As the deadline for A-share semi-annual reports for 2026 passes, the overseas performance of listed companies has come into focus. From a total volume perspective, the scale of overseas revenue for A-share firms has reached a new milestone. According to the "2026 Semi-Annual Operating Performance Report of Listed Companies in the Domestic Stock Market" released by the China Association for Public Companies, a total of 3,196 listed companies disclosed overseas revenue in the first half of the year, with combined overseas revenue reaching 6.06 trillion yuan, marking a year-on-year increase of 22.9%. Notably, 553 of these companies reported that over half of their total revenue came from overseas markets. Data from the General Administration of Customs shows that exports of goods in the first half rose 13.4% year-on-year, marking the 11th consecutive quarter of growth. Analyzing insights from multiple experts, the export structure has continued to improve, with the overseas business of listed firms showing stable scale and rising vitality, characterized by a distinct upgrade from "product export" to "capability export."
Leading companies are taking the front seat in this overseas push. First-half data indicates that 117 A-share companies each generated over 10 billion yuan in overseas revenue. Among them, five companies—including PetroChina Company Limited, BYD Company Limited, LUXSHARE ICT, Luoyang栾川钼业集团股份有限公司, and Midea Group Co., Ltd.—surpassed 100 billion yuan in overseas revenue each. For instance, oil and gas industry leader China National Petroleum Corporation (commonly known as PetroChina) reported overseas revenue of 603.313 billion yuan in the first half, accounting for 39.5% of its total revenue, with overseas pre-tax profit of 29.294 billion yuan, contributing 20.1% to the group's total pre-tax profit. In its overseas oil and gas segment, the company completed and commissioned key production projects, including the second and third batch of oilfields in the new H block in Chad, while continuing to advance cooperative project development and asset optimization to enhance profitability.
In the consumer electronics sector, LUXSHARE ICT generated overseas revenue of 146.059 billion yuan in the first half, up 38.15% year-on-year, representing 83.70% of its total revenue. In its interim report, the company highlighted that it leveraged its global production capacity allocation, vertical integration, and precision manufacturing platform advantages to achieve steady growth in both business scale and quality. According to statistics, among companies with first-half overseas revenue exceeding 10 billion yuan, ADAMA Ltd., Shenzhen Transsion Holdings Co., Ltd. (hereafter Transsion Holdings), Chengdu Eoptolink Technology Co., Ltd. (hereafter Eoptolink), and 中山华利实业集团股份有限公司 ranked among the top in terms of overseas revenue share, at approximately 100%, 99.78%, 97.92%, and 96.24%, respectively.
ADAMA Ltd. primarily engages in the development, production, and sale of agrochemical products, intermediate materials for other industries, food additives, and synthetic fragrances, with sales mainly directed to overseas markets. In the first half, its overseas revenue reached 14.477 billion yuan. Transsion Holdings, known for its TECNO, itel, and Infinix smartphone brands, focuses on emerging markets across Africa, South Asia, Southeast Asia, the Middle East, and Latin America. The company stated that it continues to consolidate its competitive advantages in the African market while expanding into other global emerging markets, leveraging the distinct positioning of its three major brands and deep local market insights to drive differentiated growth in various segments.
Globalization is also a defining feature for Eoptolink. According to its financial report, the surge in demand for high-speed optical modules from large-scale artificial intelligence computing clusters has been a key driver. With its forward-looking R&D layout, core technology accumulation, and mass production and delivery capabilities in the high-speed optical module field, Eoptolink has become one of the few companies worldwide with the ability to mass-produce and deliver optical modules at speeds of 800G and above.
In terms of growth in overseas revenue, 61 companies saw an increase of more than tenfold year-on-year. For example, DRAM giant ChangXin Memory Technologies, Inc. reported overseas revenue of 95.791 billion yuan in the first half, up 1,606.22% year-on-year. The company noted that the global DRAM supply shortage, driven by AI-related demand growth and capacity adjustments by major global manufacturers, led to higher DRAM prices, which contributed to its exceptional performance.
