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, the total profit 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[2] - 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[2] - The profit margin for January-April was 4.87%, down 0.13 percentage points year-on-year, while April's single-month profit margin was 5.38%[4] Inventory and Price Dynamics - Nominal inventory growth in January-April was 3.9%, slightly lower than the 4.2% in January-March, indicating a small pullback in inventory growth[10] - The Producer Price Index (PPI) for January-April decreased by 2.4% year-on-year, indicating continued price pressure on industrial products[5] - The cost per CNY 100 of revenue for industrial enterprises was CNY 85.54, an increase of CNY 0.20 year-on-year, contributing to profit margin pressure[4] Industry Performance - Equipment manufacturing accounted for nearly 30% of total industrial profits, with a profit growth of 15.5% in January-April[8] - The mining industry saw a profit decline of 26.8%, while the raw materials industry experienced an 8.4% decrease in profits[10] - The broad inventory-to-sales ratio has rebounded, suggesting that future inventory replenishment will depend on the effectiveness of growth-stabilizing policies, particularly fiscal measures[10]