Profit Trends - In the first half of 2025, industrial enterprises achieved a total profit of CNY 34,365.0 billion, a year-on-year decline of 1.8% compared to a previous decline of 1.1%[1] - Operating revenue reached CNY 66.78 trillion, reflecting a year-on-year growth of 2.5%, slightly down from 2.7%[1] - In June, profits decreased by 4.3% year-on-year, an improvement from the previous decline of 9.1%[1] Production and Pricing - Industrial production accelerated, with June's industrial added value growing by 6.8% year-on-year, driven by strong export performance and domestic demand during the 618 shopping festival[1] - The Producer Price Index (PPI) fell by 3.6% year-on-year in June, continuing to exert pressure on profit recovery[1] - Profit margins for the first half of 2025 recorded 5.15%, a decrease of 0.26 percentage points year-on-year, despite a slight increase of 0.18 percentage points month-on-month[1] Inventory and Receivables - Finished goods inventory reached CNY 6.60 trillion, with a year-on-year growth of 3.1%, indicating a slowdown in nominal inventory growth[1] - The average accounts receivable collection period decreased to 69.8 days in June, the first drop below 70 days in 2025, although it still increased by 3.6 days year-on-year[1] Sector Performance - Equipment manufacturing profits grew by 9.6% in June, reversing a previous decline of 2.9% in May, contributing 3.8 percentage points to overall industrial profit growth[2] - The "two new" policies positively impacted profits in sectors like medical equipment and consumer goods, with significant profit increases of 160.0% for smart drones and 97.2% for computers[2] - However, downstream consumer goods manufacturing sectors such as furniture and textiles experienced negative profit growth[2]
2025年1-6月工业企业利润分析：利润降幅收窄，“反内卷”初步体现
Yin He Zheng Quan·2025-07-27 11:20