Profits at China’s industrial firms rose 3.2% yoy to CNY 5.37 trillion in the first nine months of 2025, accelerating from 0.9% growth in the prior period. The improvement reflected easing Sino-U.S. trade tensions and ongoing policy measures to revive business and consumer sentiment. Private-sector earnings strengthened (5.1% vs 3.8% in Jan–August), while losses among state-owned enterprises narrowed sharply (-0.3% vs -1.7%). By industry, strong gains were seen in electricity and heat production (14.4%), non-ferrous metal smelting (14.0%), agriculture (12.5%), computers and communications (12.0%), and electrical machinery (11.3%). Other sectors, including manufacturing and autos, also posted moderate increases. However, profits fell sharply in coal mining (-51.1%), oil and gas (-13.3%), textiles (-5.9%), and chemicals (-4.4%). In September alone, profits jumped 21.6% yoy, the fastest pace since November 2023, after a 20.4% rise in August, boosted by efforts to curb excess capacity.