In the first half of 2026, listed companies across the market generated total operating revenue of RMB 37.76 trillion, marking a steady 7.6% year-on-year increase, while net profit reached RMB 3.58 trillion, up 19.5% from the prior year period, accelerating by 16.7 percentage points compared to the full-year pace of last year. The second quarter alone contributed RMB 19.92 trillion in revenue and RMB 1.95 trillion in net profit, with both metrics growing considerably faster than in the first quarter.

Digging into the details, three-quarters of all companies reported profitability, six in ten achieved positive revenue growth, and four in ten saw net profit expand. A total of 2,015 firms registered simultaneous gains in both revenue and net profit. The median revenue growth rate across the market stood at 5.7%, while the median net profit increase was 0.9%.

Newly listed companies since 2024 have outperformed the broader market in terms of growth, posting a median revenue increase of 11.4%. Companies on the ChiNext Board continued their upward trajectory with revenue up 22.3% and net profit up 32.7%. The STAR Market delivered even more striking results, with revenue growth approaching 40% and net profit surging 4.4-fold year on year. On the Beijing Stock Exchange, total revenue crossed a new milestone of RMB 138 billion, with 28 companies doubling their net profit as profitability continued to strengthen.

State-owned listed companies saw improved earnings, while private enterprises demonstrated robust growth momentum. Net profit for these two groups rose 12.4% and 29.6%, respectively, climbing 12.9 and 20.9 percentage points compared to the full year of last year. Among the 19 industry categories, 16 were profitable, 12 saw revenue gains, and 10 achieved growth in both revenue and net profit. All manufacturing sub-sectors were profitable, with eight seeing higher revenue and five reporting net profit expansion.

Excluding the financial sector, physical entities posted revenue of RMB 32.51 trillion, up 6.6%, and net profit of RMB 1.95 trillion, a 22% increase. Constituent companies of the CSI 300 Index generated RMB 22.30 trillion in revenue, representing 59% of the total market, and RMB 2.78 trillion in net profit, accounting for a 78% share, underscoring the stabilizing role of core assets.

Industrial profits showed strong gains, with profits at scale-above industrial enterprises jumping 18.7% and industrial listed companies seeing net profit climb 31.2% to RMB 1.61 trillion. Tight upstream supply of raw materials and energy, combined with firm demand, kept commodity prices elevated, driving net profit for nonferrous metals up 106.7% and coal up 28.2%. The integrated circuit industry saw net profit multiply 2.4-fold on the back of a self-reliant AI ecosystem, while biopharmaceuticals recorded a 9.9% net profit increase as domestically developed innovative drugs entered commercial windows. High-end equipment manufacturing, including advanced machine tools and aerospace, posted 13.1% revenue growth and 16.7% net profit growth.

Consumer services also gained momentum. New energy vehicle penetration approached 50% across all categories, with listed companies in the sector growing revenue by 15.9%. Black home appliances and smart wearable devices saw net profit growth exceed 50%. Domestic travel surpassed 3.46 billion trips, fueling demand for county-level tourism and exhibition-related travel, which lifted transport sector revenue by 6.5% and drove net profit gains of more than 10% in tourism and hotels. Total logistics volume increased 5.1%, with express delivery companies growing revenue by 8.9%. Youth-oriented consumer communities drove cultural and emotional spending, helping the pet industry grow revenue by 11.3% while gaming and cosmetics companies expanded net profit by 65.7% and 24.7%, respectively.

Foreign trade structure continued to improve, with goods exports up 13.4% year on year, marking 11 consecutive quarters of growth. Of the 3,196 listed companies disclosing overseas revenue, combined foreign sales reached RMB 6.06 trillion, up 22.9%, and 553 companies derived more than half of their revenue from abroad. High-tech, high-value-added products drove much of this expansion: electronic components exports surged 62.6%, with electronics firms seeing overseas revenue growth above 40%; lithium batteries and wind turbines saw export gains exceeding 30%, boosting energy storage revenue by 27.1%; and ships and marine engineering equipment exports rose 19.9%, with nautical equipment makers sustaining strong overseas growth.

Innovation momentum remained robust as listed companies intensified R&D efforts, with total market research spending reaching RMB 847.3 billion, up 3% year on year, and R&D intensity holding steady at 2.24%. The STAR Market maintained R&D intensity above 10% for years, while the ChiNext Board and Beijing Stock Exchange both exceeded 4%. The new-generation information technology and biotech sectors led with research spending each surpassing RMB 60 billion. Nationwide, 127 companies invested more than RMB 1 billion in R&D, and 923 firms reached an R&D intensity of 10% or higher.

The push toward green transformation advanced steadily, with energy-saving and carbon-reduction initiatives targeting nine high-energy-consuming industries such as steel and cement. Energy-saving and environmental protection companies achieved double-digit growth in both revenue and net profit. The circular economy gained traction as power batteries entered a large-scale retirement wave, with the waste-resource utilization industry growing revenue by 26.3% and net profit by 1.6-fold.

Market entry and exit mechanisms functioned smoothly, with 5,558 companies listed as of August 31. Strategic emerging industries and high-tech manufacturing accounted for 60% of the total. In 2026, 102 companies held initial public offerings, with 82% of them listed on the ChiNext Board, STAR Market, or Beijing Stock Exchange, concentrated in electronics and machinery. Twenty-one companies were delisted, with two-thirds from the Shanghai and Shenzhen main boards, including four for major violations, 13 for financial reasons, and one voluntary delisting. The Hong Kong Stock Exchange raised more funds than the full previous year, with 33 new A+H companies and nearly 100 mainland enterprises listing in Hong Kong, highlighting its role as a global asset allocation hub.

Dividend and shareholder return mechanisms became more institutionalized, with interim dividend payouts rising steadily. As of August 31, 872 companies had announced cash dividend plans for the first or second quarters, an increase of 54 from a year earlier, and half were strategic emerging companies. Total market cash dividends reached RMB 740.3 billion, with an overall payout ratio of 28.7%. Fifty-seven companies paid dividends for the first time since listing, while five paid multiple times within the year. State-controlled companies contributed 80% of total dividend value, with 15 paying out over RMB 10 billion each and 56 exceeding RMB 1 billion.

Share buybacks and stake increases also reinforced investor confidence. Excluding terminated buyback programs, 1,051 companies announced buyback plans totaling more than RMB 220 billion, with 39% funded by internal cash and a 34% completion rate. Market-capitalization-management buybacks, amounting to over RMB 100 billion, complemented incentive-based plans, enhancing long-term capital market returns. Additionally, 273 companies disclosed plans to increase shareholdings, with state capital operating platforms China Reform Holdings and China Chengtong adding over RMB 60 billion in combined stake increases.

By the end of August, 5,557 companies had disclosed their 2026 half-year reports, reflecting stable domestic economic conditions, a 4.7% GDP expansion, moderate price recovery, and solid foreign trade performance. The data underscores steady progress in listed company quality, accelerating industrial transformation, and a strengthening shareholder return framework, with high-quality development yielding visible results.