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On January 27, the industrial economic benefit data released by the National Bureau of Statistics showed that in 2020, the profits of industrial enterprises rebounded quarter by quarter, with a rapid growth for 7 consecutive months in a single month. In the whole year, the national industrial enterprises above designated size achieved a total profit of 645.161 billion yuan, an increase of 4.1% over the previous year.
"In 2020, the value added of the national industrial enterprises above designated size will increase by 2.8% over the previous year, and the operating income of industrial enterprises above designated size will increase by 0.8%. The steady recovery of production and sales has provided strong support for profit growth." Senior statistician, Department of Industry, National Bureau of Statistics Zhu Hong said that by quarter, corporate profits showed a trend of "turning from negative to positive and accelerating quarter by quarter." Affected by the severe impact of the epidemic, profits in the first quarter fell sharply by 36.7% year-on-year. With the continuous implementation of the "six stability" and "six guarantees" tasks, the level of resumption of production and production of enterprises has steadily increased. Profits in the second quarter increased by 4.8%, and growth in the third quarter It rebounded to 15.9% and further accelerated to 20.8% in the fourth quarter. In December, the profit of industrial enterprises above designated size increased by 20.1% year-on-year, and the growth rate was 4.6 percentage points faster than that in November. After the monthly growth rate in May turned from negative to positive, it maintained double-digit growth for seven consecutive months.
In terms of different industries, the profit growth area exceeded 60%. In 2020, among 41 major industrial sectors, 26 industries have increased their profits over the previous year. Among them, 15 industries have achieved double-digit profit growth, and the profit growth of the industry is 63.4%.
In terms of categories, the manufacturing industry has an obvious pulling effect. In 2020, the profit of the manufacturing industry will increase by 7.6% over the previous year, and the growth rate will be 6.5 percentage points higher than that of the first three quarters, and 3.5 percentage points higher than the growth rate of industries above designated size; the profit of the mining industry will drop by 31.5%, and the rate of decline is narrower than the previous three quarters by 5.7 Percentage points; the profit of electricity, heat, gas and water production and supply industries increased by 4.9%, and the growth rate accelerated by 2.3 percentage points.
In 2020, the unit cost of industrial enterprises has continued to decline and their profitability has increased. "A series of policies to help companies continue to work hard, and the annual new tax cuts and fees are expected to exceed 2.5 trillion yuan, effectively alleviating the pressure on business operations." Zhu Hong said. In 2020, the cost per hundred yuan of operating income of industrial enterprises above designated size was 83.89 yuan, a decrease of 0.11 yuan from the previous year. The profit margin of operating income of industrial enterprises above designated size was 6.08%, an increase of 0.2 percentage points from the previous year; the profit margin of monthly operating income increased for eight consecutive months since May.
The loss of enterprises has been shrinking quarter by quarter, and the extent of losses has continued to decrease. At the end of 2020, the loss of industrial enterprises above designated size was 17.3%. Zhu Hong said that although the loss of loss-making enterprises increased by 2.8% over the previous year, the increase in losses was 15.3 percentage points lower than the previous three quarters. On a quarterly basis, the amount of loss has shown a trend of "turning from rising to falling, and the rate of decline expanding." The losses of loss-making enterprises in the first and second quarters increased by 42.9% and 13.1% respectively. In the third quarter, the losses fell by 21.4%, and the losses in the fourth quarter further dropped by 33.0%.
In 2020, the profits of major industrial sectors will achieve positive growth. The profit of the equipment manufacturing industry was the first to recover and grew steadily, with an increase of 10.8% over the previous year, which had a significant effect on the overall manufacturing industry. The profit of the high-tech manufacturing industry increased by 16.4% over the previous year. It is the industrial sector with the fastest profit growth. It has maintained double-digit growth since the second quarter growth rate turned positive. The profit of the raw material manufacturing industry increased by 4.5% over the previous year, and the profit growth for the whole year changed from negative to positive. The recovery of profits in the consumer goods manufacturing industry continued to consolidate, with profits increasing by 5.1% over the previous year.
Zhu Hong said that with the continuous effect of a series of policies and measures to help enterprises to relieve difficulties, such as large-scale tax and fee reduction, rent and interest reduction, various market entities have increased their vitality, and the profits of industrial enterprises of various ownerships have been comprehensively improved. The profit decline of state-owned holding companies has significantly narrowed. In 2020, the profit of state-owned holding industrial enterprises above designated size fell by 2.9%, but the decline was significantly narrower by 11.4 percentage points compared with the previous three quarters. The profit growth of private enterprises turned from decline to rise, and the annual profit increased by 3.1% over the previous year. The profit growth of foreign-funded enterprises accelerated. The profit of foreign-invested enterprises and Hong Kong, Macao and Taiwan-invested enterprises increased by 7.0%. Since the growth rate became positive in the second quarter, it has maintained double-digit growth for three consecutive quarters.
“In 2020, the production and operation of industrial enterprises will continue to recover steadily, and corporate profits will stabilize rapidly and continue to improve. At the same time, we must also note that industrial enterprises are still facing rapid growth in accounts receivable, increased inventory, and greater pressure on cash flow. Zhu Hong said that in 2021, it is necessary to accelerate the construction of a new development pattern, focus on smoothing the economic cycle, maintain the continuity, stability and sustainability of macroeconomic policies, grasp the timeliness and effectiveness of policies, and continue to consolidate the stable recovery of the industrial economy. The situation has achieved a good start to the development of the 14th Five-Year Plan.
Article information source-China Net
