Core Insights - From January to July, the total profit of industrial enterprises above designated size in China reached 40,203.5 billion yuan, a year-on-year decrease of 1.7% [1] - Among these enterprises, state-controlled enterprises reported a profit of 12,823.4 billion yuan, down 7.5% year-on-year; joint-stock enterprises achieved a profit of 29,742.5 billion yuan, down 2.8%; foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit of 10,216.7 billion yuan, an increase of 1.8%; private enterprises reported a profit of 11,183.7 billion yuan, also up 1.8% [1] - The mining industry experienced a profit of 4,930.9 billion yuan, a significant decline of 31.6%; the manufacturing sector achieved a profit of 30,235.8 billion yuan, an increase of 4.8%; and the electricity, heat, gas, and water production and supply industry reported a profit of 5,036.8 billion yuan, up 3.9% [1] Industry Performance - In the first seven months, the profit situation of major industries is as follows: the agricultural and sideline food processing industry saw a profit increase of 14.5%; electrical machinery and equipment manufacturing grew by 11.7%; non-ferrous metal smelting and rolling processing increased by 6.9%; computer, communication, and other electronic equipment manufacturing rose by 6.7%; general equipment manufacturing grew by 6.4%; electricity and heat production and supply increased by 6.3%; specialized equipment manufacturing rose by 3.2%; automotive manufacturing grew by 0.9% [2] - Conversely, the non-metallic mineral products industry declined by 5.6%; the textile industry decreased by 6.5%; the chemical raw materials and chemical products manufacturing industry fell by 8.0%; the oil and natural gas extraction industry dropped by 12.6%; and the coal mining and washing industry saw a dramatic decline of 55.2% [2] - The black metal smelting and rolling processing industry reported a total profit of 643.6 billion yuan, a staggering year-on-year increase of 5,175.4% [2] - For the first six months, the profit of the black metal smelting and rolling processing industry was 462.8 billion yuan, reflecting a year-on-year increase of 13.7 times, the highest growth rate among all 31 industrial categories [2][3]

Core Insights - From January to July, the total profit of industrial enterprises above designated size in China reached 40,203.5 billion yuan, a year-on-year decrease of 1.7% [1] - State-owned enterprises reported a total profit of 12,823.4 billion yuan, down 7.5% year-on-year, while private enterprises saw a profit of 11,183.7 billion yuan, an increase of 1.8% [1] - The mining industry experienced a significant profit decline of 31.6%, while the manufacturing sector achieved a profit growth of 4.8% [1] Industry Performance - The agricultural and sideline food processing industry saw a profit increase of 14.5%, while the electrical machinery and equipment manufacturing industry grew by 11.7% [2] - The coal mining and washing industry faced a dramatic profit drop of 55.2%, with total profits amounting to 1,666.2 billion yuan [2] - The chemical raw materials and chemical products manufacturing industry reported a profit decline of 8.0% [2]

Core Insights - The industrial sector in China is showing signs of recovery, with July's data indicating a stabilization in production and a gradual improvement in profit levels for large-scale industrial enterprises [1][2]. Group 1: Industrial Performance - In July, the revenue of large-scale industrial enterprises increased by 0.9% year-on-year, while the profit decline narrowed to 1.5%, a reduction of 2.8 percentage points from June [1]. - The gross profit margin improved, with July's gross profit shifting from a 1.3% decline in June to a 0.1% increase [1]. Group 2: Manufacturing Sector - The manufacturing sector experienced a significant profit increase of 6.8% year-on-year in July, accelerating by 5.4 percentage points compared to June [2]. - The raw material manufacturing sector saw a remarkable turnaround, with profits rising by 36.9% in July, particularly in the steel and petroleum processing industries, which reported profits of 18.09 billion and 3.46 billion respectively [2]. Group 3: High-Tech Manufacturing - High-tech manufacturing profits surged by 18.9% in July, contributing to the overall profit growth of large-scale industrial enterprises [2]. - Notable growth was observed in the aerospace sector, with profits increasing by 40.9%, and in the semiconductor industry, where profits for integrated circuit manufacturing and related sectors grew by 176.1% and 104.5% respectively [2]. Group 4: Policy Impact - The "Two New" policies have shown significant effectiveness, leading to rapid profit growth in various sectors, including specialized equipment manufacturing and consumer electronics [3]. - The implementation of policies promoting equipment upgrades has resulted in profit increases of 87.9% in electronic and electrical machinery manufacturing [3]. Group 5: Small and Medium Enterprises - Profits for medium and small enterprises improved in July, with medium-sized enterprises seeing a profit increase of 1.8% and small enterprises a 0.5% increase, reversing previous declines [3]. - Private enterprises reported a profit growth of 2.6%, surpassing the average growth rate of large-scale industrial enterprises by 4.1 percentage points [3]. Group 6: Future Outlook - The industrial sector faces challenges such as external uncertainties and insufficient domestic demand, necessitating a focus on policy stability and innovation to drive sustainable economic development [4].

