Nearly 40 percent of China's listed companies have released their 2007 annual reports, and 86 percent reported higher net profits.

The 578 companies that have reported so far had aggregate net profits of 382.7 billion yuan ($54.5 billion), up 38.39 percent year-on-year, according to Wind Info, a provider of financial data. About 130 companies saw net profits more than double.

Buoyed by a booming economy, total investment gains were 96.61 billion yuan, up 128.43 percent year-on-year.

China Life, the country's largest insurer, said 2007 net profit nearly doubled to 38.88 billion yuan, fueled by record-high investment gains.

The Industrial and Commercial Bank of China, China's largest commercial bank, had net profit of 82.3 billion yuan, up 64.9 percent as measured by international accounting standards, on higher interest and fee income.