No industrial profits but mines are still raking it in
Business briefs from the Chinese media โ Thursday October 27
No industrial profits but mines are still raking it in: The National Bureau of Statistics reported today that from January to September, the revenue of industrial enterprises above designated size increased by 8.2% year-on-year, while profits decreased by 2.3%, although in September the decline in profits narrowed by 6 percentage points from August. From January to September, the profits of the mining industry increased by 76% year-on-year.
Lithium battery riches: Yesterday, three lithium battery companies declared big profit increases for the third quarter. EVE Energy ไบฟ็บฌ้่ฝ declared profit of 1.30 billion yuan ($178.78 million), a year-on-year increase of 81.18%; Gotion High-tech ๅฝ่ฝฉ้ซ็ง declared profit of 85.55 million yuan ($11.71 million), an increase of 355%; and Sunwoda ๆฌฃๆบ่พพ declared profit of 314 million yuan ($43.25 million), an increase of 504%.
Beer profits: Yesterday, Tsingtao Brewery ้ๅฒๅค้ declared revenue for the third quarter of 9.83 billion yuan ($1.34 billion), a year-on-year increase of 16%, and net profit of 1.41 billion yuan ($193.70 million), a year-on-year increase of 18.37%.
Growing Chinese outbound investment: The Ministry of Commerce reported earlier today that from January to September, Chinaโs outward foreign direct investment (excluding financial investment) amounted to 567.19 billion yuan, a year-on-year increase of 8.5%, equivalent to $85.85 billion, a year-on-year increase of 6.3%.
