China Industrial Profits Rose 0.1% YoY in 11M25, Momentum Slowed

MACROECONOMY 
China Industrial Profits Rose 0.1% YoY in 11M25, Momentum Slowed 
Profits at China’s industrial firms edged up 0.1% YoY to CNY 6.63 tn in Jan–Nov 2025, easing from 1.9% in 10M25 and marking the fourth straight gain. SOEs and private firms saw declines (–1.6% and –0.1%), while foreign-invested firms slowed (+2.4%). Sector-wise, tech, utilities, and autos led gains, while coal, oil & gas, textiles, and chemicals posted deeper losses; Nov profits fell –13.1% YoY (vs –5.5% in Oct). (Trading Economics)

 COMPANY 
Kalbe Farma (KLBF) Executed IDR 55.95 bn Affiliated Transaction 
KLBF executed an affiliated transaction worth IDR 55.95 bn involving the sale and purchase of two adjacent land plots and buildings with total area of 25,100 sqm in Bogor, West Java, between its subsidiary Hale International and Forsta Kalmedic Global on 27-Dec 25. The transaction involved affiliated entities with effective ownership of 99% in Hale and 91.98% in Forsta and was conducted in accordance with prevailing business practices. Management stated the transaction has no material impact on KLBF’s financial condition, operations, or business continuity. (Emitennews) 

Erajaya (ERAA) Strengthened Subsidiaries’ Capital by IDR 370.27 bn 
ERAA injected IDR 370.27 bn into subsidiaries on 23-Dec-25, comprising IDR 187.5 bn to ESA, IDR 174.27 bn to EBN, and IDR 8.5 bn to EB Pretz through share subscriptions, raising their respective paid-up capital. The affiliated transactions aim to strengthen capital structure and enhance subsidiaries’ contribution to the group, with management stating no adverse impact on ERAA’s operations or financial condition. (Emitennews)