Central enterprises’ net profit exceeded 800 billion yuan in November

The State-owned Assets Supervision and Administration Commission held an annual meeting of heads of state-owned enterprises. The SASAC disclosed at the meeting that as of the previous November, the central SOEs had realized an operating income of 18.4 trillion yuan, an increase of 22.6% year-on-year, and an accumulated net profit of 831.79 billion yuan, a year-on-year increase of 3.6%. Wang Yong, director of the SASAC, said at the meeting yesterday that this achievement was achieved after overcoming difficulties and challenges brought about by the economic situation. In fact, compared with the data for the first eleven months of 2010, the increase in operating income and net profit of the central SOEs both fell sharply in the first 11 months of 2011.

The year-on-year slowdown in the growth of economic indicators shows that from January to November last year, the central enterprises realized a total operating income of 14.9 trillion yuan, an increase of 34.7% year-on-year; and a net profit of 802.26 billion yuan, a year-on-year increase of 50.1%. In contrast, the increase in operating income and net profit of the central SOEs both fell sharply in the first 11 months of 2011.

Wang Zhigang, director of the Corporate Research Department of the State-owned Assets Supervision and Administration Commission of the State Council, pointed out that the European debt crisis was the most important factor in the slowdown in the growth rate of operating income and net profit of central enterprises. He said that the debt crisis in Europe was fickle and unpredictable, and the price shocks and declines in commodity prices caused great pressure on large domestic companies.

Central SOEs are facing a complicated situation SASAC director Wang Yong stated that the slowdown in global economic growth, falling market demand, rising cost rigidity, increased inflationary pressures, financial market volatility, continued tightening of credit policies, etc., have brought about the production and operation of central SOEs. Adverse effects. He also warned that in the coming period, the central SOEs will face a severe and complicated economic situation.

However, the increase in taxes paid by central SOEs rose sharply in the previous November. According to the SASAC, the tax payable by central SOEs was 1.52 trillion yuan in the first 11 months, a year-on-year increase of 24.8 percent, 2.2 percentage points higher than operating revenue and 21.2 percentage points higher than net profit. .

Focus on strengthening the main industry next year The SASAC has now established the core objectives of the "Twelfth Five-Year Plan": to cultivate world-class companies with international competitiveness. Wang Yong also emphasized yesterday that highlighting the construction of the main business will be the key work of the central SOEs next year. He demanded that central enterprises must strictly control the direction of investment, projects that do not belong to the main business of the enterprise and do not have competitive advantages, and should sort out the items. "The slow construction of the deferred construction must be resolutely stopped."

Wang Yong said that next year will continue to promote the non-core business between the central enterprises, non-dominant businesses, reorganization and integration between similar businesses, continue to promote the separation and reorganization of non-core hotels and central enterprises.

■ Extending the growth rate of overseas profits of central SOEs Chaozhou’s domestic SASAC also disclosed that from January to November this year, Chinese central SOEs had achieved operating revenue of 3.4 trillion yuan overseas and total profit of 128 billion yuan, which was a year-on-year increase of approximately 30%. This also means that the profits of the central SOEs have increased more than the territory. In recent years, as central enterprises continue to go abroad, overseas has become a new growth point for profit growth of central enterprises.

Take China National Petroleum Corporation’s giant oil (9.60, -0.03, -0.31%) as an example, its overseas oil and gas production has been continuously high for many years. In 2010, its overseas oil and gas production output has reached more than one-quarter of the total domestic oil and gas production in 2010. Overseas income has exceeded one-third.

Yesterday, Wang Yong made it clear at the meeting that the SASAC will conduct regular audits of overseas business and management status, and will strengthen the management of major issues such as overseas investment, financing, property rights, funds, contracts, and asset disposal of the central SOEs, and strengthen the prevention of legal risks in overseas operations.

As of the end of 2009, the foreign assets of the central SOEs exceeded 4 trillion yuan. Earlier this year, the SASAC stated that it is formulating regulations to strengthen the supervision of overseas assets. However, no specific regulations have been issued so far.

■ Analysis of the “reduction” of central state-owned enterprises “Diabetes,” said Zhu Boshan, chief analyst of Da Tian Qiang Management Consultant Co., Ltd. It can be seen from the growth rate of net profit of central enterprises that the external business environment of central enterprises is still very difficult.

Zhu Boshan believes that in the past many years, the reform of central SOEs has indeed made great achievements, but it is mainly in terms of scale, and strengthening and optimizing is a new idea proposed by the SASAC since last year. However, he believes that this "subtraction" work is not easy to advance. On the one hand, the current external environment is severe. As a central enterprise, it is first and foremost necessary to maintain growth and ensure stability. Third, “subtraction” also requires the promotion of a major environment for institutional reforms. Currently, the progress of the separation of hotel auxiliary businesses is not very large. For example, the establishment of a standardized board system promoted by central SOEs in recent years has only been optimized in the original framework.