Total profits of China's national-level and above industrial companies to fall 3.3% in 2024 from 2018: Chinese report

According to the National Bureau of Statistics of China, the total profits of industrial enterprises with annual main operating revenues of 20 million yen or more (approximately 420 million yen) in 2024 are expected to decrease by 3.3% year-on-year to 7.7 billion yen.
By company type, the total profits of state-owned enterprises fell 4.6% to 2,139,730 million formers (about 46 trillion yen), while joint-stock companies fell 3.6%.
The figure for foreign-invested enterprises was 5,616,640 million formers (approximately 120 trillion yen), down 1.7% to 1,763,790 million formers (approximately 38 trillion yen), while private enterprises increased 0.5% to 2 trillion
By the three major sectors, total profits for mining and manufacturing were down 10.0% to 1,127,190 million formers (about 24 trillion yen), while manufacturing was down 3.9% to 5,500 million formers (about 1,270 million yen).
The domestic production and supply industries increased by 14.5% to 14.11 billion former (approximately 118 trillion yen), while the production and supply of electricity, thermal energy, gas, and water increased by 14.5% to 789.76 billion former (approximately 17 trillion yen).
Looking at profits by major industry, the electricity and thermal energy production and supply industry increased by 17.8%, non-ferrous metal smelting and rolling processing industries increased by 15.2%, and the oil
The natural gas extraction industry showed a high growth rate of 14.2%. Meanwhile, coal mining and washing industry decreased by 22.2%, non-metallic mineral product manufacturing industry decreased by 45.1%, and black metal smelting and rolling processing industry decreased by 54.6%.
In addition, the oil, coal and other fuel processing industry turned from a profit in the previous year to a deficit. During the same period, the operating income of industrial enterprises of national or larger size increased by 2.1% to 137.77 trillion yen.
Operating costs increased by 2.5% to 117.31 trillion yen, and the operating profit margin was 5.39%, down 0.30 percentage points from the previous year.
On the other hand, the profits of industrial companies of national scale or larger in December 2024 increased 11.0% compared to the same month last year.