Profits at China’s major industrial companies rose 15.7% year-on-year in the first eight months of 2026, supported by stronger manufacturing earnings and rapid growth in technology-related industries, according to the National Bureau of Statistics (NBS).
Industrial firms with annual main-business revenue of at least 20 million yuan recorded combined profits of 5.27 trillion yuan (about US$783 billion) between January and August. The cumulative growth rate moderated from 17.6% recorded in the first seven months.
In August alone, industrial profits increased 4.2% from a year earlier, with the NBS attributing the slower monthly growth partly to a higher comparison base last year. Industrial revenue for the January-August period rose 6.6%, while the profit margin on operating revenue improved by 0.44 percentage point to 5.66%.
Manufacturing profits increased 17.4% during the eight-month period, while mining profits surged 35.1%. In contrast, profits in electricity, heat, gas and water production and supply fell 12%.
Technology-linked manufacturers remained a major growth driver. Profits in computer, communication and other electronic equipment manufacturing more than doubled from a year earlier, while non-ferrous metals processing profits rose 82.9% and chemical manufacturing increased 51%. Coal mining profits climbed 51.6%.
The performance contrasted with continued weakness in several domestic-facing industries. Automobile manufacturing profits declined 16%, agricultural and sideline food processing fell 17.4%, while profits in non-metallic mineral products dropped 46.7%.
The latest data reinforce the uneven nature of China’s economic recovery, with advanced manufacturing and AI-related investment supporting industrial activity even as domestic consumption and property investment remain comparatively weak. China’s industrial output rose 5.2% year-on-year in August, accelerating from 4.5% in July.
NBS statistician Yu Weining said industrial profits remained on a relatively fast growth trajectory as higher industrial output and firmer factory-gate prices supported corporate earnings, with high-tech manufacturing continuing to provide momentum.
