Dr. He Ping from the Industrial Department of the National Bureau of Statistics interprets the profit data of industrial enterprises from January to July 2018

——Dr. He Ping from the Industrial Department of the National Bureau of Statistics interprets the profit data of industrial enterprises from January to July 2018

The financial data of industrial enterprises released by the National Bureau of Statistics on August 27th showed that from January to July 2018, the profits of industrial enterprises above designated size in China increased by 17.1% year-on-year, which was 0.1 percentage points lower than the growth rate from January to June. Among them, the profits in July increased by 16.2%. Overall, with the deepening of supply side structural reform, industrial profits continue to grow rapidly.

1、 The effectiveness of supply side structural reform continues to emerge

Firstly, the cost continues to decrease. From January to July, the total cost and expenses per 100 yuan of main business income of industrial enterprises above designated size were 92.63 yuan, a year-on-year decrease of 0.38 yuan; Among them, the cost per 100 yuan of main business income was 84.45 yuan, a year-on-year decrease of 0.35 yuan. Secondly, the leverage ratio continues to decrease. At the end of July, the asset liability ratio of industrial enterprises above designated size was 56.6%, a decrease of 0.5 percentage points year-on-year. Among them, the asset liability ratio of state-owned holding enterprises was 59.4%, a decrease of 1.3 percentage points year-on-year, the lowest level since 2016.

2、 Industrial enterprises maintain a good trend of profitability

Firstly, the profitability has significantly increased. From January to July, the profit margin of the main business income of industrial enterprises above designated size was 6.46%, an increase of 0.4 percentage points year-on-year. Secondly, the turnover of finished goods inventory has accelerated. At the end of July, the turnover days of finished goods inventory in industrial enterprises above designated size were 16.7 days, a decrease of 0.1 days year-on-year.

3、 The newly added profits mainly come from industries such as petroleum, steel, building materials, and chemicals

 1-7In the month, the industries with the highest increase in profits are mainly: oil1145.1One billion yuan, accounting for the proportion of newly added profits of all industrial enterprises above designated size20.1%；钢铁1139.5亿元，占20%；建材797.5亿元，占14%；化工721.1亿元，占12.6%。这些行业对全部规模以上工业企业利润增长的贡献率为66.6%。

主要受工业生产者出厂价格涨幅收窄、购进价格涨幅扩大影响，7月份工业利润增速比6月份略有回落。

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