From January to February this year, the profits of enterprises above designated size rose by 17.2%.

**Abstract** Corporate profitability is experiencing a significant upturn. On March 28, the National Bureau of Statistics released data showing that from January to February this year, industrial enterprises above the designated size in China achieved a profit of 709.2 billion yuan, marking a year-on-year increase of 17.2%. This marks a sharp contrast to the previous year, when profits for these enterprises were only 555.78 billion yuan, rising by just 5.3% compared to the same period in 2022. Among them, state-owned and state-controlled enterprises saw the highest growth, with profits reaching 212.5 billion yuan, up 18.9%. Analysts suggest that this surge in profits is largely driven by the economic recovery fueled by increased infrastructure investment. According to the data, out of the 41 industrial sectors, 30 reported higher profits compared to the same period last year, while 8 saw a decline. Two industries turned from losses to profits, and one industry reduced its losses compared to the prior year. Key sectors showed strong performance, including agricultural and sideline food processing (up 11.5%), chemical raw materials and products manufacturing (up 11.2%), general equipment manufacturing (up 4.3%), and automobile manufacturing (up 19.8%). The electrical machinery and equipment manufacturing sector rose by 4.8%, while computer, communication, and other electronic equipment manufacturing surged by 89%. The power and heat production and supply sector saw a 1.5-fold increase in profits, and the oil processing, coking, and nuclear fuel processing industries turned from loss to profit. Notably, the ferrous metal smelting and rolling industry saw an astonishing 17-fold increase in profits compared to the same period last year. Senior analysts at Lianxun Securities noted that this was partly due to the low base of profits in the previous year. This rebound indicates that most industrial sectors are gradually recovering. The National Bureau of Statistics highlighted six major industries—power, petroleum refining, steel, electronics, automotive, and tobacco—that contributed significantly to the overall profit growth. Dr. He Ping from the Industry Department explained that these six industries accounted for over 80% of the total profit growth, with electricity, petroleum refining, and steel contributing more than 50% individually. In terms of enterprise types, state-owned and state-controlled enterprises earned 212.5 billion yuan, up 18.9%. Collective enterprises made 10.6 billion yuan, growing by 6.8%, while joint-stock enterprises earned 410.2 billion yuan, increasing by 16.1%. Foreign-invested enterprises reported 159.2 billion yuan in profits, up 12.8%, and private enterprises earned 230.6 billion yuan, a 16.9% rise. In 2022, state-owned enterprises saw a 5.1% drop in profits, but this trend has reversed in early 2024. Notably, the three industries driving the strongest profit growth—electricity, steel, and petroleum refining—are all dominated by state-owned enterprises. Hualong Securities pointed out that current operating efficiency has improved, with main costs decreasing and financial expenses continuing to fall following two interest rate cuts. These favorable conditions provide enterprises with a rare window to actively adjust their structures, reduce excess capacity, and enhance operational efficiency.

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