In the first half of 2023, after the comprehensive optimization and adjustment of China's epidemic prevention and control policy, the economy and society gradually returned to normal operation. The production situation of printing and dyeing industry continues to improve, and the growth rate of printed and dyed cloth production rises month by month. The industry's foreign trade pressure and resilience coexist, the number of exports of main printing and dyeing products has maintained growth, the export amount has declined, and the export to the main market has shown new changes. Under the influence of multiple factors, the operating efficiency of the printing and dyeing industry has declined, the decline of the main economic benefit indicators has continued to narrow, but it is still negative growth, and corporate profits are still under pressure. The economic operation of the printing and dyeing industry in the first half of the year is moving forward in the recovery, stabilizing under the pressure, and generally showing a good trend of recovery, but the quality and efficiency of development need to be further repaired.

The production situation continued to improve, and the growth rate of output gradually picked up

According to the data of the National Bureau of Statistics, from January to June 2023, the printing and dyeing industry enterprises above designated size printed cloth production of 26.964 billion meters, an increase of 1.66%, the growth rate increased by 1.93 percentage points over the first quarter, and the production growth rate showed a gradual recovery to a good trend. From the monthly production point of view, the monthly output in the first half of the year was maintained at a higher level of more than 5 billion meters. Since 2023, with the adjustment and optimization of China's epidemic prevention and control policy, residents' offline consumption scenes have been enriched, and the terminal consumption of textiles and clothing has picked up, providing important support for the production recovery of the printing and dyeing industry. Data show that in the first half of the year, the retail sales of clothing, shoes and hats and textile goods of units above quota in China increased by 12.8% year-on-year, the growth rate rose by 3.8 percentage points compared with the first quarter; In the online retail sales of physical goods, clothing goods increased by 13.3% year-on-year, the growth rate was 4.4 and 3.0 percentage points higher than that of food and use goods, respectively.

The quality of operation has decreased, and the pressure on operating efficiency has recovered

In the first half of the year, the main operating quality indicators of the printing and dyeing industry remained low, and the operating efficiency declined. According to the data of the National Bureau of Statistics, from January to June 2023, the proportion of three fees of printing and dyeing enterprises above designated size was 7.07%, an increase of 0.27 percentage points over the same period last year, of which the financial costs increased by 13.33% over the same period last year; The turnover rate of finished products was 14.23 times per year, which decreased by 9.00% year-on-year; The turnover rate of accounts receivable is 8.18 times/year, decreasing by 0.97% year-on-year; The total asset turnover rate was 0.94 times/year, a decrease of 2.95% year-on-year.

The main economic benefit indicators of the printing and dyeing industry generally show a recovery trend, but compared with the same period of last year, it is still negative growth, especially the total profit decline is large, and the profit pressure of the industry is still not alleviated. According to the data of the National Bureau of Statistics, from January to June 2023, the operating income of printing and dyeing enterprises above designated size was 136.465 billion yuan, a year-on-year decrease of 3.28%, and a decrease of 0.90 percentage points compared with the first quarter; The total profit was 3.937 billion yuan, down 24.34% year-on-year and 12.33 percentage points narrower than that in the first quarter; The profit margin of cost expense was 3.05%, 0.86 percentage points lower than the same period last year; The sales profit margin was 2.89%, down 0.80 percentage points year-on-year. The number of loss-making households of 1740 printing and dyeing enterprises above designated size was 672, with a loss of 38.62%, an increase of 3.47 percentage points year-on-year; The total loss of loss-making enterprises was 2.194 billion yuan, an increase of 24.23 percent year-on-year.

The main reason for the decline in the efficiency of the printing and dyeing industry is that although the epidemic prevention and control has been fully liberalized, the "scar effect" of the epidemic has not subsided, the recovery of domestic textile and apparel such as optional consumption is still insufficient, the international market demand also shows a contraction trend, the weak effective demand leads to intensified market competition, and the industry profit space is squeezed under the background of maintaining high production costs.

In the first half of 2023, the business income and total profit growth rate of enterprises above designated size in the printing and dyeing industry Source: National Bureau of Statistics

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