Zhitong Finance APP was informed that on April 29, the Shanghai Association of China released an analysis report on the operating performance of Chinese listed companies in 2022. Data Display,For the whole year of 2022, domestic listed companies achieved a total operating income of 71.53 trillion yuan, a year-on-year increase of 7.2%; realized a net profit of 5.63 trillion yuan, a year-on-year increase of 0.8%, and the overall performance maintained a steady growth trend.In terms of sub-sectors, the annual revenue growth rate of the Science and Technology Innovation Board is leading, reaching 29.3%; the growth rate of net profit of the Growth Enterprise Market is leading, reaching 11.3%.
From the perspective of competitiveness and profit quality, in 2022, the average net sales rate of listed companies in the non-financial industry will be 5.16%, and the average return on net assets will be 8.27%, which are 0.41 and 0.77 percentage points lower than the same period last year; The net net cash flow was 5.85 trillion yuan, a year-on-year increase of 5.2%, which was higher than the growth rate of net profit. The average operating cash ratio was 9.48%, and the operating cash ratio of 50% of the companies increased year-on-year.
The Shanghai Association pointed out that in 2022, there will be 424 domestic first-listed companies, and the total number will increase to 5,079. The reform of the registration system has unleashed vitality, the group of listed companies has continued to grow, and the trend of leading high-quality development is obvious. As of April 29, 2023, in addition to announced plans to delay disclosure and delist and reorganize companies, a total of 5,067 companies in the three stock exchanges in Shanghai, Shenzhen, and Beijing have disclosed their 2022 annual reports.
1. The overall growth is stable, and the performance of the company is clearly differentiated
For the whole year of 2022, domestic listed companies achieved a total operating income of 71.53 trillion yuan, a year-on-year increase of 7.2%; realized a net profit of 5.63 trillion yuan, a year-on-year increase of 0.8%, and the overall performance maintained a steady growth trend. In terms of sub-sectors, the annual revenue growth rate of the Science and Technology Innovation Board is leading, reaching 29.3%; the growth rate of net profit of the Growth Enterprise Market is leading, reaching 11.3%.
From the perspective of competitiveness and profit quality, in 2022, the average net sales rate of listed companies in the non-financial industry will be 5.16%, and the average return on net assets will be 8.27%, which are 0.41 and 0.77 percentage points lower than the same period last year; The net net cash flow was 5.85 trillion yuan, a year-on-year increase of 5.2%, which was higher than the growth rate of net profit. The average operating cash ratio was 9.48%, and the operating cash ratio of 50% of the companies increased year-on-year.
Excluding the financial industry and the “three barrels of oil”, nearly 60% (2,884) of the listed companies achieved a year-on-year increase in operating income, nearly 50% (2,337) of the companies achieved a year-on-year increase in net profit, and nearly 40% of the companies maintained revenue and net profit double growth. 1,035 entities listed companies were at a loss, accounting for 21.0%, and the area of loss expanded by 4.6 percentage points compared with the same period last year. Over 30% of the loss-making companies came from the computer, pharmaceutical, biological, electronics, and mechanical equipment industries. The revenue and net profit of small-scale listed companies fell by 9.7% and 55.6% respectively.
From the perspective of holding types, the quality and efficiency of the reform of central enterprises have improved, the private economy has continued to maintain resilience, and the growth rate of local state-owned listed companies has relatively slowed down. 379 central state-owned listed companies achieved a total revenue of 24.69 trillion yuan and a net profit of 1.30 trillion yuan, with a year-on-year growth rate of 10.4% and 4.8% respectively. The revenue and net profit accounted for 34.5% and 23.0% of all listed companies respectively . 3,197 listed companies controlled by natural persons achieved a total revenue of 16.50 trillion yuan and a net profit of 0.88 trillion yuan, with year-on-year growth rates of 13.2% and 1.9% respectively.
2. The evolution of the industrial structure is accelerating, and the “dual cycles” promote each other
In terms of industries, among the 18 national economic sectors to which listed companies belong, 11 sectors have positive growth in revenue, and 8 sectors have positive growth in net profit. Losses were recorded in real estate, accommodation and catering, education, resident services, repairs and other services. The overall net profit of the manufacturing industry has declined slightly. Among the 29 major manufacturing industries, 12 major categories such as electrical machinery and equipment manufacturing, and agricultural and sideline food processing industries have both increased in revenue and net profit.
