BEIJING - China's state-owned enterprises (SOEs) maintained stable operations in the first four months of 2025, with their total operating revenue holding steady year-on-year, according to official data released Wednesday.

From January to April, the combined operating revenue of China's SOEs reached 26.276 trillion yuan (about $3.65 trillion), remaining flat compared to the same period in 2024, data from the Ministry of Finance (MOF) showed.

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During the same period, total profits of the SOEs stood at 1.35 trillion yuan, down 1.7 percent year-on-year. The SOEs' tax and fees payments reached 2.04 trillion yuan, edging up 0.1 percent from a year earlier.

As of the end of April, the debt-to-asset ratio of the SOEs rose slightly to 65.1 percent, up 0.2 percentage points from the same period last year.

These figures were collected from SOEs in provincial-level regions and those administered by the central government, excluding financial firms.