2025年前五个月，中国工业企业的利润同比下降1.1%，至2720.43亿元人民币，扭转了1月至4月1.4%的增长。这一下降突显了持续的通缩压力和美国高额关税下日益增长的贸易不确定性。国有企业的利润收缩幅度更大（-7.4%对1月至4月的-4.4%），而私营部门的利润增长放缓（3.4%对4.3%）。按行业划分，煤炭开采（-50.5%）、汽车（-11.9%）、石油和天然气开采（-10.4%）和化工（-4.7%）的利润下降。相比之下，农业（38.2%）、计算机和通信（11.9%）、电机（11.6%）、一般制造业（10.6%）、有色金属冶炼和轧制（9.8%）、特种设备（7.1%）、热能生产（5.7%）和非金属矿产品（0.6%）的利润增长。仅在5月份，工业利润同比下降9.1%，高于4月份的3.0%，这是三个月来的首次下降。
Profits at China’s industrial firms dropped by 1.1% year-on-year to CNY 2,720.43 billion in the first five months of 2025, reversing a 1.4% gain in the January–April period. The decline highlights ongoing deflationary pressures and growing trade uncertainty amid steep U.S. tariffs. Profits at state-owned enterprises contracted more sharply (-7.4% vs -4.4% in January-April), while profit growth in the private sector slowed (3.4% vs 4.3%). By industry, profits decreased in coal mining (-50.5%), automobiles (-11.9%), oil and gas extraction (-10.4%), and chemicals (-4.7%). In contrast, profit grew in agriculture (38.2%), computer and communications (11.9%), electrical machinery (11.6%), general manufacturing (10.6%), non-ferrous metal smelting and rolling (9.8%), special equipment (7.1%), heat production (5.7%), and non-metallic mineral products (0.6%). In May alone, industrial profits shrank by 9.1% yoy, swinging from a 3.0% increase in April and marking the first fall in three months.
