Industrial Profits decreased in the First Two Months of 2019
National Bureau of Statistics of China2019-03-28 13:50




In the first two months of 2019, the profits made by industrial enterprises above the designated size achieved 708.01 billion yuan, a year-on-year decrease of 14.0 percent (calculated on comparable basis, taking into account factors such as the standard adjustment according to the statistical system, the enhancement of statistical law enforcement, the elimination of data, and the enterprise reform and divestiture, see Annotations IV for details).

 

In the first two months, the profits of state-holding industrial enterprises above the designated size gained 222.37 billion yuan, a decrease of 24.2 percent year-on-year; that of joint-stock enterprises stood at 493.69 billion yuan, down by 13.5 percent; that of foreign funded enterprises, and enterprises funded from Hong Kong, Macao and Taiwan achieved 177.37 billion yuan, decreased by 14.5 percent; and that of private enterprises gained 188.95 billion yuan, a decrease of 5.8 percent.

 

In the first two months, the profits of mining and quarrying reached 70.15 billion yuan, a decrease of 12.6 percent year-on-year; that of manufacturing was 568.19 billion yuan, a decrease of 15.7 percent; that of production and distribution of electricity, heat, gas and water reached 69.67 billion yuan, up by 0.9 percent.

 

In the first two months, within 41 branches of industrial divisions, the industrial profits of 20 industrial divisions increased year-on-year, one unchanged, and that of 20 decreased. In view of the profit growth of major industries, that of manufacture of special-purpose machinery up by 14.0 percent, that of manufacture of electrical machinery and equipment increased by 10.9 percent, that of production and supply of electric power and heat power up by 4.2 percent, that of manufacture of non-metallic mineral products increased by 3.1 percent,  that of manufacture of general-purpose machinery up by 0.8 percent, that of processing of petroleum, coal and other fuels decreased by 70.4 percent, that of manufacture and processing of ferrous metals decreased by 59 percent, that of manufacture of motor vehicles decreased by 42.0 percent, that of manufacture and processing of non-ferrous metals decreased by 34.5 percent , that of manufacture of chemical raw material and chemical products decreased by 27.2 percent, the profits of mining and washing of coal decreased by 23.2 percent year-on-year, that of manufacture of computer, communication equipment and other electronic equipment decreased by 21.6 percent, that of manufacture of textile down by 11.3 percent, that of extraction of petroleum and natural gas decreased by 5.7 percent, that of processing of food from agricultural products decreased by 5.5 percent,

 

In the first two months, the operating income of industrial enterprises above the designated size reached 14.8 trillion yuan, increased by 3.3 percent year-on-year. The costs of operating costs were 12.5 trillion yuan, up by 3.9 percent. The profit rate of operating income was 4.79 percent, a decrease of 0.96 percentage point year-on-year.

 

By the end of February, the total assets of industrial enterprises above the designated size was 109.7 trillion yuan, increased by 6.4 percent year-on-year; the total liabilities reached 62.4 trillion yuan, increased by 6.0 percent; the total owners' equity was 47.3 trillion yuan, increased by 7.0 percent. The asset-liability ratio was 56.9 percent, a decrease of 0.2 percentage point year-on-year.

 

By the end of February, the total volume of Notes receivable and Accounts Receivable for industrial enterprises above designated hit 14.2 trillion yuan, went up by 12.2 percent year-on-year. The total value of finished products for industrial enterprises accounted for 4,004.90 billion yuan, increased by 6.2 percent.

 

In the first two months, the costs for per-hundred-yuan stood at 84.21 yuan, an increase of 0.52 yuan year-on-year; the expenses for per-hundred-yuan of operating income stood at 9.12 yuan, an increase of 0.29 yuan;

 

By the end of February, the operating income by per-hundred-yuan assets was 80.9 yuan, a decrease of 2.4 yuan year-on-year; the operating income per capita was 1194 thousand yuan, an increase of 76 thousand yuan year-on-year; the turnover days of finished goods were 19.3 days, 0.4 day increase than that in the previous year; the days of Notes receivable and Accounts Receivable hit an average of 57.5 days, an increase of 4.6 days year-on-year.

