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独立经济研究者,东方艾格农业、食品分析师,新华社特约经济分析师。农民出身,从事粮食加工技术、粮食棉花的行业、世界经济、公司战略研究,尤其关注中国粮食安全、宏观经济和国际食品企业的研究。 每日接受来自世界各地媒体关于粮食、棉花、物价、宏观经济的等以民生内容的采访。 现利用网络窗口便利同大家进行交流。

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Analysis of China Food Industry Economic Conditions, January to July, 2016  

2016-09-27 14:07:17|  分类: 食品行业研究 |  标签: |举报 |字号 订阅

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Data from the National Bureau of Statistics show that the operating revenue of food enterprises (excluding tobacco, similarly hereinafter) above designated size nationwide increased 5.23% from January to July, 2016, the growth rate passed the growth rate (1.91%) of all industrial enterprises. Total profits increased 9.39% which’s much higher than the growth rate of 6.22% of all industrial enterprises, which shows that the overall operation situation of food industry is better than other industries currently. Although, the growth rate of operating revenue of food industry still was low relatively, which reflects the difficulty of industrial enterprises in our country.

In terms of number of enterprises, there were 40540 food enterprises above designated size nationwide by the end of July, 2016, increasing 4.3% year on year, the growth rate was higher than that of agricultural products processing enterprises (1.62%). Food enterprises accounted for 10.86% of all industrial enterprises in terms of number, included 25,300 agricultural and side-line products processing enterprises, 8638 food manufacturers and 6602 beverage enterprises (including wine, beverage and tea manufacturing), the number of these enterprises respectively increased 3.16%, 6.37% and 6.07% from the year before.

As for condition of assets, total assets of food industry was 6.12811 trillion yuan by the end of July, accounting for 6.12% of total assets of national industrial enterprises. Total liabilities were 2.93259 trillion yuan, accounting for 5.19% of that of all industrial enterprises. Asset-liability ratio was 47.85%, decreasing 1.61% from the year before, and was about 84.79% of that of all industrial enterprises. All these figures show more stable operation of overall food industry.

In total assets, liquid assets totally were 3.17471 trillion yuan, accounting for 6.85% of national liquid assets. Quick ratio was 51.81%, about 1.12 times of that of national industrial enterprises. The proportion of liquid assets of food industry was much higher than that of all industrial enterprises.

Lower asset-liability ratio and higher quick ratio promoted the operation ability of food industry, which reflects more stable operation.

Monetary assets deducting inventory, finished products and account receivable was 1.4661 billion yuan and accounted for 46.18% of total liquid assets of food industry and 7.1% of total monetary assets of all industrial enterprises. The proportion of monetary assets in liquid assets of food enterprises was 1.04 times of that of all industrial enterprises, monetary assets of food industry is relatively sufficient as a whole.

On year on year basis, total assets and liquid assets of food industry respectively increased 6.40% and 4.81%, while the corresponding growth rates of all industrial enterprises respectively were 5.42% and 3.71%. Total liabilities of food industry increased 3.03% which is lower than the growth rate (4.30%) of liabilities of all industrial enterprises. Total account receivable of food industry was 518.95 billion yuan, increasing 11.91% year on year, the growth rate of higher than that (9.18%) of all industrial enterprises. Total inventory was 842.39 billion yuan, increasing 0.75%, fast growth of account receivable and decline of growth rate of inventory reflects quickened selling of food enterprises.

With regard to operation situation of food industry, revenue of main business of food industry reached 5.94178 trillion yuan from January to July, 2016, accounted for 9.56% of total operating revenue of all industrial enterprises and increased 5.58% year on year. Total profit was 378.08 billion yuan and increased 9.39% year on year, the growth rate was higher than that (6.22%) of all industrial enterprises, which shows that the operation of food industry was much better than that of other industries, total profit of food industry accounted for 10.73% of that of all industrial enterprises.

