Large-scale Industrial Enterprises in China Post 38.3% YoY Decline in Profits amidst COVID-19

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%.

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