The 113 SOEs directly under State-owned Assets Supervision and Administration Commission of the State Council posted a net profit of 945.8 billion yuan ($154.4 billion) in the first seven months of this year, up 14.9 percent from a year earlier, according to the Finance Ministry.

The figure for the first half of last year was 805.7 billion yuan, a 15.6 percent year-on-year growth. In the January to July period, local SOEs generated profit of 349.7 billion yuan, an 8.2 percent drop over a year earlier.

Total revenue for SOEs grew 10.6 percent to 25.6 trillion yuan from January to July, slightly lower than the 10.7 percent year-on-year growth in the first half of the year.