Iterative fast toughness enough a-share export enterprises valuation quietly waiting for restructuring.

Against the backdrop of weak global economic growth and recurring geopolitical conflicts, A-share listed companies' export businesses have not only not contracted, but have achieved both quantity and quality growth. Taking the example of companies listed on the Shanghai Stock Exchange main board, in 2025, overseas revenue reached 7.3 trillion yuan, a 14% increase year-on-year, with overseas profits reaching 0.9 trillion yuan, a 21% increase year-on-year, with both indicators accelerating by 7 and 12 percentage points respectively compared to the previous year. However, the resilience of export businesses has not been reflected in the stock prices on the secondary market. Many export-oriented A-share companies have seen their stock prices continue to weaken this year, with strong performance and low stock prices forming a clear divergence. The reason for this is that the market is still using traditional export criteria to measure the already iteratively upgraded overseas enterprises. At a recent seminar, many industry insiders believe that many A-share export companies have moved beyond the initial stage of "simply selling goods overseas" and have transitioned to the stage of "establishing operating roots overseas", requiring an urgent update in valuation logic.