Shanghai, April 21 (Xinhua) — The “spring economy” has sparked a new wave of consumption, with digital consumption becoming a hot spot for trade-ins. This spring, a strong start in consumption has injected more positive factors into the year’s development. In this process, companies listed on the Shanghai Stock Exchange (SSE) are also core participants, tapping into new drivers of consumption and leading industry trends.

The “spring economy” has become a key driver. “The combination of spring break and the Qingming Festival holiday has broken the previous limitations of short holidays, which were often characterized by nearby and short trips, pushing spring outings from ‘micro-vacations around the neighborhood’ to ‘long-distance, in-depth travel,'” said a representative from Yiwu Market, an SSE-listed company. The company’s data shows that during the holiday, Yiwu International Trade City and Yiwu Global Digital Trade Center attracted both domestic and international tourists, with an average daily footfall exceeding 230,000 visitors, creating a unique consumption model.

Innovation is the core driving force for the sustained growth of SSE-listed consumer companies. From the products themselves to consumption scenarios, these companies are continuously revitalizing existing assets and creating new growth, integrating “old brands” and “classic products” into “new daily life” and translating them into tangible performance.

On the product side, companies are responding to new consumption trends such as health consciousness and personalization. Tsingtao Brewery achieved a product sales volume of 7.648 million kiloliters in 2025, a year-on-year increase of 1.5%; operating revenue reached 32.47 billion yuan, up 1% year-on-year; and net profit reached 4.59 billion yuan, up 5.6% year-on-year. The company is driving product innovation based on new consumer demands, launching several new products to lead trends in health, personalization, and diversification. Dongpeng Beverage achieved over 30% growth in both operating revenue and net profit in 2025. The company uses Dongpeng Special Drink as its core and has incubated “Bushuila,” a light functional beverage brand, as its “second growth curve.”

On the scenario side, SSE-listed companies are breaking down industry boundaries to create immersive and experiential new consumption. Jiuhua Tourism saw a year-on-year increase of over 14% in operating revenue and net profit in 2025. Huangshan Tourism achieved operating revenue of over 2.1 billion yuan in 2025. During the reporting period, the company significantly enriched its product offerings, scenario experiences, and service content, regularly conducting various distinctive interactive and experiential activities such as fish lantern painting and intangible cultural heritage performances across multiple scenic spots.

SSE-listed leading companies, with their stable operations and clear returns, provide investors with “certainty” and serve as a “ballast stone” for the capital market. Taking consumer companies as an example, as of now, 97 consumer companies listed on the SSE main board that have disclosed their annual reports for 2025 distributed a total cash dividend of 109.2 billion yuan for the full year of 2025, compared to 103.8 billion yuan for the 2024 data, a year-on-year increase of 5.2%. Among them, over 43% of the companies saw a year-on-year increase in cash dividend amounts.

This certainty is also reflected in companies’ proactive value management. In response to market adjustments, recent SSE-listed consumer sector companies have implemented share buybacks. Kweichow Moutai disclosed a buyback plan of 1.5 billion to 3 billion yuan in November last year, and a progress update in April showed that it has repurchased a total of 794,000 shares, with a corresponding amount exceeding 1.1 billion yuan. Haier Smart Home and Dongpeng Beverage have recently launched buyback plans, with corresponding planned repurchase amounts of 3 billion to 6 billion yuan and 1 billion to 2 billion yuan, respectively. These measures not only demonstrate management’s confidence in the company’s future development but also effectively boost market sentiment and provide strong support for stock prices.

Shanghai Stock Exchange

The Shanghai Stock Exchange (SSE) was established in 1990, marking a key milestone in China’s economic reforms and the reopening of its capital markets after decades of socialist control. As one of the world’s largest stock exchanges by market capitalization, it is headquartered on the Lujiazui financial strip in Pudong, Shanghai. The SSE plays a crucial role in China’s modern economy, listing primarily A-shares for domestic investors and B-shares for international investors.

Yiwu International Trade City

Yiwu International Trade City, located in Zhejiang Province, China, is the world’s largest wholesale market for small commodities. Established in the early 2000s, it evolved from Yiwu’s historic role as a small trading hub into a sprawling complex of over 40,000 shops, attracting global buyers. The market is renowned for its vast product range and role as a key driver of China’s export economy.

Yiwu Global Digital Trade Center

The Yiwu Global Digital Trade Center is a modern commercial hub in Yiwu, China, designed to integrate digital technology with international trade. Officially opened in 2021, it serves as a flagship platform for cross-border e-commerce, offering smart logistics, data-driven services, and exhibition spaces. The center builds on Yiwu’s long history as a global wholesale market hub, evolving from physical trade to digital innovation.

Tsingtao Brewery

Tsingtao Brewery, founded in 1903 by German settlers in Qingdao, China, is one of the country’s oldest and most famous breweries. It produces Tsingtao Beer, a pale lager known internationally, and its history reflects Qingdao’s colonial past under German rule. Today, the brewery operates a museum at its original site, showcasing its brewing heritage and cultural significance.

Dongpeng Beverage

Dongpeng Beverage is a Chinese energy drink brand founded in 2003, known for its slogan “Tired and Sleepy, Drink Dongpeng.” It quickly became a major competitor in China’s energy drink market, rivaling brands like Red Bull, by focusing on affordability and widespread distribution. The company, headquartered in Shenzhen, has grown significantly over the years, expanding its product line and becoming a popular choice among workers and students seeking a quick energy boost.

Jiuhua Tourism

Jiuhua Tourism refers to travel to Mount Jiuhua, one of China’s four sacred Buddhist mountains, located in Anhui Province. Known for its stunning natural scenery and numerous ancient temples, the area has been a center of Buddhist pilgrimage for over a thousand years. Today, it attracts both spiritual visitors and tourists seeking to explore its rich cultural heritage and serene landscapes.

Huangshan Tourism

Huangshan, or the Yellow Mountains, is a renowned mountain range in Anhui Province, China, celebrated for its stunning granite peaks, hot springs, and iconic pine trees. Its history as a tourist destination dates back over 1,200 years to the Tang Dynasty, when it became a source of inspiration for poets and artists. Today, it is a UNESCO World Heritage Site, drawing millions of visitors to experience its breathtaking sunrises, seas of clouds, and unique rock formations.

Kweichow Moutai

Kweichow Moutai refers to the Moutai town and its world-renowned distillery in Guizhou Province, China, which produces the famous Moutai baijiu (a potent sorghum liquor). The distillery’s history dates back to the Ming and Qing dynasties, with its unique brewing techniques and local climate contributing to its distinctive flavor. Today, Moutai is considered China’s national liquor and a symbol of luxury, often used for state banquets and special occasions.