制造业利润较快增长，对规上工业利润恢复贡献较大。7月份，制造业利润同比增长6.8%，增速较6月 份加快5.4个百分点，拉动全部规模以上工业企业利润增速较6月份加快3.6个百分点。从各板块看，原材 料制造业利润由6月份下降5.0%转为增长36.9%，其中钢铁、石油加工行业同比扭亏为盈，当月分别实 现利润总额180.9亿元、34.6亿元；消费品制造业下降4.7%，降幅较6月份收窄3.0个百分点。 高技术制造业利润快速增长，引领作用明显。7月份，高技术制造业利润由6月份下降0.9%转为增长 18.9%，拉动全部规模以上工业企业利润增速较6月份加快2.9个百分点，引领作用明显。其中，随着我 国航空航天事业发展，技术水平不断向更高层次迈进，航空航天器及设备制造行业利润增长40.9%；在 半导体领域自主创新能力持续增强的背景下，相关的集成电路制造、半导体器件专用设备制造、半导体 分立器件制造等行业利润分别增长176.1%、104.5%、27.1%；生物医药行业高质量发展稳步推进，推动 生物药品制造、化学药品制剂制造等行业利润分别增长36.3%、6.9%。 "两新"政策成效显著，持续带动行业利润增长。"两新"政策实施以来成 ...

Core Insights - From January to July, the total profit of industrial enterprises above designated size in China reached 40,203.5 billion yuan, a year-on-year decrease of 1.7% [1] Industry Performance - State-owned enterprises reported a total profit of 12,823.4 billion yuan, down 7.5% year-on-year - Joint-stock enterprises achieved a profit of 29,742.5 billion yuan, a decline of 2.8% - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw profits of 10,216.7 billion yuan, an increase of 1.8% - Private enterprises reported profits of 11,183.7 billion yuan, also up by 1.8% [1] Sector Analysis - The mining industry experienced a profit of 4,930.9 billion yuan, down 31.6% - The manufacturing sector achieved a profit of 30,235.8 billion yuan, an increase of 4.8% - The electricity, heat, gas, and water production and supply industry reported a profit of 5,036.8 billion yuan, up 3.9% [1] Detailed Industry Profit Changes - Agricultural and sideline food processing industry profits increased by 14.5% - Electrical machinery and equipment manufacturing profits grew by 11.7% - Non-metallic mineral products industry profits decreased by 5.6% - Textile industry profits fell by 6.5% - Chemical raw materials and chemical products manufacturing profits declined by 8.0% - Coal mining and washing industry profits dropped significantly by 55.2% [2][3] Revenue and Cost Overview - Total operating revenue for the industrial sector was 780,703.3 billion yuan, a year-on-year increase of 2.3% - Total operating costs were 668,042.1 billion yuan, up 2.5% - The profit margin for the coal mining and washing industry was 1,666.2 billion yuan, down 25.2% [5]

1—7月份，全国规模以上工业企业实现利润总额40203.5亿元，同比下降1.7%。 1—7月份，规模以上工业企业中，国有控股企业实现利润总额12823.4亿元，同比下降7.5%；股份制企业实现利润总额29742.5亿元，下降 2.8%；外商及港澳台投资企业实现利润总额10216.7亿元，增长1.8%；私营企业实现利润总额11183.7亿元，增长1.8%。 1—7月份，采矿业实现利润总额4930.9亿元，同比下降31.6%；制造业实现利润总额30235.8亿元，增长4.8%；电力、热力、燃气及水生产 和供应业实现利润总额5036.8亿元，增长3.9%。 1—7月份，主要行业利润情况如下：农副食品加工业利润同比增长14.5%，电气机械和器材制造业增长11.7%，有色金属冶炼和压延加工 业增长6.9%，计算机、通信和其他电子设备制造业增长6.7%，通用设备制造业增长6.4%，电力、热力生产和供应业增长6.3%，专用设备 制造业增长3.2%，汽车制造业增长0.9%，非金属矿物制品业下降5.6%，纺织业下降6.5%，化学原料和化学制品制造业下降8.0%，石油和 天然气开采业下降12.6%，煤炭开采和洗选业下降55.2% ...

1—7月份，全国规模以上工业企业实现利润总额40203.5亿元，同比下降1.7%（按可比口径计算，详见附注二）。 1—7月份，规模以上工业企业中，国有控股企业实现利润总额12823.4亿元，同比下降7.5%；股份制企业实现利润总额29742.5亿元，下降 2.8%；外商及港澳台投资企业实现利润总额10216.7亿元，增长1.8%；私营企业实现利润总额11183.7亿元，增长1.8%。 1—7月份，采矿业实现利润总额4930.9亿元，同比下降31.6%；制造业实现利润总额30235.8亿元，增长4.8%；电力、热力、燃气及水生产 和供应业实现利润总额5036.8亿元，增长3.9%。 1—7月份，主要行业利润情况如下：农副食品加工业利润同比增长14.5%，电气机械和器材制造业增长11.7%，有色金属冶炼和压延加工 业增长6.9%，计算机、通信和其他电子设备制造业增长6.7%，通用设备制造业增长6.4%，电力、热力生产和供应业增长6.3%，专用设备 制造业增长3.2%，汽车制造业增长0.9%，非金属矿物制品业下降5.6%，纺织业下降6.5%，化学原料和化学制品制造业下降8.0%，石油和 天然气开采业下降12.6%， ...

