The SASAC announced yesterday that the accumulated profits of central enterprises from January to July were 618.86 billion yuan, a year-on-year increase of 54.3%, an increase of 10.8 percentage points from January to June. This is also the reason that the increase in the profit of central SOEs has slowed for the seventh straight month since this year.
Big increase in profit in the first half of the year affected by stimulus policies
From January to July, the central SOEs achieved a total operating income of 9,145.81 billion yuan, a year-on-year increase of 42.4%, an increase of 1.9 percentage points from January to June. The total amount of taxes paid was 791.91 billion yuan, a year-on-year increase of 25.1%.
According to the data previously released by the SASAC, from January to June, the cumulative profits of central SOEs reached 524.96 billion yuan, a year-on-year increase of 65.1%. Among them, enterprises in the metallurgy, electric power, transportation, chemical, and machinery industries have realized profits more than doubled.
Since the beginning of this year, the growth rate of profit of central SOEs has been falling continuously. The year-on-year increase in profits of the central SOEs has dropped from 93% in the first quarter to the current 54%.
In response, SASAC Director Li Rongrong said at a meeting of central enterprise officials held earlier that the higher growth rate of central enterprises in the first half of the year was mainly due to the low base last year, and was also affected by a series of government stimulus policies.
Operating in the second half is more difficult
At present, the downward trend of economic growth in China has already emerged. According to the latest statistics from the National Bureau of Statistics, the major economic indicators continued to fall in July, and major industrial and economic indicators continued to fall. The growth rate of industrial added value fell by 0.3 percentage points from June, and the growth rate of fixed asset investment from January to July was higher than that of the first half of the year. Drop 0.6%. The manufacturing managers' index also fell for three consecutive months.
According to the SASAC, in June, the auto enterprises of the central SOEs had sold 708,000 units in a single month, and in June they fell to 600,000 units, a decrease of 15.3%. Orders for shipbuilding and equipment manufacturing companies also declined, and new orders declined more than in the previous year.
Li Rongrong said that the business situation in the second half of the year will be even more difficult. For example, if some of the government’s stimulus policies are withdrawn, such as whether the preferential policies for small-displacement vehicles will continue, they will test the operating conditions of the central SOEs in the second half of the year. At the same time, in the second half of the year, expenditures on corporate finance, labor, energy, raw materials, and environmental governance will all increase, which will objectively increase production and operating costs. On the other hand, many industrial orders will decline, inventories will increase, and pressure will be placed on production and business operations.
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Last year, petroleum and petrochemical central enterprises earned the most
The SASAC disclosed yesterday that “The central enterprises’ performance in the industry in 2009†shows that in nine major industries including petroleum and petrochemical, power, steel, machinery, communications, aviation, water transportation, commerce and construction, the average state-owned assets of state-owned enterprises The value-added rate is as high as 120.8%, followed by 117.9% for the construction industry, 117.4% for the machinery industry, and 111.7% for the water industry. However, the aviation industry's hedging and appreciation rate has not been announced.
Although the oil and petrochemical industry's value-added rate is only 108%, it is the industry that makes the most money. In 2009, the petroleum and petrochemical central enterprises achieved a profit of 262.66 billion yuan, ranking first.
Of the nine industries, only the water transportation and commerce industries experienced a decline in profits. Affected by the continuous low level of the global shipping market in 2009, the volume and price rebounded slowly. The central enterprises of the water industry suffered a profit reduction of 28.54 billion yuan over the previous year; they were subject to substantial commodity prices. Affected by fluctuations, insufficient market demand and other factors, the business industry realized a profit of 34.95 billion yuan, a decrease of 9.9% from the previous year.
In addition, in 2008, the operating losses of the three aviation industry central enterprises were 28.22 billion yuan, a decrease of 37.93 billion yuan over the previous year, and the state-owned assets had not been maintained. Yesterday, the SASAC revealed that in 2009, the aviation industry's central enterprises realized profits of 6.82 billion yuan, a 35.04 billion yuan higher than the previous year's loss reduction. However, it did not disclose the value-added rate of the industry. Last weekend, the State-owned Assets Supervision and Administration Commission disclosed that the average value of state-owned assets held by the central government in 2009 was 109.3%.