China’s A-share market entered a busy earnings season on April 22, with extreme divergence between industry leaders.
Zijin Mining reported a blockbuster first-quarter net profit of 20.079 billion yuan, surging 97.5% year-on-year. Strong earnings came from high prices of gold and copper amid global inflation and geopolitical risks, supported by expanded production at its world-class mines.

In stark contrast, pig-breeding giant Muyong Foods posted a net loss of 1.215 billion yuan in the first quarter. The loss resulted from persistently low hog prices, as oversupply pushed prices well below the breakeven level, pressuring even industry leaders.

The gap reflects a structural economic trend: upstream resource companies benefit from inflation and global tensions, while downstream consumer and breeding sectors face weak demand and fierce competition. Investors are advised to focus on high-prosperity sectors and industry leaders amid growing earnings divergence.