In 2025, A-share listed companies have achieved impressive results in overseas markets, with total overseas revenue exceeding 12 trillion yuan for the first time, and the contribution rate of foreign sales revenue maintaining a growing trend.
A-share listed companies have basically completed the disclosure of their 2025 annual reports. According to Choice financial terminal data, the total overseas revenue in 2025 will be 12.15 trillion yuan, a year-on-year increase of 12.15%. This is the first time that the total export revenue of A-share companies has exceeded 12 trillion yuan.
In addition, in 2025, the total export revenue contribution rate (ratio of total operating revenue) of A-share companies will be 16.65%, a year-on-year increase of 1.62 percentage points.
From 2023 to 2025, the proportions will be 13.29%, 15.03% and 16.65% respectively, showing a continuous upward trend.
According to the industry classification of the China Securities Regulatory Commission (new), among the 19 first-level industries, listed companies in 18 industries will have export sales revenue in 2025, and 8 of the industry’s total export sales revenue will exceed 100 billion yuan.
Among them, the total export revenue of the manufacturing, mining and construction industries was 7.61 trillion yuan, 1.72 trillion yuan and 833.953 billion yuan respectively, accounting for 63%, 14% and 7% of the total A-share export revenue respectively, ranking among the top three.
Among the 30 secondary industries under the manufacturing industry, the export revenue of computer, communications and other electronic equipment manufacturing, electrical machinery and equipment manufacturing, and automobile manufacturing industries were 2.49 trillion yuan, 1.23 trillion yuan, and 1.01 trillion yuan respectively, ranking the top three.
From the perspective of listed companies, in 2025, there will be 22 companies with export revenue exceeding 100 billion yuan.
Among them, there are four companies with export sales exceeding 200 billion yuan, including PetroChina, Fii, BYD and Luxshare Precision.
Among them, PetroChina’s export revenue reached 970.233 billion yuan.
In 2025, BYD’s overseas sales revenue will be 310.741 billion yuan, a year-on-year increase of approximately 40%, and the contribution rate will increase from 28.55% in the previous year to 38.65%.
The company’s export gross profit margin was 19.46%, a year-on-year increase of 1.88 percentage points.
The annual report shows that BYD’s annual vehicle exports exceeded one million units, a year-on-year increase of 1.4 times. It ranked first in China’s new energy vehicle exports and had the fastest growth rate among the top ten complete vehicle export companies.
According to calculations from the production and sales report, BYD’s overseas sales of new energy passenger vehicles totaled 1.0461 million units throughout the year, accounting for approximately 23% of the company’s total passenger vehicle sales in the current period.
Industrial Fii’s export revenue in 2025 will be 396.4 billion yuan, a year-on-year increase of 52%.
According to the annual report, Fii has built 9 internally and empowered 13 global “lighthouse factories” externally.
In 2025, the company’s internal factory will be certified as Vietnam’s first “Sustainable Lighthouse Factory” and empower 4 customer factories to be selected, covering areas such as household appliances, new energy vehicles, energy storage batteries and consumer batteries.
Luxshare Precision’s export revenue in 2025 will reach 283.2 billion yuan, a year-on-year increase of 20.28%.
With the successful acquisition and integration of the German Leoni Group, the company’s overseas manufacturing footprint has fully covered Southeast Asia, Europe, North Africa and the Americas.
Looking at the contribution rate of foreign sales revenue, ST Intercontinental and *ST Xinchao, two oil exploration and production companies, are leading the way.
ST Intercontinental is mainly engaged in international oil and natural gas exploration and development business. In 2025, overseas sales revenue was 2.104 billion yuan, a year-on-year decrease of 17.35%, accounting for 99.99% of the current revenue.
*ST Xinchao is also a company engaged in international oil and natural gas exploration, development and sales. In 2025, its revenue in the United States was 7.269 billion yuan, accounting for 99.93% of the current revenue.
According to data from Choice financial terminal, there will be approximately 181 listed companies with export revenue exceeding 10 billion yuan in 2025.
Among them, there are 4 companies whose export revenue increased by more than 100% year-on-year, including Songfa Co., Ltd., Xinyi Sheng, Xiamen Xiangyu and Shenghong Technology.
Songfa Co., Ltd. changed its main business through major asset reorganization, shifting from the ceramic industry to the shipbuilding industry. Its export revenue was 20.583 billion yuan, a year-on-year increase of 331%.
Xinyisheng’s business mainly covers optical modules in the field of optical communications, with export revenue of 23.888 billion yuan, a year-on-year increase of 251%.
Xiamen Xiangyu is engaged in bulk commodity supply chain services. In 2025, the company’s export revenue will be 164.912 billion yuan, a year-on-year increase of 154.75%.
Shenghong Technology is mainly engaged in high-density printed circuit boards (PCBs), with export revenue of 14.821 billion yuan, a year-on-year increase of 126.88%.
