Via China’s NBS:
1 – 3 months, the national scale industrial enterprises realized a total profit of 7814.5 billion yuan, fell 36.7% (on a comparable basis, see Note II), a decline of more than 1 – 2 narrowed in February 1.6 percent.
1 – 3 months, above-scale industrial enterprises, state-owned holding enterprises realized a total profit of 2226.7 billion yuan, fell 45.5% ; joint-stock enterprises realized a total profit of 5970.4 billion yuan, down 33.0% ; foreign and Hong Kong, Macao and Taiwan-invested enterprises realized a total profit of 1671.5 100 million yuan, a decrease of 46.9% ; the total profits of private enterprises reached 234.48 billion yuan, a decrease of 29.5% .
1 – 3 months, the mining industry realized a total profit of 881.4 billion yuan, fell 27.5% ; manufacturing industry realized a total profit of 6079.6 billion yuan, down 38.9% ; electricity, heat, gas and water production and supply industry realized a total profit of 853.5 billion yuan, Down 28.6% .
1 – 3 months, in 41 industrial sectors, 2 total profit sectors an increase, 39 decrease industries. The profits of major industries are as follows: the total profit of the tobacco products industry increased by 28.5% year-on-year , the agricultural and sideline food processing industry increased by 11.2% , the automobile manufacturing industry decreased by 80.2% , the chemical raw materials and chemical products manufacturing industry decreased by 56.5% , and the ferrous metal smelting and rolling processing industries Down 55.7% , electrical machinery and equipment manufacturing fell 47.0% , general equipment manufacturing fell 39.9% , textile industry fell 38.8% , special equipment manufacturing fell 34.7% , non-metallic mineral products industry fell 34.0% , electricity, heat production and The supply industry decreased by 30.7% , the non-ferrous metal smelting and rolling processing industry decreased by 30.2% , the coal mining and washing industry decreased by 29.9% , the oil and gas extraction industry decreased by 20.1% , and the computer, communications and other electronic equipment manufacturing industry decreased by 12.0% . , Coal and other fuel processing industry turned profit from the same period last year into a loss.
1 – 3 months, above-scale industrial enterprises realized revenue of 19.86 trillion yuan, fell 15.1% ; operating costs incurred 16.83 trillion yuan, down 14.6% ; operating income margin was 3.94% , year on year decrease 1.34 percentage points.
At the end of March , assets of industrial enterprises above designated size totaled 116.57 trillion yuan, an increase of 6.2% year-on-year ; total liabilities were 66.00 trillion yuan, an increase of 5.4% ; total owner ’s equity was 50.57 trillion yuan, an increase of 7.3% ; the asset-liability ratio was 56.6% , A year-on-year decrease of 0.4 percentage points.
At the end of March , the accounts receivable of industrial enterprises above designated size was 14.04 trillion yuan, an increase of 7.3% year-on-year ; the inventory of finished products was 4382.97 billion yuan, an increase of 14.9% .
Most interesting to me is the inventory build. If that persists for any length of time and demand remains subdued then a liquidation is in order, complete with a second round of job losses.
It’s a possibility for the entire global industrial complex.