China Industrial Profits

China's industrial profits fell by 8.4% sequentially in May after adjusting for seasonality, contrasting with positive year-over-year growth figures. Upstream sectors continue to drive overall profit expansion, while revenue growth remains modest.

Key Takeaways

• 1.China's industrial profits showed a sequential decline of 8.4% in May (seasonally adjusted) after an increase in April.
• 2.Upstream profit growth remains a primary driver of overall industrial performance, significantly outpacing downstream sectors.
• 3.Industrial revenue showed modest sequential growth, with total profit margins edging up on a 12-month average basis.

Table of Contents

• Bottom line
• Key numbers
• Main points
• Disclosure Appendix

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