The profits of industrial enterprises maintained a good growth trend in the third quarter —— Zhu Hong, Senior Statistician of the industrial department of the National Bureau of statistics, interprets the profit data of industrial enterprises In the third quarter of 2021, industrial production continued to recover, profits maintained a good growth trend, enterprise benefits continued to improve, and the profitability, asset liability ratio and capital turnover continued to improve year-on-year. 1、 The profits of industrial enterprises maintained rapid growth From January to September, the profits of Industrial Enterprises above designated size increased by 44.7% year-on-year, with an average growth of 18.8% in two years (based on the figures in the same period in 2019, calculated by geometric average method). In the third quarter, the profits of industrial enterprises increased by 14.3% year-on-year, continuing to maintain double-digit growth; The average growth rate in the two years was 15.1%, slightly lower than that in the second quarter, and generally maintained a good growth trend. Among them, the profit in September increased by 16.3% year-on-year, with a growth rate of 6.2 percentage points higher than that of the previous month. More than 70% of the industry's profit scale exceeded the pre epidemic level. In the third quarter, among the 41 major industrial industries, the profits of 29 industries increased compared with the same period in 2019, accounting for 70.7%. The overall benefits of most industries were better than before the epidemic. Among them, 18 industries have an average profit growth rate of 10% or more in two years. The profits of high-tech manufacturing grew rapidly. In the third quarter, the profit of high-tech manufacturing industry increased by 33.6% year-on-year, 19.3 percentage points higher than the average level of industries above Designated Size, playing a significant leading role. Among them, driven by the large demand for vaccines at home and abroad and the booming production and marketing of enterprises, the profit of the pharmaceutical manufacturing industry in the third quarter increased by 66.8% year-on-year, continuing the high-speed growth trend since the beginning of the year; Driven by the steady growth of enterprise income and the transformation of investment income from decline to increase, the profit of electronic and communication equipment manufacturing industry increased by 33.4% year-on-year, 14.6 percentage points faster than that in the second quarter; The profits of aerospace and equipment manufacturing industry increased by 25.4% year-on-year, maintaining rapid growth. The profit scale of mining industry and raw material manufacturing industry has expanded significantly. In the third quarter, the profit of the mining industry increased by 2.04 times year-on-year, and the raw material manufacturing industry increased by 42.5%, continuing to maintain a rapid growth trend, providing important support for the improvement of the profits of industrial enterprises. Among them, driven by factors such as the continuous rise of product prices, the profit of the coal industry increased by 2.72 times year-on-year in the third quarter, significantly faster than that in the second quarter; The profits of oil and gas exploitation, nonferrous metals, petroleum processing, chemical industry and steel industry increased by 2.97 times, 77.6%, 70.8%, 69.3% and 42.6% respectively, all of which achieved rapid growth. Profits in the consumer goods manufacturing industry recovered steadily. In the third quarter, with the continuous recovery of market demand, the profit of consumer goods manufacturing industry increased by 9.7% year-on-year and 12.0% on average in two years, showing a stable recovery trend. Among them, the profit of chemical fiber industry increased by 2.15 times year-on-year, showing rapid growth; The profits of furniture manufacturing, culture, education, industry and beauty industries increased by 10.6% and 8.3% respectively, with a relatively stable growth. 2、 The operation of the enterprise has improved significantly Unit costs decreased and profitability improved. In the third quarter, with the continuous effectiveness of policies and measures such as tax reduction and fee reduction and supporting the development of the real economy, the expenses per 100 yuan of operating income of Industrial Enterprises above designated size decreased by 0.39 yuan year-on-year, a significant decrease. The profit margin of operating revenue was 6.70%, an increase of 0.13 percentage points year-on-year. The improvement of profitability led to the continued decline of the enterprise's asset liability ratio. At the end of September, the enterprise's asset liability ratio was 56.3%, a year-on-year decrease of 0.5 percentage points, a decrease of 0.1 percentage points compared with the end of last month. The capital turnover was accelerated and the operation efficiency was improved. At the end of September, the accounts receivable and finished product inventory of Industrial Enterprises above designated size increased by 11.5% and 13.7% respectively year-on-year, down 0.6 and 0.5 percentage points respectively compared with the end of last month, and the occupation of working capital improved. The average recovery period of enterprise accounts receivable was shortened by 3.8 days year-on-year and 0.4 days compared with the end of last month. The inventory turnover days of finished products were shortened by 1.5 days year-on-year and 0.3 days compared with the end of last month. The use efficiency of enterprise funds has been improved and the business situation has been further improved. In the third quarter, the profits of Industrial Enterprises above Designated Size maintained a good growth trend, but factors such as high commodity prices and insufficient smoothness of supply chain and industrial chain affected the continuous recovery of enterprise profits. At the same time, the problem of profit imbalance between upstream and downstream industries was more prominent, and the basis for the recovery of industrial enterprises' benefits still needs to be further consolidated. Next, in accordance with the decision-making and deployment of the Party Central Committee and the State Council, we should pay close attention to the normalization of epidemic prevention and control, maintain the continuity and stability of macro policies, do a good job in cross cycle economic regulation, stabilize commodity prices, continue to expand domestic demand, promote transformation and upgrading, stimulate the vitality of market players, and ensure that the industrial economy operates within a reasonable range. (outlook new era)