Report Industry Investment Rating No relevant content provided. Core Viewpoints - Total profit is accelerating improvement, with emerging manufacturing leading the growth. From January to September 2025, the total profit of industrial enterprises above designated size reached 537.32 billion yuan, a year-on-year increase of 3.2%. In September, the profit of industrial enterprises above designated size showed an accelerating recovery trend, with a year-on-year increase of 21.6%, 1.2 percentage points faster than in August. The revenue increased by 2.7% year-on-year, 0.8 percentage points faster than in August, and the monthly growth rate accelerated for two consecutive months [3]. - In terms of structure, emerging manufacturing leads the growth rate. Driven by policies, the profits of the midstream are gradually recovering. High-tech manufacturing and equipment manufacturing are the core driving forces, with profits increasing by 8.7% and 9.4% respectively, jointly driving the overall profit growth by 5 percentage points. More than half of the industries achieved profit growth, and the profits of private and foreign-funded enterprises increased by 5.1% and 4.9% respectively, indicating a general recovery of market vitality. In addition, the operating profit margin of enterprises increased by 0.04 percentage points year-on-year, indicating a steady improvement in profitability quality [4]. Summary by Relevant Catalog 2025 January - September National Industrial Enterprises Above Designated Size Profit - Profit growth: The total profit of industrial enterprises above designated size reached 537.32 billion yuan, a year-on-year increase of 3.2%. Among them, state-owned holding enterprises' profit was 170.218 billion yuan, a year-on-year decrease of 0.3%; joint-stock enterprises' profit was 399.235 billion yuan, an increase of 2.8%; foreign and Hong Kong, Macao and Taiwan-invested enterprises' profit was 135.097 billion yuan, an increase of 4.9%; private enterprises' profit was 151.317 billion yuan, an increase of 5.1%. The mining industry's profit was 63.692 billion yuan, a year-on-year decrease of 29.3%; the manufacturing industry's profit was 406.718 billion yuan, an increase of 9.9%; the production and supply of electricity, heat, gas and water industry's profit was 66.91 billion yuan, an increase of 10.3% [31]. - Revenue and cost: The operating revenue was 102.08 trillion yuan, a year-on-year increase of 2.4%; the operating cost was 87.34 trillion yuan, an increase of 2.6%; the operating profit margin was 5.26%, a year-on-year increase of 0.04 percentage points. The cost per 100 yuan of operating revenue was 85.56 yuan, a year-on-year increase of 0.18 yuan; the expense per 100 yuan of operating revenue was 8.36 yuan, a year-on-year decrease of 0.16 yuan [32]. - Asset and liability: At the end of September, the total assets were 186.27 trillion yuan, a year-on-year increase of 5.0%; the total liabilities were 107.96 trillion yuan, an increase of 5.2%; the owner's equity was 78.31 trillion yuan, an increase of 4.7%; the asset-liability ratio was 58.0%, a year-on-year increase of 0.1 percentage point. The accounts receivable were 27.22 trillion yuan, a year-on-year increase of 5.7%; the finished product inventory was 6.71 trillion yuan, an increase of 2.8% [32][33]. - Other indicators: The operating revenue per 100 yuan of assets was 74.7 yuan, a year-on-year decrease of 1.9 yuan; the per capita operating revenue was 1.856 million yuan, a year-on-year increase of 62,000 yuan; the turnover days of finished product inventory were 20.2 days, a year-on-year increase of 0.2 days; the average collection period of accounts receivable was 69.2 days, a year-on-year increase of 3.3 days [35]. Interpretation of Industrial Enterprises' Profit Data by Yu Weining, Statistician of the Industrial Department of the National Bureau of Statistics - Profit recovery: From January to September, the profit of industrial enterprises above designated size accelerated recovery, with a year-on-year increase of 3.2%, the highest cumulative growth rate since August last year; 2.3 percentage points faster than from January to August. In September, the profit increased by 21.6% year-on-year, 1.2 percentage points faster than in August [37]. - Revenue growth: From January to September, the operating revenue of industrial enterprises above designated size increased by 2.4% year-on-year, 0.1 percentage point faster than from January to August. Among them, in September, the revenue increased by 2.7%, 0.8 percentage points faster than in August, and the monthly growth rate accelerated for two consecutive months [38]. - Industry performance: More than half of the industries achieved profit growth, and more than 60% of the industries saw an increase in growth rate. High-tech manufacturing and equipment manufacturing played a significant driving and supporting role. The profit of high-tech manufacturing increased by 8.7% year-on-year, and in September, it increased by 26.8%, driving the profit growth of all industrial enterprises above designated size by 6.1 percentage points. The profit of equipment manufacturing increased by 9.4% year-on-year, and in September, it increased by 25.6%, driving the profit growth of all industrial enterprises above designated size by 10.5 percentage points [38][39][40]. - Enterprise performance: The profits of enterprises of different scales and types have improved. The profits of large, medium and small enterprises increased by 2.5%, 5.3% and 2.7% respectively year-on-year. The profits of private and foreign-funded enterprises increased by 5.1% and 4.9% respectively, 1.8 and 4.0 percentage points faster than from January to August [40]. - Profit margin: From January to September, the operating profit margin of industrial enterprises above designated size was 5.26%, a year-on-year increase of 0.04 percentage points; in September, it was 5.49%, a year-on-year increase of 0.85 percentage points, and it has increased for two consecutive months [41].

