Core Insights - In 2025, the total profit of industrial enterprises above designated size in China reached 73,982 billion yuan, a year-on-year increase of 0.6% [1] - The manufacturing sector saw a profit increase of 5.0%, while the mining sector experienced a significant decline of 26.2% [4] - The equipment manufacturing industry played a crucial role in supporting industrial upgrades, with profits rising by 7.7% [4] Summary by Category Overall Industrial Performance - The total revenue of industrial enterprises above designated size was 139.20 trillion yuan, up 1.1% from the previous year [2] - Operating costs increased by 1.3% to 118.75 trillion yuan, resulting in a profit margin of 5.31%, a slight decrease of 0.03 percentage points [2] - By the end of 2025, total assets reached 188.41 trillion yuan, a 4.3% increase, while total liabilities grew by 4.2% to 108.58 trillion yuan [2] Sector-Specific Performance - The profits of the black metal smelting and rolling industry surged by 300%, while the non-metallic mineral products industry saw a decline of 1.7% [2] - High-tech manufacturing profits increased by 13.3%, significantly outpacing the overall industrial growth [5] - The profits of the equipment manufacturing sector accounted for 39.8% of total industrial profits, marking a 2.6 percentage point increase from the previous year [4] Emerging Trends - The smart electronics sector drove a 48.0% profit increase in smart consumer device manufacturing, with specific industries like smart drones and vehicle devices seeing profits rise by 102.0% and 88.8%, respectively [5] - Traditional industries are also showing improvement, with sectors like biochemical pesticides and cultural information chemicals achieving profit growth above the industry average [6] - Small and medium-sized enterprises, as well as foreign-invested enterprises, reported profit growth of 1.4% and 4.2%, respectively, reversing previous declines [6]

Core Insights - In 2025, the total profit of industrial enterprises above designated size reached 73,982 billion yuan, a year-on-year increase of 0.6% (on a comparable basis) [1] - The profit distribution among different types of enterprises showed a decline in state-owned enterprises and joint-stock enterprises, while foreign and private enterprises experienced growth or stability [1] - The mining industry faced a significant profit decline, while the manufacturing sector showed positive growth [1] Group 1: Profit by Enterprise Type - State-owned enterprises achieved a total profit of 20,561 billion yuan, down 3.9% year-on-year [1] - Joint-stock enterprises reported a profit of 55,408.3 billion yuan, a slight decrease of 0.1% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit increase of 4.2%, totaling 17,447.4 billion yuan [1] - Private enterprises maintained a profit of 22,810.6 billion yuan, unchanged from the previous year [1] Group 2: Profit by Industry - The mining industry reported a profit of 8,345.1 billion yuan, down 26.2% [1] - The manufacturing sector achieved a profit of 56,915.7 billion yuan, an increase of 5.0% [1] - The electricity, heat, gas, and water production and supply industry saw a profit of 8,721.2 billion yuan, growing by 9.4% [1] Group 3: Revenue and Costs - The total operating revenue of industrial enterprises above designated size reached 139.20 trillion yuan, a year-on-year increase of 1.1% [2] - Operating costs amounted to 118.75 trillion yuan, up 1.3% from the previous year [2] - The operating profit margin was 5.31%, a decrease of 0.03 percentage points compared to the previous year [2] Group 4: Financial Metrics - Total assets of industrial enterprises reached 188.41 trillion yuan, growing by 4.3% year-on-year [2] - Total liabilities increased by 4.2% to 108.58 trillion yuan [2] - Total owners' equity rose by 4.5% to 79.82 trillion yuan [2] - The asset-liability ratio stood at 57.6%, a decrease of 0.1 percentage points [2] Group 5: Accounts Receivable and Inventory - Accounts receivable totaled 27.43 trillion yuan, an increase of 4.7% year-on-year [3] - Finished goods inventory reached 6.73 trillion yuan, growing by 3.9% [3] - The average collection period for accounts receivable was 67.9 days, an increase of 3.6 days [3]

