Profits of China’s major industrial firms returned to growth in 2025, snapping a three-year streak of declines, with emerging sectors such as equipment manufacturing and high-tech manufacturing serving as major growth drivers. Major industrial firms refer to those with an annual main business revenue of at least 20 million yuan. In 2025, profits of the equipment manufacturing sector rose 7.7 percent year on year. This growth contributed 2.8 percentage points to the overall profit increase of major industrial enterprises, making it the largest contributor. The sector’s share of total industrial profits reached 39.8 percent, up 2.6 percentage points from the previous year, reflecting further optimization of the industrial profit structure.