Workers assemble tractors in Luoyang, central China's Henan Province, Jan. 2, 2024. (Photo by Zhang Yixi/Xinhua)

Profits of China's major industrial firms increased 10.2 percent year on year in the first two months of the year, data from the National Bureau of Statistics (NBS) showed Wednesday.

The figure reversed a 2.3 percent decline registered in 2023, the NBS said.

Industrial firms with an annual main business revenue of at least 20 million yuan (about 2.82 million U.S. dollars) saw their combined profits reach 914.06 billion yuan during the period.

Among the 41 industrial categories monitored by the bureau, 29 recorded profit growth.

The profits of the equipment manufacturing sector continued to increase rapidly in the January-February period.

The combined profits of the sector gained 28.9 percent year on year, 24.8 percentage points higher than the growth rate registered in the previous year.

The surge contributed 6.7 percentage points to the country's overall growth in industrial profits, making equipment manufacturing sector the largest contributor, said the NBS.