Revenue and Profit Growth - In September 2025, the cumulative year-on-year revenue growth rate for large-scale industrial enterprises was 2.4%, up from 2.3% in August 2025[1] - The cumulative year-on-year profit growth rate for large-scale industrial enterprises reached 3.2%, a significant increase of 2.3 percentage points from the previous month[1] - The profit growth rate for industrial enterprises in September was 21.6%, marking the highest growth since December 2023[4] Contributing Factors - The profit recovery was primarily supported by last year's low base effect, a rebound in industrial added value, a narrowing decline in PPI, and an improvement in revenue profit margins[4] - The cumulative year-on-year growth rate of industrial added value was 6.2% in September[4] - The average cost per 100 yuan of revenue was 85.56 yuan, reflecting a year-on-year increase of 0.18 yuan[4] Industry Performance - The upstream mining sector continued to be the largest drag on overall industry performance, with most sectors showing low profit growth except for non-ferrous metal mining, which performed well[4] - The profit growth rate for the raw materials manufacturing sector improved significantly, with a cumulative year-on-year increase of 25.2%, accelerating by 6.7 percentage points from August[4] - Equipment manufacturing profits grew by 25.6%, contributing 10.5 percentage points to the overall profit growth of large-scale industrial enterprises[4] Future Outlook - It is anticipated that the profit growth for large-scale industrial enterprises may experience a decline next month but is expected to maintain positive growth due to last year's low base of -10.0%[4] - The ongoing "anti-involution" policies are expected to continue improving prices in the upstream sector, which will support profit quality marginally[4] - However, downstream demand remains insufficient, and the transmission of price increases from upstream to downstream may face obstacles, necessitating demand-side policy support for profit recovery[4]

Group 1: Profit Data Overview - In August 2025, the total profit of industrial enterprises above designated size increased by 0.9% year-on-year, recovering from a previous decline of -1.7%[2] - The month-on-month profit growth in August was 15.20%, significantly higher than the five-year average of 4.87%[2] - Cumulative profit year-on-year turned positive for the first time in three months, reaching 20.4% in August[2] Group 2: Revenue and Cost Analysis - Revenue growth in August rose to 2.30%, with a notable decrease in cost per hundred yuan of revenue by 0.20 yuan, marking the first decline since July 2024[2] - The revenue profit margin increased to 17.53%, a significant rise from the previous year, contributing to the profit growth[2] - The actual inventory decreased faster than nominal inventory, with actual inventory down 5.2% year-on-year, compared to a nominal inventory increase of 2.3%[2] Group 3: Sector Performance - The profit growth rate for the midstream raw material manufacturing sector surged to 68.1%, an increase of 48.2 percentage points[2] - Downstream manufacturing profits rose by 22.7%, up 30.0 percentage points, while upstream raw material extraction saw a reduced decline of -23.4%, improving by 14.3 percentage points[2] - Public utility profits increased by 51.2%, a rise of 42.7 percentage points, driven by high electricity consumption levels[2] Group 4: Risks and Future Outlook - Future profit growth may face pressure in the fourth quarter, necessitating demand-side support[2] - Risks include potential policy measures falling short of expectations and uncertainties surrounding demand recovery[2]