Core Insights - In 2025, various regions and sectors are implementing more proactive macro policies to accelerate new industrialization, leading to a stabilization and improvement in the industrial economy. The profits of industrial enterprises have increased, reversing a three-year decline, with significant contributions from equipment manufacturing and high-tech manufacturing sectors [1] Group 1: Industrial Profit Growth - In 2025, profits of industrial enterprises above designated size increased by 0.6% compared to the previous year, with manufacturing profits growing by 5.0%, a significant rebound of 8.9 percentage points from 2024 [1] - The electricity, heat, gas, and water production and supply sector saw a profit increase of 9.4%, while the mining sector experienced a decline of 26.2% [1] - In December, profits of industrial enterprises turned from a 13.1% decline in November to a 5.3% increase, marking an 18.4 percentage point recovery [1] Group 2: Equipment Manufacturing Sector - In 2025, profits in the equipment manufacturing sector increased by 7.7%, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [2] - Profits from the equipment manufacturing sector accounted for 39.8% of total industrial profits, an increase of 2.6 percentage points from the previous year [2] - Seven out of eight major categories in the equipment manufacturing sector reported profit growth, with the railway, shipbuilding, aerospace, and electronics industries experiencing double-digit growth rates of 31.2% and 19.5% respectively [2] Group 3: High-Tech Manufacturing Sector - In 2025, profits in the high-tech manufacturing sector rose by 13.3%, surpassing the overall industrial profit growth by 12.7 percentage points [3] - The smart consumer electronics sector drove significant profit growth, with smart consumer device manufacturing profits increasing by 48.0%, and specific industries like smart drones and smart vehicle equipment seeing profits rise by 102.0% and 88.8% respectively [3] - The semiconductor industry experienced substantial profit increases, with integrated circuit manufacturing and semiconductor device manufacturing profits growing by 172.6% and 128.0% respectively [3] Group 4: Traditional Industries - Traditional industries are showing continuous improvement, with profits significantly above the industry average. In the chemical sector, profits from biochemical pesticides and cultural information chemicals grew by 20.7% and 15.2%, respectively, exceeding the average growth in the chemical industry by 28.0 and 22.5 percentage points [4] - In the chemical fiber and power sectors, profits from bio-based chemical fiber manufacturing and biomass power generation increased by 88.6% and 47.9%, respectively, surpassing the average growth in their respective categories by 93.1 and 34.0 percentage points [4] - Profits for small and medium-sized enterprises, as well as foreign and Hong Kong, Macao, and Taiwan-invested enterprises, turned positive, with growth rates of 1.4% and 4.2%, compared to declines of 1.9% and 1.7% in 2024 [4]

| 行业 | 营业收入 | | 营业成本 | | 利润总额 | | | --- | --- | --- | --- | --- | --- | --- | | | 全额 | 同比增长 | 金额 | 同比增长 | 金额 | 同比增长 | | | (亿元) | (%) | (亿元) | (%) | (亿元) | (%) | | 总计 | 1391980.6 | 1.1 | 1187524.1 | 1.3 | 73982.0 | 0.6 | | 煤炭开采和洗选业 | 26088.6 | -17.8 | 18734.0 | -11.9 | 3520.0 | -41.8 | | 石油和天然气开采业 | 11480.1 | -5.2 | 6767.0 | 1.1 | 2764.9 | -18.7 | | ■ 黑色金属矿采选业 | 4572.9 | -7.0 | 3661.6 | -6.0 | 458.1 | -16.0 | | 有色金属矿采谈 V | 4247.4 | 12.7 | 2397.9 | 4.2 | 1248.7 | 36.1 | | 非金属矿采选业 | 3476.8 | -5.1 | 2471.6 | -5 ...

