Workflow
工业企业利润
icon
Search documents
【广发宏观王丹】工业企业利润增速降幅收窄,三季度末预计小幅转正
郭磊宏观茶座· 2025-08-27 13:26
Core Viewpoint - The industrial enterprises' revenue shows a "bottoming out" characteristic, with a slight year-on-year growth of 0.9% in July, remaining stable compared to previous months [6][7]. Revenue and Profit Performance - In the first seven months, the cumulative year-on-year revenue growth for industrial enterprises was 2.3%, slightly lower than the 2.5% in the first half of the year [6][7]. - The profit performance was slightly better than revenue, with July's profit total showing a year-on-year decline of 1.5%, an improvement from the previous month's decline of 4.3% [6][8]. - Cumulative profit for the first seven months was down 1.7%, consistent with the first half's decline of 1.8% [8]. Data Breakdown - The "volume" shows volatility, with industrial added value growth peaking at the end of quarters; the "price" has slowed down, with PPI at a low for the year in June and July; profit margins improved significantly in July, driven by a decrease in costs [10][11]. - From January to July, the cost per hundred yuan of revenue increased by 0.24 yuan, lower than the 0.26 yuan increase in the first half of the year [10]. Industry Profit Trends - In the first seven months, industries with positive profit growth were concentrated in four areas: certain mining and raw materials sectors, midstream equipment manufacturing, essential consumer goods, and some public utilities [14][15]. - The largest profit declines were seen in mining (coal and black mining), petrochemical, textile and apparel, and light manufacturing sectors [16]. Marginal Changes in July - "Anti-involution" led to profit improvements in some upstream industries, with raw material manufacturing profits rebounding from a decline of 5% in June to a growth of 36.9% in July [17][18]. - Consumer goods manufacturing also saw a recovery, with July's profit decline narrowing to 1.7% from 4.7% in June [17]. - Midstream manufacturing, benefiting from policy incentives and industrial upgrades, maintained rapid profit growth, with computer communication electronics and transportation equipment growing by 30% and 24.8% year-on-year, respectively [17]. Inventory and Debt Levels - By the end of July, nominal and actual inventories showed significant reduction, with finished goods inventory growth at 2.4%, down 0.7 percentage points from June [20]. - The asset-liability ratio for industrial enterprises remained stable at 57.9%, with a slight year-on-year increase of 0.2 percentage points [22]. Quarterly Outlook - The profit growth rate for industrial enterprises in the third quarter is expected to be better than in the second quarter, with potential for cumulative profit growth to turn slightly positive by the end of the third quarter [25].
1-7月工业企业利润点评:盈利改善既靠分配也靠增收
Changjiang Securities· 2025-08-27 12:51
Group 1: Profit Trends - In July, the year-on-year profit growth rate for industrial enterprises improved to -1.5%, showing a marginal recovery compared to June[9] - From January to July, the total profit of industrial enterprises decreased by 1.7% year-on-year[7] - The marginal recovery in profit margins was the main driver for the increase in profit growth rate in July[9] Group 2: Revenue and Demand - In July, industrial enterprises' operating revenue grew by 0.9% year-on-year, indicating a slight decline in growth rate[9] - The marginal decline in volume growth reflects weak downstream demand, contributing to the revenue slowdown[9] - The PMI data for July indicates an expanding gap between raw material procurement prices and factory prices, which may squeeze downstream profits[9] Group 3: Sector Performance - In July, the profit growth rate for the public utilities sector rose by 5.4 percentage points to 6.9%[9] - The mining sector's profit growth rate fell by 3.1 percentage points to -39.2%, primarily due to production cuts and inventory digestion[9] - The manufacturing sector's profit growth rate increased by 5.2 percentage points to 6.6%, with upstream profits recovering significantly[9] Group 4: Inventory and Supply Chain - As of the end of June, the nominal year-on-year growth of finished goods inventory for industrial enterprises was 2.4%, with actual growth at 6.2%[9] - The inventory turnover days for industrial enterprises in July were 20.5 days, indicating a slight increase in turnover[9] - The average collection period for accounts receivable remained stable at 69.8 days, suggesting ongoing pressure in the supply chain[9] Group 5: Future Outlook - The growth of export-oriented industries remains a crucial support for overall profits, with strong global non-U.S. demand observed[9] - The impact of upstream price increases on downstream profits is a key concern, especially as demand remains weak[9] - The resilience of domestic demand will be critical in maintaining stable corporate profits as economic data begins to reflect last year's high base[9]
