今年 1 至 9 月，中国约 5,300 家境内非金融上市公司中有 24% 录得净亏损，为 2002 年以来最高，占比比去年上升 1 个百分点；而 2017 年的低点仅为 7%。约三成企业净利同比下降，只有约四成实现增长，反映国内需求疲弱与结构性过剩。房地产行业最严重，100 家房企中有 48 家亏损，行业总亏损达 647 亿元；新建住宅销售面积同比下跌 6%。万科亏损 280 亿元，为全市场最高，地产链条行业如建筑业也有逾三成企业亏损。

光伏等产能过剩行业因需求不及供应导致价格竞争加剧，头部企业如晶科能源均陷入亏损。汽车行业 21 家乘用车与商用车生产商中有 6 家亏损，整体净利同比下降 10%；广汽亏损 43 亿元，BYD 利润下降 8%。尽管新车销量按量增长 13% 至 2,436 万辆，但新能源车价格持续下降，部分因政府容忍价格下滑以增强出口竞争力。

增长亮点主要集中在政府优先支持的半导体产业。芯片行业在补贴与税惠推动下，净利同比大增 50%，远高于 2024 年同期的 23%，在代工、设计与设备等环节均加速扩张。整体约 5,300 家企业的净利润总量仅小幅增长 2%，但仍较 2022 年峰值下滑约 10%。在政府重心转向高科技之际，以消费者为导向的行业因地产负财富效应而持续疲弱，零售商业利润下降 5%，食品行业下降 5%。

In January–September 2025, 24% of roughly 5,300 nonfinancial mainland-listed Chinese companies reported net losses—the highest share since 2002 and up 1 percentage point year on year, compared with the 7% low in 2017. About 30% saw profit declines and only around 40% posted growth, underscoring weak domestic demand and structural overcapacity. Real estate was hit hardest: 48 of 100 developers were loss-making with sector-wide losses of 64.7 billion yuan; new-home floor-area sales fell 6% year on year. China Vanke posted the largest loss at 28 billion yuan. Construction and related sectors also saw over 30% of firms in the red.

Oversupply-driven price competition battered solar and other industries, with top players such as Jinko Solar losing money. In autos, 6 of 21 passenger and commercial vehicle makers posted losses and overall sector profits fell 10%; Guangzhou Automobile Group lost 4.3 billion yuan and BYD’s profit dropped 8%. New vehicle sales rose 13% to 24.36 million units, but EV and NEV prices declined as authorities tolerated lower prices to bolster global competitiveness.

Performance strength was concentrated in state-priority sectors, especially semiconductors. Chip-industry net profits surged 50% year on year, far above the 23% pace in 2024, driven by fabrication, design, and equipment. Aggregate net profit across the sample rose only 2% and remained roughly 10% below the 2022 peak. As policy focus shifts toward high tech, consumer-oriented industries continue to weaken amid property-driven negative wealth effects, with retail and food profits each dropping 5%.