Only 38 A-Share Companies Achieve Consistent High Growth Over Five Years: The Leaders of Growth Stocks

In the entirety of A-shares, only 38 companies have maintained high growth for five consecutive years, making them the leaders in growth stocks. In recent years, the continuous decline in economic growth has led to revenue and profit downturns for many companies, resulting in a simultaneous drop in performance and stock prices. As investors, we seek companies that demonstrate growth. Therefore, I conducted a selection process focusing on companies that have shown consistent growth over recent years. The criteria were straightforward: for the annual reports from 2020 to 2024, both revenue and profit must have increased by over 10% annually. Given that the GDP growth rate is 5%, companies achieving this level of growth for five consecutive years can be considered solid growth stocks. Ultimately, only 36 stocks across the A-share market met these criteria. In the following articles, I will outline the businesses and performances of these companies to uncover genuine growth stocks.

First Company: Jiejia Weichuang – As a leading enterprise in the photovoltaic equipment sector, Jiejia Weichuang has achieved remarkable growth due to its technological foresight and market insight. From 2019 to 2024, revenue surged from 2.5 billion yuan to 18.9 billion yuan, with a compound annual growth rate of 52%. Net profit after tax grew from 380 million yuan to 2.76 billion yuan, a more than sixfold increase, consistently placing it among high-growth companies for five years. The core logic of its success lies in its comprehensive technology strategy—deeply investing in mainstream and next-generation battery technologies such as TOPCon, HJT, and perovskite. By developing core equipment such as PECVD and diffusion furnaces, the company offers a complete line of solutions covering processes from texturing to etching. With a price-performance advantage (30%-50% lower than overseas competitors) and responsive local services, the company secured long-term contracts with leading photovoltaic enterprises like Tongwei and Jinko Solar. By 2024, its order backlog exceeded 30 billion yuan, laying a solid foundation for sustainable growth. Furthermore, its forward-looking investment in perovskite/silicon heterojunction technology, in collaboration with institutions like the Chinese Academy of Sciences, aims to seize opportunities in the next technological iteration.

Second Company: Haiguang Information – Haiguang Information is a super growth stock in the A-share market, with revenue increasing from 379 million yuan to 9.16 billion yuan from 2019 to 2024, while net profit shifted from a loss of 83 million yuan to a profit of 1.931 billion yuan. The growth logic is founded on its proprietary x86 architecture CPU and full-precision DCU technology. After obtaining authorization from AMD, the CPU has undergone independent iterations to meet the demands of various industries such as finance and telecommunications, while the DCU, based on GPGPU architecture, empowers AI computing capabilities. With the dual-driving force of CPU and DCU, the company has replaced imports in key areas like government and finance, while also penetrating the AI computing market with its DCU products. Coupled with favorable domestic substitution policies, demand for local chips has surged, allowing the company to capture market share and drive continued high growth in performance.

Third Company: Deye Shares – Deye Shares has exhibited an exceptionally strong growth momentum, exemplifying industry standards. From 2019 to 2024, its operating revenue soared from 2.57 billion yuan to 11.2 billion yuan, while net profit jumped from 260 million yuan to 2.96 billion yuan. In terms of market positioning, Deye has accurately targeted emerging markets in Asia, Africa, and Latin America, where power infrastructure is weak, creating a strong demand for energy storage products. For instance, in South Africa, where power supply is unstable and frequent outages severely impact daily life and business operations, Deye entered the market in 2019 by rapidly establishing partnerships through OEM arrangements, while leveraging low-cost domestic components to enhance product competitiveness. Its inverters have maintained the top market share in South Africa. In Europe, amid high electricity prices, the economic advantages of energy storage products have become evident, and Deye has actively expanded its presence, with products gaining popularity among local consumers. The company employs an integrated marketing strategy for energy storage inverters and battery packs to meet one-stop procurement needs, enhancing customer loyalty and market competitiveness. Its balcony energy storage system, known for its compact size, ease of installation, and low cost, is suitable for both home electricity use and outdoor camping, aligning with the growing demand for diverse lifestyles and garnering positive market feedback. While consolidating its energy storage business, Deye has also upgraded its home appliance segment, achieving revenue and profit growth in niche products like dehumidifiers and solar air conditioners, further stabilizing its overall performance with dual growth drivers from energy storage and home appliance sectors.

Fourth Company: Shengmei Shanghai – Shengmei Shanghai experienced explosive growth from 2019 to 2024, with revenue rising from 760 million yuan to 5.6 billion yuan and net profit increasing from 140 million yuan to 1.15 billion yuan. The core drivers include the recovery of the global semiconductor industry (with SEMI predicting a market size of 124.1 billion USD by 2025) along with expanding domestic demand. The company has captured market share by leveraging its technology differentiation—its proprietary SAPS/TEBO ultrasonic cleaning technology enables damage-free cleaning of wafers and is already in use by SK Hynix’s advanced production lines. Additionally, Tahoe equipment reduces chemical consumption costs by 75%, with its technical specifications ranking internationally. The company has developed a platform-based layout encompassing seven product lines, covering processes from front-end manufacturing to back-end packaging, with deep ties to key customers such as Yangtze Memory Technologies and SMIC, where repeat orders account for over 70%, and an efficient delivery system accelerates order acceptance, driving rapid performance growth.

