Industrial Profits decreased 36.7 percent in the First Three Months of 2020
National Bureau of Statistics of China2020-04-28 09:30




In the first three months of 2020, the profits made by industrial enterprises above the designated size achieved 781.45 billion yuan, a year-on-year decrease of 36.7 percent (calculated on comparable basis, see Annotations II for details), and the pace of decline narrowed 1.6 percentage points over the first two months.

 

In the first three months, among the industrial enterprises above the designated size, the profits of state-holding industrial enterprises gained 222.67 billion yuan, a decrease of 45.5 percent year-on-year, that of joint-stock enterprises stood at 597.04 billion yuan, fell by 33.0 percentage points, that of foreign funded enterprises, and enterprises funded from Hong Kong, Macao and Taiwan achieved 167.15 billion yuan, decreased by 46.9 percent; and that of private enterprises gained 234.48 billion yuan, a decrease of 29.5 percent.

 

In the first three months, the profits of mining and quarrying reached 88.14 billion yuan, a decrease of 27.5 percent year-on-year, that of manufacturing was 607.96 billion yuan, a decrease of 38.9 percent, that of production and distribution of electricity, heat, gas and water reached 85.35 billion yuan, down by 28.6 percent.

 

In the first three months, within 41 branches of industrial divisions, the industrial profits of 2 industrial divisions increased year-on-year, and that of 39 decreased. In view of the profit growth of major industries, that of manufacture of tobacco products, processing of food from agricultural products, increased by 28.5 and 11.2 percent; that of manufacture of motor vehicles, manufacture of chemical raw material and chemical products, smelting and pressing of ferrous metals, manufacture of electrical machinery and equipment, manufacture of general-purpose machinery, manufacture of textile, manufacture of special-purpose machinery, manufacture of non-metallic mineral products, production and distribution of electricity and heat power, smelting and pressing of non-ferrous metals, mining and washing of coal, extraction of petroleum and natural gas, manufacture of computer, communication equipment and other electronic equipment, respectively decreased by 80.2, 56.5, 55.7, 47.0, 39.9, 38.8, 34.7, 34.0, 30.7, 30.2, 29.9, 20.1 and 12.0 percent, and processing of petroleum, coal and other fuels changed from profit to loss in the same period.

 

In the first three months, the revenue from activities of industrial enterprises above the designated size reached 19.86 trillion yuan, decreased by 15.1 percent year-on-year. The costs of operating were 16.83 trillion yuan, down by 14.6 percent. The profit rate revenue from operating was 3.94 percent, a decrease of 1.34 percentage points year-on-year.

 

By the end of March, the total assets of industrial enterprises above the designated size was 116.57 trillion yuan, increased by 6.2 percent year-on-year; the total liabilities reached 66.00 trillion yuan, increased by 5.4 percent; the total owners' equity was 50.57 trillion yuan, increased by 7.3 percent. The asset-liability ratio was 56.6 percent, a decrease of 0.4 percentage point year-on-year.

 

By the end of March, the total volume of accounts receivable for industrial enterprises above designated hit 14.04 trillion yuan, went up by 7.3 percent year-on-year. The total inventory value of finished products for industrial enterprises accounted for 4,382.97 billion yuan, increased by 14.9 percent.

 

In the first three months, the costs for per-hundred-yuan of business income above the designated size stood at 84.76 yuan, an increase of 0.49 yuan year-on-year, that of the expenses for per-hundred-yuan stood at 9.58 yuan, an increase of 0.68 yuan year-on-year.

 

By the end of March, the revenue activities brought by per-hundred-yuan assets above the designated size was 68.6 yuan, a decrease of 17.2 yuan year-on-year; the revenue from activities per capita was 1,134 thousand yuan, a decrease of 135 thousand yuan year-on-year; the turnover days of finished goods were 23.1 days, an increase of 5.5 days from that in the previous year; the days of accounts receivable hit an average of 63.1 days, an increase of 14.3 days year-on-year.

 

In March, industrial enterprises above the designated size posted a total profit of 370.66 billion yuan, down 34.9 percent year on year.

