Core Viewpoint - In the first quarter of 2025, China's industrial enterprises achieved a total profit of 1.509 trillion yuan, marking a year-on-year increase of 0.8%, with March showing a 2.6% increase, indicating a positive shift in profit growth after a period of decline [1][2][3]. Group 1: Profit Growth and Economic Indicators - The profit growth of industrial enterprises turned positive for the first time since August 2024, supported by improved macroeconomic policies and a strong increase in industrial added value, which rose by 6.5% year-on-year in the first quarter [2][3]. - The manufacturing sector's profit margin improved slightly, with a cumulative profit margin of 4.7% in the first quarter, up by 0.17 percentage points from the previous quarter, while the profit margin for manufacturing shifted from negative to positive [2][3]. - The increase in profits was primarily driven by volume growth, with revenue rising by 3.4% in the first quarter, supported by strong domestic and international demand [2][3]. Group 2: Challenges and Future Outlook - Despite the positive profit growth, challenges remain, including increased turnover days for finished goods and accounts receivable, indicating pressure on cash flow for industrial enterprises [3][4]. - The external environment is becoming more challenging due to factors like "reciprocal tariffs," which may impact export performance, and persistent low prices affecting profit margins [4][5]. - The Central Political Bureau's recent meeting emphasized the need for proactive macroeconomic policies to support industrial enterprises, particularly in light of external shocks and the need for integration of domestic and foreign trade [5].
1-3月全国规模以上工业企业利润增速转正,保持良好增长势头
Xin Jing Bao·2025-04-27 10:42