前三季度工企利润数据点评：后续增量政策或仍值得期待

Group 1: Profit and Revenue Performance - In the first three quarters of 2025, the total profit of industrial enterprises reached CNY 53,732.0 billion, a year-on-year increase of 3.2%, with growth accelerating by 2.3 percentage points compared to January-August[1] - In September alone, industrial enterprise profits grew by 21.6% year-on-year, with a month-on-month acceleration of 1.2 percentage points from August[1] - The operating income of industrial enterprises increased by 2.4% year-on-year, slightly up by 0.1 percentage points from January-August, achieving CNY 74.7 per hundred yuan of assets[1] Group 2: Cost and Profitability Metrics - The operating costs of industrial enterprises rose by 2.6% year-on-year, with an increase of 0.1 percentage points compared to January-August[1] - The operating income profit margin for industrial enterprises was 5.3% in the first three quarters[1] - The average collection period for accounts receivable was 69.2 days, shortened by 0.9 days compared to January-August[16] Group 3: Industrial Activity and Price Trends - The industrial added value grew by 6.2% year-on-year, maintaining the same growth rate as January-August, supporting current industrial enterprise profitability[2] - The Producer Price Index (PPI) and the PPI for production materials both showed negative year-on-year growth, declining by 2.8% and 3.3% respectively, although the rate of decline slightly narrowed by 0.1 percentage points from August[2] - Manufacturing contributed positively to the overall profitability of industrial enterprises, with a profit increase of 9.9% year-on-year, accelerating by 2.5 percentage points from January-August[10]