 

 

 

 

Key Financial Indicators of Industrial Enterprises

above the Designated Size in the First Three Months of 2020

 

Table I

Indicators

Operating Income

Operating Costs

Total Profits

Jan-Mar (100 million yuan)

Increase rate Y/Y

     (%)

Jan-Mar (100 million yuan)

Increase rate Y/Y

     (%)

Jan-Mar (100 million yuan)

Increase rate Y/Y

     (%)

 

 

 

 

 

 

 

Total

198574.9

-15.1

168307.0

-14.6

7814.5

-36.7

Of which: Mining and Quarrying

8468.8

-9.2

6105.8

-7.1

881.4

-27.5

Manufacturing

172205.3

-16.1

146255.3

-15.7

6079.6

-38.9

Production and Distribution of Electricity, Heat, Gas and Water

17900.8

-6.5

15946.0

-5.8

853.5

-28.6

 Of which:  State-holding Enterprises

57585.7

-12.2

47227.4

-10.8

2226.7

-45.5

                  Joint-Stock Enterprises

148012.8

-14.4

124943.1

-14.0

5970.4

-33.0

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

43399.2

-18.3

37062.2

-17.3

1671.5

-46.9

Of which: Private Enterprises

64085.0

-16.1

55800.0

-16.1

2344.8

-29.5

 

 

 

 

 

 

 

Note : 1.Due to the overlap of economic type grouping, the total is not equal to the total of sub-items.

2.Due to the rounding-off reasons, the subentries may not add up to the aggregate totals, no adjustment.

 

Quality Performance Indicators of Industrial Enterprises

above the Designated Size in the First Three Months of 2020

 

 

Table II

Indicators

Profit Rate of Revenue

Costs for per-hundred-yuan

 

Expenses for per-hundred-yuan

Revenue from Brought by per Hundred yuan Assets

Per captal Income

Asset-Liability Ratio

Turnover Days of Finished Goods

Average Payback Period of Accounts Receivable

Jan-Mar (%)

Jan- Mar (yuan)

Jan- Mar (yuan)

By the end of March (yuan)

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

By the end of March (%)

By the end of March (days)

By the end of March (days)

 

 

 

 

 

 

 

 

 

Total

3.94

84.76

9.58

68.6

113.4

56.6

23.1

63.1

Of which: Mining and Quarrying

10.41

72.10

12.77

35.1

78.4

59.7

15.4

47.9

Manufacturing

3.53

84.93

9.70

79.8

110.4

55.7

25.8

65.8

Production and Distribution of Electricity, Heat, Gas and Water

4.77

89.08

6.94

36.2

214.9

59.2

0.9

44.0

 Of which:  State-holding Enterprises

3.87

82.01

8.40

50.6

181.4

57.7

17.1

49.3

                  Joint-Stock Enterprises

4.03

84.41

9.59

66.2

114.1

57.3

23.7

60.1

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

3.85

85.40

10.16

77.8

109.8

52.9

23.1

78.5

Of which: Private Enterprises

3.66

87.07

9.09

96.1

92.3

58.3

24.5

57.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Financial Indicators of Industrial Enterprises above the

Designated Size in the First Three Months of 2020 (Group by Industries)

 

Table III

Indicators

Operating Income

Operating Costs

Total Profits

Jan- Mar (100 million yuan)

Increase rate Y/Y

      (%)

Jan- Mar (100 million yuan)

Increase rate Y/Y

      (%)

Jan- Mar (100 million yuan)

Increase rate Y/Y

      (%)

 

 

 

 

 

 

 

