A total of 1,010 companies listed on the Shenzhen bourse released profit forecasts for the first half of the year by Tuesday, projecting an 11.7-40.7 percent increase in combined net earnings.

Their net profits were forecast to total 154.5-194.7 billion yuan (23.4-29.4 billion U.S. dollars), the Shenzhen stock exchange said Thursday.

A total of 928 out of the 1,010 firms forecast that they made profits in the first half, it said.

Provided at the lower end of their guidance ranges, 596 firms, or 59 percent, would report year-on-year net profit growth. A total of 245 firms would report profit growth of more than 30 percent.

Seven sectors, including chemicals, non-metallic minerals, special equipment and pharmaceuticals, would report profit growth. This shows that Chinese manufacturers have been upgrading the industrial structure to improve their profit margins as the country seeks quality growth, the stock exchange said.