This aerial photo taken on Feb 1, 2023 shows the construction site of an aerospace industry incubator project in Gui'an New Area, southwest China's Guizhou province. (PHOTO / XINHUA)

BEIJING — China's state-owned enterprises (SOEs) and state-holding enterprises saw their profits increase steadily in the first 11 months of this year, official data showed on Thursday.

The companies raked in 4.12 trillion yuan (about $580.5 billion) in profits in the January-November period, up 7 percent year-on-year, according to data from the Ministry of Finance.

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From January to November, the combined operating revenues of these firms grew 3.9 percent from the same period a year earlier to near 76.23 trillion yuan, the data revealed.

By the end of November, their asset-liability ratio stood at 64.9 percent, according to the ministry.