Core Viewpoint - In 2025, profits of industrial enterprises above designated size in China increased, reversing a three-year decline, driven by new momentum from sectors like equipment manufacturing and high-tech manufacturing, while traditional industries also saw profit structure optimization [2][5]. Group 1: Overall Industrial Profit Growth - In 2025, profits of industrial enterprises above designated size grew by 0.6% compared to the previous year, with manufacturing profits increasing by 5.0%, a significant rebound of 8.9 percentage points from 2024 [2]. - The electricity, heat, gas, and water production and supply sector saw a profit increase of 9.4%, while the mining sector experienced a decline of 26.2% [2]. - In December, profits for industrial enterprises turned from a 13.1% decline in November to a 5.3% increase, marking an 18.4 percentage point recovery [2]. Group 2: Equipment Manufacturing Sector - Profits in the equipment manufacturing sector rose by 7.7% in 2025, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [3]. - Equipment manufacturing accounted for 39.8% of total industrial profits, an increase of 2.6 percentage points from the previous year [3]. - Seven out of eight major categories in equipment manufacturing reported profit growth, with railways, shipping, aerospace, and electronics industries seeing double-digit growth rates of 31.2% and 19.5% respectively [3]. Group 3: High-Tech Manufacturing Sector - Profits in the high-tech manufacturing sector increased by 13.3%, surpassing the overall industrial profit growth by 12.7 percentage points [4]. - The smart consumer electronics sector drove significant profit growth, with smart unmanned aerial vehicle manufacturing and smart vehicle equipment manufacturing profits soaring by 102.0% and 88.8% respectively [4]. - The semiconductor industry also experienced rapid growth, with profits in integrated circuit manufacturing and semiconductor device manufacturing increasing by 172.6% and 128.0% respectively [4]. Group 4: Traditional Industries and Other Enterprises - Traditional industries showed significant improvements, with profits in biochemical pesticides and cultural information chemicals manufacturing rising by 20.7% and 15.2%, respectively, exceeding the average profit growth in the chemical industry [5]. - In the fiber and power sectors, profits from bio-based chemical fiber manufacturing and biomass power generation increased by 88.6% and 47.9%, respectively, significantly above their respective industry averages [5]. - Profits for small and medium-sized enterprises, as well as foreign and Hong Kong, Macao, and Taiwan-invested enterprises, turned positive, growing by 1.4% and 4.2% respectively [5].

2025年，煤炭开采和洗选业实现利润总额3520.0亿元，同比下降41.8%。 2025年，全国规模以上工业企业实现利润总额73982.0亿元，比上年增长0.6%。 2025年，主要行业利润情况如下：黑色金属冶炼和压延加工业利润比上年增长3.0倍，有色金属冶炼和压延加工业 增长22.6%，计算机、通信和其他电子设备制造业增长19.5%，电力、热力生产和供应业增长13.9%，专用设备制 造业增长5.7%，电气机械和器材制造业增长4.9%，通用设备制造业增长4.2%，农副食品加工业增长3.2%，汽车制 造业增长0.6%，石油、煤炭及其他燃料加工业比上年减亏，非金属矿物制品业下降1.7%，化学原料和化学制品制 造业下降7.3%，纺织业下降12.0%，石油和天然气开采业下降18.7%，煤炭开采和洗选业下降41.8%。 ...

Group 1: Overall Industrial Performance - In 2025, the profits of industrial enterprises in China increased by 0.6% compared to the previous year, reversing a three-year decline [1] - The manufacturing sector saw a significant growth of 5.0%, an increase of 8.9 percentage points from 2024 [1] - The electricity, heat, gas, and water production and supply sector grew by 9.4%, while the mining sector experienced a decline of 26.2% [1] - In December, profits of industrial enterprises turned from a decline of 13.1% in November to a growth of 5.3%, marking an 18.4 percentage point recovery [1] Group 2: Equipment Manufacturing Sector - In 2025, profits in the equipment manufacturing sector increased by 7.7%, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [2] - The equipment manufacturing sector accounted for 39.8% of total industrial profits, an increase of 2.6 percentage points from the previous year [2] - Seven out of eight major categories within the equipment manufacturing sector reported profit growth, with railways, shipping, aerospace, and electronics industries showing double-digit growth rates of 31.2% and 19.5% respectively [2] Group 3: High-Tech Manufacturing Sector - The high-tech manufacturing sector's profits rose by 13.3%, surpassing the overall industrial profit growth by 12.7 percentage points [3] - The smart consumer electronics sector drove significant profit increases, with smart unmanned aerial vehicle manufacturing and smart vehicle equipment manufacturing seeing profits grow by 102.0% and 88.8% respectively [3] - The semiconductor industry experienced substantial profit growth, with integrated circuit manufacturing and semiconductor device manufacturing increasing by 172.6% and 128.0% respectively [3] Group 4: Traditional Industries and Other Sectors - Traditional industries showed significant improvements, with profits in the biochemical pesticide and cultural information chemical manufacturing sectors growing by 20.7% and 15.2%, respectively, exceeding the average for the chemical industry [4] - In the chemical fiber and power sectors, profits from bio-based chemical fiber manufacturing and biomass energy generation increased by 88.6% and 47.9%, respectively, significantly above their industry averages [4] - Profits for small and medium-sized enterprises, as well as foreign and Hong Kong, Macao, and Taiwan-invested enterprises, turned positive, growing by 1.4% and 4.2% respectively [4]

