China’s industrial enterprise profits grew by 21.6% year-over-year in September, its largest monthly gain since November 2023, even as mining profits have plummeted.
In the first nine months of 2025, these enterprises’ total profit increased by 3.2% to CN¥537.30 billion (A$115.2 billion), according to China’s National Bureau of Statistics.
“At the end of September, the total assets of industrial enterprises above the designated size were 186.27 trillion yuan, an increase of 5.0% year-on-year; the total liabilities were 107.96 trillion yuan, an increase of 5.2%,” wrote the National Bureau of Statistics.
“At the end of September, the operating income per 100 yuan of assets of industrial enterprises above the designated size was 74.7 yuan, a year-on-year decrease of 1.9 yuan.”
Industrial profits were up 20.4% in August, following year-over-year losses during May, June, and July.
The inventory of finished products at these major companies was ¥6.71 trillion at the end of September, rising 2.8%.
Mining enterprises’ total profits dropped by 29.3% year-over-year from January to September, while their operating income sank by 12.5%. The coal mining and washing industry reported the largest fall in profit of any sector, declining by 51.1%.
China has capped its coal production to boost prices after an unexpected supply surge in 2025’s first half, Reuters reported in August.
Electricity, heat, gas, and water supply companies saw the largest percentage profit increase during the period, at 10.3%.
State-owned enterprises’ profits were down 0.3% to ¥1.70 trillion from January to September. Private enterprises’ profits grew by 5.1% to ¥1.51 trillion.
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