Ge Weidong's latest heavy holdings revealed! Who will be the next ten-bagger stock based on the Q1 report?

Ask AI · What factors determine the continued upside potential of “big winner” stocks after a quarterly report?

By Niuniu Bēn

At the end of the first quarter, against the backdrop of the Middle East conflict and the postponement of interest-rate cuts, volatility in the A-share market intensified. This week, it first fell and then rose; the Shanghai Composite ultimately closed above 3,900 points. From the level itself, this is a relative high point of the past decade, with both the possibility of moving higher or moving lower. So, how exactly should we position ourselves next?

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Pay attention to the first-quarter report

As time moves into the last full trading week of March, under the influence of multiple factors such as the external environment, the A-share market has seen intense swings. The rotation among the leading sectors has also become even more frequent. Traditional industries such as coal, as well as high-growth segments in the technology sector—such as copper-clad laminate, fiber-optic communications, optical modules (CPO), etc.—have alternated as leaders on the A-share market, but overall the persistence of the rally has generally been low. At the same time, the author has noticed that one traditional main theme has entered the speculation/“hot” phase, and it also has stronger persistence—namely, the earnings theme.

A typical example is Fuxiang Pharmaceutical, which released its 2026 Q1 earnings preannouncement on March 24. In the reporting period, benefiting from the continued improvement in the new-energy industry’s cycle, the demand in the power battery market grew steadily, and the demand in the energy storage battery market surged quickly. This boosted ongoing upstream demand for lithium battery materials. The company’s lithium-battery electrolyte additive business also showed good operating momentum; core products such as VC and FEC saw both volume and price rise together, thereby driving a sharp year-over-year jump in the company’s performance. The company’s guidance projected a profit of RMB 52 million to RMB 75 million, up 2,222.67% to 3,250.01% year over year. On the same day, the stock immediately recorded a “20CM” limit-up; afterward it continued to collect multiple consecutive red boards.

In response, senior industry insider Bian Huizong said that after April, the market will shift toward earnings-driven performance. “Especially when trading the first-quarter reports: the first-quarter report needs to be taken seriously. Often, starting from the first-quarter report, some ‘bull’ stocks can run out within the year or even across the years. My experience: industry trend + the company’s earnings inflection point + business growth upside potential. If you want to gauge the upside elasticity, you can’t do without the company’s scale, the gap versus expectations, and its position in the market. Don’t look down on small companies with high barriers—if they catch the industry trend and supply-demand gaps, they’re likely to grow from small to big.” Bian Huizong said.

All 11 stocks show earnings growth

Actually, there has long been a tradition in the A-share market that “the beautiful ladies get married first.” The Q1 earnings preannouncements from companies listed in this cycle have all looked quite good. According to the author’s statistics, as of now, including Fuxiang Pharmaceutical, 11 listed companies have already released their 2026 Q1 earnings preannouncements. Compared with last year’s same period performance, they have all achieved growth to varying degrees, especially Fuxiang Pharmaceutical, which has the largest growth rate.

Moving in on Fuxiang Pharmaceutical is Wanbangde. Against the backdrop that the company’s transformation from generic drugs toward an innovation-drugs strategy has started to show initial results, and that business expansion in the reporting period has made positive progress, its earnings preannouncement on March 6 showed that in the reporting period it achieved net profit of RMB 165 million, up 985.4% year over year. Similar to Fuxiang Pharmaceutical, from March 6 to today, Wanbangde’s share price has continued to rise; its cumulative gain has already exceeded 50%. Especially over the most recent four trading days, three of those days reached a “10CM” limit-up, achieving “3 boards in 4 days.”

In addition, individual stocks with top earnings growth rates in the preannouncements also include Fuliwang, Oulaide, Weirli, etc., with earnings growth exceeding 100% as well. And after the earnings preannouncement was released, they also generally showed decent market performance (see the appendix table).

Ge Weidong makes an appearance

It is worth noting that, alongside the release of 2026 Q1 earnings preannouncements, some companies have also released their 2025 annual reports, and their latest list of the top ten shareholders has also come to light—among them, there are well-known investors.

For example, Fuliwang: the company also achieved earnings growth in 2025. Total operating revenue was RMB 8B, up 53.46%; attributable net profit was RMB 55 million, up 1.26%. The latest list of the top ten circulating shareholders as of the end of 2025 shows that “the national team”—National Social Security Fund 117 and Basic Pension Insurance Fund 903—are both included, and they rank seventh and eighth among circulating shareholders respectively (see Figure 1).

Muxi Bio-Tech Co., Ltd.-U, meanwhile, was favored by renowned investor Ge Weidong. Although the company recorded losses in both its 2025 fiscal year and its 2026 Q1, the loss magnitude has narrowed significantly, while revenue surged substantially. In the company’s latest top ten shareholders list as of the end of 2025, Ge Weidong and the Chaos Investment he controls have appeared, and they rank as the fifth and sixth largest shareholders of the company, respectively (see Figure 2).

And beyond Muxi Bio-Tech Co., Ltd.-U, although Haiguang Information, which has released its 2026 Q1 earnings preannouncement, has not released its 2025 annual report, it has also been a company heavily held by Ge Weidong. During the 2025 interim report period, Chaos Investment held 17.4981 million shares, with a market value of RMB 8B.

(The individual stocks mentioned in the article are only for illustrative analysis and do not constitute a recommendation to buy or sell.)