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, indicating a trend of accelerated recovery [1] - High-tech manufacturing has shown significant growth, with profits in this sector increasing by 8.7% year-on-year, contributing 1.6 percentage points to the overall profit growth of industrial enterprises [1] Group 1: High-Tech Manufacturing - High-tech manufacturing profits experienced a substantial increase of 26.8% in September alone, contributing 6.1 percentage points to the monthly profit growth of all industrial enterprises [1] - The growth in high-tech manufacturing is identified as a crucial driver for the high-quality development of industrial enterprises [1] Group 2: Industry-Specific Performance - In the aerospace sector, profits from the manufacturing of aerospace vehicles and equipment grew by 11.3% [2] - The smart and automated sectors saw remarkable profit increases, with smart consumer devices, electronic components, and specialized electronic equipment manufacturing profits rising by 81.6%, 39.7%, and 25.5% respectively [2] - Precision instrument manufacturing also showed strong performance, with profits in optical instrument manufacturing and specialized instrument manufacturing increasing by 45.2% and 17.5% respectively [2] Group 3: Equipment Manufacturing - The profit of the equipment manufacturing sector rose by 9.4% year-on-year, surpassing the average growth rate of all industrial enterprises by 6.2 percentage points, contributing 3.4 percentage points to the overall profit growth [2] - All eight sub-sectors within equipment manufacturing reported profit growth, with notable increases in railways, shipbuilding, aerospace, electronics, and electrical machinery, with profits growing by 37.3%, 12%, and 11.3% respectively [2]

Group 1 - The core viewpoint of the articles indicates that China's industrial profits have shown a significant year-on-year growth of 21.6% in September, marking a 1.2 percentage point acceleration from August, with growth rates exceeding 20% for two consecutive months [1][5] - High-tech manufacturing and equipment manufacturing sectors are experiencing rapid growth, contributing to the overall increase in industrial profits [1] - The profit growth is particularly notable in private and foreign enterprises, reflecting a broader recovery in the industrial sector [1] Group 2 - The Chinese government has implemented price control policies since May to curb excessive price competition, which has been effective in preventing disruptions in certain industries [5] - Despite ongoing trade tensions with the United States, these price control measures have alleviated downward pressure on manufacturers, particularly in sectors like automotive, solar energy, and petrochemicals [5]

Core Insights - The profit of industrial enterprises above designated size in China increased by 3.2% year-on-year in the first nine months, marking the highest cumulative growth rate since August of the previous year, with a notable acceleration of 2.3 percentage points compared to the first eight months [1] - In September, the profit growth rate reached 21.6%, an increase of 1.2 percentage points from August [1] - The revenue of these enterprises also saw a growth of 2.4% year-on-year in the first nine months, with September's revenue growth at 2.7%, indicating a favorable condition for sustained profit recovery [1] Industry Performance - More than half of the industries experienced profit growth, with 23 out of 41 major industrial categories showing year-on-year profit increases in the first nine months, and 30 industries reporting profit growth in September, representing 73.2% [1] - High-tech manufacturing significantly contributed to overall profit growth, with a year-on-year profit increase of 8.7% in the first nine months, accounting for a 1.6 percentage point increase in total profits for industrial enterprises [1] Equipment Manufacturing - The equipment manufacturing sector demonstrated strong support, with profits rising by 9.4% year-on-year in the first nine months, surpassing the average growth rate of all industrial enterprises by 6.2 percentage points, contributing 3.4 percentage points to the overall profit growth [2] Enterprise Size and Type - Profits improved across different enterprise sizes, with large, medium, and small enterprises seeing year-on-year profit growth of 2.5%, 5.3%, and 2.7% respectively. Private and foreign-invested enterprises also showed significant profit acceleration, with increases of 5.1% and 4.9% respectively [2] Profitability Metrics - The profit margin for industrial enterprises increased, with the profit margin on operating income reaching 5.26% in the first nine months, up by 0.04 percentage points year-on-year. In September, this margin further improved to 5.49%, reflecting a year-on-year increase of 0.85 percentage points [2] Economic Outlook - The overall industrial profit growth and recovery are expanding, indicating improved profitability across large, medium, and small enterprises, suggesting a noticeable trend of structural repair amid ongoing global economic uncertainties [2]

