2025年1-4月工业企业利润数据点评：利润延续正增，库存周期回踩

Profit Trends - In the first four months of 2025, profits of industrial enterprises reached CNY 21,170.2 billion, a year-on-year increase of 1.4%, with a growth rate rebound of 0.6 percentage points compared to January-March[3] - High-tech manufacturing profits grew by 9.0% year-on-year, surpassing the average growth rate of all industrial enterprises by 7.6 percentage points[4] Volume, Price, and Profit Margin Analysis - Industrial added value increased by 6.4% year-on-year in January-April, slightly lower than the 6.5% in January-March[3] - The Producer Price Index (PPI) fell by 2.4% year-on-year, indicating continued price pressure on the industrial sector[3] - The cumulative profit margin for January-April was 4.87%, down 0.13 percentage points year-on-year, with April's profit margin at 5.38%[3] Inventory Cycle Insights - Nominal inventory growth was 3.9% year-on-year, down from 4.2% in January-March, indicating a slight pullback in inventory accumulation[4] - Actual inventory growth adjusted for PPI was 6.8%, ending a two-month increase, suggesting a potential slowdown in replenishment depending on fiscal policy effectiveness[4] Industry Profit Structure - The profit share of the equipment manufacturing industry reached nearly 30%, with significant contributions from high-tech sectors[4] - Mining, raw materials, and intermediate goods manufacturing saw profit declines of -26.8%, -8.4%, and -3.0% respectively, while equipment manufacturing profits rose by 15.5%[4]