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.