The COVID-19 pandemic has taken a heavy toll on the profit levels of China’s large-scale industrial enterprises since the start of 2020.
The profits of industrial enterprises above designated size in China for the period from January to February totalled 410.70 billion yuan, for a YoY decline of 38.3%.
“Enterprises above designated size” (规模以上企业) is a statistical term used in the People’s Republic of China to refer to industrial enterprises with annual main business revenue of 20 million yuan or more.
Of these industrial enterprises state-owned share-controlled enterprises posted total profits of 146.54 billion yuan, for a YoY decline of 32.9%.
Joint-stock enterprises saw net profits of 315.88 billion yuan, for a YoY decline of 33.6%, while foreign-invested and Hong Kong, Macau and Taiwan-invested enterprises posted profits of 79.63 billion yuan, for a YoY drop of 53.6%.
Privately operated enterprises posted total profits of 120.83 billion yuan, for a drop of 36.6%.
When broken down by sector, resources sector enterprises saw total profits of 55.31 billion yuan, for a YoY decline of 21.1%; manufacturing enterprises posted total profits of 300.57 billion yuan, for a YoY decline of 42.7%.
Utilities companies posted total profits of 54.82 billion yuan, for a YoY drop of 23.2%.