1—8月份规模以上工业企业利润同比实现增长 ——国家统计局工业司首席统计师于卫宁解读2025年1—8月份工业企业利润数据 1—8月份，在宏观政策发力显效、全国统一大市场纵深推进，叠加去年同期低基数等多重因素作用 下，规模以上工业企业利润同比增长0.9%，装备制造业支撑有力，不同规模企业利润均有所改善。 工业企业利润明显改善。1—8月份，规模以上工业企业利润由1—7月份同比下降1.7%转为增长 0.9%，扭转了自今年5月份以来企业累计利润持续下降态势。从三大门类看，1—8月份，制造业增长 7.4%，较1—7月份加快2.6个百分点；电力、热力、燃气及水生产和供应业增长9.4%，加快5.5个百分 点；采矿业下降30.6%，降幅收窄1.0个百分点。从月度看，8月份规模以上工业企业利润两位数增长， 由7月份下降1.5%转为增长20.4%，工业企业当月利润改善明显。 8月企业单位成本下降，营收利润率回升。8月份，规模以上工业企业成本状况有所改善，每百元营 业收入中的成本同比减少0.20元，为2024年7月份以来首次当月同比减少。8月份，规模以上工业企业营 业收入利润率为5.83%，同比提高0.90个百分点。 下阶段，在外 ...

Core Insights - The total profit of industrial enterprises above designated size in China reached 46,929.7 billion yuan from January to August, reflecting a year-on-year growth of 0.9% [1] - The profit performance varied across different types of enterprises, with state-owned enterprises experiencing a decline of 1.7%, while private enterprises saw a growth of 3.3% [1] - The mining industry faced a significant profit drop of 30.6%, while the manufacturing sector reported a profit increase of 7.4% [1] Financial Performance - From January to August, the total operating revenue of industrial enterprises was 896,231.9 billion yuan, marking a 2.3% year-on-year increase, while operating costs rose by 2.5% to 766,960.8 billion yuan [2][8] - The operating profit margin was recorded at 5.24%, a slight decrease of 0.06 percentage points compared to the previous year [2] - By the end of August, total assets of these enterprises amounted to 185,080 billion yuan, up 5.0% year-on-year, with total liabilities increasing by 5.4% to 107,340 billion yuan [2] Industry-Specific Insights - The electricity, heat, gas, and water production and supply industry saw a profit increase of 13.0%, while the non-metallic mineral products industry experienced a decline of 2.2% [2] - The automotive manufacturing sector reported a slight profit decrease of 0.3%, contrasting with the 12.7% growth in the non-ferrous metal smelting and rolling processing industry [2][11] - The coal mining and washing industry faced a dramatic profit decline of 53.6%, indicating significant challenges within this sector [11] Efficiency Metrics - Accounts receivable for industrial enterprises reached 27,240 billion yuan, reflecting a year-on-year increase of 6.6%, while finished goods inventory stood at 6,730 billion yuan, up 2.3% [3] - The average cost per 100 yuan of operating revenue was 85.58 yuan, an increase of 0.19 yuan year-on-year, while expenses per 100 yuan of revenue decreased by 0.08 yuan to 8.37 yuan [3] - The average collection period for accounts receivable extended to 70.1 days, an increase of 3.7 days compared to the previous year [3]

