1、Marketing communication:This document is a marketing presentation.It has not been prepared in accordance with legal requirements designed to promote the independence of investment research;and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.C1-Public

2、 Natixis RESEARCH 30 July 2025 CHINA THEMATIC RESEARCH CORPORATE MONITOR 2025 China:Private firms lead in capital efficiency and innovation while state-owned giants rely on policy support WRITTEN BY Alicia GARCIA HERRERO Tel.+852 3900 8680 Gary NG Tel.+852 3915 1242 With contribution from:Jeremy JI

3、Tel.+852 3900 8701 jeremy.ji- dr Discover more of our research on 02468101202468101218192021222324Return on Capital(%)Central SOELocal SOEPOESource:Natixis,Financial Statements,LSEG Refinitiv,WIND8.614.711.90246810121416024681012141618192021222324Share of Zombie Firms(%,ex.Real Estate)Central SOELoc

4、al SOEPOEN.B.Defined as firms with EBITDA-to-interest expense lower than 1.Source:Natixis,Financial Statements,LSEG Refinitiv,WINDCHINA THEMATIC RESEARCH 2 Executive Summary In the first note of our Natixis China Corporate Monitor 2025 series,we draw the conclusion that Chinese firms now face a bigg

5、er problem of revenue than debt.This time,we analyze the diverging fortunes of Chinese firms based on their ownership structure,including central state-owned enterprises(SOEs),local SOEs,and privately owned enterprises(POEs).With policy and regulatory changes,uneven financing conditions and shifting

6、 demand,their corporate health has been evolving,leading to a significant impact on the macro economy and investment decisions.Uneven benefits from fiscal and monetary policy Although the stimulus scale is weaker than in 2008 or even 2016,China has stepped up its efforts to stabilize growth.On the f