According to data released by the National Bureau of Statistics on April 27, from January to March, the total profit of industrial enterprises above designated size was 1,254.32 billion yuan, a year-on-year decrease of 2.7%, which was a 1.5 percentage point drop from January to February. Among them, from January to March, the mining owner's business income was 1,230.43 billion yuan, a year-on-year decrease of 14.5%; total profit was 65.55 billion yuan, a year-on-year decrease of 61%.
From January to March, among the 41 industrial categories, the total profits of 30 industries increased year-on-year, with one industry flat and eight industries falling. The two industries have turned profits from the same period into losses. Among them, non-metallic mineral products industry increased by 0.1%, ferrous metal smelting and rolling processing industry increased by 2.2%, non-ferrous metal smelting and rolling processing industry increased by 28.3%, electricity, heat production and supply industry increased by 16.4%, coal mining and washing industry A drop of 61.9%, oil and natural gas extraction industry fell 71.7%, oil processing, coking and nuclear fuel processing industry from the same period profits to losses.
Dr. He Ping of the Department of Industry of the National Bureau of Statistics said that in the interpretation of the profit data of industrial enterprises from January to March, the industrial profits in March presented two characteristics. First, the decline in profits narrowed. Second, the profit rate increased.
He Ping said that the reasons for the narrowing of the decline in industrial profits in March were due to the fact that the decline in raw material prices increased, investment income rose from a downward trend, financial costs rose from high to low, and oil processing and other industries saw a marked improvement in their profitability. Affected by the lagging effect of changes in crude oil prices and the gradual absorption of high-cost crude oil inventories, in March, the profits from petroleum processing coking and nuclear fuel processing industries increased by 10.75 billion yuan from the same period of last year, and from January to February decreased by 28.55 billion yuan from the same period last year. From January to February, profits improved significantly, driving the increase in profits of all industrial enterprises above designated size by 5.8 percentage points. In addition, the profitability of industries such as oil and natural gas extraction, coal mining, and washing industry also improved from January to February.
He Ping believes that despite the narrowing of the decline in profit in March, the production and operation of industrial enterprises remains grim. Due to the weak demand, the growth rate of industrial production slowed down, the price of products continued to decline, and the growth rate of main business income declined significantly, which constrained the increase in corporate profits. At the same time, the sluggish sales led to continued pressure on corporate inventory and high receivables. At the end of March, the inventory of finished goods of industrial enterprises increased by 7.7% year-on-year, which was 5.7 percentage points higher than the accumulative total business income; the inventory turnover days of finished goods were 15.6 days, an increase of 0.8 days from the same period last year. Corporate accounts receivable increased by 9.3% year-on-year, an increase of 7.3% over the accumulative main business income. The average payback period of accounts receivable was 37.5 days, an increase of 2.8 days over the same period of last year. Difficulties in inventory pressure and cash flow have further constrained the improvement of corporate profits.
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