Profit Growth Analysis - In August 2025, the cumulative year-on-year profit growth rate of industrial enterprises was 0.9%, a significant recovery of 2.6 percentage points from July 2025's -1.7%[1] - The cumulative year-on-year revenue growth rate for industrial enterprises in August 2025 was 2.3%, unchanged from July 2025[1] - The year-on-year profit growth rate for industrial enterprises in August 2025 was 20.4%, a substantial increase from the previous month's -1.5%[1] Contributing Factors - The profit growth shift from negative to positive was primarily supported by a low base effect from the previous year[1] - The Producer Price Index (PPI) recorded a cumulative year-on-year decline of -2.9%, while the cumulative year-on-year industrial added value growth rate was 6.2%[1] - The cost per 100 yuan of revenue was 85.58 yuan, an increase of 0.19 yuan year-on-year, indicating rising costs[1] Industry Performance - The upstream mining sector continued to be the largest drag on overall industry profits, with most sectors experiencing negative profit growth except for non-ferrous metal mining[1] - The profit growth rate for the raw materials manufacturing sector improved significantly, with a cumulative year-on-year increase of 22.1%, contributing 2.5 percentage points to the overall profit growth of industrial enterprises[1] - The equipment manufacturing sector recorded a cumulative profit growth rate of 7.2%, also contributing 2.5 percentage points to overall profit growth[1] Future Outlook - The profit growth for industrial enterprises is expected to continue rising in the coming month due to an extremely low base of -27.1% from the previous year[1] - Ongoing "anti-involution" policies are expected to support price improvements in various industries, particularly in raw materials manufacturing[1] - However, downstream demand remains insufficient, and the transmission of price increases from upstream to downstream may face obstacles, necessitating policy support for demand recovery[1]

Core Viewpoint - In April 2025, industrial enterprises experienced a revenue decline of 2.6% while profits increased by 3%, indicating a recovery in profit margins despite a high base from the previous year [1][6]. Revenue and Profit Analysis - The revenue growth of industrial enterprises fell to 2.6% in April, primarily due to a high production level drop and increased price pressures [1][12]. - Profit growth for industrial enterprises rose to 3% in April, up 0.4 percentage points from the previous month, with the growth rate exceeding the median of the past five years [1][6]. - The cost of goods sold per 100 yuan of revenue was 85.54 yuan, with expenses at 8.28 yuan, reflecting a decrease in both year-on-year and month-on-month growth rates [12]. Inventory and Operational Efficiency - The nominal inventory growth rate for industrial enterprises decreased to 3.9% in April, while the actual inventory growth rate remained stable at 6.8% after excluding price factors [4][13]. - The production and sales ratio for enterprises improved significantly, rising from historical lows to median levels, indicating a marginal improvement in operational pressure [3][13]. Sector Performance - The equipment manufacturing sector, particularly high-tech manufacturing, saw a notable acceleration in profit growth, contributing 3.6 percentage points to the overall industrial profit growth in the first four months of the year [3][9]. - High-tech manufacturing profits increased by 9% year-on-year in the first four months, with significant contributions from the semiconductor and smart product manufacturing sectors [3][9]. Future Outlook - The current external uncertainties pose risks to the stability of profit recovery, with expectations for further implementation of growth-stabilizing policies [1][3].

利润增速有所回升，但改善基础有待夯实。 3月利润增速录得2.6%，较上月上行约3个百分点，主因基数走低 推动，环比增速也低于近五年中位数，结合工企产销率续创历年同期新低，指向利润改善基础有待夯实。 分 企业类型来看 ，私营和股份制企业利润改善明显，国企和外商企业均有回落。 从两年平均增速来看 ，仅私营 报 告 正 文 3 月收入、利润增速双双回升。 2025 年 3 月，规上工企营业收入录得 4.2% ，较上月有所回升。工企利 润增速录得 2.6% ，较上月上行约 3 个百分点，主因基数走低推动，环比增速也低于近五年中位数，结 合工企产销率续创历年同期新低，指向利润改善基础有待夯实。从 工企利润 的构成 来看， 3 月工企的 营收增速有所回升，主因当月 生产大幅改善 。 同时 营收利润率 增速略有上升，共同带动 本月利润增速 上行 。本月成本费用较上月微升， 利润率增速上行或受到春节前置的一定扰动。 往后看 ， 随着外部冲 击影响逐渐显现，叠加去年同期基数走高 ， 利润或将再度承压 ， 静待稳增长政策进一步加码显效 。 此外，有三点值得关注。 一是企业经营压力仍较高 。工企产销率续创近十年来同期新低，而同时其 ...