国家统计局工业司首席统计师于卫宁表示，各地区各部门认真落实更加积极有为宏观政策，培育壮大新 经济增长点，高技术制造业、装备制造业等新质生产力较快增长，叠加低基数效应影响，规模以上工业 企业利润增速继续回升。 工业企业营收增长加快。前9个月，规上工业企业营收同比增长2.4%，其中9月份营收增长2.7%。营业 收入当月增速连续两个月加快，为企业盈利持续恢复创造有利条件。 国家统计局10月27日发布数据，前9个月，规上工业企业利润同比增长3.2%，为去年8月份以来各月累 计最高增速；较前8个月加快2.3个百分点，呈现加快恢复态势。9月份，规上工业企业利润同比增长 21.6%，较8月份加快1.2个百分点。 不同规模类型企业利润均有改善，私营和外资企业利润明显加快。前9个月，规上工业大型、中型、小 型企业利润同比分别增长2.5%、5.3%、2.7%。分企业类型看，私营企业、外商和港澳台投资企业利润 分别增长5.1%、4.9%。 营收利润率回升。前9个月，规上工业企业营业收入利润率为5.26%，同比提高0.04个百分点；其中，9 月份规上工业企业营业收入利润率为5.49%，同比提高0.85个百分点。 国家金融与发展实验室 ...

Revenue and Profit Growth - In September 2025, the cumulative year-on-year revenue growth rate for large-scale industrial enterprises was 2.4%, up from 2.3% in August 2025[1] - The cumulative year-on-year profit growth rate for large-scale industrial enterprises reached 3.2%, a significant increase of 2.3 percentage points from the previous month[1] - The profit growth rate for industrial enterprises in September was 21.6%, marking the highest growth since December 2023[4] Contributing Factors - The profit recovery was primarily supported by last year's low base effect, a rebound in industrial added value, a narrowing decline in PPI, and an improvement in revenue profit margins[4] - The cumulative year-on-year growth rate of industrial added value was 6.2% in September[4] - The average cost per 100 yuan of revenue was 85.56 yuan, reflecting a year-on-year increase of 0.18 yuan[4] Industry Performance - The upstream mining sector continued to be the largest drag on overall industry performance, with most sectors showing low profit growth except for non-ferrous metal mining, which performed well[4] - The profit growth rate for the raw materials manufacturing sector improved significantly, with a cumulative year-on-year increase of 25.2%, accelerating by 6.7 percentage points from August[4] - Equipment manufacturing profits grew by 25.6%, contributing 10.5 percentage points to the overall profit growth of large-scale industrial enterprises[4] Future Outlook - It is anticipated that the profit growth for large-scale industrial enterprises may experience a decline next month but is expected to maintain positive growth due to last year's low base of -10.0%[4] - The ongoing "anti-involution" policies are expected to continue improving prices in the upstream sector, which will support profit quality marginally[4] - However, downstream demand remains insufficient, and the transmission of price increases from upstream to downstream may face obstacles, necessitating demand-side policy support for profit recovery[4]

er and the see and the sub 新华社 权威数读 GEM 国家统计局27日发布数据显示，今年前9个月，我国高技术制造业、装备制造业等新质生产力较快增长，叠加低基数效应影响，规模以上工业 企业利润增速继续回升；私营和外资企业利润明显加快。跟随海报，一起了解下吧。 工业企业信息的增长加快 1-9月份 规模以上高技术制造业网润 同比增长8.7% a l-7月17 规模以上工业企业营业收入 同比增长2.4% 较1-8月份加快0.1个百分点 权威为宜 37515 型等信业和润增长 京成行业普通回升 1-9月份 在41个工业大类行业中 有23个行业利润同比增长 有26个行业利润增速 较1-8月份加快或降幅收窄、自降转增 OHm超过六成 权威数读 > 权居得行 a kixt we ut so the Muse 较1-8月份加快2.7个百分点 拉动全部队功漠以上工业企业团旗 增长1.6个百分点 权威敦真 汉 同不可回 容制造业支援 F = The 1-9月份" 规模以上装备制造业刷润 同比增长9.4% 高于全部规模以上工业平均水平 6.2个百分点 权威数读 / V 用757年 t和外资企业和润明显加快 ...

