China's reported industrial profits in November declined 13.1% from a year earlier, aggravating concerns the nation's huge economy has not yet recovered from property-sector and consumer weakness in the post-pandemic era.
The November industrial profit slip followed a 5.5% on year decrease logged in October, reported the National Bureau of Statistics (NBS) on Saturday.
The cumulative profits of China's industrial enterprises for the first 11 months of 2025 rose a marginal 0.1% from a year earlier, slowing from 1.9% growth in the January-October period, added the NBS.
Manufacturers and utilities managed to operate in the black in the first 11 months of 2025, but the mining sector lagged, according to officials.
The NBS limits its monthly survey of profits to industrial companies with more than $2.8 million a year in revenue.
In a bright spot, profits in China's "high-tech manufacturing" grew 10% on year in the January to November period on year. Also, the operating revenue of China's manufacturers rose 1.6% on year in the first 11 months of 2025, said the NBS.
While China's exports have expanded in 2025, domestic demand has been hampered by a still-declining property sector and attendant consumer uncertainty. China's retail sales in 2025 have shown scant increases on year, as consumers feel less wealthy from falling home prices.
New house prices in China in November declined 2.4% on year, the 29th straight month of sagging home values, according to NBS data. The nation's office markets are similarly weak.
"China's economic momentum continues to weaken in the final stretch of the year, as all key activity data disappointed in November. Policymakers have lots of work to do if domestic demand is going to drive growth in 2026 as planned," said ING Think, an arm of the Dutch-based investment house, in a report issued in mid-December.
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