China's industrial profits maintain stable growth in first 10 months of 2025

China's major industrial firms registered steady profit expansion in the first 10 months of 2025, supported by resilient manufacturing activity and continued structural upgrades, according to data released Thursday by the National Bureau of Statistics (NBS).

From January to October, industrial enterprises above the designated size recorded 5.95 trillion yuan ($840 billion) in total profits, up 1.9 percent year-on-year. Operating revenue also remained on an upward trajectory, increasing 1.8 percent during the same period.

High-tech manufacturing leads the recovery

The NBS data showed that high-tech manufacturing continued to serve as an important engine of growth. Profits of large high-tech manufacturers rose 8 percent year-on-year, outperforming the overall industrial sector by 6.1 percentage points.

Equipment manufacturing provides strong support

The equipment manufacturing sector also reported robust performance, with profits growing 7.8 percent in the first 10 months. This sector alone contributed 2.8 percentage points to the overall industrial profit increase, underscoring its key role in optimizing industrial structure and enhancing supply chain resilience.

Traditional industries accelerate transformation

Beyond emerging sectors, traditional industries also showed notable improvement, trending toward higher efficiency and added value. According to the NBS, new quality productive forces have begun to take root in traditional manufacturing, enabling these industries to outperform the broader industrial average in profit growth.

(Cover via VCG)