China’s Industrial Profits Rise 3.6% in First Seven Months of2024
BEIJING, Aug. 27(Xinhua) — China’s industrial profits rose 3.6% year-on-year in the first seven months of 2024,according to data released by the National Bureau of Statistics (NBS) on Monday.
The total profits of industrial enterprises above designated size reached 4.09917 trillion yuan (about 574.3 billion U.S. dollars) during the period, the NBS said.
The growth was driven by a rebound in manufacturing, with profits in the sector rising 5%year-on-year. Notably, profits in the smelting and pressing of nonferrous metals surged 79.3%, while profits in the manufacture of computers, communications and other electronic equipment increased by 25.1%.
Otherindustries that saw significant profit growth include the processing of agricultural products (up 23.9%), the production and supply of electricity, heat, gas and water (up 23.2%), and the textile industry (up 18.4%).
However, some industries experienced profit declines. The mining industrysaw profits drop by 9.5%, with the coal mining and dressing industry experiencing a 21.7% decline. The non-metallic mineral products industry saw a significant 48.8% drop in profits.
The oil and natural gas extraction industry saw a modest 5.3% increase inprofits, while the chemical raw materials and chemical products manufacturing industry saw a 4.8% increase.
The automotive manufacturing industry saw a 6.7% increase in profits, while the general equipment manufacturing industry saw a 4.3% increase. However, the electrical machinery and equipment manufacturing industry experienced an8.1% decline in profits, and the specialized equipment manufacturing industry saw a 2.9% decline.
The NBS also reported that the oil, coal and other fuel processing industry, and the ferrous metal smelting and pressing industry both shifted from profit to loss during the period.
In terms of revenue, industrialenterprises above designated size saw a 2.9% year-on-year increase in revenue, reaching 75.93 trillion yuan. Their operating costs rose 3% to 64.79 trillion yuan. The operating profit margin reached 5.4%, up 0.04 percentagepoints year-on-year.
The NBS data also showed that the total assets of industrial enterprises above designated size reached 172.76 trillion yuan at the end of July, up 5.3% year-on-year. Their total liabilities reached 99.51 trillion yuan,up 5.1% year-on-year, while their total equity reached 73.25 trillion yuan, up 5.7% year-on-year. The asset-liability ratio stood at 57.6%, down 0.1 percentage points year-on-year.
At the end of July, the total amount of accounts receivable for industrial enterprises above designated size reached 25.1 trillion yuan, up 8.1% year-on-year. The total amount of finished goods inventory reached 6.47 trillion yuan, up 5.2% year-on-year.
The NBS data also showed that the cost per 100 yuan of operating revenue for industrial enterprises above designated size was 85.33 yuan, up 0.09 yuan year-on-year. The expenses per 100 yuan of operating revenue remained flat at8.41 yuan.
At the end of July, the operating revenue per 100 yuan of assets for industrial enterprises above designated size was 76.4 yuan, down 2.3 yuan year-on-year. The per capita operating revenue was 1.794 millionyuan, up 780,000 yuan year-on-year. The finished goods inventory turnover days were 20.4 days, up 0.2 days year-on-year. The average collection period for accounts receivable was 66.5 days, up 3.4days year-on-year.
In July, the profits of industrial enterprises above designated size increased by 4.1% year-on-year.
The NBS attributed the overall growth in industrial profits to the continuous implementation of policies to stabilize the economy and promote high-quality development. The bureau also noted thatthe industrial sector is facing challenges, including rising costs and weak demand.
The NBS said it will continue to monitor the situation and take appropriate measures to ensure the healthy development of the industrial sector.
【source】http://www.chinanews.com/cj/2024/08-27/10275203.shtml
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