Core Viewpoint - In June, China's industrial enterprises showed signs of profit recovery, particularly in new momentum industries like equipment manufacturing, signaling a positive trend in the real economy [1][2]. Group 1: Profit and Revenue Trends - In June, the total profit of large-scale industrial enterprises in China reached 715.58 billion yuan, a year-on-year decrease of 4.3%, but the decline narrowed significantly by 4.8 percentage points compared to May [1]. - The revenue of large-scale industrial enterprises grew by 1.0% year-on-year in June, maintaining the same growth rate as in May [1]. - For the first half of the year, revenue increased by 2.5% year-on-year, while profits decreased by 1.8%, indicating a widening decline compared to the first five months but a narrowing decline compared to the end of 2024 [1]. Group 2: Factors Influencing Profitability - The overall decline in profits for large-scale industrial enterprises has been attributed to external environmental shocks, ongoing elimination of outdated capacity, low Producer Price Index (PPI), and insufficient domestic demand [2]. - The average accounts receivable collection period for large-scale industrial enterprises was 69.8 days at the end of June, a decrease of 0.7 days from the end of May, indicating improved cash flow [2]. Group 3: Policy Impact and Sector Performance - The implementation of the "Regulations on Payment of Funds to Small and Medium-sized Enterprises" since June 1 has improved overall collection efficiency for industrial enterprises, particularly benefiting private enterprises [3]. - In June, the profit growth rate for large-scale manufacturing enterprises shifted from a decline of 4.1% in May to an increase of 1.4%, driven by policies supporting equipment manufacturing and high-tech industries [3]. - Profits in the equipment manufacturing sector increased by 9.6% year-on-year in June, contributing significantly to the overall profit growth of large-scale industrial enterprises [3]. Group 4: Industry Trends and Future Outlook - The manufacturing sector is advancing towards high-end, intelligent, and green production, with significant profit increases in high-end equipment manufacturing and green manufacturing sectors [4]. - The profit growth rates for specific industries, such as electronic materials and lithium-ion battery manufacturing, reached 68.1% and 72.8% respectively in June [4]. - Looking ahead, the recovery of industrial enterprise profits is expected to continue, supported by domestic demand expansion and regulatory policies aimed at stabilizing market competition [5].
【新华解读】6月份我国规上工业企业利润边际改善 后期向好态势有望延续
Xin Hua Cai Jing·2025-07-27 12:52