地产脉冲已在今年一季度释放,地产投资后续或进一步下探|宏观晚6点
Sou Hu Cai Jing· 2025-08-27 10:13
Macro News - The Ministry of Commerce will soon introduce a series of policy measures to promote service exports, focusing on fiscal, financial, and facilitation aspects to optimize the policy environment [1] Industrial Sector - In July, the profits of large-scale industrial enterprises decreased by 1.5% year-on-year, with the decline narrowing by 2.8 percentage points compared to June, marking two consecutive months of narrowing [2] - From January to July, the profits of large-scale industrial enterprises fell by 1.7% year-on-year, with the decline narrowing by 0.1 percentage points compared to the first half of the year [2] Service Sector - The Ministry of Commerce aims to include more service consumption areas in the encouraged foreign investment industry catalog, addressing the issue of insufficient high-quality service supply [3][5] - The Ministry will promote the expansion of high-quality service supply through "internal opening and external opening," and will expand pilot programs in telecommunications, healthcare, and education [5] - The initiative aims to stimulate innovation and reform in the service consumption sector, enhancing the vitality of various business entities and better meeting consumer demand in areas such as health, elderly care, childcare, and housekeeping [5]
【数据发布】2025年1—7月份全国规模以上工业企业利润下降1.7%
中汽协会数据· 2025-08-27 09:23
Core Viewpoint - In the first seven months of the year, the total profit of industrial enterprises above designated size in China decreased by 1.7% year-on-year, indicating a challenging economic environment for the industrial sector [1]. Group 1: Profit Performance - From January to July, state-owned enterprises reported a profit of 12,823.4 billion yuan, down 7.5% year-on-year, while joint-stock enterprises saw a profit of 29,742.5 billion yuan, a decline of 2.8% [1]. - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises achieved a profit of 10,216.7 billion yuan, an increase of 1.8%, and private enterprises reported a profit of 11,183.7 billion yuan, also up by 1.8% [1]. - The mining industry experienced a significant profit drop of 31.6%, while the manufacturing sector saw a profit increase of 4.8% [1][2]. Group 2: Revenue and Cost Analysis - In the first seven months, the total operating revenue of industrial enterprises reached 78.07 trillion yuan, a year-on-year increase of 2.3%, with operating costs rising by 2.5% to 66.80 trillion yuan [2]. - The operating profit margin was recorded at 5.15%, reflecting a decrease of 0.21 percentage points compared to the previous year [2]. - By the end of July, total assets of these enterprises amounted to 183.67 trillion yuan, up 4.9% year-on-year, while total liabilities increased by 5.1% to 106.26 trillion yuan [2]. Group 3: Efficiency Metrics - The cost per 100 yuan of operating revenue was 85.57 yuan, an increase of 0.24 yuan year-on-year, while expenses per 100 yuan of operating revenue decreased by 0.08 yuan to 8.38 yuan [3]. - The average revenue per 100 yuan of assets was 74.0 yuan, down by 1.9 yuan year-on-year, indicating a decline in asset efficiency [3]. - The average collection period for accounts receivable increased to 69.8 days, up by 3.7 days year-on-year, suggesting a slowdown in cash flow [3].
国家统计局:2025年1-7月份全国规模以上工业企业利润下降1.7%
Xin Hua Cai Jing· 2025-08-27 03:09
Core Insights - The total profit of industrial enterprises above designated size in China for the first seven months of 2025 was 40,203.5 billion yuan, a year-on-year decrease of 1.7% [2][10] - State-owned enterprises saw a profit of 12,823.4 billion yuan, down 7.5%, while private enterprises and foreign-invested enterprises both experienced a profit increase of 1.8% [2][10] - The mining industry faced a significant profit decline of 31.6%, while the manufacturing sector reported a profit growth of 4.8% [2][10] Profit and Revenue Analysis - From January to July, the total revenue of industrial enterprises was 780,703.3 billion yuan, reflecting a year-on-year growth of 2.3% [3][10] - The cost of operations increased by 2.5% to 668,042.1 billion yuan, leading to a profit margin of 5.15%, which is a decrease of 0.21 percentage points compared to the previous year [3][10] - The mining sector's revenue dropped by 13.6%, while the manufacturing sector's revenue grew by 3.3% [10][14] Sector Performance - Key sectors with notable profit growth include the agricultural and food processing industry (14.5%), electrical machinery manufacturing (11.7%), and non-ferrous metal smelting (6.9%) [3][10] - Conversely, sectors such as coal mining and washing saw a dramatic profit decline of 55.2%, and the chemical raw materials and products manufacturing sector experienced an 8.0% decrease [3][10] - The automotive manufacturing sector reported a modest profit growth of 0.9% [3][10] Financial Metrics - As of the end of July, total assets of industrial enterprises amounted to 183.67 trillion yuan, a year-on-year increase of 4.9%, while total liabilities reached 106.26 trillion yuan, up 5.1% [4][10] - The average accounts receivable period increased to 69.8 days, up 3.7 days from the previous year, indicating a potential liquidity concern [4][10] - The inventory turnover days for finished goods stood at 20.5 days, reflecting a slight increase of 0.2 days year-on-year [4][10]
