Chinese SOEs report 1.7% profit increase in Q1

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 (about 2.75 trillion U.S. dollars), 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.