2025年1~4月工业企业效益数据点评：抵住外部风险扰动，工企效益继续改善

Group 1: Industrial Profit Trends - In the first four months of 2025, the profit of large-scale industrial enterprises increased by 1.4% year-on-year[3] - The operating revenue for the same period grew by 3.2%, a decrease of 0.2 percentage points compared to the first quarter[3] - The profit margin for large-scale industrial enterprises was 4.87%, down by 2.6% year-on-year, but the decline was narrower than in the first quarter[3] Group 2: Sector Performance - Among 41 industrial sectors, most achieved positive profit growth in the first four months, maintaining the same growth breadth as in the first quarter[4] - High-tech manufacturing sectors, such as electrical machinery and equipment manufacturing, showed significant profit improvement, indicating strong support from "two new" policies[4] - Private and joint-stock enterprises continued to see profit growth, while state-owned and foreign enterprises experienced a decline[3] Group 3: Economic Outlook and Risks - The improvement in industrial profit growth is primarily driven by a narrowing decline in profit margins[4] - The easing of external tariff pressures and the implementation of domestic "four stability" policies are expected to support continued profit recovery[4] - Risks include the potential underperformance of the "export rush effect" and uncertainties in the external environment that could impact domestic economic stability[5]