 

Key Financial Indicators of Industrial Enterprises

above the Designated Size in the First Two Months of 2019

 

Table I

Indicators

 Operating Income

 Operating costs

Total Profits

Jan-Feb (100 million yuan)

Increase rate Y/Y
(%)

Jan-Feb (100 million yuan)

Increase rate Y/Y
(%)

Jan-Feb (100 million yuan)

Increase rate Y/Y
(%)

 

 

 

 

 

 

 

Total

147858.1

3.3

124507.6

3.9

7080.1

-14.0

Of which: Mining and Quarrying

6308.4

3.8

4578.2

7.0

701.5

-12.6

Manufacturing

129086.2

3.0

108848.0

3.6

5681.9

-15.7

Production and Distribution of Electricity, Heat, Gas and Water

12463.5

5.9

11081.4

5.7

696.7

0.9

 Of which: State-holding Enterprises

42275.0

0.9

34080.0

1.9

2223.7

-24.2

        Joint-Stock Enterprises

105200.6

4.9

88126.9

5.6

4936.9

-13.5

Enterprises with Funds From Hong Kong, Macao and Taiwan, and Foreign Funded Enterprises

33900.6

-1.2

28783.6

-0.6

1773.7

-14.5

Of which: Private Enterprises

43802.7

7.1

38059.4

7.4

1889.5

-5.8

 

 

 

 

 

 

 

Note : Due to the overlap of economic type grouping, the total is not equal to the total of sub-items.

 

Quality Performance Indicators of Industrial Enterprises

above the Designated Size in the First Two Months of 2019

 

 

Table II

Indicators

Profit Rate of operating income

Costs for per-hundred-yuan Turnover of Activities

Expenses for per-hundred-yuan Turnover of Activities

Operating Income Brought by per Hundred yuan Assets

operating Income per Capita

Asset-Liability Ratio

Turnover Days of Finished Goods

Days Sales Outstanding

Jan-Feb(%)

Jan-Feb (yuan)

Jan-Feb (yuan)

By the end of February (yuan)

By the end of February (10 thousand yuan/ person)

By the end of February (%)

By the end of February (days)

By the end of February (days)

 

 

 

 

 

 

 

 

 

Total

4.79

84.21

9.12

80.9

119.4

56.9

19.3

57.5

Of which: Mining and Quarrying

11.12

72.57

12.20

39.8

79.2

59.8

14.6

46.3

Manufacturing

4.40

84.32

9.28

93.8

116.9

55.8

21.4

60.7

Production and Distribution of Electricity, Heat, Gas and Water

5.59

88.91

5.85

42.4

229.0

60.4

0.5

30.0

 Of which: State-holding Enterprises

5.26

80.62

8.08

57.9

186.1

58.6

16.1

50.7

        Joint-Stock Enterprises

4.69

83.77

9.35

78.2

118.2

58.3

19.9

54.6

Enterprises with Funds From Hong Kong, Macao and Taiwan, and Foreign Funded Enterprises

5.23

84.91

9.37

94.4

115.6

52.9

20.2

74.6

Of which: Private Enterprises

4.31

86.89

8.50

117.6

99.4

58.2

18.6

46.5

 

 

 

 

 

 

 

 

 

                   

 

 

Key Financial Indicators of Industrial Enterprises above the

Designated Size in the First Two Months of 2019 (Group by Industries)

 

Table III

Indicators

 

Operating Costs 

Total Profits

Operating Income

Jan- Feb (100 million yuan)

Increase rate Y/Y
(%)

Jan- Feb (100 million yuan)

Increase rate Y/Y
(%)

Jan- Feb (100 million yuan)

Increase rate Y/Y
(%)

 

 

 

 

 

 

 

Total

147858.1

3.3

124507.6

3.9

7080.1

-14.0

Mining and Washing of Coal

3373.5

2.6

2435.4

7.5

336.2

-23.2

Extraction of Petroleum and Natural Gas

1213.0

0.1

746.5

1.3

255.3

-5.7

Mining of Ferrous Metal Ores

484.9

10.5

389.3

8.7

28.8

130.4

Mining of Non-Ferrous Metal Ores

456.3

1.0

350.0

3.6

44.1

-26.0

Mining And Processing of Nonmetal Ores

460.8

7.2

357.7

7.2

35.5

11.6

Mining Support Service Activities

317.3

25.3

297.3

21.8

1.3

(注)

Mining of Other Ores N.E.C

2.6

-13.3

2.0

-9.1

0.2

0.0

Processing of Food From Agricultural Products

6980.4

4.4

6282.3

4.5

251.4

-5.5

Manufacture of Foods

2882.4

6.9

2233.7

7.4

254.7

11.2

Manufacture of Wines, Beverage and Refined Tea

2505.0

7.7

1610.4

4.8

402.1

23.3

Manufacture of Cigarettes And Tobacco

2650.5

13.0

800.2

9.8

323.5

18.2

Manufacture of Textile

3693.5

-3.4

3303.4

-4.1

118.0

-11.3

Manufacture of Textile Wearing Apparel And Ornament

2355.1

5.0

1989.4

5.0

123.3

7.6

Manufacture of  Leather, Fur, Feather Aad Its Products

1652.6

5.0

1423.2

4.7

91.7

8.9

Processing of Timbers, Manufacture of  Wood, Bamboo, Rattan, Palm, and Straw Products

