A total of 5,557 listed companies across China's domestic equity markets generated combined revenue of 37.76 trillion yuan in the first half of 2026, representing a year-on-year increase of 7.6%. Net profit reached 3.58 trillion yuan, up 19.5% from the same period last year, with profit growth accelerating significantly compared with the full-year figure for 2025. Notably, both revenue and net profit growth in the second quarter outpaced the first quarter at a clear pace, signaling a definitive rebound in corporate earnings momentum.
More than three-quarters of all listed companies reported profitability, while six in ten posted revenue growth and four in ten saw higher net profits. A total of 2,015 companies achieved simultaneous growth in both revenue and net profit. The median revenue growth rate across the market stood at 5.7%, while the median net profit growth was 0.9%.
Companies listed since the start of 2024 have demonstrated stronger growth characteristics than the broader market, with a median revenue growth rate of 11.4%. Companies on the ChiNext board delivered robust momentum, with revenue rising 22.3% and net profit climbing 32.7%. The STAR Market produced standout results, with revenue growth approaching 40% and net profit surging by 4.4 times. The Beijing Stock Exchange saw its revenue scale reach a new milestone, surpassing 138 billion yuan, with 28 companies doubling their net profit.
State-controlled listed companies improved their profitability, while private enterprises exhibited vigorous growth momentum, with net profit growth rates of 12.4% and 29.6% respectively — improvements of 12.9 and 20.9 percentage points compared with the full-year figures for 2025.
Among the 19 major industry categories, 16 achieved profitability, 12 posted revenue growth, and 10 reported simultaneous growth in both revenue and net profit. All manufacturing sub-sectors were profitable, with eight recording revenue growth and five achieving net profit gains. Excluding the financial sector, real-economy listed companies generated revenue of 32.51 trillion yuan, up 6.6% year-on-year, with net profit reaching 1.95 trillion yuan, an increase of 22%.
The CSI 300 Index constituents delivered revenue of 22.30 trillion yuan, accounting for 59% of the total market, and net profit of 2.78 trillion yuan, representing 78% of the overall market — underscoring the continued stabilizing role of core assets.
Factory profits expand sharply while consumer and trade sectors improve
Industrial profits grew at a brisk pace during the first half, with the national industrial enterprises above designated size reporting an 18.7% increase in total profits. Listed industrial companies continued to repair profitability, generating net profit of 1.61 trillion yuan, up 31.2% year-on-year. Under external supply constraints, upstream raw materials and energy prices remained elevated amid rigid demand growth, with the nonferrous metals and coal sectors posting net profit increases of 106.7% and 28.2% respectively.
Hard-tech enterprises emerged as a key pillar of support, with the integrated circuit industry recording a 2.4-fold net profit surge as domestic chip makers contributed to building an autonomous AI ecosystem. Domestic innovative drugs entered a commercialization window as R&D value accelerated its payoff, with the biopharmaceutical sector's net profit up 9.9%. Breakthroughs in advanced machine tools, aerospace, and other critical fields drove revenue growth of 13.1% and net profit growth of 16.7% in the high-end equipment manufacturing sector.
Service consumption developed favorably during the period. The penetration rate of new energy vehicles across all categories approached 50%, with related listed companies reporting revenue growth of 15.9%. The black home appliance and smart wearable device sectors achieved net profit growth exceeding 50%. Domestic resident travel surpassed 3.46 billion trips, with county-level tourism and exhibition performances driving strong demand — the transportation sector posted 6.5% revenue growth, while tourism, hotel, and catering sectors saw net profit gains exceeding 10%.
Total social logistics volume grew 5.1%, with resilience in household and personal goods logistics. The four listed express delivery companies reported combined revenue growth of 8.9%. Youth consumer community trends became increasingly prominent, with cultural and emotional consumption emerging as a significant driver of domestic demand. The pet industry posted 11.3% revenue growth, while the gaming and cosmetics sectors saw net profit gains of 65.7% and 24.7% respectively.
Foreign trade export structure improved notably. China's goods trade exports increased 13.4% year-on-year, marking the 11th consecutive quarter of positive growth. Listed companies' overseas business demonstrated characteristics of stable scale and fresh dynamism, with 3,196 companies disclosing overseas revenue totaling 6.06 trillion yuan — a growth of 22.9%, including 553 companies where overseas revenue accounted for more than half of total revenue.
Structurally, high-tech and high-value-added products gained greater contribution. In AI hardware, electronic component exports rose 62.6%, with the electronics sector's overseas revenue growing over 40%. In the new energy field, lithium battery and wind turbine exports grew more than 30%, while energy storage industry listed companies saw overseas revenue climb 27.1%. In high-end equipment, ship and marine engineering equipment exports increased 19.9%, with the marine equipment sector continuing last year's rapid overseas revenue growth.
