The economic performance of state-owned and state-controlled enterprises in the first quarter announced by the Ministry of Finance on the same day shows that the main efficiency indicators of China’s state-owned enterprises continue to maintain the growth momentum, and the total realized total profit is 512.35 billion yuan, a year-on-year increase of 27.5%, but the increase in operating costs is higher than the total business turnover. Increase in revenue.
Data from the Ministry of Finance show that, from January to March, state-owned enterprises realized a total operating income of 809.18 billion yuan, an increase of 24.7% year-on-year, and a March increase of 14.2% compared with February; total state-owned enterprises realized a total profit of 512.35 billion yuan, a year-on-year increase of 27.5%. In March, the growth rate was 12.3% compared to February; at the same time, operating costs increased 25.1% year-on-year, and the year-over-year growth rate exceeded revenue growth.
It is understood that in the income structure of state-owned enterprises, half of the total operating revenue comes from the central management company. Among these central management companies, the operating revenues of oil, electricity, coal, steel, non-ferrous metals, telecommunications and other industries accounted for the vast majority. In the first quarter, prices of crude oil (107.38, 0.26, 0.24%) have now exceeded US$110/barrel in the case of sufficient liquidity in the international market. Raw material prices, including many metal ores, have risen more than 10% in the first quarter. This directly boosted the cost of oil, electricity, steel and non-ferrous metals industries.
In particular, the electric power industry, which is one of the two industries that the Ministry of Finance specifically named as a loss when it released data.
Recently, news of the increase in on-grid tariffs of some of the most severe thermal power companies has been seen in the media. Although it has not yet been confirmed by an authoritative department, it also confirms the operational challenges of some regional power companies in the context of high coal costs.
The Ministry of Finance pointed out in the above-mentioned notification that the five major power generation enterprises in the central government continue to suffer losses. It is reported that these five major companies include Huaneng Group, Datang Group, Guodian Group, Huadian Group and China Power Investment Group. It is worth noting that the enterprises of the Ministry of Railways also suffered losses in the first quarter.
Minister of Railways Sheng Guangzu recently said that in accordance with the principle of adapting to the needs of economic and social development and satisfying the people, grasping the needs and possibilities, taking into account social and economic benefits, and scientifically arranging railway construction during the "12th Five-Year Plan" period.
During the two sessions this year, Sheng Guangzu said that there is no financial pressure on the construction of high-speed rails. Currently, the development of high-speed rail is in good condition and progresses smoothly.
In addition to the cost issue, the state-owned enterprises in the country are in a stable state of operation. From January to March, inventory of state-owned enterprises increased by 25.4% year-on-year. The inventory turnover rate was 1.1 times, which was the same as the same period of last year. The turnover rate of accounts receivable was 3.3, which was 0.2 times faster than the same period of last year. The average total asset turnover was 0.1 times, which was the same as the same period of last year. The sales margin was 4.7%, up 0.1% from the same period last year. The negative impact of raw material costs and financial costs on companies is kept within a limited range.
Due to the steady investment in the early period of the “12th Five-Year Planâ€, the government secured the construction of affordable housing, and the growth rate of fixed asset investment remained at around 25%, which also benefited many state-owned enterprises. From January to March, profits from building materials, construction real estate, and chemical industries increased significantly year-on-year. Building materials, electronics, construction real estate and other industries realized a larger increase in profits. In addition, although there is no systematic first-quarter operating data of private enterprises, from the state-owned enterprises’ profit realized by large-scale industrial enterprises from January to February, the private enterprises realized profits of 162.6 billion yuan at the beginning of the year, an increase of 49.7% year-on-year. The growth rate is close to twice that of state-owned and state-controlled enterprises.
This means that the entire real economy has been stable in the first quarter, and listed companies will also have good profit performance in the first quarter quarterly report.
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