According to data from the National Bureau of Statistics (NBS), the total profits of industrial enterprises above designated size nationwide reached 910.99 billion yuan from January to February 2025, down 0.3% YoY. Yu Weining, a statistician from the NBS Industrial Department, interpreted the industrial enterprise profit data for January to February 2025.
Profits of Industrial Enterprises Above Designated Size Nationwide Declined 0.3% from January to February 2025
From January to February, the total profits of industrial enterprises above designated size nationwide reached 910.99 billion yuan, down 0.3% YoY.
From January to February, state-controlled enterprises achieved total profits of 348.77 billion yuan, up 2.1% YoY, joint-stock enterprises achieved total profits of 673.92 billion yuan, down 2.0% YoY, foreign, Hong Kong, Macao, and Taiwan-invested enterprises achieved total profits of 230.46 billion yuan, up 4.9% YoY, and private enterprises achieved total profits of 220.99 billion yuan, down 9.0% YoY.
From January to February, the mining industry achieved total profits of 141.03 billion yuan, down 25.2% YoY, the manufacturing industry achieved total profits of 639.51 billion yuan, up 4.8% YoY, and the production and supply of electricity, heat, gas, and water achieved total profits of 130.45 billion yuan, up 13.5% YoY.
From January to February, the profitability of major industries was as follows: agricultural and sideline food processing (up 37.8% YoY), smelting and pressing of non-ferrous metals (up 20.5% YoY), production and supply of electricity and heat (up 13.5% YoY), automobile manufacturing (up 11.7% YoY), general equipment manufacturing (up 6.0% YoY), special equipment manufacturing (up 5.9% YoY), textile industry (up 5.7% YoY), oil and natural gas extraction (down 1.1% YoY), chemical raw materials and chemical products manufacturing (down 1.5% YoY), electrical machinery and equipment manufacturing (down 2.4% YoY), computer, communication, and other electronic equipment manufacturing (down 9.4% YoY), non-metallic mineral products (down 37.8% YoY), coal mining and washing (down 47.3% YoY), and oil, coal, and other fuel processing, smelting and pressing of ferrous metals (reduced losses YoY).
From January to February, industrial enterprises above designated size achieved operating revenue of 2.009 trillion yuan, up 2.8% YoY, incurred operating costs of 1.71 trillion yuan, up 2.9% YoY, and the operating revenue profit ratio was 4.53%, down 0.14 percentage points YoY.
At the end of February, the total assets of industrial enterprises above designated size reached 17.823 trillion yuan, up 5.0% YoY, total liabilities reached 10.234 trillion yuan, up 5.4% YoY, total owner's equity reached 7.589 trillion yuan, up 4.4% YoY, and the asset-liability ratio was 57.4%, up 0.2 percentage points YoY.
At the end of February, accounts receivable of industrial enterprises above designated size reached 2.507 trillion yuan, up 9.2% YoY, and finished goods inventory reached 637 billion yuan, up 4.2% YoY.
From January to February, the cost per 100 yuan of operating revenue for industrial enterprises above designated size was 85.11 yuan, up 0.11 yuan YoY, and the expense per 100 yuan of operating revenue was 8.56 yuan, down 0.09 yuan YoY.
At the end of February, the operating revenue per 100 yuan of assets for industrial enterprises above designated size was 67.6 yuan, down 1.5 yuan YoY, per capita operating revenue was 1.669 million yuan, up 43,000 yuan YoY, the turnover days of finished goods inventory was 22.3 days, up 0.2 days YoY, and the average collection period of accounts receivable was 74.9 days, up 4.5 days YoY.
Operating Revenue Growth of Industrial Enterprises Above Designated Size Accelerated from January to February, While Profits Slightly Declined
—Yu Weining, Statistician from the NBS Industrial Department, Interprets Industrial Enterprise Profit Data for January to February 2025
From January to February, the operating revenue of industrial enterprises above designated size continued to improve, the decline in profits narrowed, and the profits of equipment manufacturing and raw material manufacturing turned from decline to growth, indicating a stable recovery trend in the profitability of industrial enterprises.