1-7月钢铁行业利润同比增5175%
Guo Jia Tong Ji Ju· 2025-08-27 02:11
Core Insights - From January to July, the total profit of industrial enterprises above designated size in China reached 40,203.5 billion yuan, a year-on-year decrease of 1.7% [1] - Among these enterprises, state-controlled enterprises reported a profit of 12,823.4 billion yuan, down 7.5% year-on-year; joint-stock enterprises achieved a profit of 29,742.5 billion yuan, down 2.8%; foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit of 10,216.7 billion yuan, an increase of 1.8%; private enterprises reported a profit of 11,183.7 billion yuan, also up 1.8% [1] - The mining industry experienced a profit of 4,930.9 billion yuan, a significant decline of 31.6%; the manufacturing sector achieved a profit of 30,235.8 billion yuan, an increase of 4.8%; and the electricity, heat, gas, and water production and supply industry reported a profit of 5,036.8 billion yuan, up 3.9% [1] Industry Performance - In the first seven months, the profit situation of major industries is as follows: the agricultural and sideline food processing industry saw a profit increase of 14.5%; electrical machinery and equipment manufacturing grew by 11.7%; non-ferrous metal smelting and rolling processing increased by 6.9%; computer, communication, and other electronic equipment manufacturing rose by 6.7%; general equipment manufacturing grew by 6.4%; electricity and heat production and supply increased by 6.3%; specialized equipment manufacturing rose by 3.2%; automotive manufacturing grew by 0.9% [2] - Conversely, the non-metallic mineral products industry declined by 5.6%; the textile industry decreased by 6.5%; the chemical raw materials and chemical products manufacturing industry fell by 8.0%; the oil and natural gas extraction industry dropped by 12.6%; and the coal mining and washing industry saw a dramatic decline of 55.2% [2] - The black metal smelting and rolling processing industry reported a total profit of 643.6 billion yuan, a staggering year-on-year increase of 5,175.4% [2] - For the first six months, the profit of the black metal smelting and rolling processing industry was 462.8 billion yuan, reflecting a year-on-year increase of 13.7 times, the highest growth rate among all 31 industrial categories [2][3]
国家统计局:1-7月份全国规模以上工业企业利润下降1.7%
Sou Hu Cai Jing· 2025-08-27 02:00
Core Insights - In the first seven months of the year, the total profit of large-scale industrial enterprises in China reached 40,203.5 billion yuan, a year-on-year decrease of 1.7% [1] Group 1: Profit by Ownership Type - State-owned enterprises reported a total profit of 12,823.4 billion yuan, down 7.5% year-on-year [1] - Shareholding enterprises achieved a total profit of 29,742.5 billion yuan, a decline of 2.8% [1] - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw a profit of 10,216.7 billion yuan, an increase of 1.8% [1] - Private enterprises reported a profit of 11,183.7 billion yuan, also up by 1.8% [1] Group 2: Profit by Industry - The mining industry experienced a profit of 4,930.9 billion yuan, down 31.6% year-on-year [1] - The manufacturing sector achieved a profit of 30,235.8 billion yuan, an increase of 4.8% [1] - The electricity, heat, gas, and water production and supply industry reported a profit of 5,036.8 billion yuan, up 3.9% [1] - Specific industries with notable profit growth include: - Agricultural and sideline food processing industry: up 14.5% [2] - Electrical machinery and equipment manufacturing: up 11.7% [2] - Non-ferrous metal smelting and rolling processing: up 6.9% [2] - Computer, communication, and other electronic equipment manufacturing: up 6.7% [2] - Industries with profit declines include: - Coal mining and washing: down 55.2% [2] - Oil and natural gas extraction: down 12.6% [2] - Chemical raw materials and products manufacturing: down 8.0% [2] Group 3: Financial Metrics - The total operating revenue of large-scale industrial enterprises reached 78.07 trillion yuan, a year-on-year increase of 2.3% [2] - Operating costs amounted to 66.80 trillion yuan, up 2.5% [2] - The operating revenue profit margin was 5.15%, a decrease of 0.21 percentage points year-on-year [2] - As of the end of July, total assets of large-scale industrial enterprises were 183.67 trillion yuan, a year-on-year increase of 4.9% [2] - Total liabilities reached 106.26 trillion yuan, up 5.1% [2] - Owner's equity totaled 77.41 trillion yuan, an increase of 4.6% [2] - The asset-liability ratio stood at 57.9%, an increase of 0.2 percentage points year-on-year [2] Group 4: Efficiency Metrics - The cost per 100 yuan of operating revenue was 85.57 yuan, an increase of 0.24 yuan year-on-year [3] - The average collection period for accounts receivable was 69.8 days, an increase of 3.7 days year-on-year [3] - The turnover days for finished goods inventory were 20.5 days, an increase of 0.2 days year-on-year [3]
