China's major industrial firms saw their profits rise 17.6% year on year in the first seven months of the year, as operating revenue grew 6.5%, according to data released by the National Bureau of Statistics (NBS) on Thursday.

Profits in the mining and manufacturing sectors led the charge, rising 34.9% and 18.8%, respectively.

Yu Weining, an NBS statistician, attributed the relatively fast profit growth to steady industrial production and the rapid expansion of new growth drivers.

The electronics sector was a major driver of profit growth, said Yu. Profits in the sector more than doubled from a year earlier, contributing 9.3% of the overall industrial profit growth. Profits in the integrated circuit industry, including computing and memory chips, soared 18.5-fold, accounting for more than 80% of the increase in electronics-sector profits.

High-tech manufacturing also continued to lead growth, said Yu. Profits of major high-tech manufacturers jumped 50.1% year on year, contributing 9.6% of the overall industrial profit growth as manufacturers continued to move up the value chain.

Raw-material manufacturing also posted strong gains, with profits up 55.2% year on year, as per the NBS statistician. Profits in the nonferrous metals and chemical industries surged 91.8% and 56.6%, respectively.

Industrial costs continued to fall, he added. Major industrial firms spent 85 yuan for every 100 yuan of operating revenue, down 0.47 yuan from a year earlier. Unit costs have remained on a year-on-year decline since the beginning of the year. The profit margin on revenue stood at 5.66 percent in the first seven months, reaching the highest level for the same period since 2023, noted Yu. 

Overall, China's major industrial firms maintained strong profit growth in the first seven months of the year, Yu concluded.

(With input from Xinhua)