Core Insights - The total profit of industrial enterprises above designated size in China reached 46,929.7 billion yuan from January to August, showing a year-on-year increase of 0.9% [1] - The profit performance varied across different types of enterprises, with state-owned enterprises experiencing a decline of 1.7%, while private enterprises saw a growth of 3.3% [1] - The mining industry faced a significant profit drop of 30.6%, while the manufacturing sector reported a profit increase of 7.4% [1] Group 1: Profit and Revenue Overview - From January to August, the total operating revenue of industrial enterprises was 896,231.9 billion yuan, reflecting a year-on-year growth of 2.3% [10] - The total operating costs amounted to 766,960.8 billion yuan, which is a 2.5% increase compared to the previous year [10] - The operating profit margin was recorded at 5.24%, a slight decrease of 0.06 percentage points year-on-year [2][10] Group 2: Industry-Specific Performance - The electricity, heat, gas, and water production and supply industry saw a profit increase of 13.0%, while the non-metallic mineral products industry experienced a decline of 2.2% [2] - The automotive manufacturing sector reported a slight profit decrease of 0.3%, contrasting with the significant profit growth in the non-ferrous metal smelting and rolling industry, which increased by 12.7% [2] - The coal mining and washing industry faced a dramatic profit decline of 53.6%, indicating severe challenges within this sector [2][15] Group 3: Financial Ratios and Metrics - As of the end of August, the total assets of industrial enterprises reached 185.08 trillion yuan, a year-on-year increase of 5.0% [2] - The total liabilities were 107.34 trillion yuan, reflecting a growth of 5.4% [2] - The asset-liability ratio stood at 58.0%, which is an increase of 0.2 percentage points compared to the previous year [2][3]

Group 1 - In August, the industrial added value in Anhui Province increased by 9.1% year-on-year, with mining decreasing by 1.3%, manufacturing increasing by 11.6%, and electricity, heat, gas, and water production and supply decreasing by 2.8% [1] - For the first eight months, the industrial added value in Anhui Province grew by 8.6% year-on-year, with mining decreasing by 0.3%, manufacturing increasing by 10.6%, and electricity, heat, gas, and water production and supply decreasing by 1.2% [2] - Among 40 industrial categories, 24 industries maintained year-on-year growth in August, with a growth rate of 60%, including computer, communication, and other electronic equipment manufacturing growing by 52% [1] Group 2 - In the first eight months, the equipment manufacturing industry increased by 17.4%, with computer, communication, and other electronic equipment manufacturing growing by 33.5% and automotive manufacturing growing by 16.1% [2] - High-tech manufacturing increased by 26.7% in the first eight months [2] - The production of industrial robots increased by 25.7%, notebook computers by 23.6%, and lithium-ion batteries by 14.1% [2]

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the electricity, heat, gas, and water production and supply industry, which increased by 1,818 to a total of 22,893 enterprises from January to April 2025, representing a year-on-year growth of 8.63% [1] - The proportion of these enterprises in the total industrial enterprises is 4.41%, indicating a significant presence within the industrial sector [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1] Group 2 - The report referenced is titled "Research on Investment Potential and Development Trend Forecast of China's Power Industry from 2025 to 2031" published by Zhiyan Consulting [1] - The threshold for large-scale industrial enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011, which may impact the statistics presented [1] - Zhiyan Consulting has over a decade of experience in industry research, providing comprehensive industry solutions to empower investment decisions [1]

Core Viewpoint - In August, the industrial added value of large-scale industries increased by 5.2% year-on-year, indicating a steady growth trend in the industrial sector [1][5]. Group 1: Industrial Growth - The industrial added value for January to August showed a year-on-year growth of 6.2% [1][5]. - The mining industry saw a year-on-year increase of 5.1%, while manufacturing grew by 5.7%, and the electricity, heat, gas, and water production and supply industry increased by 2.4% in August [3][5]. - High-tech manufacturing experienced a notable growth of 9.3% in August [5]. Group 2: Economic Types - State-owned enterprises reported a year-on-year growth of 4.7% in August, while joint-stock enterprises grew by 6.0%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 2.3%, and private enterprises grew by 4.6% [3][5]. Group 3: Industry Performance - Among 41 major industries, 31 maintained year-on-year growth in added value in August [3]. - Significant growth was observed in the chemical raw materials and chemical products manufacturing industry at 7.6%, black metal smelting and rolling industry at 7.3%, and automotive manufacturing at 8.4% [3][5]. Group 4: Product Output - In August, out of 623 industrial products, 319 saw a year-on-year increase in output [4]. - Steel production reached 12.277 million tons, up 9.7% year-on-year, while cement production fell by 6.2% to 14.802 million tons [4][5]. - The production of new energy vehicles surged by 22.7% to 1.333 million units in August [6]. Group 5: Sales and Exports - The sales rate of industrial products was 96.6%, a slight decrease of 0.1 percentage points year-on-year [4][6]. - The export delivery value of industrial enterprises was 1.3029 trillion yuan, showing a nominal decline of 0.4% year-on-year [4][6].

