In the first seven months of 2022, the combined operating revenue of industrial enterprises above designated size maintained a rapid growth of 8.8% YoY, while the total profit fell 1.1% YoY, versus an increase of 1% in H1, according to data the National Bureau of Statistics issued recently. Among the 41 industrial categories, 16 industries or 39% (basically the same as H1) saw profit growth, which exceeded 5% YoY in 14 industries.
Profit of the equipment manufacturing industry was down 5.7% YoY in the seven months, shrinking 2.1 percentage points from H1, benefiting from continued recovery of industry and supply chains, the nation’s policies on reduction or exemption of vehicle purchase tax, etc. Profit of the raw material manufacturing industry dropped 21.6% YoY, the biggest obstacle for Jan-July profit growth of industrial enterprises above designated size. More specifically, the petroleum processing industry saw a decline of 44% YoY, expanding 11.6 percentage points from H1.