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.