Sino-US Trade Continues to Stabilize, 70 A-Share Firms See Overseas Revenue Share Exceed 60% for Five Consecutive Years

By Zhang Juanjuan, Securities Times Reporter

September 21, 2025

The A-share export trade index saw a significant rally on September 18, surging nearly 2% in a single day. The upward momentum continued on September 21, with gains exceeding 1%. Over the past week (September 14 to September 21), the index accumulated a rise of 3.4%, substantially outperforming the Shanghai Composite Index over the same period.

China-U.S. Trade Continues to Grow

According to statistics from the General Administration of Customs, China's imports and exports to the United States have increased for five consecutive months. From January to August this year, the cumulative import and export volume reached 2.76 trillion yuan (RMB, unless otherwise specified), up 1.3% year-on-year.

From 2020 to 2025, China's annual export value to the U.S. has consistently remained above 3 trillion yuan, accounting for over 11% of China's total exports. In the first eight months of this year, China's exports to the U.S. totaled 2.07 trillion yuan, representing 10.27% of total exports. Notably, in August, exports to the U.S. reached 288.61 billion yuan, marking the second-highest monthly figure in 19 months, trailing only June of this year.

Key Export Categories

Based on 2025 data, China's major export categories to the U.S. include:

• Machinery, electrical equipment, and audio-visual equipment
• Textile products
• Plastics and rubber products
• Vehicles, aircraft, and ships
• Food and beverages

These categories span core export sectors such as high-end manufacturing, traditional light industry, and daily consumer goods.

70 Companies with Overseas Revenue Exceeding 60%

According to the aforementioned product categories, the corresponding A-share companies are primarily concentrated in industries such as textile and apparel, light manufacturing, medical consumables, and general equipment.

Data from the Securities Times Data Center shows that among the companies in these industries, 70 firms have maintained overseas revenue as a percentage of total revenue (hereafter "overseas revenue ratio") exceeding 60% consistently from 2021 to 2025.

Top Companies by Overseas Revenue Scale

Companies with the highest overseas revenue include:

• Huali Group – Overseas revenue exceeded 240 billion yuan in 2025, with North America accounting for nearly 78% of total revenue.
• Great Star Industrial
• Henglin Home Furnishings
• Zhiou Technology

The top three companies each recorded overseas revenue exceeding 100 billion yuan in 2025. Henglin Home Furnishings has deployed localized sales and service teams in key markets including the U.S., Europe, and South Korea, implementing a "business, product, delivery" iron triangle organizational model.

16 Companies See Year-to-Date Gains Exceeding 10%

In terms of market performance, companies such as Huaci Porcelain, Yonghe Intelligent Control, and Huafang Textile hit the daily涨停 limit (10% gain) on September 21.

• Huaci Porcelain achieved five consecutive涨停 limits. The company's overseas revenue ratio was nearly 69% in 2025 and exceeded 69% in the first half of this year. It holds a leading position in the daily-use ceramics industry, with export scale ranking among the top in China.

As of September 21, the average year-to-date share price decline among the 70 companies was 2.15%. However, 16 companies recorded gains exceeding 10%, with Wuzhou Medical, Aili Home, and Aicai Shares surging over 100%.

• Wuzhou Medical led the group with a year-to-date gain of over 175%. The company is one of the earliest domestic developers of safety-type infusion products, with sales covering Asia, Europe, and the Americas.
• Aili Home gained over 133% year-to-date. The company specializes in the R&D and production of mid-to-high-end elastic flooring, with stable customer and channel resources spanning North America, Europe, and Southeast Asia.

10 Companies Attract Institutional Interest

According to data from the Data Center, among the 70 companies, only 10 firms meet the following criteria:

• Year-to-date decline of no less than 5%
• Institutional consensus forecast of net profit growth exceeding 25% for both 2026 and 2027

These companies are mainly distributed across Shenwan secondary industries such as household products, cultural and entertainment supplies, and general equipment.

Top Companies by Forecasted 2026 Net Profit Growth

• Mlily (Mengbaihe) – Institutional consensus forecasts 2026 net profit growth of nearly 1,030%. In 2025, the company's overseas revenue exceeded 70 billion yuan, with an overseas revenue ratio of over 80% (also exceeding 80% in the first half of this year). Products are sold to 110 countries and regions, including the U.S., U.K., and Japan. Sinolink Securities noted that the company has a well-established overseas supply chain and certain production capacity advantages.
• Haers (Haersi) – One of China's most influential cup and kettle manufacturers and brand operators. Since 2024, the company's overseas revenue ratio has consistently exceeded 85%. Institutional consensus forecasts 2026 net profit growth of nearly 200%. Cinda Securities stated that the company's growth is stable, profit margins are recovering, and foreign clients are entering a restocking cycle, which is expected to sustain growth.

Market Performance of These 10 Companies

All 10 companies have recorded year-to-date declines exceeding 8%, with Songlin Technology, Chuangyuan Shares, and Qisheng Technology each falling over 20%.