X @外汇交易员
外汇交易员· 2025-08-27 01:53
Overall Profitability - China's industrial enterprises above designated size saw a year-on-year profit decrease of 1.7% totaling 4.02035 trillion yuan from January to July [1] - July alone experienced a 1.5% year-on-year profit decline for industrial enterprises above designated size, an improvement from June's 4.3% decrease [1] Ownership Structure - State-owned holding enterprises experienced a 7.5% year-on-year profit decrease, amounting to 1.28234 trillion yuan [1] - Joint-stock enterprises saw a 2.8% year-on-year profit decrease, totaling 2.97425 trillion yuan [1] - Enterprises with foreign, Hong Kong, Macao, and Taiwan investments experienced a 1.8% year-on-year profit increase, reaching 1.02167 trillion yuan [1] - Private enterprises experienced a 1.8% year-on-year profit increase, totaling 1.11837 trillion yuan [1]
国家统计局:1-7月煤炭开采和洗选业利润总额1666.2亿元
Guo Jia Tong Ji Ju· 2025-08-27 01:47
Core Insights - From January to July, the total profit of industrial enterprises above designated size in China reached 40,203.5 billion yuan, a year-on-year decrease of 1.7% [1] Industry Performance - State-owned enterprises reported a total profit of 12,823.4 billion yuan, down 7.5% year-on-year - Joint-stock enterprises achieved a profit of 29,742.5 billion yuan, a decline of 2.8% - Foreign and Hong Kong, Macao, and Taiwan-invested enterprises saw profits of 10,216.7 billion yuan, an increase of 1.8% - Private enterprises reported profits of 11,183.7 billion yuan, also up by 1.8% [1] Sector Analysis - The mining industry experienced a profit of 4,930.9 billion yuan, down 31.6% - The manufacturing sector achieved a profit of 30,235.8 billion yuan, an increase of 4.8% - The electricity, heat, gas, and water production and supply industry reported a profit of 5,036.8 billion yuan, up 3.9% [1] Detailed Industry Profit Changes - Agricultural and sideline food processing industry profits increased by 14.5% - Electrical machinery and equipment manufacturing profits grew by 11.7% - Non-metallic mineral products industry profits decreased by 5.6% - Textile industry profits fell by 6.5% - Chemical raw materials and chemical products manufacturing profits declined by 8.0% - Coal mining and washing industry profits dropped significantly by 55.2% [2][3] Revenue and Cost Overview - Total operating revenue for the industrial sector was 780,703.3 billion yuan, a year-on-year increase of 2.3% - Total operating costs were 668,042.1 billion yuan, up 2.5% - The profit margin for the coal mining and washing industry was 1,666.2 billion yuan, down 25.2% [5]
今年1—7月份全国规模以上工业企业利润下降1.7%
Yang Shi Wang· 2025-08-27 01:44
Core Insights - In the first seven months of the year, the total profit of large-scale industrial enterprises in China reached 40,203.5 billion yuan, a year-on-year decrease of 1.7% [1] - The profit breakdown shows that state-controlled enterprises saw a profit of 12,823.4 billion yuan (down 7.5%), while private enterprises and foreign-invested enterprises both experienced a profit increase of 1.8% [1] - The mining industry faced a significant profit decline of 31.6%, while the manufacturing sector reported a profit increase of 4.8% [1] Industry Performance - The agricultural and food processing industry saw a profit increase of 14.5%, while the electrical machinery and equipment manufacturing industry grew by 11.7% [2] - The coal mining and washing industry experienced a drastic profit decline of 55.2%, indicating severe challenges in this sector [2] - The overall operating revenue for large-scale industrial enterprises was 78.07 trillion yuan, with a year-on-year growth of 2.3% [2] Financial Metrics - As of the end of July, total assets of large-scale industrial enterprises reached 183.67 trillion yuan, a year-on-year increase of 4.9% [2] - The average accounts receivable was 26.84 trillion yuan, reflecting a year-on-year growth of 6.8% [3] - The operating profit margin decreased by 0.21 percentage points to 5.15% [2] Monthly Trends - In July alone, the profit of large-scale industrial enterprises decreased by 1.5% year-on-year [4] - The cost per 100 yuan of operating revenue increased to 85.57 yuan, indicating rising costs for enterprises [3]