The operating revenue growth of industrial enterprises accelerated. From January to February, the operating revenue of industrial enterprises above designated size nationwide increased by 2.8% YoY, 0.7 percentage points faster than the full year of 2024. The continuous growth in operating revenue of industrial enterprises created favorable conditions for the recovery of corporate profits.
The decline in profits of industrial enterprises narrowed, and gross profit improved. From January to February, the profits of industrial enterprises above designated size decreased by 0.3% YoY, 3.0 percentage points narrower than the full year of 2024. Among them, manufacturing improved significantly, with a year-on-year increase of 4.8% from January to February, boosting the total profits of industrial enterprises above designated size by 3.2 percentage points. From the perspective of gross profit calculated by deducting operating costs from operating revenue, the gross profit of industrial enterprises above designated size turned from a year-on-year decrease of 0.3% in the full year of 2024 to an increase of 2.0% from January to February.
Profits of equipment manufacturing and raw material manufacturing turned from decline to growth. From January to February, driven by good production, the operating revenue of equipment manufacturing increased by 8.1% YoY, 5.3 percentage points higher than the average level of all industrial enterprises above designated size. Profits turned from a year-on-year decrease of 0.2% in the full year of 2024 to an increase of 5.4%, boosting the total profits of industrial enterprises above designated size by 1.4 percentage points, providing important support for the recovery of profits of industrial enterprises above designated size. Among the eight industries in equipment manufacturing, six industries achieved profit growth, with railway, ship, aerospace, and instrumentation industries growing rapidly, up 88.8% and 26.7% YoY, respectively. From January to February, the profits of raw material manufacturing increased by 15.3% YoY, compared to a decrease of 22.9% in the full year of 2024, boosting the total profits of industrial enterprises above designated size by 1.3 percentage points. Among them, driven by the increase in domestic and overseas market demand for new energy industries and the rise in related product prices, the profits of the non-ferrous metal industry increased by 20.5% YoY.
The effects of the "program of large-scale equipment upgrades and consumer goods trade-ins" continued to emerge. From January to February, the promotion of a new round of large-scale equipment upgrades and the trade-in policy for consumer goods continued to show results. Driven by policies related to large-scale equipment upgrades, the profits of general equipment and special equipment industries increased by 6.0% and 5.9% YoY, respectively. Among them, the manufacturing of general parts, mining, metallurgy, and construction special equipment, and medical instrument and equipment manufacturing industries grew rapidly, up 19.3%, 14.1%, and 10.6% YoY, respectively. With the expansion of the trade-in policy for consumer goods and the continuous innovation of diversified consumption scenarios, the profitability of related product industries and chain industries improved. Among them, driven by the car replacement subsidy policy, the profits of the automobile manufacturing industry increased by 11.7% YoY. Against the backdrop of the expanding coverage of the trade-in policy for electronic and home appliance products, the profits of smart consumer device manufacturing, home kitchen appliance manufacturing, and home refrigeration appliance manufacturing industries increased by 125.5%, 19.9%, and 19.2% YoY, respectively. The profits of related product chain industries grew rapidly, with the manufacturing of special parts for household electrical appliances, automobile parts and accessories, and optoelectronic device manufacturing industries increasing by 18.4%, 15.3%, and 9.3% YoY, respectively.
Overall, the profits of industrial enterprises above designated size improved. However, it should also be noted that the external environment has become more complex and severe, with increasing uncertainties and instabilities, and some industrial enterprises still face many difficulties in production and operation. In the next stage, it is necessary to thoroughly implement the spirit of the Central Economic Work Conference and the Two Sessions, comprehensively expand domestic demand, strengthen innovation-driven development, solidly promote high-quality development, and promote the stable recovery of industrial enterprise profitability.