11月27日，国家统计局公布 2025年1—10月份全国规模以上工业企业利润数据 。其中，国有控股企业实现利润总额18490.2亿元，同比持平； 股份制企业实现利润总额44328.3亿元，增长1.5%；外商及港澳台投资企业实现利润总额14848.6亿元，增长3.5%； 私营企业实现利润总额 16995.6亿元，增长1.9%。 国家统计局工业司首席统计师于卫宁对数据进行详细解读： 1—10月份，在党中央坚强领导下，各地区各部门认真落实党中央、国务院决策部署，着力做强国内大循环，积极畅通国内国际双循环，带动 工业企业利润稳定增长，工业经济高质量发展稳步推进。 工业企业利润稳定增长。1—10月份，规模以上工业企业利润同比增长1.9%，自今年8月份以来累计增速连续三个月保持增长。从三大门类 看，1—10月份，采矿业下降27.8%，降幅较1—9月份收窄1.5个百分点；制造业增长7.7%；电力、热力、燃气及水生产和供应业增长9.5%。10 月份，受上年同期基数有所抬高、财务费用增长较快等因素影响，规模以上工业企业利润同比下降5.5%。 工业企业营收保持增长。1—10月份，规模以上工业企业营业收入同比增长1.8%，营业收入 ...

Core Insights - The total profit of industrial enterprises above designated size in China reached 53,732 billion yuan from January to September 2025, marking a year-on-year increase of 3.2%, the highest growth rate since August of the previous year [1] - The manufacturing sector saw a profit growth of 9.9%, while the electricity, heat, gas, and water production and supply sector grew by 10.3%. Conversely, the mining sector experienced a decline of 29.3%, although the decline was less severe than in previous months [1] - In September alone, profits for industrial enterprises increased by 21.6% year-on-year, accelerating by 1.2 percentage points compared to August [1] Industrial Performance - Among 41 major industrial categories, 23 reported profit growth year-on-year, with 30 industries showing profit increases in September, representing a growth rate of 73.2% [1] - The recovery trend is evident, with 26 industries experiencing either accelerated profit growth or a reduction in profit decline compared to August [1] High-Tech Manufacturing - High-tech manufacturing profits grew by 8.7% year-on-year from January to September, contributing 1.6 percentage points to the overall profit growth of industrial enterprises [2] - In September, high-tech manufacturing profits surged by 26.8%, driving a 6.1 percentage point increase in total industrial profits for that month [2] Equipment Manufacturing - The equipment manufacturing sector's profits increased by 9.4% year-on-year, surpassing the average growth rate of all industrial enterprises by 6.2 percentage points [2] - In September, profits in the equipment manufacturing sector grew by 25.6%, contributing 10.5 percentage points to the overall profit growth of industrial enterprises [2] Sector-Specific Growth - All eight industries within the equipment manufacturing sector reported profit growth from January to September, with notable increases in railways, shipping, aerospace, electronics, and electrical machinery [3] Future Outlook - Relevant authorities are expected to introduce more proactive policies to promote the sustained development of the industrial economy [4]

Core Insights - The National Bureau of Statistics reported that from January to September, the total profit of large-scale industrial enterprises in China reached 53,732.0 billion yuan, reflecting a year-on-year growth of 3.2%, indicating a continued recovery in growth rates [2] Industry Summary - The industrial sector in China is showing signs of recovery, with profit growth improving compared to previous periods [2] - The reported profit figures suggest a positive trend for large-scale industrial enterprises, which may indicate a strengthening economic environment [2]

Core Insights - In September, profits of large-scale industrial enterprises in China increased by 21.6% year-on-year, accelerating by 1.2 percentage points compared to August [1] - From January to September, profits grew by 3.2%, marking the highest cumulative growth rate since August of the previous year [1] Group 1: Profit Growth - In September, the operating income of large-scale industrial enterprises increased by 2.7%, up by 0.8 percentage points from August, indicating a continuous recovery in profitability [1] - Among 41 industrial sectors, 23 saw profit growth year-on-year from January to September, with 30 sectors experiencing profit increases in September, representing a growth rate of 73.2% [1] Group 2: High-tech Manufacturing Impact - High-tech manufacturing significantly contributed to the profit growth of industrial enterprises, with profits increasing by 8.7% year-on-year from January to September, accelerating by 2.7 percentage points compared to the previous period [2] - In September, profits in high-tech manufacturing surged by 26.8%, contributing 6.1 percentage points to the overall profit growth of large-scale industrial enterprises [2] Group 3: Enterprise Size Analysis - From January to September, profits of large, medium, and small enterprises increased by 2.5%, 5.3%, and 2.7% year-on-year, respectively, all showing recovery compared to the previous period [2] Group 4: Market Conditions - The performance of industrial enterprises in September reflects improvements in operational conditions and profitability, driven by policy support and a rebound in market demand [2]

