On June 27th, the National Bureau of Statistics released the profit situation of large-scale industrial enterprises across the country for the period from January to May 2025. From January to May, the total profits of large-scale industrial enterprises across the country reached 2,720.43 billion yuan, a year-on-year decrease of 1.1%(calculated on a comparable basis).
From January to May, among industrial enterprises above designated size, state-controlled enterprises achieved a total profit of 870.95 billion yuan, a year-on-year decrease of 7.4%. The total profit of joint-stock enterprises reached 2,017.07 billion yuan, a decrease of 1.5%. Foreign-invested enterprises and those from Hong Kong, Macao and Taiwan achieved a total profit of 685.68 billion yuan, an increase of 0.3%. Private enterprises achieved a total profit of 759.25 billion yuan, an increase of 3.4%.
From January to May, the mining industry achieved a total profit of 358.04 billion yuan, a year-on-year decrease of 29.0%. The manufacturing industry achieved a total profit of 2,020.14 billion yuan, an increase of 5.4%. The total profit of the power, heat, gas and water production and supply industry reached 342.25 billion yuan, increasing by 3.7%.
The profit situation of the main industries from January to May is as follows: Profits in the processing of agricultural and sideline food products increased by 38.2% year-on-year. Profits in the computer, communication and other electronic equipment manufacturing industry rose by 11.9%, electrical machinery and equipment manufacturing industry by 11.6%, general equipment manufacturing industry by 10.6%, non-ferrous metal smelting and rolling processing industry by 9.8%, and specialized equipment manufacturing industry by 7.1%. The power, heat production and supply industry grew by 5.7%, the non-metallic mineral products industry by 0.6%, the textile industry by 1.8%, the chemical raw materials and chemical products manufacturing industry by 4.7%, the oil and gas extraction industry by 10.4%, the automotive manufacturing industry by 11.9%, and the coal mining and washing industry by 50.6%. The petroleum, coal and other fuel processing industry increased its losses year-on-year, while the ferrous metal smelting and rolling processing industry turned from losses to profits year-on-year.
It is worth noting that the total profit of the papermaking and paper products industry reached 14.13 billion yuan, a year-on-year decrease of 22.5%. The printing and recording media reproduction industry achieved a total profit of 12.92 billion yuan, representing a year-on-year growth of 0.3%.
From January to May, industrial enterprises above designated size achieved operating income of 54.76 trillion yuan, up by 2.7% year-on-year. Operating costs reached 46.88 trillion yuan, an increase of 3.0%. The profit margin of operating income was 4.97%, a year-on-year decrease of 0.19 percentage points. Among them, the papermaking and paper products industry achieved operating income of 563.86 billion yuan, a year-on-year decrease of 1.7%. The printing and recording media reproduction industry achieved operating revenue of 260.71 billion yuan, representing a year-on-year growth of 1.0%.
By the end of May, the total assets of industrial enterprises above designated size reached 182.36 trillion yuan, up by 5.1% year-on-year. The total liabilities amounted to 105.26 trillion yuan, increasing by 5.3%. The total owner's equity was 77.09 trillion yuan, increasing by 4.8%. The asset-liability ratio was 57.7%, up by 0.1 percentage point year-on-year.
By the end of May, the accounts receivable of industrial enterprises above designated size reached 26.40 trillion yuan, up by 9.0% year-on-year. Finished goods inventory reached 6.65 trillion yuan, increasing by 3.5%.
From January to May, the cost per 100 yuan of operating income of industrial enterprises above designated size was 85.61 yuan, an increase of 0.24 yuan year-on-year. The expense per 100 yuan of operating income was 8.29 yuan, a decrease of 0.14 yuan year-on-year.
At the end of May, the operating income per 100 yuan of assets realized by industrial enterprises above designated size was 72.9 yuan, a decrease of 1.6 yuan year-on-year. The per capita operating income was 1.796 million yuan, an increase of 56,000 yuan year-on-year. The inventory turnover days of finished products were 20.8 days, an increase of 0.1 days year-on-year. The average collection period of accounts receivable was 70.5 days, an increase of 4.1 days year-on-year.
In May, profits of industrial enterprises above designated size decreased by 9.1% year-on-year.
Yu Weining, a statistician from the Industrial Statistics Division of the National Bureau of Statistics, interpreted the profit data of industrial enterprises from January to May 2025, stating that from January to May, the total profits of large-scale industrial enterprises reached 2.72 trillion yuan, a year-on-year decrease, presenting the following characteristics: Multiple factors affected the decline in profits of industrial enterprises; The gross profit and revenue of industrial enterprises have maintained growth. The "ballast stone" role of the equipment manufacturing industry has become increasingly prominent. "Reaching for the sky and diving into the sea" fully demonstrates the vitality of high-quality industrial development. The effects of the "two new" policies continue to manifest. Profits of private and foreign-funded enterprises continued to grow.