Fifth Company: Aibo Medical – Aibo Medical has achieved leapfrog development in the ophthalmic medical devices sector, with revenue soaring from 195 million yuan to 1.4 billion yuan from 2019 to 2024, and net profit climbing from 67 million yuan to 388 million yuan, resulting in a scale increase of over 7 times in five years. The explosive growth is driven by three main factors: first, the continuously expanding market demand, with an aging population in China leading to a surge in cataract surgery needs—over 80% of those aged 60 and above suffer from cataracts, and it is projected that by 2030, surgical volumes will exceed 12 million; the youth myopia rate remains high, with the myopia prevention product market exceeding 10 billion yuan. Second, the company has significant technological advantages as the first domestic manufacturer of high-end refractive artificial lenses, with its “Punoming Pro” series breaking through foreign technological barriers and comprising 20 models, achieving international advanced levels, covering over a thousand hospitals domestically and exporting nearly one million units; the corneal reshaping lens “Punotong,” leveraging patented non-spherical design technology, provides comparable myopia control effects to imported brands but at a more affordable price, rapidly capturing market share. Third, the company continues to expand its product matrix, launching new products such as defocus frame glasses and defocus soft lenses, and has acquired businesses in contact lenses, which are expected to account for 30.21% of revenue by 2024, becoming a new growth engine, further driving sustained high growth in performance.

Sixth Company: Zhejiang Rongtai – Rongtai has achieved remarkable performance from 2019 to 2024, with revenue rising from 300 million yuan to 1.1 billion yuan and net profit soaring from 21 million yuan to 230 million yuan. The growth logic focuses on three core aspects: technologically, the company has made breakthroughs in high-temperature resistant insulation performance and product structural innovation through its self-developed mica composite materials and integrated coating processes, holding 23 invention patents and 81 utility model patents, participating in industry standard formulation, with R&D expenses consistently exceeding 5%, solidifying partnerships with leading customers like Tesla and CATL, achieving a market share of 27.14% for insulation components in electric vehicles. Globally, the company has established manufacturing bases in Vietnam, Thailand, and Mexico, ensuring supply for overseas customers while mitigating tariff risks, thus integrating into the global supply chain. In terms of R&D innovation, it invested 61.31 million yuan in R&D in 2024, a 36% increase year-on-year, expanding its product offerings from single insulation components to multiple sectors, and also invested 400 million yuan in the acquisition of Dizi Precision to gain core technologies in robotics, successfully entering the humanoid robot sector, opening up new growth opportunities.

Seventh Company: Anker Innovations – Anker Innovations achieved remarkable growth in both revenue and profit from 2019 to 2024, with revenue climbing from 6.7 billion yuan to 24.7 billion yuan and net profit rising from 700 million yuan to 2.1 billion yuan. Its rapid growth is supported by three core factors: first, the brand matrix and blockbuster products, centered around Anker, which has developed a multi-brand matrix including Soundcore (smart audio) and Eufy (smart home), leveraging technology and R&D to create market-leading products. Anker’s power banks have topped global sales for four consecutive years, and the consumer energy storage brand Anker SOLIX is expected to exceed 3 billion yuan in revenue by 2024; second, the global precision layout, deeply covering mature markets in North America, Europe, and Japan, ensuring precise access to overseas consumer needs with over 90% of revenue coming from abroad; third, ongoing investment in R&D, with expenses exceeding 1.2 billion yuan in 2024, focusing on cutting-edge technologies such as fast charging and energy storage, driving product iterations and continually expanding into new fields like smart wearables and smart home, thereby enhancing market competitiveness and fueling sustained rapid growth.

