Industrial profits in the first half of the year were basically stable, and the cumulative decline continued to narrow.

According to the financial data of industrial enterprises released by the National Bureau of Statistics on July 27, from January to June, the total profit of industrial enterprises above designated size decreased by 0.7% year-on-year, and the decline was 0.1 percentage points lower than that of January-May. Among the Changshu coral fleece, the total profit for the month of June decreased slightly by 0.3% year-on-year, and in May it increased by 0.6%.

Industrial profits declined in June, mainly due to three factors. First, the ex-factory price of industrial products has dropped significantly. Despite the acceleration in industrial production growth in June, the ex-factory price of industrial products fell by 4.8% year-on-year, and the decline was 0.2 percentage points higher than that in May, which had a direct impact on the decline in industrial profits. Second, unit costs have risen. In June, the cost per 100 yuan of main business income of industrial enterprises above designated size was 86.19 yuan, up by 0.13 yuan year-on-year. Changshu flannel third, higher profit base in the same period last year. In June of last year, industrial profits increased by 17.9%, the growth rate was the highest in each month of the previous year, and there was a fix in the profit growth rate in June this year.

Although the industrial profit in June changed from a slight increase in May to a slight decrease, overall, the profits of industrial enterprises were basically stable, and the monthly growth rate did not change much. The cumulative decline of coral velvet manufacturers narrowed month by month. At the same time, the policy of interest rate cuts continues to emerge. Affected by three interest rate cuts during the year, corporate interest expenses fell significantly. In June, interest expenses of industrial enterprises above designated size fell by 6.2% year-on-year, the largest decline since the beginning of this year. The reduction in interest expenses will help reduce financing costs and increase corporate efficiency.