Core Insights - The total profit of industrial enterprises above designated size in China from January to July reached 40,203.5 billion yuan, a year-on-year decrease of 1.7% [1] - The profit performance varied significantly across different types of enterprises, with state-owned enterprises experiencing a 7.5% decline, while foreign and private enterprises saw a profit increase of 1.8% [1][8] - The mining industry faced a substantial profit drop of 31.6%, while the manufacturing sector reported a profit growth of 4.8% [1][2] Financial Performance Overview - From January to July, the total operating revenue of industrial enterprises was 78.07 trillion yuan, reflecting a year-on-year growth of 2.3%, while operating costs increased by 2.5% to 66.80 trillion yuan [2][11] - The operating profit margin was recorded at 5.15%, down by 0.21 percentage points compared to the previous year [2][3] - By the end of July, total assets of these enterprises amounted to 183.67 trillion yuan, a 4.9% increase year-on-year, with total liabilities at 106.26 trillion yuan, up 5.1% [2][3] Industry-Specific Profit Trends - Key industries such as the agricultural and food processing industry saw a profit increase of 14.5%, while the automotive manufacturing sector only grew by 0.9% [2][15] - The coal mining and washing industry experienced the most significant decline, with profits down by 55.2% [2][15] - The electrical machinery and equipment manufacturing industry reported a profit growth of 11.7%, indicating strong performance in this sector [2][17] Efficiency Metrics - The average accounts receivable period for industrial enterprises was 69.8 days, an increase of 3.7 days year-on-year, indicating a potential slowdown in cash flow [3][14] - The inventory turnover days for finished goods stood at 20.5 days, slightly up by 0.2 days compared to the previous year [3][14] - The cost per 100 yuan of operating revenue was 85.57 yuan, an increase of 0.24 yuan year-on-year, reflecting rising operational costs [3][14]

Core Viewpoint - The profits of large-scale industrial enterprises in the country decreased by 1.7% from January to July 2025 [1] Summary by Relevant Categories - **Profit Trends** - The profit decline of 1.7% indicates a challenging economic environment for large-scale industrial enterprises [1]

Core Insights - The total profit of industrial enterprises above designated size in China for the first seven months of 2025 reached 40,203.5 billion yuan, a year-on-year decrease of 1.7% [1][10] - The profit performance varied significantly across different types of enterprises, with state-owned enterprises experiencing a decline of 7.5%, while foreign and private enterprises saw growth of 1.8% [1][10] - The mining industry faced a substantial profit drop of 31.6%, while the manufacturing sector reported a profit increase of 4.8% [1][10] Summary by Category Profit Performance - In the first seven months, state-owned enterprises achieved a profit of 12,823.4 billion yuan, down 7.5% year-on-year [1][10] - Joint-stock enterprises reported a profit of 29,742.5 billion yuan, a decrease of 2.8% [1][10] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises made a profit of 10,216.7 billion yuan, up 1.8% [1][10] - Private enterprises recorded a profit of 11,183.7 billion yuan, also up 1.8% [1][10] Industry Breakdown - The mining industry generated a profit of 4,930.9 billion yuan, down 31.6% [1][10] - The manufacturing sector's profit totaled 30,235.8 billion yuan, reflecting a growth of 4.8% [1][10] - The electricity, heat, gas, and water production and supply industry achieved a profit of 5,036.8 billion yuan, an increase of 3.9% [1][10] Revenue and Costs - The total operating revenue for industrial enterprises above designated size was 78.07 trillion yuan, a year-on-year increase of 2.3% [2][10] - Operating costs amounted to 66.80 trillion yuan, up 2.5% [2][10] - The operating profit margin was 5.15%, a decrease of 0.21 percentage points year-on-year [2][10] Financial Ratios - As of the end of July, total assets of these enterprises reached 183.67 trillion yuan, a year-on-year growth of 4.9% [2][10] - Total liabilities were 106.26 trillion yuan, increasing by 5.1% [2][10] - The equity totaled 77.41 trillion yuan, up 4.6% [2][10] - The asset-liability ratio stood at 57.9%, an increase of 0.2 percentage points year-on-year [2][10] Accounts Receivable and Inventory - Accounts receivable amounted to 26.84 trillion yuan, a year-on-year increase of 6.8% [3][10] - Finished goods inventory was 6.67 trillion yuan, up 2.4% [3][10] - The average collection period for accounts receivable was 69.8 days, an increase of 3.7 days year-on-year [3][10]