Core Insights - The total profit of industrial enterprises above designated size in China reached 53,732 billion yuan from January to September, marking a year-on-year increase of 3.2%, the highest growth rate since August of the previous year [1] - The manufacturing sector saw a profit increase of 9.9%, while the electricity, heat, gas, and water production and supply sector grew by 10.3%. Conversely, the mining industry experienced a decline of 29.3%, although the rate of decline has narrowed [1] - In September, profits for industrial enterprises increased by 21.6% year-on-year, accelerating by 1.2 percentage points compared to August [1] Revenue Growth - From January to September, the revenue of industrial enterprises above designated size grew by 2.4% year-on-year, with September showing a 2.7% increase, marking a continuous acceleration in revenue growth over the past two months [1] - More than half of the industries reported profit growth, with 23 out of 41 major industrial categories showing year-on-year profit increases. Additionally, 26 industries experienced either accelerated profit growth or a reduction in profit decline [1] Profitability Metrics - The profit margin for industrial enterprises above designated size was 5.26% from January to September, reflecting a year-on-year increase of 0.04 percentage points. In September, the profit margin rose to 5.49%, an increase of 0.85 percentage points year-on-year, marking two consecutive months of improvement [2] - Profit growth for large, medium, and small industrial enterprises from January to September was 2.5%, 5.3%, and 2.7% respectively, with significant recoveries of 2.6 percentage points for large and medium enterprises, and 1.2 percentage points for small enterprises compared to the previous period [2]

Core Insights - Industrial enterprises' profits increased by 3.2% year-on-year from January to September, marking the highest cumulative growth rate since August of the previous year [1] - The growth rate accelerated by 2.3 percentage points compared to the first eight months of the year, driven by rapid monthly profit growth and a low base from the previous year [1][3] - High-tech manufacturing and equipment manufacturing sectors showed significant profit growth, contributing to the overall improvement [1][5] Revenue and Profit Trends - From January to September, the revenue of industrial enterprises grew by 2.4% year-on-year, a slight acceleration of 0.1 percentage points compared to the first eight months [3] - In September alone, revenue growth reached 2.7%, an increase of 0.8 percentage points from August [3] - The profit margin for industrial enterprises rose to 5.49% in September, up by 0.85 percentage points year-on-year, marking two consecutive months of increase [3][4] Sector Performance - Over half of the industries saw profit growth, with 23 out of 41 major industrial categories reporting year-on-year profit increases [6] - High-tech manufacturing profits grew by 8.7% year-on-year from January to September, contributing 1.6 percentage points to the overall profit growth of industrial enterprises [6] - In September, high-tech manufacturing profits surged by 26.8%, becoming a key driver for the recovery in industrial profits [6] Company Size and Type Analysis - Profits improved across different company sizes, with large, medium, and small enterprises reporting year-on-year profit growth of 2.5%, 5.3%, and 2.7% respectively [4] - Private and foreign-invested enterprises experienced notable profit acceleration, with profits growing by 5.1% and 4.9% respectively from January to September [4]

Core Insights - The profit growth of industrial enterprises in China has continued to rebound, with a year-on-year increase of 3.2% from January to September, marking the highest cumulative growth rate since August of the previous year [2][4] - In September alone, profits surged by 21.6% year-on-year, indicating significant improvement in the manufacturing sector driven by policy support and recovering market demand [2][4] Industrial Performance - From January to September, the operating revenue of industrial enterprises increased by 2.4% year-on-year, with September showing a growth of 2.7%, reflecting a continuous acceleration over the past two months [4] - Among 41 major industrial categories, 23 saw profit growth, with 30 industries reporting profit increases in September, representing a growth rate of 73.2% [4][5] - High-tech manufacturing has played a significant role, with profits rising by 8.7% year-on-year from January to September, contributing 1.6 percentage points to the overall profit growth of industrial enterprises [4][5] Equipment Manufacturing Sector - The profit of the equipment manufacturing sector increased by 9.4% year-on-year, exceeding the average growth rate of all industrial enterprises by 6.2 percentage points [5] - In September, profits in this sector grew by 25.6%, contributing 10.5 percentage points to the overall profit growth of industrial enterprises [5] Profitability Metrics - The profit margin for industrial enterprises was 5.26% from January to September, a slight increase of 0.04 percentage points year-on-year, with September's margin reaching 5.49%, up 0.85 percentage points [5] - The cost and expenses per hundred yuan of operating revenue have decreased, indicating effective cost control and product structure optimization [5] Enterprise Size and Type Analysis - Profits for large, medium, and small enterprises grew by 2.5%, 5.3%, and 2.7% respectively from January to September, showing a recovery across all sizes [6] - Private enterprises and foreign-invested enterprises reported profit growth of 5.1% and 4.9%, respectively, indicating a positive trend in profitability [6] Future Outlook - The industrial sector is expected to maintain a stable and positive trend due to ongoing domestic demand release, accelerated technological innovation, and effective policy support [7] - Key areas to monitor include the continuity of domestic demand expansion policies, the implementation of "anti-involution" measures in manufacturing, and the impact of external demand and geopolitical risks on the economy [7]

