-and-price expansion of its products; the net profit surge was mainly driven by improved gross margin and a low base from the prior-year period. Alongside robust earnings growth, OKY’s stock price has risen significantly since the start of 2026—and continues to hit new all-time highs, with its year-to-date gain approaching 400% (see Figure 1). Another standout performer exhibiting parallel gains in both stock price and earnings is Jiangbolong (301308.SZ). In Q1 2026, the company reported revenue of RMB 9.909 billion and net profit attributable to shareholders of RMB 3.862 billion—up 132.79% and 2,644.05% YoY, respectively. Its Q1 2026 results likewise far exceeded its full-year 2025 performance. In the secondary market, Jiangbolong has also performed exceptionally well, delivering over 100% year-to-date returns (see Figure 2). As of now, two-thirds of Q2 2026 has passed. Although interim reports won’t be released until later, statistical analysis based on Q1 data reveals that 796 companies posted positive net profits in Q1 2026 that already exceeded their combined H1 2025 figures. Assuming no widespread losses in Q2, continued YoY growth in H1 net profit is highly probable. Among them, 34 companies recorded Q1 2026 net profits more than tenfold higher than their H1 2025 levels (see Appendix Table). AI and Semiconductors Enter a Super-Cycle While surging earnings drive stock price appreciation, sectoral analysis reveals that most dual-growth stocks this year originate from the technology sector. For instance, OKY—already a leading enterprise in the cemented carbide cutting tool industry—announced on May 19, 2026, its plan to acquire a 51% controlling stake in Yongxin Precision Engineering Co., Ltd. for a total of RMB 425 million (RMB 175 million via equity transfer + RMB 250 million via capital increase), officially entering the high-demand AI PCB micro-drill segment.

Ongoing Tracking: Photovoltaic Industry, Enjie Co., Ltd., and Next-Stage Focus Areas

In the short term, the situation is paradoxical: the harder you try to see clearly, the less clear it becomes; the less clear it is, the more anxious you feel; the more anxious you become, the more worried you get—ultimately distorting your trading behavior. Yet from a medium- to long-term perspective, the outlook remains quite clear: 1) The dual-control (energy consumption and intensity) policy will undergo course correction, with production curbs gradually lifted. By month-end, the National Development and Reform Commission (NDRC) will issue an updated implementation plan clarifying that the policy will avoid blanket restrictions and instead focus on optimizing the energy mix to reduce energy intensity. After absorbing the initial short-term shock, the impact of this policy on various photovoltaic (PV) industry segments is expected to gradually dissipate, allowing upstream and downstream relationships within the PV value chain to return to equilibrium. 2) New energy is an indispensable pathway toward achieving carbon peak and carbon neutrality goals. Driven by these national targets, energy transition has become inevitable. The levelized cost of electricity (LCOE) from solar PV is projected to continue declining, enhancing its cost-effectiveness steadily. According to the China Photovoltaic Industry Association (CPIA), global annual PV installations are forecast to average 236–259 GW during the 14th Five-Year Plan period (2021–2025), sustaining rapid growth. Additionally, as previously mentioned, I proposed allocating funds into PV ETFs across 24 tranches over a 3–6-month period—essentially stretching the investment window through Q1 next year. From this quarter (Q4 2026) to Q1 2027, exactly six months, I myself cannot foresee developments clearly—so rather than guessing, I’ll rely on disciplined, rule-based execution to smooth out uncertainty. Investment opportunities in the PV sector will undoubtedly recur over the coming years. Volatility is therefore not something to fear. By clearly distinguishing short-, medium-, and long-term contradictions—and combining them with sound investment methodology—you can confidently capture substantial gains again. Moreover, Sungrow Power Supply Co., Ltd.’s private placement has been successfully completed, with an issue price of RMB 128 per share. A large number of foreign institutional investors participated and secured allocations. The subscription process was extremely competitive: this is the highest-subscription-multiple and highest-foreign-investor-allocation-ratio private placement in the PV industry since the introduction of China’s revised regulations on refinancing. The market’s strong endorsement of Sungrow remains evident. Hence, for the foreseeable future, investors should closely monitor the RMB 128 price zone. (If you’ve read this far, don’t forget to follow @WarmSun. Following also reinforces your own memory anchors—helping prevent quick forgetting.) #Enjie Co., Ltd. The company announced its Q3 2021 net profit attributable to shareholders would range between RMB 650 million and RMB 740 million, representing an estimated YoY growth of 101.8%–129.7%; for Q1–Q3 2021, net profit attributable to shareholders is projected at RMB 1.70–1.79 billion, implying an estimated YoY growth of 164.2%–178.2%. Prior market expectations for Q3 2021 net profit stood at RMB 700–760 million. Taking the midpoint of the guidance (RMB 700 million), the result could be interpreted either as broadly in line with expectations—or slightly below them. Q3 production capacity utilization stood at 830 million square meters. Accounting for timing differences in revenue recognition, actual shipments are estimated at 800–830 million sqm. Excluding ~RMB 20 million in profit from traditional businesses, Q3 per-square-meter profitability is estimated at RMB 0.82–0.85, essentially flat sequentially (Q2 per-square-meter profit was RMB 0.84). Some market participants, holding pessimistic views, interpreted Enjie’s earnings preview as below expectations—and this sentiment dragged down previously strong midstream leaders. In my view, under high valuations, any result failing to exceed expectations is effectively seen as disappointing; thus, no major negative catalyst is needed to trigger a sharp decline—overvaluation itself is the biggest risk. Wet-process separator films represent the segment with the most favorable near-term (next three years) supply-demand dynamics. Globally, annual separator film production line capacity stands at over 30 lines—yet separator film expansion is severely constrained by equipment availability. Separator film shortages became visibly acute in Q3—and their persistence far exceeds that of shortages in other battery materials. As the globally dominant low-cost leader, Enjie possesses significantly stronger capacity expansion capabilities and customer acquisition advantages compared to industry peers.

Naturgy Expects Higher Core Profit This Year After Resilient First Half

Jul 22, 2026

Spanish utility Naturgy projects full-year core profit growth of at least 3%, supported by regulated distribution networks. It also confirmed sufficient US LNG supplies to navigate potential EU-Russian gas shortages amid geopolitical tensions.

reuters

2026-04-28

Naturgy posts earnings beat on higher energy prices

2026-07-22

Naturgy Expects Higher Core Profit This Year After Resilient First Half

Naturgy Expects Higher Core Profit This Year After Resilient First Half

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