China Industrial Profits Rebound 0.9% in 8M25

MACROECONOMY 
China Industrial Profits Rebound 0.9% in 8M25 
Profits of China’s industrial firms rose 0.9% YoY to CNY 4.69 tn in 8M25, reversing a 1.7% decline in 7M25, driven by private sector growth (+3.8%) and easing state-owned declines (-1.7%). Gains were recorded in general manufacturing (+5.8%), non-ferrous metals (+12.7%), electrical machinery (+11.5%), and agriculture (+11.8%), while coal mining (-53.6%) and oil & gas (-12.4%) saw steep drops. In Aug-25 alone, profits jumped 20.4% YoY, the first monthly rise in four months. (Trading Economics)

INDUSTRY 
CISEM II Gas Pipeline Reached 86% Completion, On Track for Mar-26 Finish 
The Energy Ministry reported the Cirebon–Semarang (CISEM) Phase II gas pipeline reached 86.1% progress, ahead of the 84.8% plan. The 245 km pipeline, designed to strengthen energy security and cut distribution costs, is scheduled for completion in Mar-26. (Kontan) 

Govt Collected IDR 30–35 Tn in Reclamation and Post-Mining Guarantees 
Govt collected IDR 30–35 tn in reclamation and post-mining guarantees, with compliance rising to 72% from 39%. ESDM suspended 190 mining permits but will restore them once companies pay their guarantees. Lawmakers urged reclamation integration with carbon programs to create green economic value and support Net Zero 2060. (Emitennews)

COMPANY 
BCAS - BBNI: 8M25 Earnings Fell -5.7% YoY
- BBNI Aug-25 net profit reached IDR 1.5 tn (-11.4% MoM; -10.0% YoY), bringing 8M25 net profit to IDR 13.4 tn (-5.7% YoY). 
- Net interest income came in at IDR 3.1 tn (-5.4% MoM; -9.5% YoY), totaling IDR 25.3 tn in 8M25 (-1.2% YoY). 
- Operating income stood at IDR 5.0 tn in Aug-25 (-4.7% MoM; -2.3% YoY), bringing 8M25 operating income to IDR 39.4 tn (+0.6% YoY). 
- PPOP reached IDR 2.4 tn in Aug-25 (-7.5% MoM; -10.5% YoY), translating to IDR 20.8 tn in 8M25 (-3.7% YoY). 
- Provision expense rose to IDR 596 bn in Aug-25 (+9.9% MoM; -8.5% YoY), bringing 8M25 provisioning to IDR 4.7 tn (+3.6% YoY). 
- Loan growth slowed to +8.2% YoY (Aug-24: +9.0%), while deposit growth accelerated to +16.6% YoY (Aug-24: +3.6%). 
- LDR moderated to 88.4% (Aug-24: 95.3%), CASA ratio improved to 72.6% (Aug-24: 70.1%), and NIM compressed to 3.7% (Aug-24: 4.2%).

Aspirasi Hidup Indonesia (ACES) Opened 16 New AZKO Stores Toward 2025 
Target ACES opened 16 new AZKO stores across 11 new regions by Sep-25, progressing toward its 2025 target of 25–30 outlets. Expansion focused on second- and third-tier cities outside Java, supported by capex allocation of IDR 250–300 bn for new stores and store upgrades. (Kontan)