National Bureau of Statistics: Profits of industrial enterprises above scale recovered at an accelerated pace from January to September

The Zhitong Finance App learned that on October 27, Yu Weining, chief statistician of the Department of Industry of the National Bureau of Statistics, interpreted the profit data of industrial enterprises from January to September 2025. Industrial companies' profits are recovering at an accelerated pace. From January to September, the profits of large-scale industrial enterprises increased 3.2% year on year, the highest cumulative growth rate for each month since August last year; 2.3 percentage points faster than January-August, showing an accelerated recovery trend. The revenue growth of industrial enterprises accelerated. From January to September, the revenue of large-scale industrial enterprises increased 2.4% year on year, 0.1 percentage points faster than in January-August.

The original text is as follows:

Profits of industrial enterprises above scale recovered at an accelerated pace from January to September

——Yu Weining, chief statistician of the Department of Industry of the National Bureau of Statistics, interprets industrial enterprise profit data from January to September 2025

From January to September, various departments in various regions earnestly implemented more active and promising macroeconomic policies to cultivate and expand new economic growth points. New productivity in high-tech manufacturing and equipment manufacturing grew rapidly, compounded by the impact of the low base effect, and the profit growth rate of industrial enterprises above scale continued to pick up.

Industrial companies' profits are recovering at an accelerated pace. From January to September, the profits of large-scale industrial enterprises increased 3.2% year on year, the highest cumulative growth rate for each month since August last year; 2.3 percentage points faster than January-August, showing an accelerated recovery trend. Looking at the three major categories, from January to September, the manufacturing industry grew by 9.9%, 2.5 percentage points faster than in January-August; the production and supply of electricity, heat, gas and water grew by 10.3%, an acceleration of 0.9 percentage points; and the mining industry declined by 29.3%, narrowing the decline by 1.3 percentage points. In September, the profit of large-scale industrial enterprises increased by 21.6% year on year, 1.2 percentage points faster than in August.

The revenue growth of industrial enterprises accelerated. From January to September, the revenue of large-scale industrial enterprises increased 2.4% year on year, 0.1 percentage points faster than in January-August. Among them, revenue increased by 2.7% in September, 0.8 percentage points faster than in August. The monthly revenue growth rate accelerated for two consecutive months, creating favorable conditions for the continued recovery of corporate profits.

Profits increased in more than half of the industry, and the growth rate of 60% of the industry picked up. From January to September, out of 41 major industrial industries, 23 industries had a year-on-year increase in profits, with an increase of more than 50%; among them, profits of 30 industries increased in September, with an increase of 73.2%. Looking at the recovery side, from January to September, the profit growth rate of 26 industries was faster or narrower than in January-August, and the decline changed from decline to increase, with an increase of more than 60%.

The driving effect of high-tech manufacturing is obvious. From January to September, the profit of large-scale high-tech manufacturing companies increased 8.7% year on year, 2.7 percentage points faster than in January-August, driving profits of industrial enterprises above all sizes to increase 1.6 percentage points. Among them, the profit of the high-tech manufacturing industry increased by double digits in September, reaching a growth rate of 26.8%, driving the profit growth of industrial enterprises above all sizes by 6.1 percentage points in the same month, becoming an important driving force for the high-quality development of industrial enterprises. From an industry perspective, from January to September, in the context of rapid development of the aerospace industry, aerospace and equipment manufacturing profits increased by 11.3%; innovation in the field of intelligence and automation continued to advance, driving profits in smart consumer equipment manufacturing, electronic device manufacturing, and special equipment manufacturing for the electronics industry to increase by 81.6%, 39.7%, and 25.5% respectively; the high-quality development results of precision instrument manufacturing showed results, and the profits of optical instrument manufacturing and special instrument manufacturing industries increased by 45.2% and 17.5% respectively.

The equipment manufacturing industry has strong support, and some industries are growing rapidly. From January to September, the profit of the equipment manufacturing industry above scale increased 9.4% year on year, 6.2 percentage points higher than the average of all industries above scale, driving the profit of industrial enterprises above all sizes to increase 3.4 percentage points. Among them, the profit of the equipment manufacturing industry increased by 25.6% in September, driving the profit of industrial enterprises above all sizes to increase by 10.5 percentage points in the same month. From an industry perspective, profits in all eight industries of the equipment manufacturing industry increased from January to September. Among them, profits in the railway, ship, aerospace, electronics, electrical machinery and other industries increased by 37.3%, 12.0%, and 11.3%, respectively.

The profits of enterprises of all sizes have improved, and the profits of private and foreign-funded enterprises have accelerated markedly. From January to September, by scale, the profits of large, medium, and small industrial enterprises above scale increased by 2.5%, 5.3%, and 2.7%, respectively, and rebounded 2.6, 2.6, and 1.2 percentage points from January to August. By enterprise type, profits of private enterprises, foreign investors, and enterprises invested in Hong Kong, Macao and Taiwan increased by 5.1% and 4.9%, respectively, compared with January-August; profits of joint-stock enterprises increased by 2.8%, 1.7 percentage points faster; and the decline in profits of state-owned enterprises narrowed by 1.4 percentage points.

Profit margins have rebounded. From January to September, the profit margin on operating income of industrial enterprises above scale was 5.26%, up 0.04 percentage points from the previous year; among them, the profit margin on operating income of industrial enterprises above scale in September was 5.49%, an increase of 0.85 percentage points over the previous year, and has been increasing for two consecutive months.

In the next stage, against the backdrop of complex developments in the external environment and economic development still under pressure, it is necessary to earnestly implement the decisions and arrangements of the Party Central Committee and the State Council, continue to make efforts to expand domestic demand, strengthen the domestic cycle, promote domestic and international double cycles, further stimulate market vitality, boost development expectations, and promote the steady and healthy development of the industrial economy.

This article was edited by the National Bureau of Statistics, Zhitong Finance Editor: Chen Wenfang.