Headline gains mask a weaker October as China’s industrial profit recovery loses steam.

China’s industrial profits remained positive over the first ten months of the year, rising 1.9% from a year earlier, according to data from the National Bureau of Statistics.

The January–October increase marked a slowdown from the 3.2% gain recorded in the January–September period, signalling some loss of momentum as weak domestic demand and uneven manufacturing performance persist.

For October alone, industrial profits fell 5.5% y/y, highlighting renewed pressure on margins even as upstream cost conditions have stabilised. The figures cover larger industrial firms with annual operating revenue of at least 20 million yuan.

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The data underscores patchy manufacturing momentum, offering limited support for China-sensitive commodities and adding to the argument for further targeted policy support.