China industrial profit growth slows in Jan–Oct
Profits at China’s industrial firms rose 1.9% yoy to CNY 5.95 trillion in the first ten months of 2025, easing from a 3.2% growth in the prior period as demand softened and pricing pressures persisted.
Private-sector earnings weakened sharply (1.9% vs 5.1% in Jan–September), while state-owned enterprises were broadly flat after the prior 0.3% decline.
By industry, profits grew for non-ferrous metal smelting (14.0%), electricity and heat production (13.1%), computers and communications (12.8%), agriculture (8.5%), electrical machinery (7.0%), general manufacturing (6.2%), special equipment (5.0%), and auto (4.4%).
In contrast, profits fell sharply in coal mining (-49.2%), oil and gas (-12.5%), textiles (-6.1%), and chemicals (-5.4%).
Simultaneously, ferrous metal smelting shifted to profit while fuel processing cut losses.
In October alone, profits dropped 5.5% yoy, reversing a 21.6% jump in September and marking the first fall in three months.
UCapital Asset Management LLP or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
Sign up for free to ask the AI about this article.
Growth, inflation and rates across the major economies, with the impact on your business.