Overall Trend Analysis

The year-on-year growth rate of industrial added value of the printing industry (red line in the figure) from January to June was 1.7%, and the monthly growth rate in June was 2.5%, a significant increase from the previous month (see Figure 1). Although the growth rate of added value of large-scale printing enterprises has rebounded significantly, it still lags far behind that of all industries (green line) and hovers in the range of slight growth.

Revenue and Profit Analysis

From January to June 2025, the operating income of large-scale printing enterprises decreased by 0.3% year-on-year, with the growth rate dropping by 1.3 percentage points from the previous month, marking a continuous decline for the second month (see Figure 2).

From January to June 2025, the total profits of large-scale printing enterprises decreased by 1.0% year-on-year, with the growth rate also dropping by 1.3 percentage points from the previous month, entering the negative growth range for the second time this year.

Looking at the paper industry, which is closely related to the printing industry, from January to June, the operating income growth rate of the paper making and paper products industry was -2.3%, and the total profit growth rate was -21.4%, with both indicators continuing to be in a downward trend.

Benefit Status Analysis

By the end of June 2025, the loss ratio of large-scale printing enterprises was 31.2%, and the total loss of loss-making enterprises increased by 9.1%. Figure 3 shows the monthly loss ratio, which indicates that the loss ratio in June this year increased by 0.5 percentage points from the previous month, reflecting a further intensification of the operational differentiation among large-scale printing enterprises.

From January to June 2025, the operating income profit rate of the printing industry was 4.85%, a decrease from the previous month and also lower than the 4.95% level in the same period last year.

From January to June 2025, the cost per 100 yuan of operating income in the printing industry was 83.59 yuan, a slight decrease from the previous month. This figure is lower than the average level of 85.54 yuan for all industries.

Export Delivery Value Analysis

From January to June 2025, the export delivery value of the printing industry increased by 1.0% year-on-year. As shown in Figure 4, the growth rate has been declining for four consecutive months. Against the backdrop of prominent external environmental uncertainties in the first half of the year, although the export delivery value growth rate of large-scale printing enterprises remains positive, the pressure on exports continues to increase.

Trend Analysis of Some Industries

The charts show the main business income growth of some industries closely related to the printing industry. Most of these industries are the client industries served by printing enterprises, and some are upstream industries such as paper making.

The table shows that from January to June 2025, the average growth rate of main business income of all industries was 2.5%, with the revenue growth rate dropping by 0.2 percentage points from the previous month.

Looking at specific industries, most industries saw a decline in revenue growth in June, while only a few industries, such as tobacco, cultural, educational, arts and crafts, and automobile manufacturing, showed significant increases.

Industrial production maintained stable operation in the first half of the year, but external environmental uncertainties remained prominent, and the problem of insufficient effective demand still existed. For printing enterprises, it is more necessary to firmly stabilize their basic business, accelerate the cultivation of new productive forces, respond to various uncertainties with the certainty of high-quality development, and strive to get through 2025 smoothly.