China Jan-May Profits Up 18.8% to 3.14 Trillion Yuan; Nonferrous, Electronics Double; Auto, Steel Down

In the first five months of 2026, the total profit of industrial enterprises above the designated size was 3.14396 trillion yuan, up 18.8% year-on-year. The revenue profit margin was 5.56%, an increase of 0.63 percentage points from a year earlier. Profits at state-controlled enterprises rose 19.6%, at joint-stock enterprises rose 24.1%, at private enterprises rose 10.7%, and at enterprises invested by foreign investors and investors from Hong Kong, Macao and Taiwan rose 4.2%.

Profits in the mining industry increased 33.5%, manufacturing profits increased 20.0%, and profits in the production and supply of electricity, heat, gas and water decreased 2.7%. Profits in the smelting and pressing of nonferrous metals surged 117.1% year-on-year, and profits in the manufacturing of computers, communication and other electronic equipment increased 103.9%. In contrast, profits in the automobile manufacturing industry fell 19.8%, and profits in the smelting and pressing of ferrous metals dropped 37.4%. As of the end of May, the asset-liability ratio of industrial enterprises stood at 58.2%, up 0.3 percentage points from a year earlier.