Annual increase exceeds 400%, with the highest surge nearly 18 times! 541 stocks in the A-shares market doubled within one year

Reporter | Yang Qixin, Trainee Reporter Lin Qianwei

Editor | Jiang Yun, Jiang Peixia

In 2025, China’s A-share market saw an extreme “wealth-making” feast amid structural differentiation. According to Wind data, a total of 541 stocks doubled in price over the full year, setting a historical record.

Among them, the “Top 20 by price increase” led by Shangwei New Materials, Tianpu Co., Ltd., Shenghong Technology, and Dingtai Hi-Tech, etc. pushed this frenzy to a climax—their annual gains all exceeded 400%, and the top performer’s gain was nearly 18 times.

Data source: Wind Chart design: Nanfang Finance reporter

Behind this impressive list are two clearly distinct upward paths. Nanfang Finance reporters combed through the latest 2025 financial reports released by these “bull stocks” and found that their rally logic has split noticeably: some companies achieved a “double Davis” (growth in both performance and valuation) by leveraging industrial dividends such as AI computing power; others relied on capital operations and transformation expectations to reshape valuations, but their fundamentals did not improve in parallel.

However, regardless of how their rally logic differs, these companies basking in the spotlight show a highly consistent “profile” in terms of market value scale, industry attributes, and regional distribution. Together, they reveal the code behind China’s capital flows in 2025, and also reflect the latest coordinates of industrial change in China and the vitality of regional economies.

Capital operations “make millionaires”

According to Wind data, the top 20 A-share stocks by price gain in 2025 were Shangwei New Materials, Tianpu Co., Ltd., *ST Yushun, *ST Yazhen, Feiwotech, Filin gel, Dingtai Hi-Tech, Shenghong Technology, Hengbo Co., Ltd., Shunhao Co., Ltd., United Chemical, Shengtong Energy, Pingtan Development, Guosheng Technology, Haixia Innovation, Shijia Photonics, Chaojie Co., Ltd., Pinming Technology, Tianji Co., Ltd., and Xinyisheng.

Analyzing the rally logic of these 20 stocks, the main lines revolve around two core themes. First is changes in control and expectations of asset restructuring, which has become the strongest catalyst for producing “meme-like stocks.”

Under this logic, the champions on the leaders’ board—the top two by gain—Shangwei New Materials (annual gain 1821.41%) and Tianpu Co., Ltd. (annual gain 1663.20%) are quintessential examples. Neither relied on current-period earnings to drive the move; instead, they changed the market’s imagination of their future tracks through an “ownership transfer.”

The surge in Shangwei New Materials began in July 2025. Zhirui Robot, a leading domestic human-shaped robot company, gained control of Shangwei New Materials via agreement transfers and a tender offer. Although the company’s main business remains composite materials, the market quickly repositioned it as the “No. 1 human-shaped robotics stock,” with its valuation framework shifting from traditional chemical materials to the cutting-edge robotics sector.

Its 2025 financial report shows that its full-year revenue was 1.8B yuan, up 20.29% year over year, and attributable net profit was 41M yuan, down 53.67% year over year—its earnings growth far failed to match its stock price gains.

Tianpu Co., Ltd.’s path is even more direct. In August 2025, Zhonghaoying AI chip design company acquired control of the company through a combination of share transfer and voting rights entrustment. The market generally viewed it as a potential backdoor listing platform for Zhonghaoying. Although the company’s 2025 third-quarter report showed earnings pressure, its stock price still skyrocketed under the halo of “AI chips.” This “capital operation with an old bottle, new wine” has become a shortcut to create wealth effects in a weak market.

Likewise, the strong performance of *ST Yushun, *ST Yazhen, and other individual stocks is closely tied to restructuring expectations under the pressure to “protect the shell.” Among them, *ST Yushun is headquartered in Shenzhen, Guangdong. It shifted from a loss-making liquid crystal display business with consecutive deficits to the fast-growing data center track by acquiring Beijing Zhongen Data Center assets, in a bid to quickly “protect the shell.” *ST Yazhen, after its actual controller changed to Wu Tao—a “mining” tycoon in Jinan—rapidly launched an acquisition of Guangxi Zircon Industry (a zircon/titanium ore processing enterprise), triggering market expectations that large mining asset injections from the actual controller’s holdings would follow.

Industrial dividends realized

Second is deeply linking to high-sentiment industry trends such as AI, aerospace, and robotics, achieving a “double Davis” of both performance and valuation.

Unlike the first theme, which relies on “a story,” companies in this main line used concrete financial report data to validate industrial dividends. Shenghong Technology (annual stock gain of about 522.70%) is a representative example. The company precisely positioned itself at the key upgrade segment of AI computing power hardware. It is the core supplier of PCB for Nvidia AI servers. In the first quarter of 2025, revenue grew 80.31% year over year, while net profit surged 339.22% year over year. Its full-year earnings guidance continued to show high growth, giving its stock price rally solid earnings support.

