Government News
Four-fifths of Shanghai-listed firms were profitable in 2023 2024-06-10
Eighty percent of the 2,272 companies listed in Shanghai made a profit last year, demonstrating the resilience and potential of China’s economy.
They had a combined net profit of CNY4.3 trillion (USD593.5 billion) and revenues of CNY51.85 trillion (USD7.16 trillion) in the 12 months ended Dec. 31, according to publicly available information. Some 265 swung to a profit or shrank their deficits, with the total loss down by more than CNY290 billion (USD40 billion).
In the energy sector, capacity at coal, oil, and gas companies rose 5 percent. Transport providers more than doubled passenger trips to 285 million, while cargo orders rose 8 percent to 746 million tons. Almost 14 percent of the population were fifth-generation network users with a penetration rate in excess of 75 percent.
In the field of advanced manufacturing, the number of listed auto supply chain companies rose to 121 last year from 89 in 2018, with a combined market value of more than CNY1.8 trillion. The number of publicly traded electrical equipment suppliers jumped to 142 from 42, which together had a market cap of CNY2.2 trillion.
The ranks of mechanical equipment makers also swelled to 213, and they were worth almost CNY1.8 trillion. Shanghai's Nasdaq-like Star Market attracted more than 120 firms in the high-end equipment industry, covering areas such as aerospace, robotics, and laser processing.
Chipmakers had a total market cap of over CNY2 trillion. Operating income at biomedicine firms rose 3 percent to CNY1.37 trillion. Moreover, the recovery in key areas is speeding up, with the aviation sector paring its losses by CNY131.8 billion while operating income at retailers gained 3 percent on average and the sectors of tourism and catering returned to profit.
Listed businesses are doubling down on research and development. Last year, companies engaged in non-financial industries poured over CNY1.05 trillion into R&D, a more than 6 percent increase on 2022. In addition, over 70 percent of Shanghai-listed firms paid dividends, amounting to more than CNY1.73 trillion.
Source: Yicai Global
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