Semi-annual reports of listed companies demonstrate development resilience
Our reporter Li Hualin Peng Jiang
The "main force" shifts and upgrades, the "new economy" is focused on research and development, and the "burden reduction" dividend comes into effect... Recently, the semi-annual reports of A-share listed companies have been disclosed, playing the main tone of "stable" and "new".
In the face of repeated new crown pneumonia epidemics and the still more complicated economic situation at home and abroad, listed companies have risen to difficulties, overcome difficulties, and achieved steady growth, demonstrating China's economic resilience and vitality.
Strong overall performance growth
As the most active "cell" of my country's economy, the performance of listed companies affects the heartstrings of the market.
Judging from the situation in the first half of the year, the overall performance of listed companies has rebounded strongly, and many companies have doubled their revenue and profits, effectively playing the role of innovation "front-runner" and industry "vanguard".
A set of data can fully illustrate the reality of this report card: In the first half of the year, more than 80% of the Shenzhen stock exchange companies achieved profitability, more than 80% of their operating income expanded, and more than 60% of their net profit achieved growth; the Shanghai stock market’s main board companies achieved steady growth in performance. Rise, 90% of the company has achieved profitability.
"Through the semi-annual reports of listed companies, we can clearly feel that the national economy is recovering steadily and the market vitality is effectively stimulated." Tian Lihui, Dean of the Financial Development Research Institute of Nankai University, said. Operating income was 3.378 billion yuan, with an average net profit of 254 million yuan, a year-on-year increase of 33.09% and 41.52% respectively. The Shanghai Stock Exchange Main Board Company achieved operating income of 21.96 trillion yuan, a year-on-year increase of 23.94%, and achieved a net profit of 1.98 trillion yuan after deduction. A year-on-year increase of 44.40%. Compared with the same period in 2019, operating income increased by 20.22%, and net profit after non-deduction increased by 13.17%.
The Growth Enterprise Market and the Science and Technology Innovation Board, which are regarded as the "gathering place" of the new economy and science and technology enterprises, performed well in the first half of the year.
GEM companies achieved total operating income of 1.17 trillion yuan, a year-on-year increase of 33.57%; realized total net profit of 112.7 billion yuan, a year-on-year increase of 33.56%.
The Sci-tech Innovation Board Company achieved a total operating income of 304.05 billion yuan and a net profit of 43.319 billion yuan attributable to the parent, a year-on-year increase of 55.14% and 105.24% respectively.
Driven by the continuous and steady recovery of the macro economy, various industries have stepped out of the recovery curve, the people's livelihood protection industry has risen steadily, and the resource industry has increased significantly.
"The net profit of the transportation, accommodation and catering industry on the Shanghai Stock Exchange has increased quarter by quarter, turning losses into profits significantly over the same period; the net profit of the cultural, sports and entertainment industry increased by 1.2 times year-on-year, and the quarter-on-quarter growth in the second quarter was 67.26%." The relevant person in charge of the Shanghai Stock Exchange introduced.
The growth of strategic emerging industries is strong, especially in the context of the “dual-carbon” goal and energy transformation. The new energy automobile industry represented by electric vehicles is developing rapidly. The automobile industry has maintained a relatively high degree of prosperity.
"The electronic equipment manufacturing industry performed well. The computer, communications and other electronic equipment manufacturing industry achieved a net profit of 71.221 billion yuan, a year-on-year increase of 72.35%." The relevant person in charge of the Shenzhen Stock Exchange said.
The contribution of physical enterprises has steadily increased, and the improvement of quality and efficiency has been further highlighted.
In the first half of the year, the Shanghai Stock Exchange's main board entity companies achieved operating income of 17.01 trillion yuan, net profit attributable to the parent of 910.128 billion yuan, and net profit after deduction of 817.902 billion yuan, a year-on-year increase of 30.27%, 103.72%, and 120.66% respectively.
Leading entities in Shenzhen have made outstanding contributions. 27 companies such as Midea Group and Weichai Power exceeded 50 billion yuan in revenue in the first half of the year; 19 companies including BOE and Gree Electric had profits of more than 5 billion yuan.
The steady development of physical enterprises has added sufficient confidence and determination to the steady and long-term development of my country's economy.
Focus on innovation and release vitality
"Investment in R&D increased by 30% year-on-year", "Hundreds of patents and authorizations", "R&D team with more than one hundred people"... After opening the semi-annual reports of many companies, technological innovation and R&D investment have become a major highlight, and the vitality of the development of listed companies The continuous improvement of resilience reflects the "secret" of my country's high-quality economic development.
Represented by the Science and Technology Innovation Board and the Growth Enterprise Market, listed companies continue to increase R&D investment and strive to improve the efficiency of innovation capital formation.
In the first half of the year, the R&D investment of listed companies on the ChiNext increased by 28.5% year-on-year. Four companies including CATL and Mindray Medical have invested more than 1 billion yuan in R&D; the R&D investment of listed companies on the Science and Technology Innovation Board has reached 25.403 billion yuan, with nearly 100,000 people in scientific research. The R&D team of 16 companies including SMIC and CRSC has more than 1,000 people.
Looking at the entire capital market, more and more listed companies are deeply engaged in research and development, bursting out strong innovation momentum.