Dingtai Hi-Tech, the global leader in PCB drill bits, also benefited from AI computing power infrastructure buildout, with its 2025 share price rising 533.03%. Its 2025 annual report shows that its attributable net profit reached 434 million yuan, up 91.14% year over year. The report explicitly pointed out that the rapid development of AI servers significantly boosted high-multilayer PCBs. As core consumables, PCB drill bits saw demand surge accordingly, showing a trend of both volume and price rising.

As a leading optical module company, Xinyisheng (annual gain of about 402.88%) shocked the market with its 2025 earnings guidance. The company expects to achieve attributable net profit of 9.4 billion to 9.9 billion yuan for the full year, up 231.24% to 248.86% year over year. The company said that earnings growth stems from sustained growth in computing power investment and rapid increases in demand for high-speed products. In just the fourth quarter alone, the attributable net profit midpoint reached 3.32B yuan, up about 178% year over year. This fully reflects the global data center wave of optical module upgrades to meet AI computing power demand.

In addition, Feiwotech (ranked fifth on the gainers list; annual gain of about 560.79%) demonstrates a composite logic of “core business rebound + imagination for emerging tracks.” As a leading segment company in high-strength wind power fastening components, it holds more than 70% global share in the field of wind power blade embedded threaded sleeves. In the first three quarters of 2025, the company achieved revenue of about 1.9B yuan, up 57.46% year over year; net profit was 45.99 million yuan, turning from losses to profit, with an increase of 163.26%. The key driver of the core business recovery was the rebound in global wind power installed capacity.

However, what truly ignited market enthusiasm was the company’s expansion into aerospace. In June 2025, Feiwotech and Germany’s Heggemann established a joint venture focused on the production of aerospace fastening components. It has entered the supplier rosters of multiple domestic commercial aerospace enterprises and provides fasteners for the C919 landing gear and engines. Although revenue from commercial aerospace-related business still makes up a small proportion, the market has granted significant valuation premiums for its platform-based capabilities and extension into high-end manufacturing.

Highly consistent “bull stock profiles”

This group of leading gainers shows highly consistent shared characteristics. In terms of market value, most of them were mid- to small-cap stocks with circulating market values of less than 10 billion yuan at the start of the rally; their stock prices had strong elasticity. Meanwhile, in terms of industry distribution, 100% are concentrated in hard-tech and high-end manufacturing sectors such as electronics, computers, mechanical equipment, power equipment, and basic chemical industries—without exception aligning with the year’s strongest market themes, such as “artificial intelligence” and “domestic substitution.”

In terms of regional distribution, the top 20 gainers are highly concentrated in five regions: Guangdong (4), Shanghai (4), and Zhejiang (3). Specifically, Guangdong has *ST Yushun, Shenghong Technology, Dingtai Hi-Tech, and Tianji Co., Ltd.; Shanghai has Shangwei New Materials, Filin gel, Shunhao Co., Ltd., and Chaojie Co., Ltd.; and Zhejiang contributes Tianpu Co., Ltd., Hengbo Co., Ltd., and Pinming Technology. Combined, these three regions account for 11 of the top 20, forming a distinct “regional cluster” effect.

This degree of regional concentration closely matches data on stock levels, incremental additions, and industrial structure across provinces and cities, revealing a strong relationship between regional industrial competitiveness and capital market activity.

From the “core base” of listed companies, as of the end of 2025, Guangdong leads the nation with 889 listed companies, total market value of 19.07 trillion yuan. Guangdong has the most complete electronic information industry chain and the strongest R&D investment. In the first three quarters of 2025, R&D spending by Guangdong’s A-share listed companies reached 240.5 billion yuan, accounting for 21.15% of the national total. R&D intensity (R&D as a share of revenue) was 3.01%, the highest among all provinces. The explosive performance of Shenghong Technology and Dingtai Hi-Tech is a direct reflection of Guangdong’s deep industrial foundation in AI computing power hardware.

As an international financial center, Shanghai, leveraging top-tier capital, talent, and research resources, has unique advantages in incubating large technology projects and driving capital operations. As of the end of 2025, Shanghai has 454 A-share listed companies, with total market value of about 11 trillion yuan, accounting for 9.23% of the total market value of listed companies nationwide.

In addition, Shanghai is especially active in capital operations. Since the release of the “Six Articles on Mergers and Acquisitions,” the Shanghai market has disclosed 1,233 asset restructuring deals, including 130 major asset restructurings. Nearly 70% of them were carried out around new quality productive forces. The capital operation cases of Shangwei New Materials, Filin gel, and others are precisely a reflection of Shanghai’s high capital market activity.

Zhejiang is not only a major province of private economy, but also fertile ground for “specialized, refined, distinctive, and innovative” businesses. As of the end of 2025, Zhejiang has 731 listed companies, ranking second nationwide. It has many leading companies in various niche fields, and its capital market is active, with 17 newly added listed companies in 2025. The cases of Tianpu Co., Ltd. and Hengbo Co., Ltd. reflect a typical path in which Zhejiang’s private capital flexibly combines with frontier technology assets.

Looking ahead, as developing new quality productive forces becomes a core strategy, provinces with deep hard-tech industrial foundations, vibrant innovation ecosystems, and efficient capital markets will continue to hold a leading position in the next round of industrial upgrading and capital competition.

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责任编辑：Ling Chen