Guo Tao, deputy director of the China Electronic Commerce Expert Service Center, commented that industry leaders are leveraging the country's complete industrial chain to combine technological R&D with large-scale manufacturing capabilities for global competition. At the same time, overseas markets are feeding back into domestic innovation, as substantial overseas revenue provides cash flow for continuous technology upgrades, creating a positive cycle that strengthens both domestic and international markets.
Beyond scale, the systemic upgrade in the structure of "going global" deserves closer attention. Looking at industry distribution, among the top 100 companies by overseas revenue in the first half, the electronics sector accounted for the most companies, with 17, followed by notable representation from power equipment, transportation, and automotive sectors. Structurally, the contribution of high-tech and high-value-added products has risen significantly. Data from the China Association for Public Companies shows that in the AI hardware sector, electronic component exports grew by 62.6% year-on-year, while overseas revenue for electronics industry listed companies increased by over 40%. In the new energy sector, exports of lithium batteries and wind turbines grew by over 30%, with energy storage companies reporting a 27.1% year-on-year increase in overseas revenue. In the high-end equipment sector, exports of ships and marine engineering equipment rose by 19.9%, and overseas revenue for marine equipment companies continued the high growth rate seen in the previous year.
Guo Tao believes that China's manufacturing sector is transitioning from "scale expansion" to "value enhancement" in its global pursuits. Companies with core technologies and complete supply chains are continuously expanding, while pure price-competitive contract manufacturers face shrinking room to operate. Qu Fang, an investment advisor at Wanlian Securities, told reporters that enterprises in high-value-added fields such as the AI industrial chain and innovative drugs are actively going global. During this globalization process, Chinese companies are shifting their profit models from manufacturing premiums to technology premiums.
The AI industrial chain stands out as a highlight of this expansion. ZJ INNOLIGHT, a leading optical module manufacturer, reported first-half overseas revenue of 39.615 billion yuan, a 209.9% year-on-year increase. The company noted strong order demand from overseas clients, with continued volume growth for high-speed optical modules such as 800G and 1.6T. ZJ INNOLIGHT continues to supply high-speed optical modules in bulk to most of the world's leading cloud service providers and AI computing solution providers, solidifying its position as a key supplier to multiple major customers.
Additionally, innovative drug companies are beginning to export proven technologies and industrialization capabilities. In the first half, CanSino Biologics Inc. saw its overseas revenue surge by 4,724.19% year-on-year. During the reporting period, the company supplied PCV13i vaccine intermediates to an Indonesian partner to support local industrialization and commercialization, achieving rapid growth in overseas revenue. Leveraging the PIC/S GMP certification obtained for its production base in Malaysia, the company is now exporting its domestically validated production processes and quality management systems, rather than just the final products.
Liu Xiangdong, chief analyst at Dongyuan Investment, told reporters that the transformation path for A-share listed companies from "product export" to "capability export" is becoming increasingly clear. This is taking shape through replicable models in production capacity deployment, technology spillover, and service ecosystems, with industry leaders paving the way and smaller players following suit. Qu Fang also mentioned that as the share of overseas business continues to rise, listed companies need to strengthen exchange rate hedging and overseas compliance management to convert scale advantages into profit gains.
"During the '15th Five-Year Plan' period, the momentum for A-share listed companies to expand overseas is expected to remain resilient and sustainable, supported by industrial upgrades, policy backing, and market diversification," Liu Xiangdong said. He outlined three key drivers: first, industrial upgrading is creating endogenous growth momentum, with competition shifting from cost advantages to advantages in technology, quality, and comprehensive solutions; second, policies for high-level opening up continue to be implemented, with improved trade and investment facilitation mechanisms providing stable institutional expectations and risk mitigation tools for companies; and third, market diversification is enhancing demand resilience, as companies accelerate their presence in emerging markets and niche sectors, with growth drivers from different regions complementing each other amid a diversified global demand landscape.