On December 27, 2025, the National Bureau of Statistics released profit data for large-scale industrial enterprises nationwide from January to November 2025.

Data shows that from January to November 2025, the total profit of industrial enterprises above designated size nationwide reached CNY6.62686 trillion, a year-on-year increase of 0.1%. Among these, the paper and paper products industry achieved a total profit of CNY 36.53 billion, a year-on-year decrease of 10.7%; while the printing and reproduction of recorded media industry achieved a total profit of CNY 27.72 billion, a year-on-year decrease of 5.4%.

Regarding operating revenue, industrial enterprises above designated size achieved operating revenue of CNY 125.34 trillion, up 1.6% year-on-year. Among these, the paper and paper products industry achieved operating revenue of CNY1.28085 trillion, down 2.7% year-on-year; the printing and reproduction of recorded media industry achieved operating revenue of CNY 576.51 billion, down 3.8% year-on-year.

From January to November, the profit growth rate of industrial enterprises above designated size moderated but continued the upward trend since August. New growth drivers represented by equipment manufacturing and high-tech manufacturing maintained rapid expansion, while the industrial economy's transformation and upgrading progressed steadily.

Industrial enterprise profits and operating revenues sustained growth. From January to November, profits of industrial enterprises above designated size increased by 0.1% year-on-year, marking the fourth consecutive month of cumulative growth since August this year. By major industrial categories: - Manufacturing grew by 5.0% - Electricity, heat, gas, and water production and supply grew by 8.4% - Mining declined by 27.2%, narrowing the decline by 0.6 percentage points compared to January-October. From January to November, operating revenues of industrial enterprises above designated size increased by 1.6% year-on-year.

The profit growth of equipment manufacturing played a significant driving role. During the same period, profits in equipment manufacturing rose by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises above designated size. This sector emerged as the strongest contributor to the profit expansion of industrial enterprises above designated size. By industry, seven out of eight major equipment manufacturing sectors saw year-on-year profit growth. Among them, the railway, shipbuilding, aerospace, and electronics industries achieved double-digit profit growth, rising by 27.8% and 15.0% respectively. The automotive industry's profits increased by 7.5%, accelerating by 3.1 percentage points compared to January-October. Profits in the general machinery, specialized machinery, and electrical machinery sectors continued to grow, with rates of 4.8%, 4.6%, and 4.2% respectively.

Profit growth accelerated in high-tech manufacturing. From January to November, profits for large-scale high-tech manufacturing enterprises rose by 10.0% year-on-year, an increase of 2.0 percentage points compared to January-October, and 9.9 percentage points higher than the average growth rate for all large-scale industrial enterprises. By industry, the deepening implementation of the “AI Plus” initiative drove favorable profit trends in related equipment manufacturing. Profits in the specialized equipment manufacturing for the electronics industry grew by 57.4% year-on-year, with semiconductor device manufacturing and electronic component and electromechanical assembly equipment manufacturing seeing profit increases of 97.2% and 46.0%, respectively. Rapid development in the aerospace sector propelled industry profit growth, with profits in aircraft, spacecraft, and equipment manufacturing rising 13.3% year-on-year. Profits in space-related equipment manufacturing and aviation-related equipment manufacturing increased by 192.9% and 36.3%, respectively. Intelligent products are accelerating digital and intelligent transformation. Profits in the intelligent consumer equipment manufacturing sector grew by 54.0% year-on-year, with profits in the intelligent vehicle equipment manufacturing, intelligent unmanned aerial vehicle manufacturing, and other intelligent consumer equipment manufacturing sectors increasing by 105.7%, 76.6%, and 58.1%, respectively.

Raw materials manufacturing profits grew at a relatively fast pace. From January to November, profits in large-scale raw materials manufacturing rose significantly, with a year-on-year growth rate of 16.6%, contributing 2.0 percentage points to the overall profit growth of large-scale industrial enterprises. By sector, the steel industry has seen a marked improvement in profitability since the beginning of the year, coupled with a low base effect, leading to substantial year-on-year profit growth. Driven by increased market demand and rapid revenue growth, the nonferrous metals industry maintained double-digit profit growth.

Overall, profits of industrial enterprises above designated size continued their upward trend, with the supporting role of new industrial drivers becoming increasingly evident. However, it should also be noted that the international environment remains fraught with instability and uncertainty, and the transition between old and new industrial drivers still faces structural adjustment pressures. The foundation for the recovery of industrial enterprise profitability needs to be further consolidated. In the next phase, it is essential to fully implement the spirit of the Central Economic Work Conference, promote the transformation and upgrading of traditional industries, vigorously cultivate new productive forces, accelerate the construction of a modern industrial system, and drive the sustained and healthy development of the industrial economy.

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