2012年上市公司年报披露尘埃落定。尽管营业收入总体上涨，但盈利情况却不甚理想。

In 2012 annual reports of listed companies disclose the dust settles.Although the overall revenues to rise,But earnings are not very ideal.

　　Wind资讯统计显示，所有A股上市公司累计实现营业收入23.61万亿元，同比增长8.04%；净利润19544亿元，同比增长0.59%。包括银行、保险、券商在内的金融类上市公司共有52家，约占A股上市公司总数量的2%，但净利润总额达到10875亿元，超过2012年全部上市公司净利润总额的56%。其中，仅16家上市银行的净利润就达到10269亿元。

Wind information statistics show,All a-share listed companies achieve revenue 23.61 trillion yuan,Up 8.04% from a year earlier;Net profit of 1.9544 trillion yuan,Up 0.59% from a year earlier.Including bank/insurance/The financial company listed brokerage, a total of 52,Accounted for about 2% of the a-share listed companies total number,However, the total amount of the net profit to 1.0875 trillion yuan,More than 56% of total net income of listed companies in 2012.Among them,Only 16 listed Banks' net income reached 1.0269 trillion yuan.

　　除去金融类上市公司后，A股其他上市公司的净利润总和仅为8669亿元，同比下降约11%。记者注意到，财务费用支出同比上涨，尤其是利息支出增速明显，成为非金融类上市公司净利润水平下滑的重要原因。高涨的财务费用正在侵吞着上市公司的利润，甚至有676家上市公司的净利润不及利息支出金额这些公司正在沦为银行等金融机构的“打工仔”。

After removal of the financial company listed,A-share listed company's net profit other sum is only 866.9 billion yuan,Fell by about 11%.Reporters noticed that,Financial costs rose,Especially the interest expense growth is obvious,Become a non-financial listed companies the important reason for the decline in net profit level.High financing costs is stealing the profits of listed companies,Even 676 listed company's net profits these companies are less than the interest payments amount to Banks and other financial institutions"site".

　　高企的财务费用

High finance charges

　　Wind资讯统计显示，目前沪深两市A股共有2469家上市公司，其中包括52家银行、证券、保险等金融板块上市公司，非金融类上市公司总数为2417家。2012年2417家非金融类上市公司总体支付的财务费用2769亿元，比2011年的2000亿元增加38.45%。

Wind information statistics show,At present the Shanghai and shenzhen two city 2469 a-share listed companies,Including 52 Banks/securities/Insurance and other financial sector listed company,Non-financial listed companies a total of 2417.2012 top 2417 non-financial listed companies generally pay the financial cost of 276.9 billion yuan,More than 200 billion yuan in 2011 (38.45%).

　　中国石油(601857,股吧)、中国石化(600028,股吧)、华能国际(600011,股吧)、大唐发电(601991,股吧)、华电国际(600027,股吧)、国电电力(600795,股吧)、中国铝业(601600,股吧)、长江电力(600900,股吧)、中国中铁(601390,股吧)、中国冶金和中国建筑(601668,股吧)2012年的财务费用均超过40亿元。这些公司集中在资金密集型的石油石化、电力和冶金等行业，11家公司财务费用总额达到788亿元，占所有非金融类上市公司财务费用总额的28.45%。

China's oil(601857,stocks)/China petroleum & chemical corporation(600028,stocks)/Huaneng power international,(600011,stocks)/Datang power generation(601991,stocks)/Huadian power international(600027,stocks)/Guodian power(600795,stocks)/Aluminum corp of China(601600,stocks)/Yangtze power(600900,stocks)/China railway group(601390,stocks)/China metallurgical and construction in China(601668,stocks)Finance charges are more than 4 billion yuan in 2012.The petroleum and petrochemical company focused on the capital intensive/Electric power and metallurgy industries,11 companies financial expenses totaled 78.8 billion yuan,Of all 28.45% of the total amount of non-financial listed companies financial expenses.

