On September 22, the Research Center of the State-owned Assets Supervision and Administration Commission of the State Council released the “Report on High-quality Development of Central Enterprises (2023)” (hereinafter referred to as the “Report”) at the 6th China Enterprise Forum.
　　The report points out that since 2020, central enterprises have cumulatively attracted over 900 billion yuan in various forms of social capital. As of the end of 2022, more than 70% of subsidiaries at all levels under central enterprises were mixed-ownership enterprises. In 2022, listed companies controlled by central enterprises carried out equity financing (excluding IPOs) totaling 81.761 billion yuan. A total of 368 domestically listed companies controlled by central enterprises achieved revenues of 24.49 trillion yuan and net profits of 1.08 trillion yuan, with year-on-year growth rates of 10.62% and 8.71%, respectively.
　　In 2022, central enterprises achieved total profits of 2.6 trillion yuan.
　　In terms of business performance, the report shows that central enterprises as a whole continued their growth trajectory, maintaining stable growth rates and a steady overall performance. Building on the rapid growth achieved in 2021, the overall profitability of central enterprises continued to show steady growth in 2022.
　　In 2022, central enterprises achieved operating revenues of 39.6 trillion yuan, up 9.1% year-on-year; and total profits of 2.6 trillion yuan, up 6.2% year-on-year. Seven central enterprises reported total profits exceeding 100 billion yuan, while four central enterprises recorded total profits surpassing 50 billion yuan. Cumulatively, central enterprises completed fixed-asset investments totaling 3.4 trillion yuan (excluding real estate investments), representing a year-on-year increase of 6.9%.
　　In 2022, the labor productivity per employee in central enterprises reached 763,000 yuan, an increase of 8.7% year-on-year; R&D expenditure increased by 9.8% year-on-year; and at the end of 2022, the overall asset-liability ratio of central enterprises was 64.8%.
　　In 2022, central enterprises cumulatively paid taxes and fees totaling 2.8 trillion yuan, an increase of 19.3% year-on-year, maintaining double-digit growth since 2021.
　　2022 Strategic Emerging Industry Investment by Central Enterprises
　　Accounting for over 20% of the total investment scale.
　　Regarding investment in strategic emerging industries, the report shows that over the past three years, central enterprises have maintained an average annual growth rate of over 20% in their investments in these sectors.
　　The report points out that in 2022, central enterprises maintained a high level of investment in strategic emerging industries, accounting for over 20% of the total investment scale, with this share showing a year-on-year upward trend. Sectors such as new-energy vehicles and communications electronics manufacturing continued to post double-digit growth rates.
　　As a state-owned capital investment company, as of the end of 2022, CITIC Group had a total of 81 funds under its umbrella, with cumulative investments in 1,050 projects. Among these, the proportions of investment directed toward high-end equipment and intelligent manufacturing, pharmaceuticals and healthcare, new-energy vehicles, and automotive components reached 16%, 14%, and 14%, respectively.
　　As a state-owned capital operation company, China National Investment Corporation focuses on strategic emerging industries and critical core technologies, with cumulative investments exceeding 280 billion yuan, achieving full coverage of nine sub-sectors.
　　Promote sectors such as power, inspection and testing, and healthcare.
　　Over 30 specialized integration projects involving central state-owned enterprises
　　Regarding the deepening of strategic restructuring and specialized integration, the Report shows that since the launch of the three-year action plan for state-owned enterprise reform, a number of major strategic restructuring and specialized integration projects have been successfully implemented. Specifically, four groups involving seven central enterprises—including China Electronics Technology Corporation and China Putian—have undergone strategic restructuring, and eight new central enterprises, including China Satellite Network, have been established or taken over. Moreover, more than 30 specialized integration projects involving central enterprises in sectors such as power, inspection and testing, and healthcare have been promoted.
　　The 16 “Chain Leader” Enterprises in 2022
　　Over 130 billion yuan has been invested in strengthening and supplementing industrial chains.
　　In its efforts to build and strengthen the role of modern industrial chain leaders, the Report points out that an Action Plan for Modern Industrial Chain Leaders has been implemented. In two phases, 16 “chain leader” enterprises have been selected, proactively positioning themselves in key industries and critical sectors. This initiative has resulted in a set of guidelines for fulfilling chain-leader responsibilities, centered around ten major project categories and 30 priority tasks, enabling a strategy of driving broader development through specific chains and weaving these chains into a comprehensive network.
　　In 2022, the 16 “chain leader” enterprises completed investments of over 130 billion yuan in projects aimed at strengthening and supplementing industrial chains, addressing more than 270 bottlenecks in various industrial chains. Central enterprises, focusing on industrial transformation and upgrading, tackled over 100 issues related to “building on strengths” and launched more than 260 new technologies and products.
　　Net profit of “science and technology reform enterprises” in 2022
　　Increased by 40.9% compared to 2020.
　　Regarding the special project for state-owned enterprise reform, the Report points out that in 2022, the operating revenue and net profit of “Double Hundred Enterprises” increased by 29.7% and 35.6%, respectively, compared to 2020. Among the “Science and Technology Reform Enterprises,” 89% have flexibly implemented various medium- and long-term incentive measures targeting core key personnel in critical positions, covering a total of 116,000 person-times.
　　In 2022, the operating revenue and net profit of “science and technology reform enterprises” increased by 33.6% and 40.9%, respectively, compared to 2020, while the labor productivity per employee rose by 30.1% over the same period. The “regional comprehensive reform pilot program” has been further deepened and upgraded.
　　Accelerate the forging of a national team that achieves high-level scientific and technological self-reliance and strength.
　　Regarding the next steps, the Report points out that central enterprises will make good use of “two approaches”—enhancing their core competitiveness and strengthening their core functions—to play a truly effective role in building a modern industrial system and shaping a new development paradigm. They will resolutely serve as the main force driving high-quality development, accelerate the forging of a national team capable of achieving high-level scientific and technological self-reliance and strength, actively take the lead in constructing a modern industrial system, focus on building vibrant, modern, and innovative state-owned enterprises, and persistently strive to become a model for comprehensively and strictly governing the Party.