BEIJING - Most "new third board" firms that have disclosed their annual financial performances posted growth in net profit, China Securities Journal reported Wednesday.

As of Tuesday, a total of 220 firms listed on China's National Equities Exchange and Quotation (NEEQ) market have disclosed their 2018 financial performances. About 160 of them, or 73 percent, registered an increase in net profit growth year on year.

A total of 21 firms' net profit exceeded 100 million yuan ($14.9 million), more than 10 percent of the firms which have disclosed their annual reports.

Firms in software, information technology services, chemical material and chemical manufacturing saw the most net profit, while Internet-related and commercial service firms had faster net profit growth rate.

Jintian Copper (Group) Co Ltd, a Ningbo-based nonferrous metals processing enterprise, led the firms with a net profit of 422 million yuan. Its revenue totaled 40.65 billion yuan in 2018, despite a small slip in growth rate.

According to its performance report, the company attributed its stellar performance to the operation of its new Vietnamese subsidiary, and the establishment of factories in Guangdong, Chongqing and other locations last year.

In terms of R&D expenditure, software developer Sinosoft Co Ltd and chemical raw material manufacturer Shandong INOV Polyurethane Co Ltd both exceeded 100 million yuan.

Firms which spend more than 10 million yuan on R&D made up 40 percent of the companies. The R&D expenditure of 36 firms accounted for more than 10 percent of their revenue.

Founded in 2013, the NEEQ was launched to supplement the Shanghai and Shenzhen stock exchanges and is seen as a better financing channel for SMEs, with low costs and simple listing procedures. In 2018, the exchange helped China's SMEs raise 60 billion yuan.