China’s industrial profits rose 17.6% year-on-year to CNY 4.58 trillion in the first seven months of 2026, easing from an 18.7% surge in the January–June period. Despite the moderation, the outcome remained solid, highlighting the resilience of industrial activity amid broader economic headwinds.
Profits at state-owned enterprises grew 16.3% to CNY 1.49 trillion, while joint-stock companies recorded a stronger 23.6% increase to CNY 3.55 trillion. Private firms saw profits climb 10.9% to CNY 1.14 trillion.
By sector, mining remained the primary growth engine, with profits jumping 34.9%, followed by manufacturing, where profits rose 18.8%. In contrast, the utilities sector posted a 5.8% decline.
Among individual industries, the largest profit gains were seen in computer, communication and other electronic equipment manufacturing (110%), non-ferrous metal smelting and rolling (91.8%), and chemicals (56.6%).
In July alone, industrial profits were up 11.2% from a year earlier, slowing from June’s 15.1% increase.
