The operating revenue of Shandong provincial State-owned enterprises reached 1.73 trillion yuan ($267.07 billion) in 2020, hitting a record high and up 12.7 percent year-on-year, according to the Shandong Provincial State-owned Assets Supervision and Administration Commission.

China National Heavy Duty Truck Group, also known as Sinotruk, launches its new generation high-end logistics traction heavy truck named "Yellow River" on Sept 16, 2020. [Photo provided to chinadaily.com.cn]

In the first quarter of 2020, the total profits of Shandong provincial State-owned enterprises fell by 62.5 percent year-on-year, close to the biggest decline in the past decade.

As the stabilizer of the province's economic operations, provincial State-owned enterprises have exerted a strong influence in economic and social recovery, said local authorities.

The companies managed to fully resumed work and production early, which led to the recovery of industrial and supply chains. In the second quarter of 2020, the decline was reversed. Revenues then started to climb throughout the rest of the year.

By the end of December 2020, the total assets of 23 provincial State-owned enterprises in Shandong amounted to 3.59 trillion yuan, up 10.6 percent year-on-year, while total owners' equity reached 1.13 trillion yuan, up 9 percent year-on-year. The asset-liability ratio was 68.6 percent, down 0.12 percentage points month-on-month and 0.82 percentage points lower than at the beginning of 2020.

Key enterprises such as Shandong Heavy Industry Group, Shandong Energy Group, Shandong Iron and Steel Group, Shandong Port Group and Shandong Hi-Speed Group all made profits of more than 5 billion yuan and raked in a combined profit of 58.8 billion yuan.