Cui Dongshu wrote that Jan–Sep 2026, industrial enterprises above designated
size reported operating revenue RMB 106.21 trillion (+6.6% YoY) and operating
costs RMB 90.30 trillion (+6.1%); operating revenue profit margin was 5.68%, up
0.44 ppt YoY. He said AI-driven electronics profits doubled YoY and upstream
raw-materials profits rose strongly, supporting overall profit improvement,
while the auto sector faced rising costs and weak demand and posted weak
earnings. Auto Jan–Sep: production 23.37 mln units (-4% YoY); revenue RMB 8.04
trillion (+2.6%); costs RMB 7.16 trillion (+3.8%); profit RMB 267.5 billion
(-23%); sales profit margin 3.3%. September: production 3.06 mln units; revenue
RMB 1.04 trillion (+0.6%); costs RMB 925.7 billion (+2.5%); profit RMB 14.2
billion (-68%); sales profit margin 1.4%, near a four-year low.
