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Real Economy Faces Real Challenges

(Beijing Review)

08:38, August 28, 2012

An investor watches stock prices at a securities company in Hangzhou, Zhejiang Province. China's real economy is weakening the stock market due to the downturn pressure (Beijing Review/Han Chuanhao)

Shanghai-listed Tianjin Quanyechang (Group) Co. Ltd. unveiled on July 11 its performance in the first half of 2012, the first listed company to do so this year. According to their commitment to the China Securities Regulatory Commission (CSRC), all 2,428 listed companies in China will publish interim reports by August 31.

By August 20, a total of 1,700 companies had released their reports. The results have been underwhelming, suggesting that China's real economy seems to still be lingering in the shadow of the financial crisis.

Slower profit growth

According to the announcement by Tianjin Quanyechang, in the first half it recorded 553 million yuan ($87.09 million) of sales revenue and 4.41 million yuan ($694,488) of net profits, up by 22.62 percent and 60.38 percent, respectively, year on year. The earning per share stood at 0.01 yuan (0.16 cents). The promising outlook from the year's beginning, however, didn't bring too much surprise to the investors. Among the 1,700 listed companies, fewer than 600 recorded growing net profits.

In the second quarter, net profits of the 1,700 listed companies grew by only 3.8 percent over a year ago and the quarterly growth was 29 percent. In comparison, profit growth of listed companies on the quarterly basis surpassed 40 percent in the first quarter this year and the second quarter last year, an indication that performance of listed companies is growing remarkably slowly.

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