On March 27, the National Bureau of Statistics released the profit data of industrial enterprises above designated size in the first two months of 2024.
From January to February, the profits of industrial enterprises above designated size increased by 10.2 percent
From January to February, the total profit of industrial enterprises above designated size reached 914.06 billion yuan, a year-on-year increase of 10.2%.
From January to February, among the industrial enterprises above designated size, the total profits of state-controlled enterprises reached 343.49 billion yuan, up by 0.5 percent year-on-year, the total profits of joint-stock enterprises reached 689.85 billion yuan, up by 5.3 percent, the total profits of foreign-funded enterprises and enterprises with investment from Hong Kong, Macao and Taiwan reached 216.92 billion yuan, up by 31.2 percent, and the total profits of private enterprises reached 246.54 billion yuan, up by 12.7 percent.
From January to February, the total profit of the mining industry was 188.10 billion yuan, down 21.1 percent year-on-year, the total profit of the manufacturing industry was 613.45 billion yuan, an increase of 17.4 percent, and the total profit of the production and supply of electricity, heat, gas and water was 112.51 billion yuan, up by 63.1 percent.
From January to February, the profits of major industries were as follows: the profits of the computer, communication and other electronic equipment manufacturing industry increased by 2.1 times, the electric power and heat production and supply industry increased by 69.4 percent, the non-ferrous metal smelting and rolling processing industry increased by 65.5 percent, the textile industry increased by 51.1 percent, the automobile manufacturing industry increased by 50.1 percent, the general equipment manufacturing industry increased by 20.7 percent, the oil and gas extraction industry increased by 1.8 percent, and the chemical raw materials and chemical products manufacturing industry increased by 0.3 percent , coal mining and washing industry decreased by 36.8 percent, non-metallic mineral products industry decreased by 32.1 percent, special equipment manufacturing industry decreased by 17.0 percent, agricultural and sideline food processing industry decreased by 7.3 percent, electrical machinery and equipment manufacturing industry decreased by 2.0 percent, petroleum, coal and other fuel processing industry and ferrous metal smelting and rolling processing industry losses increased.
From January to February, the operating income of industrial enterprises above designated size reached 19.44 trillion yuan, up by 4.5 percent year-on-year, the operating cost was 16.52 trillion yuan, up by 4.6 percent, and the profit margin of operating income was 4.70 percent, up by 0.24 percentage points year-on-year.
At the end of February, the total assets of industrial enterprises above designated size were 167.83 trillion yuan, up 6.5 percent year-on-year, the total liabilities were 95.75 trillion yuan, up 6.2 percent, the total owners' equity was 72.08 trillion yuan, up 6.9 percent, and the asset-liability ratio was 57.1 percent, down 0.1 percentage points year-on-year.
At the end of February, the accounts receivable of industrial enterprises above designated size reached 22.99 trillion yuan, up 8.6 percent year-on-year, and the inventory of finished products was 6.09 trillion yuan, up 2.4 percent.
From January to February, the cost per 100 yuan of operating income of industrial enterprises above designated size was 84.97 yuan, an increase of 0.11 yuan year-on-year, and the cost per 100 yuan of operating income was 8.62 yuan, a year-on-year decrease of 0.01 yuan.
At the end of February, the operating income per 100 yuan of assets of industrial enterprises above designated size was 69.5 yuan, down 1.3 yuan year-on-year, the per capita operating income was 1.639 million yuan, up 104,000 yuan year-on-year, the inventory turnover days of finished products was 22.1 days, down 0.5 days year-on-year, and the average recovery period of accounts receivable was 71.0 days, up 2.7 days year-on-year.
From January to February, the profits of industrial enterprises above designated size achieved relatively rapid growth
Yu Weining, statistician of the Department of Industry of the National Bureau of Statistics
Interpret the profit data of industrial enterprises
From January to February, with the implementation of the macro combination policy, the market demand continued to recover, the industrial production grew rapidly, and the efficiency of industrial enterprises above designated size continued to improve, showing the following main characteristics:
The profits of industrial enterprises have achieved rapid growth. From January to February, the profits of industrial enterprises above designated size increased by 10.2 percent year-on-year, and the profits turned positive from a 2.3 percent decline in the previous year. On a monthly basis, the profits of industrial enterprises above the designated size have continued to grow year-on-year since August last year, and the recovery trend continued from January to February this year, and the efficiency of industrial enterprises started steadily.
