"In the first quarter, central enterprises continued the recovery growth trend since the second half of last year, production ran smoothly and orderly, operating efficiency hit a new high, showing a steady rise, stability, strengthening and improving development trend." At the press conference held by the State Information Office on June 16, Peng Huagang, Secretary General of the State-owned Assets Supervision and Administration Commission of the State Council, introduced the economic performance of central enterprises this year and analyzed the main characteristics.

Fast growth - the overall continued strong recovery.

Operating revenue maintained rapid growth. In the first quarter, the total operating revenue of central enterprises reached 7.8 trillion yuan, up 30.1 percent year on year and 14.7 percent over the same period in 2019, with a two-year average growth of 7.1 percent. The operating revenue of central government enterprises reached 3 trillion yuan in March, a record high for the same month. Monthly revenue scale has been positive year-on-year growth for eight consecutive months and maintained double-digit growth for four consecutive months.

Net profit hit a record high for the same period. The net profit of central enterprises reached 415.29 billion yuan in the first quarter, up 2.2 times year on year, up 31.1 percent compared with the same period in 2019, and up 14.5 percent on average in the two years. Monthly net profit has exceeded 100 billion yuan for 11 consecutive months and maintained double-digit year-on-year growth for 9 consecutive months. Cumulative net profit in March and the first quarter were the highest levels in the same period. In the first quarter, 69 central government enterprises reported positive net profit growth.

The trend is good - most industries benefit significantly improved.

In the first quarter, the profits of central government enterprises in most industries increased substantially year on year. The net profits of petroleum, petrochemical, metallurgy, machinery, military, construction and other enterprises more than doubled year on year, and the net profits of mining, power and other enterprises exceeded 60%. In terms of physical indicators, electricity issued and sold by central enterprises increased by 14.9 percent and 14.3 percent respectively over the same period in 2019. Domestic crude oil production exceeded the level of the same period last year, up 2.1 percent from the same period in 2019; Raw coal production and commercial coal sales increased by 9.1% and 23% year on year, respectively, up 14.3% and 27.2% over the same period in 2019.

Excellent quality -- steady improvement in the quality and efficiency of operation.

In terms of operating efficiency, the operating income profit margin of central enterprises in the first quarter increased by 0.6 percentage points over the same period in 2019. In terms of operation quality, the proportion of the "two funds" in current assets decreased by 1.1 percentage points, and the proportion of interest-bearing liabilities decreased by 1.7 percentage points. In terms of industrial development, the GDP of central industrial enterprises grew at an average rate of 7.6 percent in the past two years.

Strong staying power -- The development of new drivers is gaining momentum.

In the first quarter, central enterprises completed a total of 497.89 billion yuan in fixed asset investment (excluding real estate), up 36.5% year on year, up 29.7% compared with the same period in 2019, and up 13.9% on average in the two years. Among them, telecommunications companies accelerated the construction and sharing of 5G networks, and invested 64.38 billion yuan in the first quarter, up 6.7% year on year. Petroleum and petrochemical enterprises focused on improving the capacity of pipeline transportation and resource exploration and development, and completed investment of 93.49 billion yuan, up 13.4% year on year.

"Central enterprises achieved good economic performance in the first quarter, laying a solid foundation for achieving the annual targets and tasks." Peng Huagang introduced that the SASAC will focus on several tasks in the next step: detailed decomposition of targets and tasks to promote profitable enterprises to increase production and efficiency; To do a solid job in monitoring the operation of enterprises, timely warning of emerging problems and responding in advance; We will further adjust and optimize the distribution and structure of state capital, and encourage central government enterprises to focus on their primary responsibilities and main businesses. In accordance with the three-year action plan for SOE reform, we will achieve more substantive results in improving the modern enterprise system with Chinese characteristics and improving market-based operating mechanisms in such important areas and key links. We will guard against and defuse risks and continue to strengthen risk control in key areas such as debt, capital and finance of central government enterprises.

Source: State-owned Assets and Administration Commission of the State Council