2025年1-5月工业企业利润分析：利润开始承压，关注政策接续

Profit Trends - From January to May 2025, industrial enterprises achieved a total profit of CNY 27,204.3 billion, a year-on-year decrease of 1.1%[1] - The operating revenue for the same period was CNY 54.76 trillion, reflecting a year-on-year growth of 2.7%[1] - In March 2025, profits saw a significant monthly decline of 9.1% year-on-year[1] Economic Indicators - The industrial added value decreased by 0.3 percentage points to 6.1% in May 2025, indicating a marginal decline after a period of expansion[1] - The Producer Price Index (PPI) fell by 2.6% year-on-year in May, widening from a previous decline of 2.4%[1] - The profit margin for industrial enterprises recorded 4.97% from January to May, with a year-on-year drop of 0.22 percentage points[1] Inventory and Costs - As of May 2025, finished goods inventory reached CNY 6.65 trillion, growing by 3.5% year-on-year, but the growth rate has been declining[1] - The average collection period for accounts receivable increased to 70.5 days, up by 4.1 days year-on-year, indicating cash flow pressure on enterprises[1] - The cost per CNY 100 of operating revenue was CNY 85.61, an increase of CNY 0.24 year-on-year, while operating expenses decreased by CNY 0.14 to CNY 8.29[1] Sector Performance - The equipment manufacturing sector saw a profit increase of 7.2% year-on-year, contributing 2.4 percentage points to overall industrial profit growth[1] - The automotive manufacturing sector experienced a profit decline of 11.9% year-on-year, highlighting challenges in the consumer goods sector[1] - The "new consumption" sectors, such as smart consumer devices, showed significant profit growth, with increases of 101.5% in profit for smart devices[1]