Source: Sharecast
Profits at industrial companies with revenues of at least CNY20m ($2.8m) were up 21.6% over last September, the National Bureau of Statistics, following a 20.4% year-on-year increase in August. High-tech manufacturers specifically reported a 26.8% surge in profits.
This was the strongest annual profit growth rate seen since November 2023. That came as revenues from those same industrial enterprises rose by 2.7% on last year, up from 1.9% the previous month.
The strong showing pushed year-to-date profits up 3.2% on last year, following a 2.3% increase over the first eight months of the year, with profits in the high-tech manufacturing sector up 8.7%.
"From January to September, the profit growth rate of China's major industrial firms continued to rise, thanks to rapid growth in new quality productive forces, such as high-tech manufacturing and equipment manufacturing, driven by more proactive and effective macro policies and new growth drivers, and coupled with a lower comparison base from a year ago," said NBS analyst Yu Weining.
