Report published September 28, 2026

China: Both Industrial Profits and Revenue Edged Up Sequentially in August – Goldman Sachs Research

Goldman Sachs · September 28, 2026

China's industrial profits and revenue edged up sequentially in August by 0.6% and 0.8% sa non-annualized, respectively, recovering from contractions in July. On a year-over-year basis, profits grew 4.9% (vs. 11.0% in July) while revenue rose 7.4% (vs. 6.5% in July).

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.China's industrial profits rebounded sequentially in August, rising 0.6% sa non-annualized after a 3.1% decline in July, though year-over-year growth slowed to 4.9% from 11.0%.
2.Industrial revenue rose 7.4% year-over-year and 0.8% sequentially non-annualized, rebounding from a 3.8% sequential contraction in July.
3.Upstream sectors drove profit acceleration with a 19.8% year-over-year gain, led by coal mining, non-ferrous metals, and petroleum, while downstream profit growth decelerated to 0.5% year-over-year.

Bottom line
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Main points
The China Economics Team

Report data

Exhibit 1: Industrial profits and revenue edged up sequentially in August

Metric	Estimate	Context
China Industrial Profits Growth (YoY)	4.9%	Decelerated from +11.0% yoy in July
China Industrial Revenue Growth (YoY)	7.4%	Accelerated from +6.5% yoy in July
China Industrial Profits Sequential Growth (SA non-annualized)	0.6%	Rebounded from -3.1% in July
China Industrial Revenue Sequential Growth (SA non-annualized)	0.8%	Rebounded from -3.8% in July
Downstream Profit Growth (YoY)	0.5%	Decelerated from 9.6% yoy in July