2024年12月工业企业利润数据点评：工业经济效益持续恢复

Group 1: Industrial Profit Trends - In December 2024, industrial enterprises' profits turned from decline to growth, with a monthly profit increase of 11.0% year-on-year, a significant rebound of 18.3 percentage points compared to November[4] - For the entire year of 2024, profits of industrial enterprises decreased by 3.3%, but the decline narrowed by 1.4 percentage points compared to the first eleven months[4] - The profit margin for the year was 5.39%, down 0.37 percentage points year-on-year, while December's profit margin was 5.34%, up from 5.05% in the same month last year[4] Group 2: Production and Price Dynamics - December's industrial added value grew by 6.2% year-on-year, an increase from November's 5.4%[4] - The Producer Price Index (PPI) in December showed a year-on-year decline of 2.3%, improving from November's decline of 2.5%[4] - The cost per 100 yuan of revenue for industrial enterprises was 85.16 yuan, an increase of 0.40 yuan year-on-year, while expenses were 8.59 yuan, up 0.03 yuan year-on-year[4] Group 3: Inventory and Leverage Insights - Industrial enterprises' nominal inventory grew by 3.3% year-on-year in December, remaining flat compared to November, marking five consecutive months of decline[6] - The leverage ratio for industrial enterprises showed a rebound, with liabilities growing faster than assets and equity for two consecutive months, indicating a potential recovery in leverage willingness[6] - The asset-liability ratio for industrial enterprises was recorded at 57.5% in December, reflecting a year-on-year increase of 0.16 percentage points[6]