2025年8月工业企业利润点评：工业企业盈利水平明显改善，持续去库存

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Industrial enterprise profit cumulative year - on - year turned positive, and the enterprise profitability continued to improve. In the second half of 2025, the economic growth rate may not decline significantly, structural problems such as prices are expected to improve, and the stock - bond allocation will continue to switch with bond yields and the stock market expected to rise continuously [4][6][7] 3. Summary by Relevant Catalogs Profit - Industrial enterprise profit cumulative year - on - year turned positive, and the monthly year - on - year increased significantly to 20.4%. From January to August, the profit of large - scale industrial enterprises increased by 0.9% year - on - year, up 2.6 pct from January to July; in August, it increased by 20.4% year - on - year, up 21.9 pct from July [4] - Analyzing from volume, price, and profit margin, from January to August, the added value of large - scale industrial enterprises increased by 6.2% year - on - year, down 0.1 pct from January to July; the PPI of all industrial products decreased by 2.9% year - on - year, the same as January to July; the profit margin of large - scale industrial revenue decreased by 1.87 percentage points year - on - year, and the decline narrowed by 2.76 pct compared with January to July [4] Structure By category - From January to August, the total profit of the mining industry decreased by 30.6% year - on - year, the manufacturing profit increased by 7.4% year - on - year, and the public utility profit increased by 9.4% year - on - year. The decline in mining profit narrowed by 1.0 pct, and the increase in public utility profit expanded due to the increase in water and electricity consumption caused by the large - scale high - temperature weather in August [4] - From January to August, the profit of the manufacturing industry increased by 2.6 pct compared with January to July. Among them, the profit of large - scale equipment manufacturing increased by 7.2%, driving the profit of all large - scale industrial enterprises up by 2.5 pct, which significantly supported the profit recovery of large - scale industrial enterprises [4] By enterprise nature - From January to August, the profit of state - owned enterprises decreased by 1.7% year - on - year, that of joint - stock enterprises increased by 1.1% year - on - year, that of foreign - invested and Hong Kong, Macao and Taiwan - invested enterprises increased by 0.9% year - on - year, and that of private enterprises increased by 3.3% year - on - year. The profit growth of private enterprises was 2.4 pct higher than the average level of all large - scale industrial enterprises, and 1.5 pct faster than January to July [5] - From January to August, the profit of large - scale industrial medium - sized enterprises increased by 2.7% year - on - year, and that of small enterprises increased by 1.5% year - on - year. The efficiency of small and medium - sized enterprises improved significantly [5] By industrial chain position - From January to August, the proportion of the cumulative profit of upstream raw material mining in the profit of large - scale industrial enterprises was 12.1%, that of mid - stream material manufacturing was 15.6%, that of downstream equipment manufacturing was 37.5%, that of downstream consumer goods manufacturing was 21.3%, that of other manufacturing was 0.6%, and that of public utilities was 12.9% [5] Inventory and Asset - Liability Ratio - At the end of August, the nominal and real inventory year - on - year were 2.1% and 5.0% respectively, down 0.3 pct and 1.0 pct respectively, and the decline in real inventory year - on - year accelerated; at the end of August, the overall asset - liability ratio of industrial enterprises was 58.0%, up 0.1 pct month - on - month [6] Bond Market Viewpoint - With the revision of economic expectations, bond yields are expected to rise trend - wise. In the second half of 2025, the economic growth rate may not decline significantly; structural problems such as prices are expected to improve trend - wise; the stock - bond allocation will continue to switch, and bond yields and the stock market are expected to rise continuously [6][7]