The turnover of 88 listed companies based in Ningbo, East China's Zhejiang province stood at 209.9 billion yuan ($30.42 billion) in the first half of this year, edging down 0.5 percent from the same period last year. 

Despite the slight decline in business income, profits saw noticeable growth. From January to June, the net profits of the Ningbo companies totaled 23.6 billion yuan, representing a yearly uptick of 11 percent, official data show.

Those in sectors such as photovoltaic equipment, semiconductor materials, medical devices, optical components, real estate development and banking showed strong vitality and resilience despite the COVID-19 epidemic.

Of the 88 enterprises, 47 reported positive growth in business income in H1, among which five saw their business income exceed 10 billion yuan.

They are Ningbo Joyson Electronic Co Ltd, Bank of Ningbo, Ningbo Jintian Copper (Group) Co Ltd, Yunda Holding Co Ltd and Longyuan Construction Group, with business incomes of 20.5 billion yuan, 20 billion yuan, 18.6 billion yuan, 14.318 billion yuan and 10.1 billion yuan respectively.

When it comes to profitability, 51 companies, or 58 percent, reported an increase in net profits over the six-month period. Among them, 14 doubled their profits, accounting for 16 percent of the total.

Five Enterprises, namely, Bank of Ningbo, Youngor, Ningbo Zhoushan Port Co Ltd, Tech-bank Food Co Ltd and Ningbo Donly Co Ltd, saw their net profits exceed 1 billion yuan over the period.

Notably, 46 companies increased their R&D spending in H1, among which 17 reported a jump of more than 30 percent in R&D over the period.