6月工业企业利润数据点评：工业企业利润仍低迷，“反内卷”效果待显现

Group 1: Industrial Profit Trends - In the first half of 2025, industrial enterprises' revenue grew by 2.5% year-on-year, a decline of 0.4 percentage points compared to the same period in 2024[2] - In June 2025, industrial profits decreased by 4.3% year-on-year, a significant narrowing of the decline by 4.8 percentage points from May[3] - Cumulatively, industrial profits for January to June 2025 fell by 1.8% year-on-year, worsening by 0.7 percentage points compared to the first five months of 2025[3] Group 2: Cost and Profit Margins - The operating profit margin for January to June 2025 was 5.15%, down 0.26 percentage points from the same period last year[4] - Costs per 100 yuan of revenue were 85.54 yuan, a slight decrease of 0.07 yuan from the first five months of 2025, but still higher than the 85.27 yuan recorded in the same period last year[6] - The average collection period for accounts receivable in industrial enterprises was 69.8 days, a decrease of 0.7 days, indicating improved cash flow[7] Group 3: Sector Performance - State-owned enterprises saw a profit decline of 7.6% year-on-year, while private enterprises experienced a profit growth of 1.7%, reflecting a mixed performance under challenging conditions[8] - The equipment manufacturing sector showed resilience, with a 7.0% increase in revenue and a profit growth of 9.6% in June 2025, contributing significantly to overall industrial profit growth[14] - The midstream manufacturing sector's profit share has increased for four consecutive months, reaching 48.6% in June 2025, while downstream sectors continue to face weak demand[13] Group 4: Future Outlook - The implementation of policies aimed at expanding domestic demand and countering "involution" is expected to support industrial profit recovery in the second half of 2025[18] - Ongoing uncertainties in external demand and trade tensions, particularly with the U.S., may continue to pressure export-dependent industries[19]