According to the data of China Association of Listed Companies, as of August 3 1 day, 4,825 listed companies in Shanghai and Shenzhen stock markets have disclosed the 2022 semi-annual report (the data caliber is listed companies as of June 30, 2022). In the first half of the year, 4,825 listed companies achieved a total operating income of 34.54 trillion yuan and a net profit of 3.25 trillion yuan, up 9.24% and 3. 19% respectively.
"Overall, the performance of listed companies in the first half of the year showed a trend of synchronization with GDP, and the growth rate of operating income and net profit was significantly higher than that of GDP in the same period, reflecting the strong momentum of high-quality development of listed companies." Zhang Ping, member of the Academic Advisory Committee of China Association of Listed Companies and director of the Research Center of Listed Companies of China Academy of Social Sciences, said in an interview with a reporter from Securities Daily.
The performance growth rate of entity enterprises is obvious.
Highlight the good trend of "de-virtualization"
Market analysts believe that the performance in the second quarter was generally better than market expectations, which fully reflected the strong competitiveness and development resilience of listed companies as leaders in various industries.
"In the first half of 2022, the operating income of listed companies continued to grow and capital expenditures increased, laying the foundation for the development of listed companies. At the same time, the absolute indicators of the profitability of listed companies continued to improve, the net cash flow from operating activities improved, and other relative indicators were slightly affected by the epidemic. " Cheng Fengchao, member of the Academic Advisory Committee of China Association of Listed Companies and president of Zhongguancun Guo Rui Finance and Industry Research Association, told the Securities Daily reporter.
Specifically, the total operating income and net profit of non-financial listed companies were 29.23 trillion yuan and 1.95 trillion yuan respectively, up by 10.89% and 4.55% respectively. Since the first quarter of 20021,the revenue growth rate of entity enterprises has been higher than that of financial companies, which shows that China's economic development is in good shape.
"In the first half of the year, the overall market liabilities continued to decline. Based on the mid-term data from 2020 to 2022, the overall asset-liability ratio of non-financial listed companies has decreased year by year, and the deleveraging effect is obvious. " Cheng Fengchao believes that, however, the short-term debt repayment pressure has increased slightly, and industries related to residents' lives such as real estate, accommodation and catering, agriculture, forestry, animal husbandry and fishery are generally facing liquidity pressure, and the debt risk has increased.
In terms of industries, there are obvious differences between industries. The performance of listed companies in coal oil and gas, basic chemicals, raw materials for power batteries and photovoltaic new energy industries increased rapidly. Due to repeated epidemics and high raw material prices, companies in aviation, catering, tourism and other industries are still in trouble.
Benefiting from a package of policies and measures to stabilize the State Council's economy, listed companies received 468.9 billion yuan in taxes and fees in the first half of the year, a year-on-year increase of 162%. The favorable policies and measures have improved the cash flow of listed companies, which is expected to have a positive impact on the performance in the second half of the year.
Registration system stimulates the vitality of the plate
The "theme content" of the market has improved significantly.
In terms of industries, the revenue and cash flow of listed companies on the main board of Shanghai and Shenzhen have risen steadily, the quality of earnings has been further improved, and the driving effect of the head geese is obvious. According to the data of Shanghai Stock Exchange, the shares of the top 200 main board listed companies in revenue and net profit account for 72% and 85% of the total respectively. Up to now, 102 listed companies have issued interim cash dividend plans, and the cash dividend amount exceeds17 billion yuan, which has gradually become a market consensus to actively return investors.
"The performance of listed companies on the main board of Shanghai and Shenzhen has shown a steady and positive trend. Especially in the case of the slowdown in the growth of the real economy, the main board companies have shown the characteristics of strong development resilience, sufficient motivation, abundant cash flow and stable leverage ratio, which has strongly supported the economic market. " Xie Chenyang, deputy general manager of Industrial Fulian and chief law officer, told the Securities Daily reporter.
Under the registration system, a large number of innovative start-up companies have gathered in GEM, science and technology innovation board and Beijing Stock Exchange, and the "sub-quantity" and "new quantity" of the market have been significantly improved.
According to the data of Shanghai Stock Exchange, in the first half of this year, there were 139 listed companies in GEM, science and technology innovation board and Beijing Stock Exchange, accounting for 82% of the total number of new companies in the first half of this year. The average R&D expenditure and income of listed companies account for 1.69%, among which the R&D intensity of Science and Technology Innovation Board, Growth Enterprise Market and Beijing Stock Exchange are 8.62%, 4.82% and 4.58% respectively. The R&D intensity of computer, biological industry and high-end equipment manufacturing industry is the highest, reaching 10.29%, 10. 10% and 6.84% respectively.
Zhang Ping believes that in the first half of this year, listed companies generally increased investment in research and development to promote scientific and technological innovation. At the same time, the disclosure of sustainable development information has been strengthened, the number of ESG reports has increased, and the development of green transformation has been accelerated, which reflects the remarkable characteristics of high-quality development of listed companies.
In addition, in the first half of this year, the number of delisting companies reached a new high, the market ecology of advance and retreat accelerated, the risk of stock pledge was significantly alleviated, and risky companies were safely disposed of. The refinancing channels are smoother, mergers and acquisitions help enterprises become better and stronger, and the number of enterprises that implement equity incentives, employee stock ownership and share repurchase has increased significantly. A good securities market ecology that is law-abiding, trustworthy, standardized, transparent, open and inclusive is being further formed.
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