Roughly a quarter of China’s over 4,000-listed firms have already published earnings or preliminary results for the season. Goldman Sachs has lowered 2021 earnings growth for mainland-listed firms to 20% this year from 27% earlier, while CICC expects the number of sectors with disappointing results to outnumber those that beat expectations. CITIC Securities sees profit growth slowing around 85% in the third quarter for the sector. Among the worst-hit are agriculture firms as pork prices plummet, with less than a quarter that have reported so far seeing profit growth, Huatai said. Gemdale Corp reported a decline of 26% for third quarter earnings, while Financial Street Holdings Co warned of a slump of up to 30%.
