China’s Industrial Profits Fall Again
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Profits at China’s large industrial firms contracted in October, ending two consecutive months of rapid growth as the effect of a low comparison base faded.
Profits fell 5.5% from a year earlier, a sharp reversal from increases of more than 20% in both August and September, according to data released Thursday by the National Bureau of Statistics (NBS).
Despite the monthly pullback, cumulative earnings for the first 10 months of this year rose 1.9% year-on-year, maintaining positive momentum for a third straight month. The broader trend has been supported by resilience in the high-tech sector and narrowing declines in producer prices.
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- Profits at China’s large industrial firms fell 5.5% year-on-year in October, reversing two months of rapid growth.
- Cumulative profits for January-October rose 1.9% year-on-year, mainly supported by high-tech and equipment manufacturing.
- Mining profits declined 27.8%, while high-tech manufacturing and equipment profits increased 8% and 7.8%, respectively.
- Late 2024：
- Last time producer price index decline was smaller than 2.1%.
- August 2025：
- Profits at China’s large industrial firms increased by more than 20% year-on-year.
- September 2025：
- Profits at China’s large industrial firms increased by more than 20% year-on-year.
- October 2025：
- Profits at China’s large industrial firms fell 5.5% year-on-year.
- October 2025：
- Producer price index fell 2.1% year-on-year, the smallest decline since late 2024.
- January-October 2025：
- Cumulative earnings for large industrial firms rose 1.9% year-on-year.
- January-October 2025：
- Profits for equipment manufacturers rose 7.8% year-on-year.
- January-October 2025：
- High-tech manufacturing earnings climbed 8% year-on-year.
- January-October 2025：
- Mining profits fell 27.8% year-on-year.
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