Total

198574.9

-15.1

168307.0

-14.6

7814.5

-36.7

Mining and Washing of Coal

4290.7

-12.7

3062.4

-10.8

421.1

-29.9

Extraction of Petroleum and Natural Gas

1916.7

-2.3

1203.6

2.5

358.8

-20.1

Mining of Ferrous Metal Ores

759.9

-1.2

613.2

-1.5

20.0

-47.8

Mining of Non-Ferrous Metal Ores

494.6

-15.0

363.9

-13.8

50.0

-33.9

Mining And Processing of Nonmetal Ores

597.3

-15.9

456.6

-16.6

44.4

-17.2

Mining Support Service Activities

408.4

6.0

404.9

9.6

-12.8

note

Mining of Other Ores N.E.C

1.2

-68.4

1.1

-62.1

0.0

-100.0

Processing of Food From Agricultural Products

9676.2

-6.3

8753.0

-6.7

358.7

11.2

Manufacture of Foods

3978.0

-7.8

3066.5

-7.8

286.6

-27.4

Manufacture of Wines, Beverage and Refined Tea

3169.1

-15.6

2028.5

-17.3

534.9

-11.2

Manufacture of Cigarettes And Tobacco

3830.2

7.7

1094.3

-4.5

554.2

28.5

Manufacture of Textile

4104.8

-26.0

3663.4

-26.4

115.5

-38.8

Manufacture of Textile Wearing Apparel And Ornament

2568.1

-23.5

2196.9

-23.1

80.9

-43.5

Manufacture of  Leather, Fur, Feather Aad Its Products

2035.4

-22.5

1766.1

-22.3

92.8

-34.8

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

1450.4

-20.2

1299.7

-19.9

51.3

-26.4

Manufacture of Furniture

1176.9

-23.7

985.0

-23.6

40.1

-47.8

Manufacture of  Paper and Paper Products

2467.3

-20.3

2105.2

-22.2

115.5

-5.5

Printing, Reproduction of Recording Media

1160.2

-21.8

978.0

-21.8

48.4

-38.7

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

2209.4

-21.8

1921.9

-22.0

76.5

-37.1

Petroleum, coal and other Fuel Manufacturing

10150.5

-8.9

9078.7

-1.8

-247.0

-187.9

Manufacture of Chemical Raw Material  and Chemical Products

12606.1

-17.8

10844.8

-16.3

383.4

-56.5

Manufacture of Medicines

5018.7

-8.9

2908.8

-6.3

614.1

-15.7

Manufacture of Chemical Fibres

1523.8

-25.4

1398.5

-25.8

17.7

-62.2

Manufacture of Rubber and Plastics Products

4449.0

-21.2

3798.3

-21.6

170.6

-30.9

Manufacture of Non-Metallic Mineral Products

9067.3

-17.5

7597.4

-17.1

498.4

-34.0

Manufacture and Processing of Ferrous Metals

13807.9

-10.8

12929.5

-10.1

179.0

-55.7

Manufacture and Processing of Non-Ferrous Metals

10758.1

-10.0

10212.1

-9.9

103.3

-30.2

Manufacture of Fabricated Metal Products

5977.0

-20.5

5263.1

-20.4

164.7

-39.1

Manufacture of General-Purpose Machinery

6696.7

-22.4

5564.5

-22.0

293.1

-39.9

Manufacture of Special-Purpose Machinery

5359.6

-18.3

4277.3

-18.3

279.1

-34.7

Manufacture of Motor Vehicles

12682.6

-30.9

10956.9

-29.6

209.4

-80.2

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

1861.7

-18.3

1589.0

-18.2

63.9

-33.2

Manufacture of Electrical Machinery and Equipment

10689.5

-21.6

9152.7

-20.9

318.1

-47.0

Manufacture of Computer, Communication Equipment and Other Electronic Equipment

21229.5

-7.5

18724.8

-7.7

573.2

-12.0

Manufacture of Measuring Instrument and Meter

1189.4

-21.0

917.9

-20.3

62.3

-33.2

Other Manufacturing

300.6

-21.2

254.2

-21.3

12.9

-35.5

Waste Recycling and Recovery

759.0

-16.2

703.7

-15.6

25.7

-34.1

Repair of  Fabricated Metal Products, Machinery and Equipment

252.1

-6.5

224.6

0.4

2.4

-84.3

Production and Supply of Electric Power and Heat Power

15030.3

-5.4

13482.3

-4.5

708.3

-30.7

Production and Distribution of Gas

2236.4

-14.3

1973.5

-15.0

127.2

-2.8

Production and Distribution of Water

634.1

-2.6

490.1

0.8

17.9

-57.0

 

 

 

 

 

 

 

Note : 1. In the same period of last year, mining professional and auxiliary activities lost 0.29 billion yuan.

2. Due to the rounding-off reasons, the subentries may not add up to the aggregate totals, no adjustment.

 

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 enterprise’s owners.

 

7. Accounts Receivable: refers to the amount that should be collected by an enterprise due to its business activities, such as selling goods and providing services, measured at amortized cost on the balance sheet date.

 

In the Notice on Revising and Printing the Format of Financial Statements of General Enterprises in 2019 (FA [2019] No. 6), the Ministry of Finance revised the format of financial statements of general enterprises. The items of "notes receivable and accounts receivable" are no longer listed in the balance sheet of enterprises, but "notes receivable" and "accounts receivable" are listed respectively. In order to be consistent with the financial statements of the enterprise, from 2020, the monthly "notes receivable and accounts receivable" data will be stopped and the "accounts receivable" data will be released instead. Relevant indicators shall be 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. Revenue from Activities Brought by per Hundred-yuan Assets = the revenue from activities / average assets / the cumulative number of months × 12 × 100, unit: yuan.

 

13. Revenue from Activities per Capita = revenue from activities / 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 / revenue from activities × 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 / revenue from activities ×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. 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 survey 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.

 

III. Statistical Coverage

 

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

 

IV. 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).

 

V. 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.

 

Annex
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