Core Insights - The National Bureau of Statistics reported a comprehensive increase in coal prices across various types, with anthracite coal showing the most significant rise [1] Price Changes Summary - Anthracite coal (washed middle block) price reached 904.2 CNY/ton, an increase of 41.2 CNY/ton, representing a 4.8% rise [1] - Shanxi premium mixed coal (5500 kcal) price was 702.7 CNY/ton, up by 8.5 CNY/ton, reflecting a 1.2% increase [1] - Coking coal (main coking coal) price stood at 1482.1 CNY/ton, with a rise of 7.1 CNY/ton, indicating a 0.5% increase [1] - Additionally, the price of coking coal (quasi-first-grade metallurgical coke, with ash content between 12.01% and 13.50%) remained stable at 1346.4 CNY/ton, unchanged from the previous period [1]

2025年全国规模以上工业企业利润增长0.6% 国家统计局数据显示，2025年，全国规模以上工业企业实现利润总额73982.0亿元，比上年增长0.6%。2025年，规模以上工业企业中，国有控股企业实现利 润总额20561.0亿元，比上年下降3.9%；股份制企业实现利润总额55408.3亿元，下降0.1%；外商及港澳台投资企业实现利润总额17447.4亿元，增长4.2%；私 营企业实现利润总额22810.6亿元，与上年持平。 国家统计局工业司首席统计师于卫宁解读2025年工业企业利润数据。 2025年，全国规模以上工业企业实现利润总额73982.0亿元，比上年增长0.6%（按可比口径计算，详见附注二）。 2025年，规模以上工业企业中，国有控股企业实现利润总额20561.0亿元，比上年下降3.9%；股份制企业实现利润总额55408.3亿元，下降0.1%；外商及港澳 台投资企业实现利润总额17447.4亿元，增长4.2%；私营企业实现利润总额22810.6亿元，与上年持平。 2025年，采矿业实现利润总额8345.1亿元，比上年下降26.2%；制造业实现利润总额56915.7亿元，增长5.0%；电力、热力、燃气及 ...

Core Insights - In 2025, the total profit of industrial enterprises above designated size in China reached 73,982 billion yuan, marking a 0.6% increase from the previous year [1] Industry Performance Summary - The black metal smelting and rolling processing industry saw a profit increase of 3.0 times compared to the previous year, totaling 1,098.3 billion yuan, with a year-on-year growth of 299.2% [1] - The non-ferrous metal smelting and rolling processing industry grew by 22.6% [1] - The computer, communication, and other electronic equipment manufacturing industry increased by 19.5% [1] - The electricity and heat production and supply industry grew by 13.9% [1] - The specialized equipment manufacturing industry saw a profit increase of 5.7% [1] - The electrical machinery and equipment manufacturing industry grew by 4.9% [1] - The general equipment manufacturing industry increased by 4.2% [1] - The agricultural and sideline food processing industry grew by 3.2% [1] - The automobile manufacturing industry saw a slight profit increase of 0.6% [1] - The petroleum, coal, and other fuel processing industry reduced losses compared to the previous year [1] - The non-metallic mineral products industry declined by 1.7% [1] - The chemical raw materials and chemical products manufacturing industry decreased by 7.3% [1] - The textile industry experienced a decline of 12.0% [1] - The oil and gas extraction industry fell by 18.7% [1] - The coal mining and washing industry saw a significant decline of 41.8% [1] Monthly Steel Industry Performance - In December, the steel industry reported a loss of 16.70 billion yuan [2] - In November, the steel industry achieved a profit of 61.80 billion yuan [3] - In October, the steel industry reported a profit of 79.80 billion yuan [4] - In September, the steel industry achieved a profit of 136.4 billion yuan [5]