China's Industrial Profits Up 2.7% in October, Third Straight Month of Year-on-Year Growth

原標題：China's Industrial Profits Up 2.7% in October, Third Straight Month of Year-on-Year Growth

Credit：Visual China

BEIJING，November 28 （TMTPOST） -- China’s industrial profits edged up 2.7% in October from the same period of 2022, the third consecutive month of year-on-year growth, according to data released by the National Bureau of Statistics of China (NBS) on Monday.

Nonetheless, the pace of growth slowed in October from September’s 9.2%. In the first ten months, the cumulative profits of large-scale industrial enterprises declined by 7.8% year-on-year, according to the NBS. This figure represents a narrowing of the decline by 1.2 percentage points from the first three quarters. There was a steady improvement in year-on-year profit performance since March, .

China's ongoing supportive policies are instrumental in stabilizing and improving the industrial sector's profitability, many market observers pointed out.

The year-to-date revenue of industrial enterprises in the first ten months picked up for the first time in 2023, compared with zero year-on-year growth in the first nine months. Specifically, their operating income rose by 2.5% year-on-year in October, 1.3 percentage points faster than September's growth rate.

In terms of sector-specific performances, all three major sectors—mining, manufacturing, and utilities—registered a profit rebound. The profit decline in the mining sector moderated to 19.7%, while the manufacturing sector saw an improvement to 8.5% in contraction for the first ten months compared with the first nine months. The utility sector experienced an impressive year-on-year 40.0% increase in its profit growth in the first ten months, with a remarkable 50.3% surge in October alone.

In manufacturing, downstream demand recovery and a rise in raw material prices were pivotal. The raw material manufacturing industry recorded a significant 22.9% increase in profits in October, heavily contributing to overall industrial profit growth. The consumer goods manufacturing industry also witnessed a growth rate of 2.2% in profit for October, supported by policies boosting domestic demand and consumption. Furthermore, the equipment manufacturing industry's cumulative profit from January to October rose by 1.1% year-on-year.

The mining industry presented mixed results. While the profit declines in the oil and natural gas extraction and ferrous metal mining industries in the first ten months slowed to 8.9% and 13.5%, respectively, the coal mining and washing industry faced a faster year-on-year profit decline. The non-ferrous metal mining industry experienced a slight deceleration in profit growth.

Meanwhile, diverse types of enterprises, ranging from state-controlled to private and foreign-invested entities, saw improvements in profits in the first then months. State-controlled enterprises reported a 9.9% year-on-year decline in profits, private enterprises experienced a 1.9% decline, and foreign-invested enterprises saw a 10.2% decline. These figures indicate the moderation of profit declines across different enterprise types.

Operational costs and profit margins also shed light on the health of sizable industrial companies. For the first ten months, the cost per hundred yuan of operating income slightly increased year-on-year, but a decrease was observed in October. The profit margin of active income showed a minimal but positive increase.

The NBS highlighted challenges in business operations, which were evident from the rise in accounts receivable and the average recovery time at the end of October. The asset-liability ratio of these enterprises remained stable, signifying financial steadiness amid ongoing economic pressures.

標題：China's Industrial Profits Up 2.7% in October, Third Straight Month of Year-on-Year Growth

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