Data released by the National Bureau of Statistics on March 27 shows that in January-February, industrial enterprises above designated size nationwide achieved a total profit of 1024.56 billion yuan, a year-on-year increase of 15.2%.
<img src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202603/W020260327323312880598_ORIGIN.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202603/W020260327323312880598_ORIGIN.png"/>
The data shows that in January-February, profits in the computer, communication, and other electronic equipment manufacturing industry increased by 2.0 times year-on-year, and the non-ferrous metal smelting and processing industry increased by 1.5 times.
The National Bureau of Statistics stated that in January-February, various regions and departments accelerated the implementation of more proactive and effective macro policies, focusing on leveraging the integrated effects of existing and new policies. Profits for industrial enterprises above designated size accelerated their growth, profits recovered in most industries, equipment manufacturing and high-tech manufacturing saw rapid profit growth, and the profitability of industrial enterprises showed a trend of continuous recovery.
Yu Weining, Chief Statistician of the Industrial Department of the National Bureau of Statistics, interpreted the industrial enterprise profit data for January-February 2026:
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In January-February, various regions and departments accelerated the implementation of more proactive and effective macro policies, focusing on leveraging the integrated effects of existing and new policies. Profits for industrial enterprises above designated size accelerated their growth, profits recovered in most industries, equipment manufacturing and high-tech manufacturing saw rapid profit growth, and the profitability of industrial enterprises showed a trend of continuous recovery.
Industrial enterprise profits grew rapidly, and operating revenue growth accelerated. In January-February, profits for industrial enterprises above designated size increased by 15.2% year-on-year, a 14.6 percentage point acceleration compared to the full previous year. From the perspective of gross profit calculated by subtracting operating costs from operating revenue, gross profit for industrial enterprises above designated size increased by 6.9% year-on-year in January-February, compared to a flat figure for the full previous year, strongly supporting the rapid growth of profits for industrial enterprises above designated size. Looking at the three major categories, in January-February, manufacturing increased by 18.9%, accelerating by 13.9 percentage points compared to the full previous year; mining industry increased by 9.9%, compared to a decrease of 26.2% for the full previous year; and the production and supply of electricity, heat, gas, and water increased by 3.7%. Driven by factors such as accelerated production and warming product prices, operating revenue for industrial enterprises above designated size increased by 5.3% year-on-year in January-February, a 4.2 percentage point acceleration compared to the full previous year. The significant improvement in operating revenue growth created favorable conditions for the recovery of corporate profitability.
Profits in most industries increased, with over 60% showing recovery. In January-February, among the 41 industrial categories, 24 industries saw year-on-year profit growth, a growth rate of 58.5%. 26 industries saw accelerated profit growth or narrowed losses compared to the full previous year, turning from decline to increase, with a recovery rate exceeding 60%.
The &#34;ballast stone&#34; role of equipment manufacturing is evident, and the profit structure of industrial enterprises continues to optimize. In January-February, operating revenue for equipment manufacturing above designated size increased by 8.9% year-on-year, 3.6 percentage points higher than that of all industrial enterprises above designated size. Rapid growth in operating revenue drove a 23.5% year-on-year profit increase for equipment manufacturing above designated size, accelerating by 15.8 percentage points compared to the full previous year. The profit share of equipment manufacturing above designated size in the total profits of industrial enterprises above designated size reached 30.4%, an increase of 2.0 percentage points year-on-year, indicating a continuous optimization of the profit structure. Among the sectors, 5 out of 8 sectors in equipment manufacturing saw profit growth, with profits in electronics, railway, shipbuilding, aerospace, and electrical machinery industries growing rapidly, increasing by 203.5%, 11.4%, and 6.2% year-on-year, respectively.
