An automatic assembly line is pictured at a smart factory of Changan Auto in Chongqing, southwest China, Jan. 9, 2025. (Xinhua/Wang Quanchao)

Data from the China Association for Public Companies (CAPCO) showed on Sunday that companies listed on the Shanghai, Shenzhen, and Beijing stock exchanges reported profits of 3 trillion yuan ($420.71 billion) in the first half of 2025, up 2.54 percent year-on-year.

As of Sunday, 5,432 publicly traded companies had released their half reports. The data showed that China's listed companies continued to improve their industrial structure, steadily consolidate internal growth momentum, accelerate the development of new quality productive forces, and increasingly emphasize shareholder returns, according to the association.

In the first six months, listed companies on the three exchanges generated combined operating income of 35.01 trillion yuan, up 0.16 percent year-on-year. Nearly 60 percent of listed companies across the three markets achieved revenue growth, more than three-quarters reported profits, and 1,943 companies reported growth in both revenue and profits, according to the CAPCO.

Notably, companies included in the ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, saw combined operating revenue surge by 9.03 percent year-on-year over the period, while those on the STAR Market rose by 4.9 percent, and those on the Beijing Stock Exchange grew by 6.08 percent, the data showed.

Privately controlled listed companies saw a substantial recovery in profitability, with operating revenue up 4.8 percent year-on-year over the period, up 0.97 percentage points, while their profits rose 10.01 percent.

Consumer potential continued to be unleashed. With the rollout of the trade-in program in the first half of the year, new-energy vehicle production and sales maintained strong growth momentum, with relevant listed companies' profits rising more than 30 percent year-on-year. Meanwhile, the domestic replacement of consumer electronics accelerated, with industry revenue up 24.82 percent year-on-year, according to the CAPCO.

In the first half of the year, China's listed companies accelerated their innovation momentum, with total research and development investment across the market exceeding 810 billion yuan — a year-on-year increase of 3.27 percent, nearly 2 percentage points higher than the same period last year.

In addition, production capacity governance has been steadily advanced. The anti-involution policies have been rolled out in key sectors including photovoltaic (PV) products, vehicles, steel and cement, with preliminary results being achieved. In the PV sector, anti-involution measures have reshaped competitive dynamics, as large lithium mines have suspended operations, leading PV glass manufacturers to intensively cut production, while listed PV equipment companies reduced capital expenditures by 49.52 percent year-on-year, according to the CAPCO.

Global Times