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.