China’s industrial profits rose 18.7% year-on-year to CNY 3.95 trillion in the first half of 2026, edging down slightly from the 18.8% growth recorded in January–May. Robust exports helped offset weak domestic demand, underscoring an uneven economic recovery despite government efforts to stimulate consumption.
Profits at state-owned enterprises increased 17.9% to CNY 1.30 trillion, while joint-stock companies posted a stronger 24.7% gain to CNY 3.04 trillion. Private firms reported a 13.0% rise in profits, reaching CNY 965.56 billion.
By sector, mining remained the primary growth driver, with profits jumping 33.5%, followed by manufacturing, where profits rose 20.1%. In contrast, the utilities sector saw profits decline by 4.2%.
Among individual industries, the largest profit increases were recorded in non-ferrous metal smelting and rolling (99.4%), computer, communication and other electronic equipment manufacturing (96.9%), and chemicals (67.8%).
In June alone, industrial profits were up 15.1% from a year earlier, moderating from the 21.1% surge seen in May.