High-tech manufacturing profits grew rapidly, enhancing its driving and leading role. In January-February, profits for high-tech manufacturing above designated size increased by 58.7% year-on-year, accelerating by 45.4 percentage points compared to the full previous year. This contributed 7.9 percentage points to the overall profit growth of industrial enterprises above designated size, an increase of 5.5 percentage points compared to the full previous year. Looking at the sectors, intelligent product manufacturing developed well, with profits in smart unmanned aerial vehicle manufacturing, smart automotive equipment manufacturing, and other smart consumer equipment manufacturing growing by 59.3%, 50.0%, and 31.3% respectively. The rapid development of the semiconductor industry drove profit growth in related chain industries, with profits in semiconductor discrete device manufacturing, optoelectronic device manufacturing, and electronic circuit manufacturing growing by 130.5%, 56.1%, and 19.5% respectively.
New growth drivers significantly boosted profits in related raw material manufacturing. Driven by the rapid development of new growth driver industries and increased demand, profits in the raw material manufacturing sector above designated size increased by 88.3% year-on-year in January-February, accelerating by 71.1 percentage points compared to the full previous year. Among the sectors, non-ferrous metals profits increased by 148.2%, with profits in aluminum processing, non-ferrous metal alloy manufacturing, and copper processing growing by 264.0%, 205.1%, and 50.8% respectively. Chemical industry profits increased by 35.9%, with profits in inorganic salt manufacturing, inorganic acid manufacturing, and organic fertilizer and microbial fertilizer manufacturing growing by 518.5%, 306.3%, and 38.5% respectively.
Unit costs for industrial enterprises decreased, and profit margins improved. In January-February, the cost per hundred yuan of operating revenue for industrial enterprises above designated size was 84.83 yuan, a decrease of 0.24 yuan year-on-year. This marks the first time since 2022 that the cumulative cost for industrial enterprises has decreased year-on-year. The operating revenue profit rate was 4.92%, an increase of 0.43 percentage points year-on-year.
Profits improved across different scales of enterprises, and profit growth for private enterprises rebounded. By scale, in January-February, profits for medium-sized industrial enterprises above designated size increased by 31.5% year-on-year, accelerating by 27.3 percentage points compared to the full previous year. Profits for large and small enterprises turned from a year-on-year decrease of 0.2% and 0.8% respectively for the full previous year to increases of 8.7% and 17.1%. By ownership type, profits for state-controlled enterprises increased by 5.3% year-on-year, compared to a decrease of 3.9% for the full previous year. Profits for private enterprises increased by 37.2%, compared to a flat figure for the full previous year.
Overall, profits for industrial enterprises above designated size grew rapidly. However, it should be noted that the international environment is volatile, with rising external risks, particularly the spillover effects of geopolitical conflicts, leading to many unstable and uncertain factors. Additionally, the recovery of profits across industries and enterprises during China's economic transition period remains uneven. In the next stage, efforts should focus on thoroughly implementing the spirit of the Central Economic Work Conference and the arrangements of the National Two Sessions, continuously expanding domestic demand, optimizing supply, developing new quality productive forces based on local conditions, deeply advancing the construction of a unified national market, and promoting the sustained and healthy development of the industrial economy.
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<h2>Industrial Enterprises Above Designated Size Achieved 5.3% Year-on-Year Revenue Growth in January-February</h2>
In January-February, industrial enterprises above designated size achieved operating revenue of 20.84 trillion yuan, a year-on-year increase of 5.3%. Operating costs amounted to 17.68 trillion yuan, an increase of 5.0%. The operating revenue profit rate was 4.92%, up 0.43 percentage points year-on-year.
As of the end of February, the total assets of industrial enterprises above designated size were 188.40 trillion yuan, a year-on-year increase of 5.5%. Liabilities totaled 108.59 trillion yuan, an increase of 5.8%. Owners' equity amounted to 79.82 trillion yuan, an increase of 5.1%. The asset-liability ratio was 57.6%, up 0.1 percentage points year-on-year.
As of the end of February, accounts receivable for industrial enterprises above designated size were 26.55 trillion yuan, a year-on-year increase of 7.1%. Inventory of finished products was 6.68 trillion yuan, an increase of 6.6%.
