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]

Profit Growth Analysis - In August 2025, the cumulative year-on-year profit growth rate of industrial enterprises was 0.9%, a significant recovery of 2.6 percentage points from July 2025's -1.7%[1] - The cumulative year-on-year revenue growth rate for industrial enterprises in August 2025 was 2.3%, unchanged from July 2025[1] - The year-on-year profit growth rate for industrial enterprises in August 2025 was 20.4%, a substantial increase from the previous month's -1.5%[1] Contributing Factors - The profit growth shift from negative to positive was primarily supported by a low base effect from the previous year[1] - The Producer Price Index (PPI) recorded a cumulative year-on-year decline of -2.9%, while the cumulative year-on-year industrial added value growth rate was 6.2%[1] - The cost per 100 yuan of revenue was 85.58 yuan, an increase of 0.19 yuan year-on-year, indicating rising costs[1] Industry Performance - The upstream mining sector continued to be the largest drag on overall industry profits, with most sectors experiencing negative profit growth except for non-ferrous metal mining[1] - The profit growth rate for the raw materials manufacturing sector improved significantly, with a cumulative year-on-year increase of 22.1%, contributing 2.5 percentage points to the overall profit growth of industrial enterprises[1] - The equipment manufacturing sector recorded a cumulative profit growth rate of 7.2%, also contributing 2.5 percentage points to overall profit growth[1] Future Outlook - The profit growth for industrial enterprises is expected to continue rising in the coming month due to an extremely low base of -27.1% from the previous year[1] - Ongoing "anti-involution" policies are expected to support price improvements in various industries, particularly in raw materials manufacturing[1] - However, downstream demand remains insufficient, and the transmission of price increases from upstream to downstream may face obstacles, necessitating policy support for demand recovery[1]