1205.7

3.0

1059.8

3.0

55.5

-3.6

Manufacture of Furniture

969.1

2.8

805.2

1.8

45.7

-1.3

Manufacture of  Paper and Paper Products

1953.1

1.5

1706.2

3.1

74.0

-27.7

Printing, Reproduction of Recording Media

900.7

4.8

757.0

4.4

45.5

12.6

Manufacture of  Articles for Culture, Education, Artwork, Sport and Entertainment Activity

1911.5

4.4

1659.8

3.5

89.2

16.0

Processing of Petroleum, Coking, Processing of Nucleus Fuel

7140.0

0.1

5928.6

4.0

133.2

-70.4

Manufacture of Chemical Raw Material  and Chemical Products

9742.1

0.5

8267.9

2.6

504.8

-27.2

Manufacture of Medicines

3732.6

6.1

2122.1

5.2

482.6

4.2

Manufacture of Chemical Fibres

1177.2

10.3

1088.5

12.3

17.3

-53.1

Manufacture of Rubber and Plastics Products

3444.2

0.7

2958.7

0.3

136.2

-6.7

Manufacture of Non-Metallic Mineral Products

6753.6

11.0

5628.7

11.9

444.7

3.1

Manufacture and Processing of Ferrous Metals

9633.9

6.2

8983.4

10.4

201.6

-59.0

Manufacture and Processing of Non-Ferrous Metals

7051.0

4.9

6677.8

5.9

97.0

-34.5

Manufacture of Fabricated Metal Products

4750.1

5.8

4143.1

5.6

183.0

8.8

Manufacture of General-Purpose Machinery

5168.1

4.3

4297.4

3.9

241.8

0.8

Manufacture of Special-Purpose Machinery

3960.3

8.6

3191.6

7.0

194.8

14.0

Manufacture of Motor Vehicles

11274.7

-9.1

9585.4

-7.6

512.3

-42.0

Manufacture of Railway Locomotives, Building of Ships and Boats, Manufacture of Air and Spacecrafts and Other Transportation Equipments

1442.5

8.3

1224.6

7.5

53.1

83.7

Manufacture of Electrical Machinery and Equipment

8253.9

3.7

7001.9

3.3

309.9

10.9

Manufacture of Computer, Communication Equipment and Other Electronic Equipment

14126.0

3.3

12647.4

3.2

217.3

-21.6

Manufacture of Measuring Instrument and Meter

890.5

2.1

691.7

1.1

36.9

-14.4

Other Manufacturing

220.7

1.5

186.4

0.6

10.2

-1.0

Waste Recycling and Recovery

517.8

6.4

470.8

6.4

22.3

-7.9

Repair of  Fabricated Metal Products, Machinery and Equipment

147.2

9.4

121.4

4.0

8.3

88.6

Production and Supply of Electric Power and Heat Power

10464.1

4.2

9345.4

3.4

587.2

4.2

Production and Distribution of Gas

1595.1

18.5

1432.8

22.7

83.3

-18.5

Production and Distribution of Water

404.4

7.6

303.2

7.8

26.1

6.1

 

           

Note : Mining and Support Service Activities had a loss of 0.34 billion yuan in the same period of last year.

 

Annotations:

 

I. Explanatory Notes:

1. Total Profits: refer to the surplus of various revenue deducting various costs in the production process of  enterprises, reflecting the total profit and loss in the report period.

 

2. Operating income: refers to the total amount of revenue of enterprises recognized by the principal business and other business operations.

 

3. Operating costs: refers to the total costs of enterprises incurred by the principal business and other business operations.

 

4. Total Assets: refers to the resources which are gotten from past transactions or events, owned or controlled by enterprises, and expected to bring economic benefits to the enterprises.

 

5. Total Liabilities: refers to the current obligation generated from past transactions or events, and expected an outflow of economic benefits from the enterprises.

 

6. Total Owners' Equity: refers to the residual interests after deducting liabilities, which belongs to the enterprises owners.

 

7. Notes receivable and Accounts Receivable: refers to the enterprise's rights due to the sale of goods, services, and other business activities, as well as commercial drafts received, including bank acceptance bills and commercial acceptance bills.