In January-February, the cost per hundred yuan of operating revenue for industrial enterprises above designated size was 84.83 yuan, a decrease of 0.24 yuan year-on-year. The expenses per hundred yuan of operating revenue were 8.66 yuan, an increase of 0.02 yuan year-on-year.
As of the end of February, operating revenue per hundred yuan of assets for industrial enterprises above designated size was 66.4 yuan, a decrease of 0.1 yuan year-on-year. Per capita operating revenue was 1.749 million yuan, an increase of 95,000 yuan year-on-year. Inventory turnover days for finished products were 22.7 days, an increase of 0.4 days year-on-year. The average recovery period for accounts receivable was 76.4 days, an increase of 1.3 days year-on-year.
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<h2>Manufacturing Achieved a Total Profit of 18.9% in January-February</h2>
In January-February, among industrial enterprises above designated size, state-controlled enterprises achieved a total profit of 366.56 billion yuan, a year-on-year increase of 5.3%. Joint-stock enterprises achieved a total profit of 803.29 billion yuan, an increase of 22.1%. Foreign-funded enterprises (including Hong Kong, Macao, and Taiwan) achieved a total profit of 216.75 billion yuan, a decrease of 3.8%. Private enterprises achieved a total profit of 284.45 billion yuan, an increase of 37.2%.
In January-February, the mining industry achieved a total profit of 155.61 billion yuan, a year-on-year increase of 9.9%. The manufacturing industry achieved a total profit of 732.15 billion yuan, an increase of 18.9%. The production and supply of electricity, heat, gas, and water achieved a total profit of 136.80 billion yuan, an increase of 3.7%.
<img src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202603/W020260327323313477935_ORIGIN.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202603/W020260327323313477935_ORIGIN.png"/>
<h2>Profits in Computer, Communication, and Other Electronic Equipment Manufacturing Increased by 2.0 Times in January-February</h2>
According to data from the National Bureau of Statistics, in January-February, the profit situation in major industries was as follows:
Profits in the computer, communication, and other electronic equipment manufacturing industry increased by 2.0 times year-on-year. The non-ferrous metal smelting and processing industry increased by 1.5 times. The chemical raw materials and chemical products manufacturing industry increased by 35.9%. The non-metallic mineral products industry increased by 16.2%. The textile industry increased by 12.6%. The agricultural and sideline food processing industry increased by 8.0%. The electrical machinery and equipment manufacturing industry increased by 6.2%. The coal mining and washing industry increased by 4.5%. The special equipment manufacturing industry increased by 4.3%. The general equipment manufacturing industry increased by 3.6%. The production and supply of electricity and heat increased by 3.4%. The petroleum, coal, and other fuel processing industry turned from loss to profit. The petroleum and natural gas extraction industry decreased by 16.8%. The automotive manufacturing industry decreased by 30.2%. The ferrous metal smelting and processing industry saw losses increase.
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The National Bureau of Statistics stated that in January-February, various regions and departments accelerated the implementation of more proactive and effective macro policies, focusing on leveraging the integrated effects of existing and new policies. Profits for industrial enterprises above designated size accelerated their growth, with profits recovering in most industries. Equipment manufacturing and high-tech manufacturing saw rapid profit growth, and the profitability of industrial enterprises showed a trend of continuous recovery

- From January to February, large-scale industrial enterprises in China achieved a total profit of 10,245.6 billion yuan, a year-on-year increase of 15.2%.  
- The profit growth was supported by significant increases in the computer, communication, and other electronic equipment manufacturing sectors, which saw profits rise 2.0 times, along with a 1.5-fold increase in non-ferrous metal smelting and processing.  
- Positive trends were observed across 24 out of 41 industrial sectors, highlighting a recovery in most industries driven by proactive macroeconomic policies and improved operating conditions.

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China's Profits of Industrial Enterprises Above Designated Size Increased by 15.2% Year-on-Year in January-February; Profits in Computer, Communication, and Other Electronic Equipment Manufacturing Increased by 2.0 Times