Core Viewpoint - The fixed asset investment in China from January to August 2025 shows a slight year-on-year growth of 0.5%, with a notable decline in private investment by 2.3% [1][4]. Investment by Industry - Investment in the primary industry reached 646.1 billion yuan, growing by 5.5% year-on-year [3][4]. - The secondary industry saw an investment of 1,182.46 billion yuan, with a growth rate of 7.6% [3][4]. - The tertiary industry experienced a decline in investment, totaling 2,014.04 billion yuan, down by 3.4% [3][4]. - Within the secondary industry, industrial investment grew by 7.7%, with mining investment increasing by 3.0%, manufacturing by 5.1%, and electricity, heat, gas, and water production and supply by 18.8% [3][4]. Investment by Region - Eastern region investment decreased by 3.5%, while the central region saw a growth of 2.5%, and the western region increased by 2.3%. The northeastern region experienced a decline of 6.0% [3][4]. Investment by Registration Type - Domestic enterprises' fixed asset investment grew by 0.5%, while investment from Hong Kong, Macau, and Taiwan enterprises increased by 2.3%. In contrast, foreign enterprises' investment fell significantly by 15.4% [3][4].

Economic Overview - The national economy showed overall stability and progress in August 2025, with industrial production and service sectors experiencing growth [1][2] Industrial Production - In August, the industrial added value for large-scale enterprises increased by 5.2% year-on-year and 0.37% month-on-month [1] - The equipment manufacturing sector saw an 8.1% year-on-year increase, while high-tech manufacturing grew by 9.3%, outperforming the overall industrial growth by 2.9 and 4.1 percentage points respectively [1] - The manufacturing purchasing managers' index was at 49.4, a slight increase of 0.1 percentage points from the previous month [1] Service Sector - The service production index rose by 5.6% year-on-year in August, with significant growth in information transmission, software, and financial services [2] - The business activity index for the service sector was at 50.5, indicating expansion, with a 0.5 percentage point increase from the previous month [2] Retail Sales - The total retail sales of consumer goods reached 39,668 billion yuan in August, marking a 3.4% year-on-year increase [3] - Online retail sales amounted to 99,828 billion yuan, with a year-on-year growth of 9.6%, accounting for 25% of total retail sales [3] Fixed Asset Investment - From January to August, fixed asset investment (excluding rural households) was 326,111 billion yuan, showing a year-on-year increase of 0.5% [4] - Manufacturing investment grew by 5.1%, while real estate development investment declined by 12.9% [4] Trade Performance - In August, the total import and export value reached 38,744 billion yuan, with exports growing by 4.8% and imports by 1.7% [5][6] - The proportion of general trade in total trade was 63.9%, indicating a stable trade structure [6] Employment Situation - The urban surveyed unemployment rate was 5.3% in August, reflecting a seasonal increase [7] - The average weekly working hours for employees were reported at 48.5 hours [7] Price Trends - The Consumer Price Index (CPI) decreased by 0.4% year-on-year in August, with food prices dropping significantly [8] - The Producer Price Index (PPI) for industrial producers fell by 2.9% year-on-year, with a narrowing decline compared to the previous month [8]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The economic data for August 2025 shows that the industrial production has slowed down, the year - to - date cumulative year - on - year growth rate of fixed - asset investment has continued to decline, and the month - on - month growth rate of social consumption is weaker than the seasonal average. The "anti - involution" policy's impact on the real economy is emerging, and the economy still faces difficulties and challenges in maintaining continuous recovery [2][10]. - Regarding the bond market, it is advisable to be optimistic. The 10Y Treasury bond yield is estimated to fluctuate around 1.7%. Convertible bonds are relatively high - quality assets in the long - term, but currently, the valuation is high, and more attention should be paid to the structure [3][24]. 3. Summary by Relevant Catalogs 3.1 Event On September 15, 2025, the National Bureau of Statistics released the economic data for August 2025: the year - on - year growth rate of industrial added value above designated size in August was 5.2%, the cumulative year - on - year growth rate of fixed - asset investment from January to August was 0.5%, and the year - on - year growth rate of total retail sales of consumer goods in August was 3.4% [1][6][9]. 3.2 Economic Data Analysis - **Industrial Production**: In August, the year - on - year growth rate of industrial added value above designated size was 5.2%, a decrease of 0.5 percentage points from July, and the growth rate has declined for two consecutive months. The main reasons for the decline in the year - on - year growth rate of industrial added value were the slowdown in manufacturing and the production of electricity, heat, gas, and water supply industries. The "anti - involution" policy's impact on the real economy began to appear [2][6][10]. - **Fixed - Asset Investment**: From January to August 2025, the cumulative year - on - year growth rate of fixed - asset investment was 0.5%. The month - on - month growth rate in August was - 0.2%, continuing to decline. The cumulative year - on - year growth rates of real estate, manufacturing, and general infrastructure investment all decreased. In August, the year - on - year growth rate of fixed - asset investment decreased by 9.3% [12][13]. - **Social Consumption**: In August 2025, the year - on - year growth rate of total retail sales of consumer goods was 3.4%. The month - on - month growth rate was 0.17%, turning positive but weaker than the seasonal average. Among consumer goods, the year - on - year growth rate of necessary consumption declined, while some optional consumption items maintained good performance, and the year - on - year growth rate of catering consumption increased but was mediocre [16][19]. 3.3 Bond Market Views - **Interest - Rate Bonds**: Since August 2025, the yield of Treasury bonds has shown a significant divergence. The short - end yield has fluctuated little, while the long - end yield has increased significantly. Given the relatively abundant liquidity, the need for fundamental improvement, and the increasing cost - effectiveness of bonds compared to stocks, an optimistic attitude towards the bond market is recommended, with the 10Y Treasury bond yield expected to fluctuate around 1.7% [3][24]. - **Convertible Bonds**: As of September 12, 2025, the performance of the convertible bond market was slightly lower than that of the equity market. Currently, convertible bonds are in a stage of high - level valuation compression. In the long run, they are still relatively high - quality assets, but attention should be paid to the structure due to the high current valuation [25].