In terms of management and capital operation efficiency: the operating profit ratio of food industry was 6.36% from January to July, 2016, about 1.13 times of that of all industrial enterprises. Return on total assets was 6.17%, about 1.75 times of profit-taxation rate of assets of all industrial enterprises. Turnover of total assets and liquid assets of food industry respectively was 0.97 times and 1.87 times from January to July, this two figures both were higher than the turnover of all industrial enterprises and respectively were 1.56 times and 1.39 times of that of all industrial enterprises. Higher assets turnover raised operation efficiency of capital and assets profitability.

As for operating cost of enterprises, cost for main business of food enterprises was 5.06846 trillion yuan, increasing 5.23% from the year before, and accounted for 9.50% of that of all industrial enterprises. In addition, expenses for sales, management and finance of food enterprises reached 457.99 billion yuan, accounted for 9.76% of that of all industrial enterprises. By subdivisions, sales cost was 247.03 billion yuan, increasing 5.595 year on year, accounting for 14.95% of that of all industrial enterprises; management cost was 165.29 billion yuan, increasing 7.66% from the year before, accounting for 7.12% of that of all industrial enterprises; finance cost was 45.67 billion yuan, increasing 2.24% year on year, accounting for 5.65% of that of all industrial enterprises. In addition, interest expense in finance cost was 35.66 billion yuan, decreasing 6.06% from the year before, the decrease range of interest expense was lower than the decrease range of concessional loan interest rate provided by banks for non-financial institutions, which shows that food industry can’t enjoy the concessional loan interest rate provided by the state. Growth rate of finance cost was much higher than the growth rate of interest expense, which shows that financing cost except interest expense of food industry increased obviously.

Added value aspect: synthesizing sales income, product inventory and cost for main business, the added value of food industry has reached 1.2206 trillion yuan from January to July, 2016, increased 5.28% which was much higher than the growth rate (1.91%) of all industrial enterprises, and accounted for 9.69% of total added value of all industrial enterprises.

Monthly operation situation: operating revenue of food industry was 891.92 billion yuan in July, accounting for 9.55% of the total operating revenue of all industrial enterprises. Of that, the operating revenue of agricultural and sideline products, food and beverage respectively was 557.44 billion yuan, 188.86 billion yuan and 145.62 billion yuan, separately increasing 6.46%, 12.40% and 7.97% year on year.

With regard with added value of food industry, it was 125.89 billion yuan in July, increasing 13.27% year on year and accounting for 9.11% of total added value of all industries. Monthly added value of all industries increased 7.21% year on year. Of that, the monthly added value of agricultural and sideline products, food and beverage respectively was 54.97 billion yuan, 38.20 billion yuan and 32.82 billion yuan, separately increasing 6.12%, 40.65% and 1.70% from the year before.

From the perspective of profit, total profit of food industry was 52.73 billion yuan in July, increasing 16.4% year on year. Of that, monthly profit of agricultural and sideline products, food and beverage respectively was 24.75 billion yuan, 15.65 billion yuan and 12.33 billion yuan, separately increasing 10.34%, 39.23% and 6.03% from the year before. Monthly operating profit ratio of food industry was 5.91%, of which, operating profit ratio of agricultural and sideline products, food and beverage respectively was 4.44%, 8.29% and 8.47%, while corresponding monthly operating profit ratio of all industrial enterprises was 5.61%.

As for liquidity risk of management, monthly liquidity risk ratio=(month-end inventory of finished products + month-end account receivable)/monthly business volume *100, liquidity risk ratio of all industries was 150.0%, of which, risk assets ratio of food industry was 97.12%. By subdivisions, liquidity risk of agricultural and sideline products processing industry, food manufacturing industry and beverage industry respectively was 93.47%, 113.1% and 83.55%. Rise of liquidity risk raised credit given, accelerated operation speed of capital, shortened payoff period of capital and effectively increased the use efficiency of capital. 

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