National Bureau Of Statistics: Profits Of Industrial Enterprises Decreased Slightly From January To July

The profit changes of industrial enterprises from January to July showed the following main characteristics:

First, the revenue of industrial enterprises increased rapidly, and the profit decreased slightly. From January to July, the operating income of Industrial Enterprises above designated size increased by 8.8% year on year, maintaining a rapid growth; Corporate profits fell 1.1% year-on-year, up 1.0% in the first half of the year. In terms of industries, among the 41 major industrial sectors, 16 industries had a year-on-year increase in profits, accounting for 39.0%, which was the same as that in the first half of the year, of which 14 industries had a profit growth of more than 5%.

Second, the profits of the equipment manufacturing industry continued to recover, and the profits of the automobile industry rebounded rapidly. In the first half of the year, the profit of the automobile industry decreased by 1.5% compared with that in the first half of the year, but the profit of the manufacturing industry decreased by 1-7% compared with that in the first half of the year. In July, the profit of equipment manufacturing industry increased by 6.8% year-on-year, 2.7% faster than that in June, and rebounded for three consecutive months. In terms of industries, in July, the profit of automobile manufacturing industry increased by 77.8% year-on-year, 30.1 percentage points faster than that in June, making it one of the fastest growing industries; The profits of railway ship and other transportation equipment and electrical machinery industries increased by 29.6% and 25.6% respectively, achieving rapid growth; The profit of general equipment manufacturing industry increased by 5.9%, and the growth rate accelerated by 0.9%.

Third, the mining industry continued to support the profit growth of industrial enterprises, and the profit of electric power industry improved significantly. With the continuous development of energy supply in summer, the output of coal crude oil and power generation has increased rapidly, and the profits of relevant industries have increased. From January to July, the profit of mining industry increased by 1.05 times year-on-year, driving the profits of Industrial Enterprises above Designated Size to increase by 10.3 percentage points; The profit decline of power, heat, gas and water production and supply industries shrank by 5.6 percentage points compared with the first half of the year, and the profit improvement was obvious. In terms of industries, the profits of coal mining and dressing industry and oil and gas mining industry increased by 1.41 times and 1.19 times respectively, and continued to maintain high-speed growth; The profit decline of the power industry was 7.3 percentage points lower than that in the first half of the year.

Fourth, the profit decline of raw material industry is expanding due to many factors. From January to July, the profit of raw material manufacturing industry decreased by 21.6% year-on-year, 7.6% more than that in the first half of the year, and the profit growth rate of Industrial Enterprises above designated size decreased by 2.2% compared with that in the first half of the year. In terms of industries, the profit of the iron and steel industry decreased by 80.8% year-on-year, 12.1 percentage points higher than that in the first half of the year due to factors such as the downturn of the real estate market, insufficient demand of the steel industry and high cost pressure; Affected by factors such as the decline of refined oil price and the unavailability of high price crude oil inventory, the profit of oil processing industry decreased by 44.0%, and the decline rate increased by 11.6%. In addition, the profit decline of building materials industry has expanded, and the profit growth of chemical industry and nonferrous smelting industry has slowed down.

Fifth, the pulling effect of price changes on the profit growth of industrial enterprises is weakened. Since the beginning of this year, the rise in the ex factory price of industrial products has fallen month by month. In July, PPI rose by 4.2% year-on-year, and the increase was 1.9 percentage points lower than that of the previous month. The price increase of industrial products has gradually dropped from a high level, and the pulling effect on the income and profit growth of industrial enterprises has gradually weakened. According to the preliminary calculation, the profit growth rate of Industrial Enterprises above Designated Size in January July decreased by 2.3 percentage points compared with that in the first half of the year.

On the whole, industrial enterprises continued to recover, but affected by various factors, the profits of enterprises decreased slightly, the cost level was still high, the market demand of some industries was insufficient, and the operating pressure was increased. In addition, the domestic and foreign environment became more complex and severe, so it still needs to pay hard work for the sustainable and stable recovery of industrial economy. In the next stage, we should resolutely implement the decision-making and deployment of the Party Central Committee and the State Council, effectively coordinate epidemic prevention and control and economic and social development, maintain the stability and smoothness of the industrial chain supply chain, actively expand effective investment, continuously release consumption potential, and increase efforts to help enterprises to relieve difficulties, so as to create favorable conditions for the continuous recovery of industrial enterprises' benefits.