　　其中，中国石油的财务费用居然高达168.24亿元，比2011年的98.16亿元增长71.39%，成为唯一一家财务费用超过100亿元的公司。中国石油财务费用激增7成的根本原因在于利息净支出的飙升，公司181.6亿元利息支出金额同比增加了66.86%，与此同时，利息收入则减少22.85%至20.6亿元，两者相抵后的利息净支出为161亿元，占168.24亿元财务费用的95.69%。

Among them,China's oil financial cost as high as 16.824 billion yuan,Than the 71.39% growth in 2011 of $2011,Become the only company that financial costs more than 10 billion yuan.China petroleum is 7 into the root cause of the explosion in financial costs accrual net spending soared,The company 18.16 billion yuan payments amount increased 66.86% year-on-year,At the same time,Interest income is reduced by 22.85% to 2.06 billion yuan,Net interest expenses after the balance is RMB 16.1 billion,Accounting for 95.69% of the $16.824 billion financial expenses.

　　究其原因，中国石油近两年大规模攻城略地造成公司负债水平不断提高，2012年9881亿元的总负债比2011年8350亿元增加了1531亿元，债务水平的提高势必造成财务费用的增加。但事实上，如此高规格的资金投入并没有给公司业绩带来明显提振,中国石油过去两年的净利润连续下滑，分别为1153亿元和1329亿元，不及2010年的1398亿元

Investigate its reason,China's oil company massive land-grab situation caused debt levels improve over the last two years,In 2012 the total liabilities of 988.1 billion yuan more than 2011 yuan in 835 billion increased by 153.1 billion yuan,Debt levels increase will inevitably result in an increase in finance charges.But in fact,Such high specification of money does not bring to the company's performance obviously,China petroleum continuous decline in net profit over the past two years,115.3 billion yuan and 132.9 billion yuan respectively,Less than 139.8 billion yuan in 2010

　　尽管财务费用增速超过70%，但中国石油却并非A股公司中增长最快的。Wind资讯统计显示，2417家非金融类上市公司中，有364家公司的财务费用增幅同比上涨100%以上，占总数的15.06%，其中赤天化(600227,股吧)以1303倍的增幅独占鳌头。另外还有241家公司财务费用增幅介于50%至100%之间。

Although financial expenses grew by more than 70%,But China's oil is not the fastest growing in the a-share companies.Wind information statistics show,In the 2417 listed non-financial companies,There are 364 of the company's financial costs rose more than 100% increase,15.06% of the total,The ChiTianHua(600227,stocks)With 1303 times the growth.There are 241 companies financial expenses growth between 50% and 100%.

　　中国远洋连续两年亏损后，这家远洋行业的巨无霸公司沦落为ST板块中的一员，更名为*ST远洋。

China cosco after two successive year of losses,The big ocean industry company to a member of the ST plate,Renamed the * ST ocean.

　　对于2012年的亏损，长江证券(000783,股吧)分析师韩轶超认为，一方面是去年干散货市场运价大幅回调，*ST远洋干散货业务收入和毛利下降；另一方面，公司借款总额上升以及由于美元升值产生汇兑损失，使财务费用同比大幅增加15亿元，进一步吞噬了利润。

For 2012 years of losses,Changjiang securities(000783,stocks)Analysts think Han Yichao,On the one hand is the dry bulk market freight rate back sharply last year,* ST ocean-going dry bulk business revenue and gross margin decline;On the other hand,Total company borrowing to rise and as a result the dollar exchange loss,Make the financial cost year-on-year increase of 1.5 billion yuan,Swallowed profits further.

　　从*ST远洋公布的年报上看，2012年汇兑方面产生的收益为7485万元，不足2011年7.6亿元的一成，汇兑产生的收益同比锐减，是导致财务费用暴涨的原因之一。

Look from the * ST ocean annual report,Remittances in 2012 to produce earnings of $74.85 million,Less than half ten percent of the 2011 yuan in 760 million,Exchange earnings plummeted,Is one of the reasons lead to financial costs soaring.

　　与*ST远洋同病相怜的是有色行业龙头江西铜业(600362,股吧)，该公司2012年净利润同比减少13.34亿元至52.16亿元。而财务费用却同比增长24352%，成为上市公司财务费用增幅十强。

With the * ST ocean is non-ferrous industry leading jiangxi copper company(600362,stocks),The company in 2012 net profit to reduce 1.334 billion yuan to 5.216 billion yuan.And the financial cost is up 24352% from a year earlier,Become a listed company's financial costs increase.

