National Bureau of Statistics: Profits of industrial enterprises above a certain scale stabilize and recover, with growth speeding up in July.

On August 27th, Yu Weining, a statistician from the Industrial Department of the National Bureau of Statistics, interpreted the profit data of industrial enterprises. In July, as the high-quality development of the industrial economy steadily advanced, new momentum continued to grow, industrial production remained stable, and industrial enterprise profits continued to recover. The growth of industrial enterprise profits accelerated slightly. From January to July, the profits of industrial enterprises above designated size in the country increased by 3.6% year-on-year, an increase of 0.1 percentage points compared to January to June, continuing the trend of stable recovery. Looking at different industries, among the 41 large industrial categories, the profit growth of 21 industries accelerated compared to the previous month or the decline narrowed, with more than half showing an upward trend. In July, the profits of industrial enterprises above designated size increased by 4.1% year-on-year, an increase of 0.5 percentage points from June, accelerating for two consecutive months. Industrial enterprise revenue saw steady growth. With market demand steadily recovering and production and sales levels improving, industrial enterprise revenue grew steadily. From January to July, the operating income of industrial enterprises above designated size increased by 2.9% year-on-year, maintaining the same growth rate as January to June. The steady growth of enterprise revenue creates favorable conditions for the continuous recovery of profits. High-tech manufacturing leads profit growth. From January to July, the profits of high-tech manufacturing increased by 12.8% year-on-year, significantly higher than the average level of industrial enterprises above designated size by 9.2 percentage points, contributing 2.1 percentage points to the overall profit growth, accounting for nearly 60% of the growth. Leading industries such as lithium-ion battery manufacturing, semiconductor device manufacturing, and smart consumer electronics manufacturing saw their profits increase by 45.6%, 16.0%, and 9.2% respectively, providing significant momentum for the high-quality development of the industry. Equipment manufacturing profits remained stable. From January to July, profit in the equipment manufacturing industry increased by 6.1% year-on-year, maintaining stable growth and providing important support for the recovery of industrial profits. Equipment manufacturing accounted for 35.1% of industrial profits above designated size, an increase of 0.8 percentage points year-on-year, optimizing the structure of industrial profits. Among the eight industries in equipment manufacturing, six achieved growth, among which the railway, shipbuilding, aerospace, and electronics industries saw profit increases of 36.9% and 25.1% respectively, maintaining a rapid growth trend since the beginning of the year. Consumer goods manufacturing profits maintained double-digit growth. With domestic consumption demand steadily recovering and industrial exports growing, the consumer goods manufacturing industry saw good profit growth. From January to July, the profits of the consumer goods manufacturing industry increased by 10.2% year-on-year, 6.6 percentage points higher than the average level of industrial enterprises above designated size. In the 13 categories of consumer goods manufacturing industries, 11 industries saw profit growth, with 8 industries exceeding 10% growth. The paper, chemical fiber, agricultural and sideline products, textile, printing, education and cultural supplies, liquor and beverage, and furniture industries saw profit growth ranging from 12.4% to 23.9%. Overall, the profitability of industrial enterprises above designated size continues to recover steadily, but it is also necessary to note that domestic consumption demand is still weak, and the external environment is complex and constantly changing. The foundation for the recovery of industrial enterprise profitability needs to be further consolidated. In the next stage, it is necessary to resolutely implement the spirit of the Third Plenary Session of the Twentieth Party Congress, further stimulate domestic demand, adopt targeted measures to promote economic circulation, implement various reform measures in detail, further promote the development of new quality productivity in the industrial sector, and continuously enhance the sustained improvement trend of the industrial economy. This article is selected from the National Bureau of Statistics, GMTEight Editor: Ye Zhiyuan.