In terms of sub-sectors, benefiting from rising commodity prices, upstream resource-related industries (coal, petroleum, non-ferrous metals, etc.) have achieved high growth. The overall net profit growth rate of the industry is higher than 20%, and the revenue and profit of many companies have doubled. The transformation of the energy structure has driven the rapid development of multiple industries in the field of new energy. The installed capacity of photovoltaics and wind power has increased significantly. The production and sales of new energy vehicles are booming, and the scale of the power battery industry has expanded rapidly. The overall revenue growth rate of photovoltaic and new energy vehicle sector companies reached 57.7% and 27.4%. Benefiting from the safety and self-controllability of the industrial chain, semiconductor equipment companies have achieved high growth rates. The revenue of listed companies in the high-tech manufacturing industry increased by 14.6%, and the growth momentum of technology-based companies continued to explode.
Affected by the continuous spread of the epidemic, contact consumer service industries such as air transportation, film and television theaters, hotels, restaurants, and tourism will still be in a state of loss in 2022, and the overall net profits of textile, apparel, and media industries will decline. Real estate companies continue to be in the doldrums, and it will take time for risks to be cleared and balance sheets to be repaired. The performance release of industries related to the real estate industry chain such as steel, building materials, architectural decoration, and home appliances is still limited.
In 2022, exports will form a huge impetus. The average net profit growth rate of listed companies with overseas business accounting for more than 30% exceeds 10.3%, far exceeding the average level of listed companies, and foreign trade shows strong resilience. Advantageous companies are accelerating their international deployment.
Under the impact of multiple unexpected factors, the country’s timely introduction of a series of corporate bailout policies has shown the effect. In 2022, listed companies will receive a total of 0.85 trillion yuan in tax rebates, a year-on-year increase of 120%. The total tax rebates will account for 6.0% of the company’s net operating cash flow.
3. The functions of the capital market have been significantly improved, and financial services for the real economy have continued to deepen
For the whole year of 2022, the domestic stock market will raise nearly 590 billion yuan in initial offerings, refinancing (including convertible bonds) of more than 940 billion yuan, and various entities will raise 6.45 trillion yuan through bond issuance on exchanges. Among the newly listed companies in 2022, there are 354 on the Growth Enterprise Market, the Science and Technology Innovation Board, and the Beijing Stock Exchange, accounting for 83%. There are more than 2,500 listed companies in strategic emerging industries across the market, and the market structure continues to be optimized. Under the comprehensive registration system, the financing channels of high-quality technological innovation companies have been further unblocked, and the capital market has injected strong impetus into the real economy. There were 51 delisted companies throughout the year, of which 42 were forced to delist, exceeding the sum total of the 10 years before the delisting reform, and a normalized delisting situation has basically taken shape.
Financial listed companies in the entire market will realize revenue of 9.85 trillion yuan in 2022, a year-on-year decrease of 1.9%, and net profit of 2.45 trillion yuan, a year-on-year increase of 0.9%. The asset scale of 42 listed banks maintained high growth (an average growth rate of 11.4%), the credit structure was optimized, and the balance of technology loans, manufacturing loans, and green credit maintained high growth rates, supporting the real economy, focusing on key areas, and serving major national strategies.
The overall net interest margin of listed banks is under pressure, the growth rate of revenue and net profit has slowed down compared with last year, and the asset provision ratio has decreased during the same period. Affected by fluctuations in domestic and overseas capital markets and weakening residents’ willingness to consume, the net profits of listed companies in the securities and insurance industries fell by 34.5% and 15.1% year-on-year.
