On the 27th, data released by the National Bureau of Statistics showed that from January to February, the operating income of industrial enterprises above designated size continued to improve, the decline in profits narrowed, and the profits of equipment manufacturing and raw material manufacturing industries shifted from decline to increase. The profitability of industrial enterprises showed a stable recovery trend. The revenue growth of industrial enterprises is accelerating. In January and February, the operating income of industrial enterprises above designated size in China increased by 2.8% year-on-year, with a growth rate 0.7 percentage points faster than the whole year of 2024. The revenue of industrial enterprises continues to maintain a growth trend, creating favorable conditions for the recovery of corporate profits. The decline in profits of industrial enterprises has narrowed, while gross profit has improved. In January and February, the profits of industrial enterprises above designated size decreased by 0.3% year-on-year, narrowing the decline by 3.0 percentage points compared to the whole year of 2024. The manufacturing industry has shown significant improvement, with a year-on-year growth of 4.8% in January and February, driving a 3.2 percentage point increase in profits for all industries above designated size. From the perspective of gross profit calculated by deducting operating costs from operating income, the gross profit of industrial enterprises above designated size in January and February increased by 2.0% from a year-on-year decrease of 0.3% in 2024. The profits of equipment manufacturing and raw material manufacturing industries have shifted from decline to increase. In January and February, driven by good production, the operating income of the equipment manufacturing industry increased by 8.1% year-on-year, which was 5.3 percentage points higher than the average level of all industries above designated size; The profit increased from a year-on-year decrease of 0.2% in 2024 to a growth of 5.4%, driving a 1.4 percentage point increase in profits for all industries above designated size, providing important support for the recovery of profits in these industries. In January and February, the profit of the raw material manufacturing industry increased by 15.3% year-on-year, and decreased by 22.9% for the whole year of 2024. Against the backdrop of increased demand in the domestic and international markets of the new energy industry driving up prices of related products, the profit of the non-ferrous industry increased by 20.5% year-on-year. The effects of the "two new" policies continue to be evident. In January and February, driven by policies related to large-scale equipment updates, the profits of the general equipment and specialized equipment industries increased by 6.0% and 5.9% year-on-year, respectively. Among them, the profits of industries such as general component manufacturing, mining and metallurgical construction specialized equipment manufacturing, and medical instrument and equipment manufacturing have grown rapidly, with year-on-year increases of 19.3%, 14.1%, and 10.6%, respectively. With the strengthening of the policy of exchanging old for new consumer goods and the continuous innovation of diversified consumption scenarios, the benefits of related product industries and chain industries are improving. Among them, driven by the subsidy policy for automobile replacement and renewal, the profit of the automobile manufacturing industry increased by 11.7% year-on-year; Against the backdrop of the continuous expansion of the benefits of the trade in policy for electronic and household 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 profit of the related product chain industry has grown rapidly, among which the profits of industries such as the manufacturing of specialized accessories for household electrical appliances, automotive parts and accessories manufacturing, and optoelectronic device manufacturing have increased by 18.4%, 15.3%, and 9.3% respectively. (New Society)