I excluded the newly formed CRRC Corp Ltd because financial statements of it weren't available and the two bullet train manufacturers merged into it had very little in the way of past earnings.
Of these 15 largest Chinese Companies, an amazingly high 10 of them were Banks. And from a review of financial statements at their investor relations websites, these 10 Banks comprised an off-the-charts 80% of the Total 2014 Audited Earnings of the 15 largest Chinese Companies.
I could only find three other China headquartered Companies whose stocks didn't trade on the Shanghai Stock Exchange ..... Alibaba Group, Tencent Holdings and Baidu ..... which had stock market caps that would be in the top 15. All three of them are great companies but their Total 2014 Audited Earnings were only 5% of the Total 2014 Audited Earnings of the 10 largest Chinese Banks.
When 80% of the Earnings of a Country are in its Banks and another 5.5% are in its Insurance Companies, there is no way you can have a robust, broad-based economy.
And when these 10 largest Banks report 70 consecutive year-over-year increases in audited earnings for all years from 2007 through 2014, I suggest that that is mathematically impossible in real economic terms.
I used the Consolidated Net Profit amounts for all years for the four largest Chinese Banks. And I used Net Profits Attributable to Owners for all years for the six somewhat smaller Chinese Banks because it was much easier to find these numbers in the many voluminous annual reports reviewed. If I would have used Consolidated Profit amounts for all 10 Banks, the Total 2014 Audited Earnings of these 10 largest Chinese Banks would have been north of RMB 1.2 trillion. The RMB is worth about 16 cents in US$ terms.
Below here are the reported Audited Earnings for each of these 15 largest Chinese Companies for all years from 2007 through 2014:
|Google Finance Website||City||Recent||Net||Net||Net||Net||Net||Net||Net||Net|
|Largest China Companies||HQs||FYE||Profit||Profit||Profit||Profit||Profit||Profit||Profit||Profit|
|mil RMBs||mil RMBs||mil RMBs||mil RMBs||mil RMBs||mil RMBs||mil RMBs||mil RMBs|
|Industrial and Commercial Bank of China||Beijing||Dec14||276,286||262,965||238,691||208,445||166,025||129,396||111,226||82,254|
|China Construction Bank||Beijing||Dec14||228,247||215,122||193,602||169,439||135,031||106,836||92,642||69,142|
|Agricultural Bank of China Ltd||Beijing||Dec14||179,510||166,211||145,131||121,956||94,907||65,002||51,453||43,787|
|Bank of China Limited||Beijing||Dec14||177,198||163,741||145,746||130,848||110,111||85,349||65,573||62,017|
|Bank of Communications Co Ltd||Shanghai||Dec14||65,850||62,295||58,369||50,735||39,042||30,118||28,524||20,323|
|China Merchants Bank Co Ltd||Shenzhen||Dec14||55,911||51,743||45,268||36,129||25,769||18,235||21,077||15,243|
|Industrial Bank Co Ltd||Fuzhou||Dec14||47,138||41,211||34,718||25,505||18,521||13,282||11,385||8,586|
|Shanghai Pudong Development Bank Co Ltd||Shanghai||Dec14||47,026||40,922||34,186||27,286||19,177||13,217||12,516||5,499|
|China Minsheng Banking Corp Ltd||Beijing||Dec14||44,546||42,278||37,563||27,920||17,581||12,104||7,885||6,335|
|China CITIC Bank Corporation Limited||Beijing||Dec14||40,692||39,175||31,032||30,819||21,509||14,320||13,296||8,322|
|Total all 10 Banks||1,162,404||1,085,663||964,306||829,082||647,673||487,859||415,577||321,508|
|Total Bank Earnings % Increase:|
|….. 2014 Over 2013||7%|
|….. 2014 Over 2012||21%|
|….. 2014 Over 2011||40%|
|….. 2014 Over 2010||79%|
|….. 2014 Over 2009||138%|
|….. 2014 Over 2008||180%|
|….. 2014 Over 2007||262%|
|Ping An Insurance Group of China||Shenzhen||Dec14||47,930||36,014||26,750||22,582||17,938||14,482||1,635||19,219|
|China Life Insurance Co Ltd||Beijing||Dec14||32,514||25,008||11,272||18,491||33,811||33,036||19,274||39,060|
|Oil & Gas Companies|
|PetroChina Co Ltd||Beijing||Dec14||119,028||142,274||130,620||145,959||150,792||106,559||126,802||155,337|
|China Petroleum & Chemical Corp||Beijing||Dec14||46,466||66,132||63,879||73,225||71,782||63,129||31,180||56,150|
|China Shenhua Energy Co Ltd||Beijing||Dec14||48,383||55,224||57,896||53,802||44,619||37,110||29,899||24,037|
|Total all 15||1,456,732||1,410,315||1,254,723||1,143,141||966,615||742,175||624,367||615,311|