China’s industrial profits rose +0.9% YoY to ¥4.69 trillion in Jan–Aug 2025, marking a modest rebound, though trends diverged sharply by ownership and sector.

• State-owned holding firms’ profits fell -1.7% YoY to ¥1.52 trillion, while joint-stock firms rose +1.1% YoY to ¥3.49 trillion.

• Private enterprises grew +3.3% YoY to ¥1.31 trillion, and foreign/HK/Macau/Taiwan-invested firms increased +0.9% YoY to ¥1.17 trillion.

• By sector, manufacturing profits rose +7.4% YoY to ¥3.52 trillion, while mining plunged -30.6% YoY to ¥566 billion; utilities (electricity, heat, gas, water) gained +9.4% YoY to ¥604 billion.

• Coal mining profits collapsed -53.6% YoY, while oil & gas extraction fell -12.4% YoY; in contrast, non-ferrous smelting rose +12.7% YoY and electrical machinery gained +11.5% YoY.

• Auto manufacturing slipped -0.3% YoY, while computers, communications, and electronics rose +7.2% YoY.

• Operating income grew +2.3% YoY to ¥89.6 trillion, but costs rose faster at +2.5% YoY, pushing the profit margin down -0.06 pp to 5.24%.

• Accounts receivable increased +6.6% YoY to ¥27.2 trillion, and average collection periods lengthened by +3.7 days to 70.1, signaling tighter cash flow.

• In August alone, profits rebounded +20.4% YoY, reversing July’s -1.5% decline.