国家统计局解读2025年1—9月份工业企业利润数据

Core Insights - The profit of industrial enterprises above designated size in China showed a recovery trend, with a year-on-year increase of 3.2% from January to September, marking the highest cumulative growth rate since August of the previous year [1] - The manufacturing sector experienced a profit growth of 9.9%, while the electricity, heat, gas, and water production and supply sector grew by 10.3%. The mining sector, however, saw a decline of 29.3% [1][2] - In September alone, the profit of industrial enterprises increased by 21.6% year-on-year, indicating a continuous recovery [1] Revenue Growth - From January to September, the operating revenue of industrial enterprises above designated size grew by 2.4% year-on-year, with September's revenue growth reaching 2.7%, marking a continuous acceleration over two months [1] Industry Performance - Over half of the 41 major industrial categories saw profit growth, with 23 industries reporting year-on-year increases. In September, 30 industries experienced profit growth, representing 73.2% of the total [2] - High-tech manufacturing played a significant role, with profits increasing by 8.7% year-on-year, contributing 1.6 percentage points to the overall profit growth of industrial enterprises [2] - The aerospace industry saw a profit increase of 11.3%, while sectors like smart consumer devices and electronic components experienced substantial growth rates of 81.6% and 39.7%, respectively [2] Equipment Manufacturing - The equipment manufacturing sector's profits rose by 9.4%, exceeding the average growth rate of all industrial enterprises by 6.2 percentage points, contributing 3.4 percentage points to the overall profit growth [3] - In September, the profit growth for equipment manufacturing reached 25.6%, contributing 10.5 percentage points to the overall profit growth of industrial enterprises [3] Enterprise Size and Type - Profits improved across different enterprise sizes, with large, medium, and small enterprises reporting year-on-year profit growth of 2.5%, 5.3%, and 2.7%, respectively [4] - Private enterprises and foreign-invested enterprises saw profit growth of 5.1% and 4.9%, respectively, indicating a notable acceleration compared to previous months [4] Profitability Metrics - The operating income profit margin for industrial enterprises above designated size was 5.26%, a year-on-year increase of 0.04 percentage points. In September, this margin rose to 5.49%, reflecting a continuous improvement over two months [5]