Economic Overview - In August, the industrial added value of enterprises above designated size increased by 5.2% year-on-year, with a month-on-month growth of 0.37% [1][3] - From January to August, the industrial added value grew by 6.2% year-on-year [1][3] Industrial Production - The mining industry saw a year-on-year increase of 5.1%, manufacturing grew by 5.7%, and the electricity, heat, gas, and water production and supply industries increased by 2.4% [3] - Equipment manufacturing and high-tech manufacturing sectors performed well, with increases of 8.1% and 9.3% respectively, outpacing the overall industrial growth [3] Service Sector - The service sector production index rose by 5.6% year-on-year in August, with significant growth in information transmission, software, and financial services [4] - The business activity index for the service sector was at 50.5, indicating stable growth [4] Retail Sales - The total retail sales of consumer goods reached 39,668 billion yuan in August, a year-on-year increase of 3.4% [2][5] - Online retail sales amounted to 99,828 billion yuan from January to August, growing by 9.6% [5] Fixed Asset Investment - Fixed asset investment (excluding rural households) reached 326,111 billion yuan from January to August, with a year-on-year growth of 0.5% [6][7] - Manufacturing investment grew by 5.1%, while real estate development investment declined by 12.9% [7] Trade Performance - In August, the total value of goods imports and exports was 38,744 billion yuan, with exports growing by 4.8% and imports by 1.7% [8] - From January to August, the total trade value was 295,696 billion yuan, reflecting a year-on-year increase of 3.5% [8] Employment Situation - The urban surveyed unemployment rate was 5.3% in August, showing a slight increase from the previous month [9] - The average working hours for employees were reported at 48.5 hours per week [9] Price Trends - The Consumer Price Index (CPI) decreased by 0.4% year-on-year in August, while the core CPI rose by 0.9% [10] - The Producer Price Index (PPI) for industrial producers fell by 2.9% year-on-year, with a narrowing decline compared to the previous month [10]