Combined profits of domestic industrial enterprises above designated size reached RMB2.51 trillion in the first half of 2020, down 12.8% YoY, shrinking 6.5 percentage points from January-May decrease, according to data the National Bureau of Statistics issued on July 27. Profits of the chemical industry were down 32.2% YoY to RMB136.46 billion. The petroleum, coal and other fuel processing industry suffered losses, versus profits same period last year.
The mining industry made H1 profits of RMB164.7 billion, down 41.7% YoY, and profits of the manufacturing industry were down 9.8% YoY to RMB2.12 trillion. The electricity, heat, gas and water production and supply industry achieved RMB224.5 billion in profits, down 8.7% YoY.
Among the 41 main industrial divisions, nine saw profit increases, one remained unchanged and 31 saw decreases. In detail, profits were down 72.6% YoY in the oil and gas extraction industry, down 40.3% YoY in the ferrous metal smelting, rolling and processing (SRP) industry, and down 29.4% YoY in the non-ferrous metal SRP industry. The coal mining and washing industry saw a profit decline of 31.2% YoY, and the automobile industry saw a decrease of 20.7% YoY.