In the first half of the year, 70% of the national industry profits exceeded the level before the epidemic——
Industrial enterprise profits are expected to increase sharply
Our reporter Xiong Li
According to the profit data of national industrial enterprises above designated size released by the National Bureau of Statistics on July 27, in the first half of the year, the national industrial enterprises above designated size achieved a total profit of 4,218.33 billion yuan, a year-on-year increase of 66.9% and an increase of 45.5% from the first half of 2019, a two-year average. Increased by 20.6%, maintaining rapid growth.
Among them, the profit of industrial enterprises above designated size in the second quarter increased by 36.0% year-on-year and 42.5% year-on-year, with an average increase of 19.4% over the two years.
"In the first half of the year, as the national economy stabilized and strengthened, industrial production demand recovered steadily, business operations continued to improve, and corporate profits grew steadily and rapidly." said Zhu Hong, a senior statistician at the Department of Industry of the National Bureau of Statistics.
In the first half of the year, the profits of various industries generally grew rapidly, and 70% of the industry profits exceeded the level before the epidemic.
According to the data, in the first half of the year, among 41 major industrial sectors, 40 industries increased their profits year-on-year (or turned losses into profits), and one industry remained flat year-on-year.
Among them, 36 industries achieved double-digit profit growth and above, accounting for 87.8%; 7 industries had a growth rate of more than 100%.
Compared with the same period in 2019, 29 industries achieved profit growth, accounting for 70.7%.
In terms of different industries, the profits of upstream mining and raw material manufacturing companies have increased significantly.
In the first half of the year, the profits of the mining industry and the raw material manufacturing industry increased by 1.33 times and 1.83 times respectively year-on-year, and their contribution to the growth of industrial profits above designated size was 58.9%. The two-year average profit growth rate was 16.5% and 35.8% respectively.
Profits of high-tech and equipment manufacturing industries also maintained rapid growth.
In the first half of the year, the profit of the high-tech manufacturing industry increased by 62.0% year-on-year; the two-year average growth rate was 36.2%.
The profit of the equipment manufacturing industry increased by 39.5% year-on-year, and the two-year average growth rate was 18.3%.
In the first half of the year, the profit of the consumer goods manufacturing industry increased by 38.6% year-on-year; the two-year average growth rate was 17.0%, 1.6 percentage points faster than the first quarter, and the recovery trend was further consolidated.
Among them, under the influence of factors such as the expansion of anti-epidemic assets such as the new crown vaccine and testing reagents and the increase in production, the profit of the pharmaceutical manufacturing industry increased by 88.8% year-on-year; the two-year average growth rate was 38.8%, an acceleration of 12.7 percentage points from the first quarter.
"In the first half of the year, the profit of industrial enterprises increased rapidly, which was the result of the joint promotion of many factors." Liu Xingguo, a researcher at the Research Department of the China Enterprise Confederation, believes that the main reasons are as follows: First, the overall recovery of the macro economy has promoted the market environment. Improvement, consumption growth and price level rebound; the second is the continuous rise in commodity prices, which promotes the rapid increase in the profitability of upstream industrial enterprises, which is most obvious in the profit growth rate of specific industrial industries; the third is the government's tax and fee reduction policy Dividends are superimposed and released; fourth is the low base in the same period last year; fifth is the efforts of industrial enterprises themselves in strengthening cost reduction and efficiency enhancement, and innovation and development.
In the first half of the year, corporate revenue grew faster than costs, and profitability continued to increase.
In the first half of the year, the operating income of industrial enterprises above designated size increased by 27.9% year-on-year, and the growth rate was 1.5 and 9.2 percentage points faster than the combined operating costs and expenses respectively.
Unit costs and expenses both fell year-on-year, and the cost per hundred yuan of operating income decreased by 0.98 yuan year-on-year.
The operating income profit rate of industrial enterprises above designated size was 7.11%, a year-on-year increase of 1.66 percentage points and an increase of 0.47 percentage points from the first quarter.
The number of loss-making enterprises has decreased, and the amount of loss has decreased.
At the end of June, the loss of industrial enterprises above designated size was 22.5%, a year-on-year decrease of 2.4 percentage points, and a decrease of 4.6 percentage points from the end of March; in the first half of the year, the loss of loss-making enterprises decreased by 23.5% year-on-year.
The loss of enterprises has improved significantly compared with the same period last year.
The growth rate of accounts receivable continued to fall, and the inventory turnover of finished products accelerated.
At the end of June, the accounts receivable of industrial enterprises above designated size increased by 13.1% year-on-year, a decrease of 1.0 percentage point from the end of May, and it fell for three consecutive months.
The average payback period for accounts receivable was 51.4 days, a year-on-year decrease of 5.9 days.
The asset-liability situation has improved and the development of the company has become more stable.
At the end of June, the assets of industrial enterprises above designated size increased by 9.3% year-on-year, and owners' equity increased by 10.3%, both achieving rapid growth.
The asset-liability ratio of industrial enterprises above designated size was 56.5%, a year-on-year decrease of 0.4%.
Among them, the asset-liability ratio of state-owned holding enterprises was 57.0%, a decrease of 0.5% year-on-year.
Zhu Hong said that overall, the profits of industrial enterprises recovered steadily in the first half of the year, and their operating conditions continued to improve.
However, it should also be noted that the imbalance in the recovery of corporate benefits still exists, the recovery of profits of private and small and micro enterprises has been relatively slow, the continued high commodity prices have squeezed corporate profitability, and the supply chain of the industrial chain still has shortcomings.
Liu Xingguo believes that further measures should be taken to alleviate the development difficulties of small and medium-sized enterprises, release the vitality of the development of small and medium-sized enterprises, and enhance the overall resilience of the macro economy.
Liu Xingguo suggested that further measures can be taken from the following aspects in the future: First, adopt a structural tax and fee reduction policy to give greater support to SMEs in reducing costs and burdens; second, helping SMEs open up markets and increase government procurement of small and medium-sized enterprises. The third is to increase the supply of inclusive low-cost financing for small and medium-sized enterprises; the fourth is to guide small and medium-sized enterprises to accelerate their transformation and upgrading, and to increase support for innovation of small and medium-sized enterprises; and the fifth is to promote the integration and development of large enterprises and small and medium-sized enterprises.
Zhu Hong said that in the next step, we must thoroughly implement the decisions and deployments of the Party Central Committee and the State Council, maintain the continuity, stability and sustainability of macroeconomic policies, continue to deepen supply-side structural reforms, vigorously support the development of the real economy, and further ensure supply and price stability. Work to help companies relieve difficulties and promote the sustainable and healthy development of the industrial economy.
Our reporter Xiong Li