 

In June 2018, the Ministry of Finance issued the Notice on Amending the 2018 Annual Financial Statements of General Enterprises (Accounting [2018] No. 15), and revised the financial statement format of general enterprises. The enterprise balance sheet is no longer listed the item of “Accounts Receivable”, and the items of “receivable notes and accounts receivable” are listed instead. In line with the corporate financial statements, from 2019, stop to release the monthly “accounts receivable” data, and the “receivable notes and accounts receivable” data will be released. Relevant indicators are adjusted accordingly.

 

8. Finished Goods: refers to manufactured products which are ready for sale by the end of report period.

 

9. Profit Rate of Revenue from Principal Activities = total profits / revenue from principal activities × 100%, unit: %.

 

10. Costs for per-hundred-yuan Turnover of Principal Activities = the costs of revenue from principal activities / the revenue from principal activities ×100, unit: yuan.

 

11. Expenses for per-hundred-yuan Turnover of Principal Activities = (selling expenses + administrative expenses + financial expenses) / the revenue from principal activities ×100, unit: yuan.

 

12. Operating Income Brought by per Hundred yuan Assets =the operating income / average assets / the cumulative number of months × 12 × 100, unit: yuan.

 

13. operating income per Capita =the operating income / average number of employment / the cumulative number of months × 12, unit: 10 thousand yuan/ person.

 

14. Asset-Liability Ratio = total liabilities / total assets × 100%, unit: %.

 

15. Turnover Days of Finished Goods = 360 × average finished goods / operating income × the cumulative number of months / 12, unit: days.

 

16. Days Sales Outstanding (the number of days on average a company takes to collect its accounts receivable) = 360 ×average accounts receivable / operating income ×the cumulative number of months / 12, unit: days.

 

17. In the columns of increase rate year-on-year of the three tables above, the “note” refers to negative total profits in the same period last year, which means loss; the positive value refers to a year-on-year increase of profits; the negative value which is greater than or equal to -100% refers to a year-on-year decrease of profits; the value less than -100% indicates turning gain in the same period last year into loss in current period; and the value of 0 indicates that the profits remain at the same level year-on-year.

 

II. In order to fully reflect the income scale of industrial enterprises, from 2019, replace “principle revenue from activities” with “revenue from activities”. Relevant indicators are adjusted accordingly.

 

III. The collective enterprise data released in the past refers to the enterprise whose registration type is “collective”. With the establishment of the modern enterprise system, the proportion of enterprises registered as “collective” is declining (in 2018, the revenue from activities of collective enterprises accounts for the full industrial enterprises above designated size is only 0.18%), so from 2019, the date of the collective enterprise release will be cancel.

 

IV. The growth rates of the total profits and revenue from activities of industrial enterprises above designated size are calculated on a comparable basis. There are incomparable factors between the data in the reporting period and the same indicator data published in the previous year, which cannot be directly compared to calculate the growth rate. The main reasons are: (1) According to the statistical system, the survay coverage of industrial enterprises above designated size is adjusted regularly every year. Each year, some companies will be included in the survey after having reached designated size, and some will exit the survey due to their smaller size, and there are also influence of new built and starting enterprises, bankruptcies, and companies that have been suspended or sold. (2) By strengthening the statistical law enforcement, the enterprises found in the statistical law enforcement inspection that do not meet the industrial statistics requirements above designated size have been cleared, and relevant bases have been revised in accordance with regulations. (3) Strengthen data quality management and eliminate the cross-regional and cross-industry repeated calculation. According to the latest investigation of the organizational structure carried out by the National Bureau of Statistics, since the fourth quarter of last year, the cross-regional and cross-industry repeated calculation of enterprise groups (companies) has been eliminated. (4) After the implementation of the “reform of replacing business tax with value-added tax” policy, the service industry enterprises turned to pay value-added tax of which the tax rate was lower. The industrial enterprises have gradually divested their internal non-industrial production and operation activities, and turned to the service industry, which had diminished the financial data of industrial enterprises.

 

V. Statistical Coverage

 

Industrial enterprises above the designated size, which refer to industrial enterprises with revenue from principal activities over 20 million yuan.

 

VI. Data Collection

 

The Financial Report of Enterprises Above the Designated Size conducts complete survey by month (the data on January are not required to report).

 

VII. Industrial Classification Standard 

 

The Industrial Classification for National Economic Activities (GB/T4754-2017) was implemented, please refer to http://www.stats.gov.cn/tjsj/tjbz/hyflbz.

 

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