Eighth Company: Dongpeng Beverage – Dongpeng Beverage showcased strong growth from 2019 to 2024, with revenue increasing from 4.2 billion yuan to 15.8 billion yuan and net profit expanding from 570 million yuan to 3.3 billion yuan. Its precise product strategy has been a key factor in this success. Dongpeng follows a “1+6” multi-category layout, centering on its flagship product Dongpeng Special Drink while expanding into six categories including electrolyte drinks, coffee beverages, and tea drinks. Dongpeng Special Drink, characterized by its large capacity and low pricing, meets the needs of core consumer groups such as blue-collar workers and drivers, solidifying its position in the functional beverage market with consistent top sales. Additionally, the “Bushuilla” electrolyte drink captures demands from sports and daily hydration, with over 400mg of electrolytes per liter, diverse flavors (lime, grapefruit, white peach, etc.), and a sugar-free formula, quickly gaining traction with consumers and becoming a billion-level product within two years of launch, serving as a significant growth engine for the company. Efficient channel development is also crucial to its success. Dongpeng has established a large and effective sales network with over 3,000 distributors, achieving comprehensive coverage across all 33 provincial administrative regions and 333 prefecture-level cities, with a 100% coverage rate in prefecture-level cities and nearly 4 million active terminal points. To ensure product supply, the company has established 13 production bases across Guangdong, Guangxi, Anhui, and Chongqing, creating a capacity matrix that facilitates east-west and north-south connectivity, with designed capacity exceeding 3.35 million tons per year. Furthermore, the company is actively advancing its digital transformation, from the “one code, one item” system introduced in 2015 to the “five codes in one” system in 2019, integrating data across production, storage, logistics, and sales channels for precise supply chain management and real-time market insights, further enhancing operational efficiency and driving sustained rapid growth.

Ninth Company: Jingyi Equipment – From 2019 to 2024, Jingyi Equipment saw revenue grow from 230 million yuan to 1.026 billion yuan, and net profit shift from a loss of 29 million yuan to a profit of 153 million yuan. This growth has primarily resulted from technological advantages and market opportunities. The company is the only domestic enterprise to achieve large-scale applications of semiconductor temperature control equipment, holding a 35.7% market share in 2022 for three consecutive years, with temperature control accuracy of ±0.01℃. It has also excelled in the field of semiconductor-specific exhaust gas treatment equipment, achieving a 15.6% market share that year. With the global semiconductor industry expanding and domestic wafer fabs ramping up production, Jingyi has leveraged its product quality and cost-effectiveness to attract new clients. In 2024, R&D investment reached 94.14 million yuan, a year-on-year increase of 53.06%, continuously driving product upgrades and new product development to sustain growth.

Tenth Company: Guoke Tiancai – Guoke Tiancai experienced significant growth from 2019 to 2024, with revenue rising from 100 million yuan to 960 million yuan, and net profit climbing from 27 million yuan to 170 million yuan. The company’s core driver of growth lies in technological innovation, leveraging antimonide technology to create differentiated cooling infrared products, continuously solidifying its leading position in the domestic market with rising product sales. It is also actively expanding its business landscape, achieving initial batch supplies of non-cooling infrared and optical products, creating new growth points. Furthermore, going public has significantly enhanced the company’s brand effect and credibility, raising its market profile and attracting numerous high-quality clients, thereby laying a solid foundation for ongoing development and steady growth in the infrared field.

Eleventh Company: Huahai Qingke – From 2019 to 2024, Huahai Qingke achieved a noteworthy leap in performance, with revenue skyrocketing from 200 million yuan to 3.4 billion yuan, and net profit reversing from a loss of 150 million yuan to a profit of 1 billion yuan. The core of its rapid growth is driven by a trifecta of technology, market trends, and industry dynamics. As a leader in CMP (Chemical Mechanical Polishing) equipment in China, the company has broken international monopolies with its self-developed 12-inch CMP equipment, achieving international advanced levels in key indicators such as polishing rate uniformity and surface defect control, with a market share exceeding 60% in major domestic wafer fabs, thus consolidating its market leader status. With the global semiconductor industry recovering and domestic wafer fabs accelerating expansion, demand for domestic substitutes has surged. Huahai Qingke has seized this opportunity, with equipment shipments increasing year-on-year. Additionally, the company continues to ramp up R&D investment, actively expanding into advanced packaging and third-generation semiconductor applications, further opening up growth avenues and driving ongoing explosive performance.

Twelfth Company: North Huachuang – From 2019 to 2024, North Huachuang saw its revenue surge from 4 billion yuan to 29.8 billion yuan, and net profit rise from 300 million yuan to 5.6 billion yuan, showcasing strong growth resilience as an industry leader. As a key player in semiconductor equipment in China, North Huachuang allocates over 15% of its annual revenue to R&D, with expenses reaching 5.372 billion yuan in 2024. The company has successfully tackled critical technologies such as etching machines and thin-film deposition equipment, with its 12-inch etching machines already in use in advanced 5nm process lines, and its thin-film deposition equipment holding a market share of over 20% domestically. Covering a wide range of products across logic chips, memory chips, and advanced packaging, the company has increased its process coverage from 60% in 2019 to 90% in 2024. Through a platform-based layout, it continues to expand its product lines in cleaning and thermal processing equipment, building a one-stop supply capability. Additionally, by expanding production bases in Tianjin and Suzhou, capacity has tripled since 2019. With the dual advantages of accelerating domestic substitution and the global semiconductor industry recovery, North Huachuang has secured large orders from leading customers such as Yangtze Memory Technologies and SMIC, driving sustained rapid performance growth.