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According to the news of the National Bureau of Statistics on March 27th , Sun Xiao, a statistician at the bureau's industrial department of the National Bureau of Statistics, interpreted the profit data of industrial enterprises. From January to February, the profits of industrial enterprises decreased year-on-year, mainly showing the following characteristics:
1. Multi-factors are contributing to the decline in profits for industrial enterprises. In January and February, the total profits of national-scale industrial enterprises decreased by 22.9% year-on-year due to factors such as volumes and prices. Firstly, from the perspective of incomes, although industrial production has rebounded, market demand has not fully recovered, and operating income of enterprises fell by 1.3% year-on-year, a decrease that expanded by 1.0 percentage points compared to December of last year. Secondly, from the perspective of costs, the decline in revenue was greater than the decline in costs, resulting in a decrease in gross profit and pulling down industrial profits by 18.6 percentage points. Thirdly, for prices, PPI was affected by a higher base in the same period, with a year-on-year decrease of 1.1% in January and February, which was a larger decline compared to December of last year, putting greater pressure on corporate profitability. Affected by these factors, profits in raw materials and equipment manufacturing industries have declined significantly, pulling down industrial profits by 15.7% and 6.5%, respectively.
2. The power industry continued to see rapid profit growth, while the mining industry maintained a relatively high level of profitability. In January and February, with the continuous recovery of industrial production and the increase in electricity demand, electricity generation continued to grow, driving the year-on-year growth in profits of the power industry by 53.1%, continuing its rapid growth trend. Due to the higher base last year, profits in the mining industry decreased by 0.1% year-on-year, but over the two-year period, profits averaged a growth rate of 52.2%, indicating that the profitability of the industry remained better than downstream industries. Among them, profits in non-ferrous metal mining, oil and gas extraction, and non-metallic mineral industries increased by 30.3%, 8.6%, and 1.2% year-on-year, respectively.
3. The decline in profits of the consumer goods manufacturing industry narrowed. In January and February, as consumer demand continued to recover, the performance of the consumer goods manufacturing industry showed positive changes, with enterprise profits decreasing by 8.0% year-on-year, a decrease of 13.4 percentage points compared to December of last year. Among them, profits in the tobacco products and alcoholic beverages industries increased by 9.6% and 2.4% year-on-year, respectively, while the decline in profits in the pharmaceuticals, cultural and educational goods, and leather and footwear manufacturing industries narrowed by 36.9, 27.6, and 6.2 percentage points respectively from December of last year.
4. New energy industries saw rapid profit growth. In January and February, the electrical machinery industry saw a year-on-year profit growth of 41.5%, driven by products such as power batteries and photovoltaic equipment, and continued to maintain a rapid growth trend; the railway, shipbuilding, aerospace and other transportation equipment industry saw a year-on-year profit growth of 64.8%, driven by marine engineering equipment, electric bicycle manufacturing, and other factors.
In the next stage, as production and daily life return to normal, market demand gradually recovers, the level of production and sales coordination improves, and the base effect weakens,industrial enterprise profits will gradually recover.