China Industrial Profits Grow 15.5% YoY in Jan-Sept

China’s industrial profits rose 15.5% year-on-year to CNY 6.03 trillion in the first nine months of 2026, easing slightly from a 15.7% increase in the January-August period. Growth remained supported by high-tech and AI-related manufacturing and electronic equipment, although subdued domestic demand continued to weigh on some industries. Profits at state-owned enterprises increased 13.1% to CNY 1.94 trillion, while joint-stock companies posted a 20.8% gain to CNY 4.67 trillion. Private firms’ profits rose 8.7% to CNY 1.51 trillion. By sector, mining remained the main driver, with profits surging 38.2%, followed by manufacturing (17.0%), while utilities fell 14.3%. Among industries, the strongest gains were seen in computers and communications (103.8%), non-ferrous metal smelting and rolling (79.7%), coal mining (57.0%), and chemicals (49.2%). In September alone, industrial profits grew 14.4% yoy, accelerating sharply from 4.2% in August and marking the strongest rise since June.

China’s industrial profits rose 15.7% year-on-year to CNY 5.27 trillion in the first eight months of 2026, slowing from a 17.6% gain in the January-July period. The latest result reflected continued strength in high-tech and AI-related manufacturing, although subdued domestic demand weighed on profitability in some industries. Profits at state-owned enterprises increased 10.3% to CNY 1.67 trillion, while those at joint-stock companies rose 20.4% to CNY 4.07 trillion. Private firms posted a 10.4% gain to CNY 1.32 trillion. By sector, mining remained the main driver, with profits surging 35.1%, followed by manufacturing (17.4%), while utilities fell 12.0%. By industry, the strongest gains were seen in computers and communications (110%), non-ferrous metal smelting and rolling (82.9%), coal mining (51.6%), and chemicals (51.0%). In August alone, industrial profits grew 4.2% from the prior year, sharply easing from an 11.2% rise in July and marking the softest pace since November 2025.

China’s industrial profits rose 17.6% year-on-year to CNY 4.58 trillion in the first seven months of 2026, slowing from an 18.7% surge in the January-June period. Still, the latest result remained robust, underscoring the resilience of industrial activity despite broader economic challenges. Profits at state-owned enterprises increased 16.3% to CNY 1.49 trillion, while joint-stock companies posted a stronger 23.6% gain to CNY 3.55 trillion. Meanwhile, private firms posted a 10.9% rise in profits to CNY 1.14 trillion. By sector, mining remained the main driver, with profits surging 34.9%, followed by manufacturing ( 18.8%). In contrast, utilities posted a 5.8% drop. By industry, the strongest gains were recorded in computer, communication and other electronic equipment (110%), non-ferrous metal smelting and rolling (91.8%), and chemicals (56.6%). In July alone, industrial profits grew 11.2% from a year earlier, slowing from June's 15.1% jump and signaling the slowest pace this year.