Core Viewpoint - The article highlights the recovery of profits among industrial enterprises in China, driven by supportive macro policies and a low base effect, with a notable increase in profit growth rates in September 2023 [3][4]. Profit Growth - From January to September 2023, profits of industrial enterprises above designated size increased by 3.2% year-on-year, marking the highest cumulative growth rate since August of the previous year, and accelerating by 2.3 percentage points compared to the previous two months [3][4]. - In September alone, profits surged by 21.6% year-on-year, reflecting a 1.2 percentage point increase from August [4]. Revenue Growth - The revenue of industrial enterprises above designated size grew by 2.4% year-on-year from January to September, with September's revenue growth reaching 2.7%, an acceleration of 0.8 percentage points from August [6]. - In the first three quarters, 23 out of 41 industrial sectors reported profit growth, with 30 sectors showing profit increases in September, representing a growth rate of 73.2% [6]. High-Tech Manufacturing - High-tech manufacturing significantly contributed to profit growth, with a year-on-year increase of 8.7% from January to September, accelerating by 2.7 percentage points compared to the previous two months [6]. - In September, high-tech manufacturing profits grew by 26.8%, contributing 6.1 percentage points to the overall profit growth of industrial enterprises [6]. Equipment Manufacturing - Profits in the equipment manufacturing sector rose by 9.4% year-on-year from January to September, exceeding the average growth rate of all industrial enterprises by 6.2 percentage points [7]. - In September, equipment manufacturing profits increased by 25.6%, contributing 10.5 percentage points to the overall profit growth [7]. Profitability Metrics - The profit margin for industrial enterprises above designated size was 5.26% from January to September, a year-on-year increase of 0.04 percentage points, with September's margin reaching 5.49%, up by 0.85 percentage points [8]. - The cost and expenses per hundred yuan of revenue continued to decrease, indicating improvements in cost control and product structure optimization [8]. Enterprise Size and Type - From January to September, profits for large, medium, and small enterprises grew by 2.5%, 5.3%, and 2.7% year-on-year, respectively, with notable recoveries compared to the previous two months [8]. - Private enterprises and foreign-invested enterprises saw profit growth of 5.1% and 4.9%, respectively, with significant acceleration compared to earlier months [8]. Future Outlook - The article suggests that the industrial sector's resilience and adaptability will continue to improve, supported by ongoing domestic demand, technological innovation, and precise policy support [9]. - Key areas to monitor include the sustainability of domestic demand expansion policies, the implementation of "anti-involution" measures in manufacturing, and the impact of external demand and geopolitical risks on the industrial economy [9].

Core Insights - The profit growth of industrial enterprises above designated size in China has continued to rebound, with a year-on-year increase of 3.2% from January to September, marking the highest cumulative growth rate since August of the previous year [1] - In September alone, profits surged by 21.6% year-on-year, indicating significant improvement in the manufacturing sector driven by policy support and recovering market demand [2] Profit and Revenue Growth - From January to September, the operating revenue of industrial enterprises increased by 2.4% year-on-year, with September showing a growth of 2.7%, reflecting a continuous acceleration in revenue growth [4] - In the first three quarters, 23 out of 41 industrial categories reported profit growth, with 30 categories showing profit increases in September, representing a growth coverage of 73.2% [4] High-Tech and Equipment Manufacturing - High-tech manufacturing significantly contributed to profit growth, with a year-on-year increase of 8.7% from January to September, accelerating by 2.7 percentage points compared to the previous period [4] - Equipment manufacturing profits rose by 9.4% year-on-year, exceeding the overall industrial average by 6.2 percentage points, with a notable 25.6% increase in September [5] Profitability Metrics - The profit margin for industrial enterprises was 5.26% from January to September, improving by 0.04 percentage points year-on-year, while September's margin reached 5.49%, up by 0.85 percentage points [5] - Cost control and product structure optimization have shown positive progress, as costs and expenses per hundred yuan of revenue have decreased [6] Enterprise Size and Type Analysis - Profit growth varied by enterprise size, with large, medium, and small enterprises seeing increases of 2.5%, 5.3%, and 2.7% respectively from January to September [6] - Private enterprises and foreign-invested enterprises reported profit growth of 5.1% and 4.9%, respectively, indicating a broad-based recovery across different enterprise types [6] Future Outlook - The industrial sector is expected to maintain a stable and positive trend, supported by continuous domestic demand release, accelerated technological innovation, and effective policy support [6] - The need for ongoing policy measures to sustain profit growth is emphasized, particularly in relation to domestic demand expansion and managing competitive pressures in the manufacturing sector [7]

Core Insights - The industrial profit data for January to September 2025 shows strong support from the equipment manufacturing sector, with a notable growth rate compared to the overall industrial average [1] Summary by Category Industrial Profit Growth - From January to September 2025, profits in the equipment manufacturing sector increased by 9.4%, surpassing the overall industrial average growth of 6.2% [1] - This growth contributed to a 3.4% increase in profits for all large-scale industrial enterprises [1] Monthly Performance - In September 2025, profits in the equipment manufacturing sector surged by 25.6%, driving a 10.5% increase in profits for all large-scale industrial enterprises for that month [1] Sector-Specific Performance - All eight sub-sectors within equipment manufacturing reported profit growth from January to September 2025, with notable increases in: - Railway, shipbuilding, and aerospace sectors at 37.3% - Electronics sector at 12.0% - Electrical machinery sector at 11.3% [1]