1-10月工企利润数据点评：原材料价格仍是当前工业企业盈利能力的主要拖累

Profit and Revenue Performance - From January to October, industrial enterprises achieved a total profit of CNY 59,502.9 billion, a year-on-year increase of 1.9%, with growth slowing by 1.3 percentage points compared to the previous three quarters[1] - In October alone, profits fell by 5.5% year-on-year, marking a significant decline of 27.1 percentage points from September[1] - Revenue for the same period grew by 1.8% year-on-year, with the revenue-to-asset ratio at CNY 74.5 per CNY 100 of assets, slightly down by CNY 0.2 from the previous quarter[1] Cost and Profitability Analysis - Industrial enterprises' operating costs increased by 2.0% year-on-year, with the growth rate narrowing by 0.6 percentage points compared to the previous three quarters[1] - The operating profit margin for industrial enterprises remained stable at 5.3% from January to October[1] - The Producer Price Index (PPI) and the PPI for production materials both showed negative growth, declining by 2.7% and 3.2% respectively, indicating continued pressure on profitability[2] Sector Contributions and Challenges - The mining sector's profit contribution to industrial enterprises was negative, with a year-on-year profit decline of 27.8%, impacting overall profit growth by 4.7 percentage points[10] - Real estate investment decreased by 14.7% year-on-year, further dragging down fixed asset investment growth by 3.0 percentage points, highlighting a significant demand shortfall[3] - The coal mining and washing industry had an import price index of 73.7 in October, indicating ongoing negative growth and contributing negatively to overall profit growth by 4.2 percentage points[24]