工业企业效益数据点评（25.10）：利润走低的三重拖累

Revenue Performance - In October, industrial enterprises' cumulative revenue growth year-on-year was 1.8%, down from 2.4% in the previous month[6] - The actual revenue growth rate, excluding price factors, fell significantly by 6.8 percentage points to -1.4%[14] - Revenue from the petrochemical, metallurgy, and consumer chains decreased by 6.3, 6.6, and 6.3 percentage points respectively, resulting in year-on-year growth rates of -3.4%, -1.7%, and 1.8%[14] Profitability Analysis - Industrial enterprises' profits saw a substantial year-on-year decline of 31.3 percentage points to -8.8% in October[7] - The operating profit margin dropped by 20.9 percentage points to -6.1% compared to the previous month[34] - Profitability was negatively impacted by rising costs and other losses, with the cost rate for industrial enterprises at 85.6%, remaining at a relatively high level historically[24] Cost Structure - The cost rate for the metallurgy and consumer chains was 86.1% and 85.1%, respectively, indicating a year-on-year increase of 0.6% and stable compared to the previous year[24] - The overall cost pressure on profits remained negative, contributing -3.2% to profit year-on-year[24] Industry-Specific Insights - Industries such as non-metallic products, rubber and plastics, and general equipment experienced significant profit declines, with respective profit growth rates falling by 2, 1.4, and 1.9 percentage points[16] - The automotive, electrical machinery, and computer communication sectors also saw notable profit declines, with contributions to overall profit dropping by 3, 2.7, and 1.5 percentage points[16] Inventory Trends - By the end of October, finished goods inventory increased by 3.7% year-on-year, up from 2.8% in the previous month[6] - Actual inventory growth, excluding price factors, was 8.2% year-on-year, indicating stability in mid and downstream inventories[45]