BEIJING - Most companies listed on China's two major stock exchanges reported sharp earnings rises in 2017 amid a stabilizing economy, with cyclical industries posting strong gains.

As of Thursday, a total of 249 firms listed on the Shanghai and Shenzhen stock exchanges published their annual reports, 204 of which saw their profits rise, accounting for 82 percent of the total, according to data compiled by information service provider Wind.

The companies reported combined net profits of 145.4 billion yuan ($23 billion) in 2017, up 52.24 percent year-on-year.

Their combined revenue amounted to 1.64 trillion yuan, up 27.38 percent year-on-year.

Cyclical industries such as steel, chemical and nonferrous metal reported strong earnings. Seven steel firms more than doubled their profits year-on-year.

SGIS Songshan, a Guangdong-based steel maker, saw its net profit surge by over 20 times. The firm attributed the increase to a cut in ineffective capacity and a jump in steel prices.

Cutting overcapacity in bloated sectors like steel and coal has been high on the government work agenda in recent years as production gluts ate into corporate profits and dragged economic growth.

China plans to cut 30 million tons of ineffective steel capacity and 150 million tons of coal capacity in 2018, according to a government work report released earlier this month.