(Yicai) Feb. 28 -- Nearly 70 percent of the companies listed in the Chinese mainland increased their net profits last year, based on figures reported in the 618 annual earnings statements released as of yesterday.

Most of the firms that have reported earnings for 2024 are leading enterprises in big industries such as electronics, agriculture, and real estate, accounting for roughly 12 percent of the total number of mainland-listed businesses. The median growth rate for net profit was 6 percent, while that for revenue was 12.2 percent.

The firms with the highest revenue growth were mainly in the electronics industry, specifically semiconductors and consumer electronics. The global chip market has been picking up since the start of 2024 amid a gradual recovery in demand for consumer electronics and explosive growth in the artificial intelligence space.

Chip designers in particular have benefited from the better market for semiconductors. Shanghai-based image sensor firm SmartSens Technology, for instance, saw net profit skyrocket 26.5 times.

After more than 20 straight months of losses, pig farmers returned to profit as pork prices rebounded from a prolonged slump. Wens Foodstuff Group, a leading company in the sector, doubled its net profit last year.

But several industries, such as solar power, are still in the doldrums. The entire photovoltaic industry chain cut prices to clear inventory, with panels dropping below CNY1 (13 US cents) per watt by mid-year, squeezing profits.

Trina Solar's financial report showed yesterday that the PV panel maker had a net loss of CNY3.46 billion (USD470 million) last year and a non-recurring net loss of CNY5.2 billion.

Editor: Tom Litting