China Industrial Profits Rise 18.7% in Jan-June

China’s industrial profits rose 18.7% yoy to CNY 3.95 trillion in the first half of 2026, easing marginally from an 18.8% growth in the January-May period. Resilient exports helped cushion the impact of sluggish domestic demand, highlighting the economy’s uneven recovery despite efforts to boost 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. Meanwhile, private firms posted a 13.0% rise in profits to CNY 965.56 billion. By sector, mining remained the main driver, with profits surging 33.5%, followed by manufacturing ( 20.1%). In contrast, utilities posted a 4.2% decline. Among industries, the strongest gains 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 climbed 15.1% from a year earlier, slowing from May’s 21.1% surge.





