Refrigerators developed by Zhejiang Xingxing Refrigeration Co Ltd, a company based in Taizhou. [Photo/taizhou.com.cn]

The industrial output value of Taizhou's major industrial companies rose 2.9 percent year-on-year in the first 10 months, the fastest among cities in East China's Zhejiang province.

The growth rate was 21.2 percentage points higher than in the first quarter.

From January to October, the industrial output of the city's large industrial enterprises, those with annual revenue of at least 20 million yuan ($3 million), reached 95.95 billion yuan, official data show.

This robust recovery was especially notable in sectors such as equipment manufacturing, automobiles, pharmaceutical chemicals, and electricity in Taizhou.

The V-shaped recovery can be primarily attributed to efforts made by local enterprises in R&D and digitalization transformation.

One such example is Zhejiang Xingxing Refrigeration Co Ltd. The company's sales revenue saw a year-on-year increase of over 20 percent in Q3 after recovering from a 50-percent slump in Q1 due to the COVID-19 pandemic.

This success was partly due to an automatic refrigerator developed by the company, according to Yang Wenyong, general manager of the company.

The refrigerator became hugely popular as soon as it hit the market, and its sales are expected to account for 10 percent of the company's revenue this year.

The company's intelligent products currently make up more than 30 percent of its product portfolio, with annual sales expected to grow by 20 percent year-on-year to 6 billion yuan.

Meanwhile, major companies in Taizhou also saw a rapid growth in profits.

Companies above designated size saw an increase of 29 percent year-on-year to 26.02 billion yuan from January to August, the second highest growth rate in the province.