Steel workers pack up galvanized plates at a branch of Ma'anshan Iron and Steel Company (Magang Group) in Ma'anshan City, East China's Anhui province, Sept 22, 2014. (ZHU WEIXI / XINHUA)
BEIJING - Listed companies in China have reported rapid profit growth in 2017 as the country's supply-side structural reform helped improve their competitiveness.
So far, about half of listed companies on the country's two major exchanges have reported their 2017 performance, and some 72 percent of them saw year-on-year net profit gains, according to the Economic Information Daily.
Only 58 of the 1,700 listed firms which have disclosed their financial performance reported losses
Only 58 of the 1,700 listed firms which have disclosed their financial performance reported losses.
Most companies in traditional sectors such as coal and steel posted strong growth on the back of the country's economic restructuring and improved business environment.
The revenue of 20 listed steel companies grew 32 percent year on year last year with none suffering losses as the country continues to slash excess steel capacity, which prompted product price increases.
Listed firms in the coal and non-ferrous metal sectors saw higher earnings.
Aluminum Corporation of China, the country's largest primary aluminum producer, saw its revenue up 24.86 percent and net profit surge over 270 percent year on year in 2017, respectively.
Gui Haoming, a senior researcher with Shenwan Hongyuan Securities, said he expects non-financial listed firms to continue to see rising earnings despite a possible slower pace.
Meanwhile, listed firms in emerging sectors like new energy vehicles and integrated circuits posted strong financial performance.
GigaDevice Semiconductor raked in 397 million yuan (US$63.21 million) in net profit in 2017, up 125.26 percent year on year.
China has highlighted developing emerging sectors to promote the country's rise as a manufacturing powerhouse in the government work report this year.