中经记者 谭志娟 北京报道 工业企业利润加快恢复。10月27日，国家统计局发布的数据显示，1—9月份，工业企业利润同比增长 3.2%，为去年8月份以来各月累计最高增速；较1—8月份加快2.3个百分点，呈现加快恢复态势。其中， 9月工业企业利润同比增长21.6%，较8月份加快1.2个百分点。 国家统计局工业司首席统计师于卫宁解读时表示，1—9月份，各地区各部门认真落实更加积极有为宏观 政策，培育壮大新经济增长点，高技术制造业、装备制造业等新质生产力较快增长，叠加低基数效应影 响，规模以上工业企业利润增速继续回升。 高技术制造业带动作用明显。来自国家统计局数据显示，1—9月份，规模以上高技术制造业利润同比增 长8.7%，较1—8月份加快2.7个百分点，拉动全部规模以上工业企业利润增长1.6个百分点。 （编辑：吴婧 审核：朱紫云 校对：颜京宁） 国家统计局数据显示，1—9月份，规模以上工业企业营业收入同比增长2.4%，较1—8月份加快0.1个百 分点。 梁婧对记者表示，这体现了企业无序竞争治理的效果，随着重点行业产能治理的推进，PPI降幅持续收 窄，9月份PPI同比下降2.3%，降幅较上月收窄0.6个百分点；同时， ...

Group 1: Profit Recovery Factors - The main reason for profit improvement is the combination of a low base and significant production increase, with September's industrial production rising by 6.5%[1] - The Producer Price Index (PPI) continued to improve, with a PPI of -2.3% in September, showing a recovery trend[1] - Profit margins have been on the rise, with a profit margin of 5.26% for January to September, reflecting a slight increase of 0.02 percentage points[1] Group 2: Inventory and Cash Flow - Nominal inventory growth has rebounded, while actual inventory continues to bottom out, with a nominal inventory growth rate of 6.71%[1] - Companies are reducing costs to cope with cash flow pressures, leading to improved accounts receivable turnover, with accounts receivable turnover at 85.56 days[1] Group 3: Sector Performance - High-tech and equipment manufacturing sectors have become the main drivers of profit growth, with over half of the industries experiencing profit increases[2] - Different scales of enterprises have shown profit improvements, with private and foreign-funded enterprises experiencing significant acceleration in profit growth[2] Group 4: Future Outlook - The profit improvement in September was driven by low base effects, unexpected production increases, and price recovery[2] - Future growth is expected to be supported by domestic demand expansion and related policy adjustments, alongside external demand and geopolitical risks[2]

双厨与传 a Finance of TUPADAS 规模以上工业企业和润 同比增长3.2% 为去年8月份以来各月累计最高增短 最加上市 国家统计局27日发布数据显示，今年前9个月，我国高技术制造业、装备制造业等新质生产力较快 增长，叠加低基数效应影响，规模以上工业企业利润增速继续回升；私营和外资企业利润明显加快。跟 随海报，一起了解下吧。 权威数读。 Stations weblembly 1-9月份 规模以上高技术制造业刷润 同比增长8.7% 较1-8月份加快2.7个百分点 拉动全部规模以上工业企业制润 增长1.6个百分点 V EX STAT 工业企业需求的意长加服 1-9月份 规模以上工业企业营业收入 同比增长2.4% 较1-8月份加快0.1个百分点 权局为了 权威持地 minimumum 过半行业和润增长 六年 六四年 2017 1-9月份_ 在41个工业大类行业中 有23个行业利润同比增长 有26个行业利润增速 较1-8月份加快或降幅收窄、电降装增 □升面超过六成 权威敦演 餐餐制造业支撑行2 1-9月份" 规模以上装备制造业刷润 同比增长9.4% 高于全部规模以上工业平均水平 -6.2个百分点 权威数 ...