CCTV News: The revenue growth of large-scale industrial enterprises accelerated and profits decreased slightly from January to February. Yu Weining, statistician of the Industrial Department of the National Bureau of Statistics, interpreted the profit data of industrial enterprises from January to February 2025.

From January to February, the operating income of industrial enterprises above designated size continued to improve, the profit decline narrowed, the profits of equipment manufacturing and raw material manufacturing industries turned from decline to increase, and the efficiency of industrial enterprises showed a stable recovery trend.

The revenue growth of industrial enterprises is accelerating. From January to February, the operating income of industrial enterprises above designated size increased by 2.8% year-on-year, accelerating by 0.7 percentage points from the whole year of 2024. The revenue of industrial enterprises continues to grow, creating favorable conditions for the recovery of corporate profits.

The decline in profits of industrial enterprises narrowed and gross profits improved. From January to February, the profits of industrial enterprises above designated size fell by 0.3% year-on-year, a decrease of 3.0 percentage points from the whole year of 2024. Among them, the manufacturing industry improved significantly, with a year-on-year increase of 4.8% from January to February, driving the growth of all industrial profits above the designated size by 3.2 percentage points. From the perspective of gross profit calculated by deducting operating costs from operating income, the gross profit of industrial enterprises above designated size from January to February turned from a year-on-year decrease of 0.3% in 2024 to a growth of 2.0%.

Profits in equipment manufacturing and raw materials manufacturing have increased from decline. From January to February, driven by good production, the operating income of the equipment manufacturing industry increased by 8.1% year-on-year, 5.3 percentage points higher than the average level of all industries above the designated size; profits changed from a year-on-year decrease of 0.2% in 2024 to a growth of 5.4%, driving the growth of all industries above the designated size by 1.4 percentage points, providing important support for the recovery of industrial profits above the designated size. Among the eight industries in the equipment manufacturing industry, profits increased in 6 industries, among which, profits in industries such as railways, ships, aerospace, instruments and meters grew rapidly, with year-on-year growth of 88.8% and 26.7% respectively. From January to February, the profits of raw materials manufacturing increased by 15.3% year-on-year, and decreased by 22.9% in the whole year of 2024, driving the growth of all industrial profits above the designated size by 1.3 percentage points. Among them, against the backdrop of the increase in domestic and foreign market demand in the new energy industry driving the rise in prices of related products, the profits of the nonferrous metals industry increased by 20.5% year-on-year.

The effects of the "two new" policies continue to appear. From January to February, a new round of large-scale equipment renewal and consumer goods trade-in policies will continue to be effective. Driven by policies related to large-scale equipment updates, the profits of the general equipment and special equipment industries increased by 6.0% and 5.9% year-on-year respectively. Among them, profits in industries such as general parts manufacturing, mining and metallurgy construction special equipment manufacturing, medical instruments and equipment manufacturing, etc. grew rapidly, with year-on-year growth of 19.3%, 14.1%, and 10.6%, respectively. As the policy of exchanging the old-for-new consumer goods policy is increasing, diversified consumption scenarios are constantly innovating, driving the benefits of the industries where the related products are located and the chain industries. Among them, driven by the subsidy policy for automobile replacement and renewal, the profits of the automobile manufacturing industry increased by 11.7% year-on-year; in the context of the continuous expansion of the exchange policy for electronics and home appliances, the profits of industries such as smart consumer equipment manufacturing, household kitchen appliance manufacturing, and household refrigeration appliance manufacturing increased by 125.5%, 19.9% ​​and 19.2% respectively. The profits of related products' chain industry have grown rapidly, among which the profits of industries such as household power equipment special accessories manufacturing, automotive parts and accessories manufacturing, and optoelectronic device manufacturing have increased by 18.4%, 15.3%, and 9.3% respectively.

Overall, the profits of large-scale industrial enterprises have improved. However, we must also see that the external environment has become more complex and severe, with more unstable and uncertain factors, and some industrial enterprises still face many difficulties in production and operation. In the next stage, we must thoroughly implement the spirit of the Central Economic Work Conference and the spirit of the National Two Sessions, expand domestic demand in all aspects, strengthen innovation-driven development, solidly promote high-quality development, and promote the stable recovery of the benefits of industrial enterprises.

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National Bureau of Statistics: From January to February, the total profit of industrial enterprises above designated size nationwide was 910.99 billion yuan