In the first half of the year, the Shanghai Stock Exchange main board entity companies invested a total of 242.478 billion yuan in R&D funds, a year-on-year increase of 39.17%; Shenzhen entity companies invested 217.702 billion yuan in R&D, a year-on-year increase of 22.36%.
Among them, the computer communication manufacturing industry, software information service industry, equipment manufacturing industry, automobile manufacturing industry, electrical machinery manufacturing industry and other industries have an average R&D intensity higher than the market average.
Driven by innovation, the new economy has developed vigorously. Advanced manufacturing represented by the equipment manufacturing industry, and digital industries supported by new-generation information technologies such as artificial intelligence and big data have all achieved rapid growth.
The “specialized and special new” small and medium-sized enterprises that focus on market segmentation, strong innovation capabilities, and excellent quality and efficiency are also accelerating their growth. The net profit growth rate of over 100% has exceeded 100%, which provides strong support for accelerating the shortcomings, forging longboards, and filling in the blanks of my country's industrial chain.
The strong background of innovation has promoted the emergence of R&D results of listed companies.
Only 11,571 new intellectual property rights were added to the Sci-tech Innovation Board in the first half of the year, including 3,217 new invention patents.
Major breakthroughs have been made in many areas: China Micro Corporation has made breakthroughs in advanced manufacturing processes, completing the design, manufacturing, testing and preliminary process development and evaluation of the 3nm etching machine prototype; the offshore wind turbine blade S90 independently developed by Electric Wind Power has passed the full size at one time Static test, became the world's longest wind power glass fiber blade; and so on.
"As the global epidemic continues to evolve and the external economic environment is complex and severe, listed companies are forging ahead, looking for opportunities in crisis, fully tapping growth potential, achieving strong growth through innovation, and promoting my country's economic development with a brighter color and greater stamina." Tian Lihui said.
Tax cuts and fee cuts boost confidence
With the continuous manifestation of policy effects such as tax reduction and fee reduction and financial support, market vitality has been further stimulated and released, listed companies have increased their confidence, increased the pace of investment R&D and technological innovation, the conversion of new and old momentum has accelerated, and industrial upgrading has accelerated.
Since the beginning of this year, my country has continued to optimize and implement tax and fee reduction policies, and maintain the necessary support. As an important market entity, listed companies have fully enjoyed this dividend.
Data shows that in the first half of the year, the Shanghai Stock Exchange main board entity companies paid a total of 1.15 trillion yuan in taxes and fees, accounting for 6.76% of their operating income, a year-on-year decrease of 0.55 percentage points; the total tax expenditures of entities in the Shenzhen Stock Exchange amounted to 83.847 billion yuan. Yuan, accounting for 1.04% of operating income, a year-on-year decrease of 0.17 percentage points.
Manufacturing companies have been "protected".
Supported by preferential policies such as increasing the percentage of deductions for manufacturing enterprises’ R&D expenses to 100%, in the first half of the year, listed companies on the Shanghai Stock Exchange’s main board manufacturing industry paid a total of 284.549 billion yuan in taxes and fees, accounting for 5.26% of operating income. A year-on-year decrease of 0.11 percentage points; Shenzhen software and integrated circuit, pharmaceutical manufacturing and other industries tax expenditures fell significantly compared with the same period last year.
While operating costs have declined, the scale of financing of listed companies has maintained steady growth.
In the first half of the year, the Shanghai Stock Exchange’s main board entity companies’ financing cash inflows totaled 5.84 trillion yuan, an average increase of 7.16% in two years; the proportion of direct financing on the ChiNext increased from 9.15% in 2020 to 21.85%, of which companies with direct financing accounted for more than 50% There were 220 stores, an increase of 134 over the same period last year.
By reducing the burden and strengthening blood transfusions, listed companies have been able to go lightly and develop freely, their profitability has been further improved, and investment has continued to increase.
"In the first half of the year, the scale of long-term asset investment in the Shanghai Stock Exchange main board entity companies rose steadily, and the long-term asset investment of entity companies was 959.55 billion yuan, a year-on-year increase of 9.76%." The relevant person in charge of the Shanghai Stock Exchange said.
The growth rate of investment in a number of strategic emerging industries is particularly strong, providing new support for smoothing the domestic cycle.
In the first half of the year, the total investment growth rate of the main board computer communication manufacturing, equipment manufacturing, pharmaceutical manufacturing, and electrical machinery manufacturing industries on the Shanghai Stock Exchange reached 44%. Among them, the growth rates of medical equipment and photovoltaic equipment were 58.6% and 34.8%, respectively, becoming innovations. A driving and leading industry that drives development.
It is even more important to maintain a clear mind in the process of steady growth. Under the overall improvement pattern, affected by repeated epidemics and rising commodity prices, there are still hidden worries in the operation of some companies, and the imbalance in the improvement of corporate benefits and uncertain risks still exist.
"However, in the context of my country's increasing reform efforts, further stimulating the vitality of market players, and focusing on promoting innovation, my country's economy will continue to recover steadily and improve in stability. In the second half of the year, listed companies are expected to submit brilliant answers again." Tian Lihui Express.
Our reporter Li Hualin Peng JiangKeywords: