Financial News Agency, November 27. According to data from the National Bureau of Statistics, from January to October, industrial enterprises above the national scale achieved a total profit of 6115,42 billion yuan, a year-on-year decrease of 7.8%, and the decline was 1.2 percentage points narrower than in January-September. Yu Weining, statistician of the Department of Industry of the National Bureau of Statistics, interpreted the profit data of industrial enterprises.

From January to October 2023, the profit of industrial enterprises above the national scale fell 7.8%

From January to October, industrial enterprises above the national scale achieved a total profit of 6115.42 billion yuan, a year-on-year decrease of 7.8%, and the decline was 1.2 percentage points narrower than in January-September (based on a comparable scale, see Note 2 for details).

From January to October, among large-scale industrial enterprises, state-owned enterprises achieved a total profit of 2031.06 billion yuan, a year-on-year decrease of 9.9%; joint stock enterprises achieved a total profit of 44908.3 billion yuan, a decrease of 7.0%; foreign-invested enterprises, Hong Kong, Macao and Taiwanese investors achieved a total profit of 1443.13 billion yuan, a decrease of 10.2%; and private enterprises realized a total profit of 1685.14 billion yuan, a decrease of 1.9%.

From January to October, the mining industry achieved a total profit of 1114.25 billion yuan, a year-on-year decrease of 19.7%; the manufacturing industry achieved a total profit of 4414.71 billion yuan, a decrease of 8.5%; and the electricity, heat, gas and water production and supply industries achieved a total profit of 586.46 billion yuan, an increase of 40.0%.

From January to October, the profit situation of the main industries was as follows: the total profit of the electricity, heat production and supply industry increased by 50.1% year on year, the ferrous metal smelting and rolling processing industry increased by 37.0%, the electrical machinery and equipment manufacturing industry by 20.8%, the general equipment manufacturing industry by 10.4%, the special equipment manufacturing industry by 2.0%, the automobile manufacturing industry by 0.5%, the non-ferrous metal smelting and rolling processing industry by 3.7%, the textile industry by 6.1%, the oil and gas extraction industry by 8.9%, agricultural and sideline food processing industry fell by 16.5%, and computers, communications and The other electronic equipment manufacturing industry declined by 18.2%, the non-metallic mineral products industry by 26.5%, the coal mining and washing industry by 26.6%, the petroleum, coal and other fuel processing industry by 27.0%, and the chemical raw materials and chemical products manufacturing industry by 42.8%.

From January to October, industrial enterprises above scale achieved operating income of 107.78 trillion yuan, an increase of 0.3% over the previous year; incurred operating costs of 91.63 trillion yuan, an increase of 0.6%; and profit margin on operating income was 5.67%, down 0.50 percentage points from the previous year.

At the end of October, the total assets of large-scale industrial enterprises were 165.84 trillion yuan, up 6.3% year on year; total liabilities were 95.52 trillion yuan, up 6.6%; owners' equity totaled 70.32 trillion yuan, up 5.8%; and balance ratio was 57.6%, up 0.2 percentage points year on year.

At the end of October, accounts receivable from large-scale industrial enterprises were 24.21 trillion yuan, an increase of 8.4% over the previous year; the inventory of finished products was 6.21 trillion yuan, an increase of 2.0%.

From January to October, the cost per 100 yuan of operating income for industrial enterprises above the scale was 85.02 yuan, an increase of 0.24 yuan over the previous year; the cost per 100 yuan of operating income was 8.33 yuan, an increase of 0.29 yuan over the previous year.

At the end of October, the operating income achieved by industrial enterprises above the scale was 80.2 yuan per 100 yuan of assets, a year-on-year decrease of 5.6 yuan; per capita operating income was 1,782 million yuan, an increase of 61,000 yuan over the previous year; the number of turnover days of finished product inventory was 20.0 days, an increase of 1.1 days over the previous year; and the average payback period for accounts receivable was 63.2 days, an increase of 5.3 days over the previous year.

In October, large-scale industrial enterprises achieved a 2.7% year-on-year increase in profit.

Industrial companies' profits continued to improve from January to October

——Yu Weining, statistician of the Department of Industry of the National Bureau of Statistics, interprets the profit data of industrial enterprises

In October, the effects of macroeconomic policies continued to show, industrial production grew steadily, the revenue of industrial enterprises rebounded at an accelerated pace, and profits continued to recover to a positive trend. The enterprise efficiency situation showed the following main characteristics:

Industrial companies' profits continued to grow positively for 3 consecutive months. From January to October, the profit of industrial enterprises above the national scale fell 7.8% year on year, and the decline was 1.2 percentage points narrower than in January-September. Since March this year, the profit decline has narrowed month by month. Among them, the profit of regulated industrial enterprises increased by 2.7% year-on-year in October, achieving positive growth for 3 consecutive months, and the efficiency of industrial enterprises continued to improve.