4. The momentum of innovation and development is enhanced, and high-quality development is promoted in a three-dimensional manner
The effective improvement of the listed company’s overall quality and the reasonable growth of the quantity have been further deepened. Taking active actions in accelerating the pace of self-reliance and self-improvement in science and technology, the endogenous growth momentum has been continuously enhanced, and R&D investment has continued to maintain a high level. In 2022, the total R&D investment of listed companies in the market will be 1.66 trillion yuan, an increase of 0.27 trillion yuan over the previous year, and the average R&D intensity will be 2.32%, a year-on-year increase of 0.25 percentage points. Among the three innovation boards, the average R&D intensity of the Science and Technology Innovation Board is the highest (10.53%), and the R&D intensity of high-tech manufacturing companies in the entire market reaches 6.71%. Listed companies will give full play to the role of demand-driven main force, promote the transformation of scientific and technological achievements and continuously improve the level of industrialization. By the end of 2022, the cumulative number of disclosed patents will exceed 1.4 million, an increase of more than 17% over the previous year. Actively gather scientific and technological R & D talents. In 2022, listed companies will disclose a total of 2.57 million R & D personnel, and fully promote the supplementary chain of various industries to strengthen the chain, increase the chain, and extend the chain.
In 2022, the investment of listed companies will show resilience, with capital expenditure of 4.83 trillion yuan, a year-on-year increase of 0.36 trillion yuan (8.1%), and 50% of companies will achieve growth in capital expenditure. Digital transformation helps reduce costs and increase efficiency, injecting a new engine for high-quality development. The annual revenue of digital industrialization listed companies increased by 8.9%, and the demand for industrial digital transformation is strong.
According to the statistics of the annual report, the listed companies in the whole market will achieve a total added value in 2022[4]18.23 trillion yuan, an increase of 4.9% year-on-year, accounting for 15.1% of the total GDP, and the proportion has further increased. Among them, the added value of 889 listed companies in the high-tech industry increased by 9.4% over the previous year, which was 2.0 percentage points higher than the national average growth rate of the high-tech manufacturing industry. Total employee productivity of listed companies in 2022[5]It reached 621,000 yuan per person, more than four times the total social data released by the National Bureau of Statistics.
5. Emphasize ESG core values, continue to pay dividends to enhance shareholder returns
The proportion of ESG information disclosure by listed companies has further increased. More than 1,700 companies independently compiled and released ESG-related reports in 2022, accounting for 34%, and the number of companies has increased significantly compared with last year. A+H, state-owned enterprises holding companies, and companies listed on the main board are leading the release rate, and ESG-related reports for banking, non-bank financial and other industries The release rate exceeds 80%.
Listed companies play an important role in fulfilling their social responsibilities in terms of protecting taxes, promoting employment, and benefiting people’s livelihood. In 2022, listed companies will contribute a total of 4.79 trillion yuan in tax revenue, accounting for 28.7% of the country’s total tax revenue; the number of new employees will be 688,800, accounting for 5.7% of the annual urban employment population; the number of new employees in the auto industry will exceed 30 Over 200,000 new employees were added for electric power equipment, and more than 50,000 new employees were added in the fields of medicine and biology, mechanical equipment, basic chemical industry, and architectural decoration. A total of 6.24 trillion yuan was paid to employees in the whole year. Listed companies actively undertake social responsibilities, rush to the front line of anti-epidemic, ensure material supply, and demonstrate corporate responsibility; actively serve the national strategy, continue to increase capital investment, optimize assistance models, and become a vital force for rural revitalization.
The amount of cash dividends in the annual report hit a historical high, and actively rewarding investors has become a new trend in the market. 3,413 listed companies implemented or announced annual cash dividend plans, accounting for 67%, with a total cash dividend of 1.89 trillion yuan and an average dividend payment rate of 30.3%. The dividends of 27 companies exceeded 10 billion, and the dividends of ICBC exceeded 100 billion.
In addition, the Shanghai Association of China said that according to the national economic operation data for the first quarter of 2023 released by the National Bureau of Statistics, my country’s economy as a whole has shown a recovery trend, with major indicators stabilizing and rising, the vitality of business entities has increased, and market expectations have improved significantly.The first quarterly report data of listed companies in 2023 reflects the expected improvement, and the recovery of confidence is accelerated. In the first quarter, domestic listed companies achieved a total operating income of 17.03 trillion yuan and a net profit of 1.60 trillion yuan, with year-on-year growth rates of 2.0% and 2.0% respectively.Policies to promote consumption have been strengthened and consumption scenarios have increased, and industries related to terminal consumption such as catering and travel and production and living services have shown a strong recovery trend.