国内观察：2024年5月工业企业利润数据：企业利润回落的两大原因

Profit Trends - In May 2024, the total profit of industrial enterprises above designated size increased by 3.4% year-on-year, down from 4.3% in April[1][45] - The two-year average growth rate decline continues to narrow, with a decrease of 1.6 percentage points[20][60] Revenue and Profit Margins - The revenue profit margin rose to 5.9% in May, an increase of 0.6 percentage points, but still lower than the 6.1% recorded in the same month last year[20][46] - Revenue growth increased from 3.3% in April to 3.8% in May, with industrial added value growing by 5.6% year-on-year[20][46] Sector Performance - The share of profits from downstream manufacturing increased to 24.8%, up by 1.5 percentage points, while the public utility sector's share fell to 9.9%, down by 1.4 percentage points[2][48] - Black metal processing turned profitable in May, achieving a profit of 9.5 billion yuan, following three months of losses[9][38] Inventory Dynamics - By the end of May, the nominal inventory growth rate rose to 3.6%, up from 3.1% in April, while actual inventory growth fell to 5.0%[21][66] - The divergence between nominal and actual inventory reflects weak replenishment momentum, indicating a need for stable domestic demand[31][66] Investment Returns - A decline in investment returns is identified as a potential reason for the slowdown in profit growth, with last year's May investment returns accounting for 20.8% of total profits[38][63]