Chinese SOEs report 1.7% profit increase in Q1

BEIJING - China's state-owned enterprises (SOEs) maintained steady operations in the first quarter of 2025 as their combined profits registered a 1.7 percent increase year-on-year, according to official data released Friday.

During the period, Chinese SOEs' total operating revenues reached 19.85 trillion yuan ($2.75 trillion), remaining flat compared to the same period a year ago. Meanwhile, their combined profits topped 1.09 trillion yuan, data from the Ministry of Finance showed.

The SOEs saw their debt-to-asset ratio reach 65 percent at the end of March, up 0.1 percentage points from the level a year ago, according to the data.

These figures were collected from SOEs in provincial-level regions and those administered by the central government, excluding financial firms.

The SOEs' profit growth occurred alongside a strong start to the Chinese economy in the first quarter of 2025. The country reported a year-on-year GDP growth rate of 5.4 percent in the first quarter, which ranked among the highest of the world's major economies.