7月工业企业利润数据点评：利润小幅上行，行业表现分化

Group 1: Profit Trends - From January to July, the total profit of industrial enterprises reached CNY 4.10 trillion, with a cumulative year-on-year increase of 0.1 percentage points to 3.6%[5] - In July, the year-on-year profit growth rate increased from 3.6% to 4.1%[6] - The cumulative year-on-year growth rate of operating income remained flat at 2.9%[5] Group 2: Cost and Revenue Dynamics - The revenue per CNY 100 of assets increased from CNY 76.3 to CNY 76.4, indicating a gradual recovery[8] - The unit cost per CNY 100 of operating income rose by CNY 0.06 to CNY 85.33, remaining at a high level[8] - The average collection period for accounts receivable increased slightly from 66.2 days to 66.5 days, remaining at a high point in recent years[8] Group 3: Industry Performance Disparities - State-owned enterprises saw a cumulative profit year-on-year increase of 0.7 percentage points to 1%, the largest among enterprise types, but still low[11] - Private enterprises' profit growth rebounded from 6.8% to 7.3%, while foreign enterprises' profit growth declined from 11% to 9.9%[11] - The mining industry's profit growth continued to recover, while the real estate sector remains under pressure, affecting related industries[13] Group 4: Inventory and Demand Issues - Industrial enterprises' finished goods inventory increased year-on-year from 4.7% to 5.2%, indicating passive inventory accumulation[20] - The overall inventory level in China remains high, with some industries facing overcapacity constraints[20] - The demand remains weak, leading to increased pressure on inventory accumulation and a slowdown in production growth[20]