The revenue of industrial enterprises has improved significantly. With the continuous recovery of market demand, industrial production has grown rapidly, and the revenue growth of industrial enterprises has accelerated significantly. From January to February, the operating income of industrial enterprises above designated size increased by 4.5% year-on-year, 3.4 percentage points higher than the annual revenue growth rate of the previous year.
More than seventy percent of the industry's profits have grown, and the manufacturing industry, electrical and water industries have grown rapidly. From January to February, among the 41 major industrial industries, 29 industries had a year-on-year increase in profits, with an increase of 70.7%, an increase of 4.8 percentage points over the previous year. In terms of categories, the profits of the manufacturing industry, electricity, heat, gas, and water production and supply industries increased by 17.4 percent and 63.1 percent respectively, all achieving double-digit growth, while the profits of the mining industry decreased by 21.1 percent.
The profits of the equipment manufacturing industry and the high-tech manufacturing industry have rebounded significantly, and the new quality productive forces have been cultivated and expanded. With the acceleration of the construction of a modern industrial system, the profit growth of the equipment manufacturing industry continues to accelerate. From January to February, the profit of the equipment manufacturing industry increased by 28.9% year-on-year, the growth rate was 24.8 percentage points faster than that of the previous year, and the industrial profit above the designated size increased by 6.7 percentage points, contributing 65.9%, which is the industry sector with the largest contribution. In terms of industries, the profits of the electronics industry increased by 2.11 times, and the railways, ships, aerospace, transportation equipment, automobiles, and metal products industries increased by 90.1%, 50.1%, and 27.8% respectively. As the manufacturing industry moves towards high-end, intelligent and green, the profits of high-tech manufacturing industry have achieved rapid growth. From January to February, the profits of high-tech manufacturing industry increased by 27.9% from a decline of 8.3% in the previous year, a growth rate 17.7 percentage points higher than the average level of industries above the designated size. Among them, the profit of the intelligent consumer equipment industry increased by 1.13 times, the profit of the lithium-ion battery industry increased by 66.3%, and the communication terminal equipment industry turned from a loss in the same period last year to a profit of 13.97 billion yuan.
Profits in the consumer goods manufacturing industry continued to recover, and profits in most industries increased. Benefiting from the improvement of domestic and foreign demand, superimposed by the Spring Festival holiday, consumer demand recovered steadily, and the profits of the consumer goods manufacturing industry achieved rapid growth. From January to February, the profits of the consumer goods manufacturing industry increased by 12.9% year-on-year from a decline of 1.1% in the previous year, and 11 of the 13 major consumer goods manufacturing industries saw their profits increase, of which the profits of the papermaking, furniture, textile, and cultural, educational, and arts industries increased by 3.37 times, 1.98 times, 51.1 percent, and 50.4 percent respectively; and the profits of the food, wine, beverage, and tea industries increased by 15.8 percent and 14.2 percent respectively.
The profits of major economic types and enterprises of different sizes have increased. With the continuous and steady recovery of the industrial economy, the vitality of various business entities and enterprises of different sizes has been continuously enhanced. From January to February, among the industrial enterprises above designated size, the profits of state-controlled enterprises increased by 0.5 percent year-on-year, the profits of private enterprises increased by 12.7 percent, the profits of foreign-funded enterprises and enterprises with investment from Hong Kong, Macao and Taiwan increased by 31.2 percent, and the profits of large, medium, and small enterprises increased by 8.0 percent, 6.0 percent, and 18.9 percent respectively.
On the whole, from January to February, the profits of industrial enterprises above the designated size grew rapidly and started steadily. In the next stage, it is necessary to fully implement the spirit of the Central Economic Work Conference and the National "Two Sessions", vigorously promote the construction of a modern industrial system, accelerate the development of new quality productive forces, focus on expanding domestic demand, stimulate the vitality of various business entities, constantly consolidate and strengthen the upward trend, and strive to promote the economy to achieve effective qualitative improvement and reasonable quantitative growth.
Editor-in-charge: Jiang Saisai
Inspector Zhang Xiaonan
Source: National Bureau of Statistics