Profit of China’s Industrial Enterprise Above Designated Size Falls 8.3% in June

Credit: Visual China

BEIJING, July 27 (TiPost) — China’s industrial enterprises above designated size in the first half of 2023 fell by 16.8% year-on-year, narrowed by 2.0 percentage points over the period from January to May, according to the data released by the National Bureau of Statistics on Thursday. The profits in June fell by 8.3% year-on-year, narrowed by 4.3 percentage points.

The data shows that from January to June, the total profits in the mining industry fell 19.9% year-on-year, increased by 3.7 percentage points. Among them, the profits of the oil and gas mining industry, coal mining and

beneficiation industry are down by a year-on-year decline of 12.2% and 23.3% respectively, lower than the previous 2.3 and 4.6 percentage points. The year-on-year decline in the profits of ferrous metal mining and processing industry widened to 42.0%, and that of non-ferrous metal mining and processing industry from an increase of 1.3% to a decline of 0.5%.

The profits in manufacturing witnessed continuous improvement, with an cumulative year-on-year profits declined by 20.0% in the first half of the year, narrowed by 3.7 percentage points over the period from January to May; compared with the first quarter, the decline was narrowed by 9.4 percentage points.

The profits of electricity, heat, gas and water production and supply industry remained high growth, with a growth rate in the first half of 2023 fell 0.7 percentage points to 34.1%. Notably, the profits of the electricity industry increased by 46.5% year-on-year, driven by the recovered national economy, peak power supply in hot summer and the rapid advancement in renewable energy power generation, according to the National Bureau of Statistics Industrial Division statistician Sun Xiao. The profits in gas production and supply industry were declined by 0.8% from a cumulative year-on-year growth of 0.5%. The cumulative growth rate of the water production and supply industry narrowed down by 10.0 percentage points to 2.5%.

In the first half of 2023, the profits of equipment manufacturing industry saw an increase of year-on-year 3.1%, accounted for 34.3% in the profits of China’s industrial enterprises above designated size, and achieved an increase of 6.8 percentage points compared with the first quarter of 2023.

The profits of most consumer goods manufacturing industry improved as a result of the growing domestic market demand. In the first half of the year, the decline of profits in ten out of 13 major consumer goods manufacturing industry saw a narrowed year-on-year decline than the first quarter, some of which even achieved an increase.

Profits of enterprises of different ownership continue to diverge, and the private sector embraced the most obvious improvement in their profits. The year-on-year decline in total profits of state-controlled enterprises in the first half of 2023 expanded by 3.3% to 21.0% and that of foreign-, Hong Kong-, Macao- and Taiwan-invested enterprises fell by 12.8% and 13.5% respectively, narrowed by 0.8 and 7.8 percentage points.

The cost per 100 yuan of operating income of industrial enterprises above designated size in June decreased by 0.83 yuan compared with that of May and the profit margin of operating income stood at 6.44%, an increase of 0.27 percentage points compared with that of May.

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