Innovation momentum accelerates while green transformation proceeds steadily
Listed companies actively forged new quality productive forces during the first half, with total R&D investment across the market reaching 847.3 billion yuan, up 3% year-on-year, and overall R&D intensity at 2.24% — essentially flat with the prior year. The three growth boards intensified their technological efforts, with the STAR Market maintaining R&D intensity above 10% for multiple consecutive years, while the ChiNext and Beijing Stock Exchange both exceeded 4%.
The new-generation information technology and biopharmaceutical industries played a leading role in innovation, each with R&D scale exceeding 60 billion yuan and R&D intensity surpassing the overall market by 4.3 and 4.5 percentage points respectively. A total of 127 listed companies invested more than one billion yuan in R&D, while 923 companies achieved R&D intensity above the 10% threshold, indicating significantly improved commercialization of innovation outcomes.
Green transformation advanced steadily. The three-year energy conservation and carbon reduction campaign commenced, focusing on nine high-energy-consuming industries including steel and cement, promoting upgraded and low-carbon energy equipment, accelerating the transformation of restricted process equipment, and strengthening policy and financial support. The energy conservation and environmental protection industry achieved double-digit growth in both revenue and net profit. The circular economy and "zero-waste city" initiatives deepened, with power batteries entering a wave of large-scale retirement. The waste resource utilization industry saw revenue growth of 26.3% and net profit surging 1.6 times.
Entry-exit mechanisms operate smoothly as shareholder returns boost confidence
As of August 31, a total of 5,558 listed companies operate across the market, with strategic emerging industries and high-tech manufacturing together accounting for 60%. During 2026, 102 new companies completed initial public offerings, with 82% listed on the ChiNext, STAR Market, or Beijing Stock Exchange, primarily concentrated in the electronics and machinery equipment sectors. Meanwhile, 21 companies were delisted, with two-thirds from the Shanghai and Shenzhen main boards — including four involving mandatory delisting for major violations, 13 for financial-related reasons, and one voluntary delisting.
The Hong Kong Stock Exchange's fundraising volume has already exceeded last year's full-year total, with quality asset supply continuing to expand. Since the start of the year, 33 new A+H share companies have been added, and nearly 100 mainland enterprises have listed in Hong Kong. A wave of hard-tech companies in AI and biopharmaceuticals has emerged, further solidifying Hong Kong's position as a global asset allocation hub.
A normalized and sustainable shareholder return mechanism is taking shape, with interim dividend intensity increasing year by year. As of August 31, 872 listed companies had announced cash dividend plans for the first quarter or first half of 2026 — an increase of 54 companies year-on-year, with strategic emerging industry companies accounting for half. Total cash dividends across the market reached 740.3 billion yuan, with an overall dividend payout ratio of 28.7%. Fifty-seven companies declared their first-ever dividends since listing, while five companies made multiple dividend distributions during the year.
State-controlled listed companies played a stabilizing role, contributing 80% of total dividend amounts — with 15 companies distributing over ten billion yuan and 56 companies exceeding one billion yuan in dividends.
A number of listed companies launched share buyback and increase plans to bolster investor confidence with tangible capital and reshape market expectations through concrete actions. As of August 31, excluding cancelled buybacks, 1,051 listed companies announced buyback proposals for 2026, with planned amounts exceeding 220 billion yuan. Self-funded buybacks accounted for 39% of the total, and the market-wide completion rate stood at 34%. Market value management-type buybacks increased notably in number, with proposed amounts exceeding 100 billion yuan, complementing incentive-type buybacks to enhance long-term returns in the capital markets.
A total of 273 listed companies announced share increase plans for 2026, with the two major state-owned capital operating platforms — China Guoxin and China Chengtong — accumulating combined increases exceeding 60 billion yuan.
Note: [1] Data covers listed companies as of August 31, 2026 (including B-shares), excluding one company with delayed disclosure, totaling 5,557 companies, with the statistical cutoff at 14:00 on August 31, 2026; [2] Due to factors such as new listings and delistings, the statistical scope changes each period, with "year-on-year" and "quarter-on-quarter" calculated on a comparable basis; [3] Except for the dividend payout ratio calculation using consolidated net profit from merger statements, all net profit figures refer to net profit attributable to shareholders of listed companies; [4] Classified according to the "China Association for Public Companies Industry Statistical Classification Guidelines" published on May 21, 2023; [5] Industry here includes mining, manufacturing, and electricity, heat, gas, and water production and supply; [6] Includes first quarter, first half, and special dividends; [7] Calculated based on dividends across all domestic and overseas shares.
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