2025年1~4月工业企业利润分析：利润小幅改善，库存继续去化

Profit Analysis - In the first four months of 2025, industrial enterprises achieved a total profit of CNY 21,170.2 billion, a year-on-year increase of 1.4% compared to 0.8% previously[5] - The operating revenue for the same period was CNY 43.44 trillion, reflecting a year-on-year growth of 3.2%, slightly down from 3.4%[5] - The profit margin improved to 4.87%, with a month-on-month increase of 0.17 percentage points, despite a year-on-year decline of 0.13 percentage points[5] Inventory and Cost Management - Finished goods inventory reached CNY 6.61 trillion, growing by 3.9%, indicating a slight decrease in inventory growth rate[6] - The cost per CNY 100 of operating revenue was CNY 85.54, an increase of CNY 0.19 year-on-year, while expenses decreased to CNY 8.28, down by CNY 0.20[6] - The average collection period for accounts receivable was 70.3 days, an increase of 4.0 days year-on-year, indicating cash flow pressure[6] Sector Performance - The equipment manufacturing sector saw a profit increase of 11.2% year-on-year, contributing significantly to overall industrial profit growth[6] - The "Two New" policy effects were evident, with specialized and general equipment profits growing by 14.2% and 9.5% respectively[4] - Consumer goods sectors, particularly home appliances, experienced notable profit increases, with specific categories like kitchen appliances growing by 17.1%[4]