Zhu Hong, senior statistician of the Industrial Department of the National Bureau of Statistics, interprets the profit data of industrial enterprises

The profits of industrial enterprises are under obvious short-term pressure

Positive factors support profits expected to recover

——Zhu Hong, senior statistician of the Industrial Department of the National Bureau of Statistics, interprets the profit data of industrial enterprises

　　4In this month, the epidemic spread frequently in some parts of the country, which caused a great impact on the production and operation of industrial enterprises, and the profits of industrial enterprises declined. Facing the severe and complex situation, all regions and departments earnestly implemented the decisions and deployments of the Party Central Committee and the State Council, and actively responded to the impact of the epidemic. With the continuous effective measures of ensuring energy supply, helping enterprises to bail out, and supporting the development of the real economy, it will effectively promote the accelerated recovery of the industrial economy.

1. The profit growth of industrial enterprises has fallen, and the profits of some industries have continued to grow

　　1—4In March, the profits of industrial enterprises above designated size increased year-on-year3.5%faster than1—3month down5.0percent.In terms of categories, the profits of the mining industry increased year-on-year1.46times, continued to maintain rapid growth; manufacturing profits declined8.3%a drop compared to1—3month to expand6.2percentage points; profit decline in electricity, heat, gas and water production and supply industries29.3%the decline narrowed slightly.4Profits of industrial enterprises fell year-on-year in March8.5%.In terms of categories, the profits of the mining industry increased year-on-year1.42times, manufacturing profits fell22.4%the profit of electricity, heat, gas and water production and supply declined26.8%。

Some regions and industries have been greatly affected by the epidemic, and the profit growth rate of industrial enterprises has dropped significantly.1—4In March, the profits of industrial enterprises in the eastern and northeastern regions decreased year-on-year respectively16.7%、8.1%the total impact on the profit growth rate of industrial enterprises is higher than1—3month down4.2percent.Among the major industries, the automobile manufacturing industry has been affected more significantly, affecting the manufacturing industry.4month-to-month profit decline6.7percent.

The profits of the mining industry and some raw material industries increased rapidly. The energy supply guarantee continued to be effective, the output of coal and other energy products increased rapidly, and the prices of bulk commodities remained high, driving the rapid growth of profits in some upstream industries.1—4In March, the profits of the mining industry continued to grow at a high rate, among which the profits of the coal and oil and gas mining industries increased respectively1.99Double,1.38times.In the raw material industry, the profits of non-ferrous metal smelting and chemical industry increased respectively40.3%、14.8%have achieved rapid growth.

Profits in the basic consumer goods industry continued to grow. Since the beginning of this year, the strong implementation of the people’s livelihood guarantee policy, the sufficient supply of basic consumer goods and the stable market demand have driven the steady growth of the profits of the basic consumer goods industry.1—4In March, the profits of the wine, beverage, tea, food manufacturing, and tobacco industries increased year-on-year respectively20.9%、10.8%、7.9%. Industries such as furniture, textiles and clothing, leather and shoemaking, textiles, culture, education, industry and beauty all maintained growth.

2. The positive factors have accumulated and increased, and the benefits of industrial enterprises are expected to gradually improve

First, the benefits of industrial enterprises still have the basis for a stable recovery.1—4In March, the profits of industrial enterprises above designated size increased in the same period of the previous year1.06Still growing on a higher base.The central and western regions, which were less affected by the epidemic, maintained rapid profit growth, with growth rates of18.2%and47.5%. In terms of assets and revenue,4At the end of the month, the total assets of industrial enterprises above designated size increased year-on-year10.4%the total increase in owner’s equity10.5%are at a relatively high level in the past five years, and the scale of the enterprise has continued to develop.1—4In March, the operating income of industrial enterprises increased year-on-year9.7%close to double-digit growth, creating room for the improvement of corporate profits, and the resilience and potential of industrial enterprises are still strong.

Second, the resumption of work and production of enterprises is accelerated.1—4In March, the decline in the growth rate of profits of industrial enterprises was mainly affected by the impact of the epidemic in some regions. From the perspective of Shanghai, Jilin, Liaoning and other regions that were greatly affected by the epidemic,4The number of days of shutdown of enterprises in the month was significantly more than3month, yes4The impact on the profitability of industrial enterprises in the month is more obvious. At present, the epidemic prevention and control situation in the Yangtze River Delta region has improved, and the resumption of work and production of enterprises is progressing steadily. The impact of the epidemic on industrial enterprises is expected to gradually weaken.

The third is the relief policy to help enterprises reduce burdens and increase efficiency. With the continuous efforts of tax cuts and fee reductions, and the bailout and assistance policies, the cost burden of industrial enterprises has eased.A recent quick survey of industrial enterprises shows that after the implementation of the large-scale tax credit and tax refund policy, among the industrial enterprises that have obtained VAT credit and tax refund95.4%satisfied with this policy,87.9%of businesses see improved business cash flow.1—4In the month, the expenses per 100 yuan of operating income of industrial enterprises above designated size are7.97yuan, than1—3month and the same period of last year decreased respectively0.12Yuan,0.51Yuan.

Overall, industrial enterprises are affected by factors such as the short-term impact of the domestic epidemic and the more complex and severe international situation.4Profits were under obvious short-term pressure in the month, but as the national epidemic situation generally stabilized, enterprises resumed work and production in an orderly manner, and the effects of various policies to further reduce the burden on market players continued to be released, the profitability of industrial enterprises will gradually recover. In the next stage, it is necessary to thoroughly implement the requirements of the Party Central Committee that “the epidemic must be prevented, the economy must be stabilized, and development must be safe”, efficiently coordinate epidemic prevention and control and economic and social development, effectively implement the decisions and arrangements of the Party Central Committee and the State Council, and actively dredge the industry. The supply chain is blocked and stuck, helping enterprises to relieve difficulties and create more favorable conditions for the continued recovery of industrial enterprises’ operating conditions.