National Bureau of Statistics: The decline in profits of industrial enterprises above designated size in November continued to narrow down, and the manufacturing industry is making further progress in high-end, intelligent, and green transformation.

On December 27, Yu Weining, the statistician of the industrial division of the National Bureau of Statistics, interpreted the profit data of industrial enterprises, stating that in November, with the effective implementation of stock policy and the accelerated introduction of package increment policy, the continuous play of policy combination effects drove steady growth in production of large-scale industrial enterprises, and continued recovery in corporate profitability. In that month, industrial enterprise operating income turned from a decline to an increase, and the decline in profits continued to narrow, with the advancement of high-end, intelligent, and green manufacturing in the manufacturing industry. The profitability of the consumer goods manufacturing industry grew rapidly. With the effective implementation of macroeconomic policies, industrial exports continued to increase, with profits in the consumer goods manufacturing industry growing by 22.0% year-on-year in November, driving a 3.7 percentage point increase in profits for all large-scale industrial enterprises. Original text: The decline in profits of large-scale industrial enterprises continued to narrow in November - Interpretation of industrial enterprise profit data by Yu Weining, statistician of the industrial division of the National Bureau of Statistics In November, with the effective implementation of stock policy, the accelerated introduction of a comprehensive increment policy, and the continuous play of the policy combination effects, large-scale industrial production remained stable, and corporate profitability continued to recover. In that month, industrial enterprise operating income turned from a decline to an increase, and the decline in profits continued to narrow, with advances in high-end, intelligent, and green manufacturing. The profitability of enterprises presented the following characteristics: Industrial enterprise operating income turned from a decline to an increase in that month. With the continuous release of policy effects, large-scale industrial production accelerated, driving a turnaround in operating income for enterprises. In November, the operating income of large-scale industrial enterprises nationwide grew by 0.5% year-on-year, compared to a decline of 0.2% in the previous month, marking a consecutive two-month increase in operating income. From January to November, the cumulative operating income of large-scale industrial enterprises maintained growth, increasing by 1.8% year-on-year. The decline in profits of industrial enterprises continued to narrow in that month. In November, the profits of large-scale industrial enterprises nationwide decreased by 7.3% year-on-year, narrowing by 2.7 percentage points from the previous month on the basis of a high base last year. Among them, driven by price increases and improved revenue, the profit margin of industrial enterprises improved, and the decline in gross profit, reflecting the basic situation of corporate profitability, narrowed for the second consecutive month. In the three major categories, the profit decline in the mining industry narrowed by 10.9 percentage points from October, the decline in the manufacturing industry narrowed by 0.3 percentage points, and the profits of the electricity, heat, gas, and water production and supply industry grew by 4.8% that month, accelerating by 0.3 percentage points from October. From January to November, the cumulative profit of large-scale industrial enterprises reached 6.67 trillion yuan, a decrease of 4.7% year-on-year. Advancement in the high-end, intelligent, and green transformation of manufacturing. In November, profits in related industries in the high-end, intelligent, and green sectors of manufacturing grew rapidly, providing stable support for the high-quality development of industry. In particular, the profits of the high-end equipment manufacturing industry grew rapidly, with profits in industries such as optoelectronic device manufacturing and aerospace-related equipment manufacturing increasing by 41.1% and 14.3% year-on-year, respectively; the accelerated production of intelligent and automated products drove an increase in profits in related industries, with profits in industries such as wearable smart device manufacturing and graphic computing and measuring instrument manufacturing increasing by 90.3% and 31.3% year-on-year, respectively; the formation of green production and lifestyles accelerated, driving an increase in profits in related industries, with profits in industries such as lithium-ion battery manufacturing and environmental monitoring instrument manufacturing increasing by 35.3% and 17.9% year-on-year, respectively. The continuous effectiveness of the "two new" policies. In November, with the comprehensive utilization of various policy tools, the effectiveness of the "two new" policies continued to show results, leading to rapid profit growth in related industries. Driven by policies related to large-scale equipment upgrades, profits in the specialized equipment manufacturing industry grew by 36.7% year-on-year. Among them, profits in industries such as electronics and electrical machinery, mining, metallurgy, construction machinery manufacturing, and chemical, wood, and non-metal processing equipment manufacturing grew rapidly, increasing by 110.6%, 90.4%, and 35.7% year-on-year, respectively. In the consumer goods fields such as home appliances, home furnishings, and kitchen and bathroom, the effects of policies promoting the exchange of old for new products were evident, leading to rapid profit growth in related industries. In particular, profits in industries such as household cleaning and hygiene appliance manufacturing, household refrigeration appliance manufacturing, refractory ceramic product and other refractory material manufacturing, and household air conditioner manufacturing increased by 311.4%, 82.9%, 25.0%, and 11.1% year-on-year, respectively. Profit growth in the consumer goods manufacturing industry was rapid. With the effective implementation of macroeconomic policies, industrial exports continued to increase, with profits in the consumer goods manufacturing industry growing by 22.0% year-on-year in November, driving a 3.7 percentage point increase in profits for all large-scale industrial enterprises. By industry, profits in 8 of the 13 industries in the consumer goods manufacturing industry grew year-on-year, with the profits in the beverage, tea, and wine industry growing by 292.3% year-on-year due to factors such as the arrival of some enterprise investment income; furthermore, profits in industries such as chemical fiber, cultural education handicrafts and textile clothing maintained rapid growth, increasing by 16.3%, 14.7%, and 8.2% year-on-year respectively. Overall, although profits of large-scale industrial enterprises are still in decline, with the continued manifestation of policy combination effects, the decline in profits of industrial enterprises continued to narrow, indicating an improvement in profitability. In the next stage, it is necessary to thoroughly implement the spirit of the Central Economic Work Conference, continue to implement and refine various policies, constantly enhance new development momentum, and promote the sustained consolidation and recovery of the industrial economy. This article is selected from the official website of the National Bureau of Statistics, edited by GMTEight: Liu Xuan.