The cumulative revenue of industrial enterprises turned into growth. Industrial production grew steadily, and the product sales rate remained above 97.0% for 4 consecutive months, driving continuous improvement in corporate revenue. In January-October, according to regulations, the operating income of industrial enterprises increased by 0.3% year on year, shifting from a flat year-on-year rate in January-September to an increase. Among them, the operating income of regulated industrial enterprises increased 2.5% year on year in October, 1.3 percentage points faster than in September, and rebounded for 4 consecutive months.

Profits in all three categories have rebounded, and profits in over 70% of industries have improved. From January to October, the year-on-year decline in mining and manufacturing profits was 0.2 and 1.6 percentage points narrower than in January-September, respectively. Profits in electricity, heat, gas, and water production and supply increased by 40.0% year on year, and the growth rate accelerated by 1.3 percentage points. From January to October, out of 41 major industrial industries, the profit growth rate of 30 industries was faster or narrower than in January-September, changing from decline to increase, and profit rebounded to 73.2%.

Profits in the raw materials and consumer goods industries continued to improve. As downstream demand continues to recover, product prices in the raw materials industry have generally rebounded, revenue growth has accelerated, and profits have continued to improve. In January-October, the year-on-year decline in profit in the raw materials manufacturing industry was 4.8 percentage points narrower than in January-September. Among them, the profit of the raw materials manufacturing industry increased by 22.9% in October and continued to maintain relatively rapid growth, contributing the most to the increase in regulated industrial profits. Benefiting from policies to expand domestic demand and promote consumption, the consumer market is gradually picking up, and profits in the consumer goods industry continue to recover. In January-October, the decline in consumer goods manufacturing profits was 0.8 percentage points narrower than in January-September. Among them, the profit of the consumer goods manufacturing industry increased by 2.2% in October, increasing for 3 consecutive months.

The profit of the equipment manufacturing industry continues to grow. Since this year, the high-end, intelligent and greening of the manufacturing industry has advanced in depth, and the equipment manufacturing industry has continued to develop and expand. From January to October, the profit of the equipment manufacturing industry increased 1.1% year on year and continued to grow. The growth rate was 8.9 percentage points higher than the regulated industry average. The profit of the equipment manufacturing industry accounted for 35.1% of the regulated industry, an increase of 3.1 percentage points over the previous year. By industry, the profits of the electrical machinery, railway ships, aerospace transportation equipment, and general equipment industries all achieved double-digit growth, increasing by 20.8%, 19.1%, and 10.4% respectively; the automobile industry's profit increased by 0.5%, 0.4 percentage points faster than in January-September.

The profit of the electric water industry continues to grow at a relatively rapid pace. From January to October, the profit of the electricity, heat, gas and water production and supply industries increased by 40.0% year on year. Among them, the profit in October increased by 50.3%, which has continued to maintain a rapid growth trend since the beginning of the year. By industry, the profits of the electricity, heat, gas, and water production and supply industries increased by 50.1%, 8.0%, and 8.8%, respectively, from January to October.

Profits of different types of businesses have improved. With the detailed implementation of various policies to aid and benefit enterprises, the vitality of business entities continues to increase. In January-October, among regulated industrial enterprises, the year-on-year decline in profits of state-owned holdings, private enterprises, foreign investors, and Hong Kong, Macao, and Taiwanese investors was 1.6, 1.3, and 0.3 percentage points, respectively, narrower than in January-September; the profit declines of large, medium, and small enterprises narrowed by 1.0, 1.2, and 1.9 percentage points, respectively.

The unit cost of the enterprise continues to decline, and the profit margin on operating income is rising steadily. Enterprise revenue continues to improve, and the scale effect continues to increase, helping enterprises reduce unit costs and increase profit margins. In October, according to regulations, the cost per 100 yuan of operating income of industrial enterprises was 84.58 yuan, a year-on-year decrease of 0.27 yuan, a year-on-year decrease of 0.27 yuan, a year-on-year decrease for 4 consecutive months; the profit margin on operating income was 6.19%, an increase of 0.01 percentage points year-on-year, and a year-on-year increase for 3 consecutive months.

Overall, the profit of industrial enterprises continued to improve from January to October. In the next stage, it is necessary to continue to thoroughly implement the decisions and arrangements of the Party Central Committee and the State Council, make effective use of financial resources to promote scientific and technological innovation, advanced manufacturing, green development and the role of micro, small and medium-sized enterprises, focus on expanding domestic demand, stimulate the vitality of business entities, promote the transformation and upgrading of traditional industries, cultivate and expand emerging industries, shape new advantages in industrial economic development, and promote high-quality development of the industrial economy.