China's battery manufacturing industry sees soaring net profit in January-July

China's battery enterprises above designated size reported a hefty growth in net profit during the January-July period, according to the Ministry of Industry and Information Technology.

The total profit surged 63.7 percent year-on-year to 16.47 billion yuan (about $2.33 billion) in the first seven months, the ministry said.

Meanwhile, business revenue of the enterprises increased 14.5 percent to 408.92 billion yuan in the period.

Among the main products of the industry, the output of the lithium-ion battery in the period increased 10 percent to 8.32 billion units from one year earlier.

The output of lead-acid battery stood at 111.78 million kilovolt-ampere-hours in the seven months, up 4 percent year-on-year, the ministry added.