中国盈利系列三：盈利稳定，关注降息驱动弹性空间

Profit Growth - In the first half of 2024, the total profit of industrial enterprises above designated size reached CNY 35,110.3 billion, a year-on-year increase of 3.5%[7] - The profit growth rate accelerated by 0.1 percentage points compared to the first five months of 2024[44] - In June 2024, the profit growth rate was 3.6%, an increase of 2.9 percentage points from May 2024[43] Revenue and Cost - The operating revenue for industrial enterprises in the first half of 2024 was CNY 64.86 trillion, with a year-on-year growth of 2.9%[8] - The cost of operating revenue was CNY 85.27 per CNY 100 of revenue, a slight decrease compared to previous months[61] - The average collection period for accounts receivable increased by 3.5 days to 66.2 days[10] Sector Performance - The manufacturing sector's profit accounted for 70.9% of total industrial profits, up 0.65 percentage points year-on-year[32] - The profit of the mining industry decreased by 10.8%, while the electricity, heat, gas, and water supply industry saw a profit increase of 23.1%[17] - Consumer goods manufacturing profits grew by 10.0%, significantly outpacing the overall industrial growth rate[11] Financial Stability - The asset-liability ratio for industrial enterprises was 57.6%, a slight decrease of 0.1 percentage points year-on-year[41] - The inventory turnover days for finished goods increased by 0.2 days to 20.3 days[9]