According to the financial data of industrial enterprises released by the National Bureau of Statistics on November 27, from January to October, the profits of industrial enterprises above designated size increased by 8.6% year-on-year, which was a 0.2 percentage point increase from January to September. Among them, October's profit rose by 9.8% year-on-year, and the growth rate was 2.1 percentage points higher than that in September.
Firms' Profits are Further Stabilizing The company's profit growth in October has been accelerating, and the company's profitability has been stabilizing further, specifically in the following aspects.
Industrial prices continued to rise. In October, the ex-factory price of industrial producers rose by 1.2% year-on-year, an increase of 1.1% from September. Shows that the demand for domestic industrial products has further recovered.
The profit rate continued to rise year-on-year. In October, the profit rate of main business income of industrial enterprises above designated size was 6.06%, which was a year-on-year increase of 0.24 percentage points.
Financial expenses continued to decline year-on-year. In October, corporate finance costs fell by 4.5% year-on-year, extending the downward trend since the beginning of the year.
The profit growth of the mining industry has reached new heights. In October, the profits of the mining industry increased by 86.6% year-on-year, an increase of 56.3 percentage points over September.
The effectiveness of supply-side structural reforms continues to show that inventory continues to decline. At the end of October, the inventory of finished goods of industrial enterprises above designated size decreased by 0.3% year-on-year, continuing the downward trend since the beginning of the year.
The leverage rate continues to decline. At the end of October, the asset-liability ratio of industrial enterprises was 56.1%, a year-on-year decrease of 0.7 percentage points and a decrease of 0.2 percentage points from the previous quarter.
Unit costs continue to decrease. In October, the cost per 100 yuan of main business income of industrial enterprises was 85.73 yuan, a year-on-year decrease of 0.13 yuan.
Sales Speed ​​Up, Prices Rise, Profit Growth Reverts In October, the profit growth of industrial companies rebounded from September, mainly due to the following reasons:
Sales growth accelerated. In October, the main business income of industrial enterprises above designated size grew by 5.4% year-on-year, an acceleration of 1.5 percentage points over September.
Price increased. According to preliminary estimates, due to the 1.2% year-on-year increase in factory prices of industrial producers in October, the main business income of enterprises increased by approximately RMB 120.5 billion, as the purchase price of industrial producers increased by 0.9% and the cost of raw materials for enterprises increased by approximately 59.7 billion yuan. Balanced, profits increased by about 60.8 billion yuan, an increase of about 10.5 billion yuan over September.
Chemicals, coal, and general equipment industries have been significantly driven. In October, the chemical materials and chemical manufacturing industries increased profits by 8.14 billion yuan year-on-year, an increase of 5.52 billion yuan over September; coal mining and washing industry increased profits by 16.56 billion yuan year-on-year, an increase of 5.61 billion yuan over September; The general equipment manufacturing industry added 1.94 billion yuan in profits year-on-year, while it decreased by 2.86 billion yuan in September. The above three industries combined to increase the profit growth rate of industrial enterprises above designated size by 2.7 percentage points.
Although the growth rate of industrial profits in October rose steadily, the structure of profit growth was not reasonable. The profits of traditional raw material manufacturing industries grew rapidly, which contributed to the growth of the overall industrial profits, and the profit growth of high-tech manufacturing and equipment manufacturing. It slowed down. In addition, profit growth momentum is too much dependent on price increases. Industrial enterprises still need to practice their internal skills to improve quality and promote efficiency.
(Original title: Dr. He Ping, Department of Industry, National Bureau of Statistics, reads profit statistics of industrial enterprises for January-October 2016)
Firms' Profits are Further Stabilizing The company's profit growth in October has been accelerating, and the company's profitability has been stabilizing further, specifically in the following aspects.
Industrial prices continued to rise. In October, the ex-factory price of industrial producers rose by 1.2% year-on-year, an increase of 1.1% from September. Shows that the demand for domestic industrial products has further recovered.
The profit rate continued to rise year-on-year. In October, the profit rate of main business income of industrial enterprises above designated size was 6.06%, which was a year-on-year increase of 0.24 percentage points.
Financial expenses continued to decline year-on-year. In October, corporate finance costs fell by 4.5% year-on-year, extending the downward trend since the beginning of the year.
The profit growth of the mining industry has reached new heights. In October, the profits of the mining industry increased by 86.6% year-on-year, an increase of 56.3 percentage points over September.
The effectiveness of supply-side structural reforms continues to show that inventory continues to decline. At the end of October, the inventory of finished goods of industrial enterprises above designated size decreased by 0.3% year-on-year, continuing the downward trend since the beginning of the year.
The leverage rate continues to decline. At the end of October, the asset-liability ratio of industrial enterprises was 56.1%, a year-on-year decrease of 0.7 percentage points and a decrease of 0.2 percentage points from the previous quarter.
Unit costs continue to decrease. In October, the cost per 100 yuan of main business income of industrial enterprises was 85.73 yuan, a year-on-year decrease of 0.13 yuan.
Sales Speed ​​Up, Prices Rise, Profit Growth Reverts In October, the profit growth of industrial companies rebounded from September, mainly due to the following reasons:
Sales growth accelerated. In October, the main business income of industrial enterprises above designated size grew by 5.4% year-on-year, an acceleration of 1.5 percentage points over September.
Price increased. According to preliminary estimates, due to the 1.2% year-on-year increase in factory prices of industrial producers in October, the main business income of enterprises increased by approximately RMB 120.5 billion, as the purchase price of industrial producers increased by 0.9% and the cost of raw materials for enterprises increased by approximately 59.7 billion yuan. Balanced, profits increased by about 60.8 billion yuan, an increase of about 10.5 billion yuan over September.
Chemicals, coal, and general equipment industries have been significantly driven. In October, the chemical materials and chemical manufacturing industries increased profits by 8.14 billion yuan year-on-year, an increase of 5.52 billion yuan over September; coal mining and washing industry increased profits by 16.56 billion yuan year-on-year, an increase of 5.61 billion yuan over September; The general equipment manufacturing industry added 1.94 billion yuan in profits year-on-year, while it decreased by 2.86 billion yuan in September. The above three industries combined to increase the profit growth rate of industrial enterprises above designated size by 2.7 percentage points.
Although the growth rate of industrial profits in October rose steadily, the structure of profit growth was not reasonable. The profits of traditional raw material manufacturing industries grew rapidly, which contributed to the growth of the overall industrial profits, and the profit growth of high-tech manufacturing and equipment manufacturing. It slowed down. In addition, profit growth momentum is too much dependent on price increases. Industrial enterprises still need to practice their internal skills to improve quality and promote efficiency.
(Original title: Dr. He Ping, Department of Industry, National Bureau of Statistics, reads profit statistics of industrial enterprises for January-October 2016)
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