China Industrial Profits

Data Industry

Source: National Bureau of Statistics China
Source Link: https://www.stats.gov.cn/
Frequency: Monthly
Next Release(s): September 26th, 2025 8:30 PM

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China’s industrial profits fell -1.7% YoY to ¥4.02 trillion in Jan–Jul 2025, with continued weakness in mining offset by modest gains in manufacturing and services-related industries.
- State-owned firms’ profits dropped -7.5% YoY, while joint-stock enterprises fell -2.8%; private (+1.8%) and foreign-invested firms (+1.8%) recorded gains.
- By sector, mining profits plunged -31.6% YoY, while manufacturing rose +4.8% YoY and utilities grew +3.9% YoY.
- Sharp declines persisted in coal mining (-55.2% YoY), oil & gas extraction (-12.6% YoY), and chemicals (-8.0% YoY), while strong gains came from food processing (+14.5% YoY), electrical machinery (+11.7%), and electronics (+6.7%).
- Profit margins narrowed to 5.15% (down -0.21 pp YoY) as costs rose +2.5% YoY, faster than revenue growth (+2.3% YoY).
- July alone saw profits fall -1.5% YoY, while receivables (+6.8% YoY) and longer collection periods (+3.7 days YoY) pointed to ongoing financial strain.
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China’s industrial profits fell -1.8% YoY in Jan–Jun 2025 to ¥3.44 trillion, the strongest YTD decline so far this year, since weighed down by sharp declines in mining and energy-related sectors.
- Manufacturing profits rose +4.5% YoY to ¥2.59 trillion, while mining sector profits plunged -30.3% YoY.
- State-controlled firms’ profits declined -7.6% YoY, while private (+1.7% YoY) and foreign-invested firms (+2.5% YoY) saw modest gains.
- Notable profit gains occurred in ferrous metal smelting (+13.7x), food processing (+22.8% YoY), and electrical machinery (+13.0% YoY); coal mining (-53.0% YoY) and chemical production (-9.0% YoY) saw sharp contractions.
- In June alone, industrial profits declined -4.3% YoY, reinforcing the trend of weakening earnings momentum.
- Operating income rose +2.5% YoY, but costs rose faster (+2.8% YoY), compressing the profit margin to 5.15% (-0.22 pp YoY); the average collection period extended to 69.8 days (+3.9 days YoY).
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China’s industrial profits declined -1.1% YoY in Jan–May 2025 to ¥2.72 trillion, with May alone down -9.1% YoY, as weakness in mining and energy offset gains in manufacturing.
- Manufacturing profits rose +5.4% YoY, while mining industry profits fell -29.0% YoY and power/utilities increased +3.7% YoY.
- Private enterprise profits grew +3.4% YoY; state-owned enterprise profits fell -7.4% YoY; foreign-funded firms rose slightly (+0.3% YoY).
- Strong gains were seen in food processing (+38.2%), electronics (+11.9%), and electrical machinery (+11.6%), while auto (-11.9%) and coal (-50.6%) sectors contracted.
- Operating income rose +2.7% YoY, but costs outpaced at +3.0% YoY, pulling the profit margin down to 4.97% (-0.19 pp YoY).
- Inventories rose +3.5% YoY, accounts receivable increased +9.0% YoY, and the average collection period extended to 70.5 days (+4.1 days YoY).
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China’s industrial profits rose 1.4% YoY in Jan-Apr 2025 to ¥2.12 trillion, the strongest increase since July 2024, with April alone up 3.0% YoY.
- Manufacturing profits increased 8.6% YoY, while mining sector profits dropped -26.8% YoY due to steep declines in coal and oil-related industries.
- Private enterprise profits rose 4.3% YoY, while state-owned enterprise profits fell -4.4% YoY.
- Operating income rose 3.2% YoY, outpaced by a 3.4% YoY increase in costs, pulling the profit margin down to 4.87% (-0.09 pp YoY).
- Inventory turnover days rose to 21.0 (+0.2 days YoY), and the average accounts receivable collection period lengthened to 70.3 days (+4.0 days YoY).
- Notable sector gains included agricultural food processing (+45.6%), non-ferrous smelting (+24.5%), and electrical machinery (+15.4%), while coal (-48.9%) and auto (-5.1%) profits declined.
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China’s industrial profits were up 0.8% YoY in March, the first increase since August 2024.
- Operating income increased 3.4% YoY, while operating costs were up 3.6% YoY.
- Mining profits have crashed -25.5% YoY but are offset by manufacturing profits up 7.6% YoY.
- State-owned and private businesses both saw profits down by -1.4% YoY and -0.3% YoY, respectively.
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China’s industrial profits in the January-February holiday period were down -0.3% YoY, up from the -3.3% YoY decline in December.
- Operating income was up 2.8% YoY, and operating costs were up 2.9% YoY.
- Mining industrial profits have fallen -25.2% YoY with mining operating incomes down -10.6% YoY.
- Manufacturing profits improved 4.8% YoY on a 4.0% YoY increase in operating incomes.
- State-controlled firms saw profits up 2.1% YoY while private firms saw profits down -9.0% YoY.
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Chinese industrial profits were down -3.3% YoY in the YTD period through December (or full year 2024), up from -4.7% YoY in November but below the -2.3% YoY contraction in 2023. Profits fell -3.9% YoY for manufacturing firms as cost growth outpaced revenue growth. State-controlled firms saw a -4.6% YoY decline in profits while private firms managed to increase profits by a marginal 0.5% YoY.

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Chinese industrial profits fell -4.7% in the YTD period through November vs the same period in 2023, down from the previous reading of -4.3% YoY. This is even weaker than last year’s reading of -4.4% YoY. Mining profits were down the most, posting a -13.2% YoY decline, while manufacturing profits declined at a similar rate as the headline rate. State-controlled firms saw profits down -8.4% YoY while private firms only saw a -1.0% YoY drop in profits.

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