　　给银行“打工”

To the bank"To work"

　　除汇兑损益外，利息支出多寡对于财务费用的增减往往起到决定作用。Wind资讯统计显示，2012年2417家非金融类上市公司利息支出、利息收入和利息净支出分别为3740亿元、740亿元和3000亿元，以上数据分别较2011年的2895亿元、611亿元和2284亿元增长29.19%、21.11%和31.34%。

In addition to the exchange gains and losses,Interest expenses amount to finance charges tend to increase or decrease of decision effect.Wind information statistics show,2012 top 2417 non-financial listed companies interest payments/Net interest income and interest expenditure of 374 billion yuan respectively/74 billion yuan and 300 billion yuan,The above data, respectively, from 289.5 billion yuan in 2011/61.1 billion yuan and 228.4 billion yuan rose 29.19%/21.11% and 31.34%.

　　如果以财务费用占净利润的100%以上作为评判标准，那么在非金融类上市公司中，2012年有441家上市公司的净利润不及利息支出，渐渐沦为银行的“打工仔”。

If the financial expenses account for more than 100% of the net profit as a judge,So the non-financial listed companies,There are 441 listed companies in 2012 net profit is less than the interest payments,Gradually reduced to a bank"site".

　　此外，还有235家出现亏损的上市公司同样负债连连，高额的利息进一步吞噬了微薄的利润。

In addition,There are 235 loss listed companies debt also repeatedly,High interest rates further to gobble up the meager profits.

　　利息支出与净利润的比值排名显示，海润光伏(600401,股吧)、辽通化工(000059,股吧)、云南铜业(000878,股吧)、中昌海运(600242,股吧)、圣农发展(002299,股吧)、博汇纸业(600966,股吧)、银星能源(000862,股吧)、南京医药(600713,股吧)、双环科技(000707,股吧)、山东如意(002193,股吧)的排名居前，这10家公司利息支付金额都超过了本身净利润的25倍。

The interest payments and the ratio of net income rankings,Sea embellish photovoltaic (pv)(600401,stocks)/Liao tong chemical(000059,stocks)/Yunnan copper(000878,stocks)/Chang in the sea(600242,stocks)/The agriculture development(002299,stocks)/Bo hui paper(600966,stocks)/Silver star energy(000862,stocks)/Nanjing medicine(600713,stocks)/Double loop technology(000707,stocks)/Shandong ruyi(002193,stocks)Ranking of the top,The 10 companies interest payment amount are more than 25 times the net itself.

　　排名第一的海润光伏去年实现营业收入49.66亿元，同比减少30.37%；营业利润亏损5.34亿元，同比减少315.03%。在4.53亿元的财政补贴扶持下，海润光伏2012年最终实现净利润207.59万元，同比减少99.48%。

Ranking the first sea embellish photovoltaic achieve revenue 4.966 billion yuan last year,Down 30.37% year on year;Operating profit loss of 534 million yuan,Down 315.03% year on year.Under the 453 million yuan subsidies to support,Sea embellish photovoltaic finally realizes the net income of 2.0759 million yuan in 2012,Down 99.48% year on year.

　　海润光伏在年报中表示，2012年光伏产业一直徘徊在行业低谷，美国和欧盟先后启动“双反”，中国光伏行业因此深陷危机之中。纵观行业内，绝大部分光伏企业处于巨额亏损境况。

Sea embellish photovoltaic (pv) in the annual report said,2012 photovoltaic industry has been hovering low in the industry,The United States and the European Union has started"Double inverse",China's photovoltaic industry so Mired in crisis.Throughout the industry,The vast majority of pv enterprises in huge losses.

　　赤天化同样因为利息支出的明显增加而最终影响到业绩。2012年净利润为3529万元，比2011年的9285万元减少62%。

ChiTianHua also because of the obvious increase in interest payments and eventually affect the results.In 2012 net profit of 35.29 million yuan,62% less than the 2011 2011 yuan.

　　根据Wind资讯的统计，赤天化是2012年财务费用增速最高的上市公司，1.61亿元的水平比2011年的12.35万元猛增1303倍。其中，利息支出金额的增加直接导致财务费用飞涨。2012年公司支付的利息达到1.69亿元，比2011年的369万元增加44.8倍。

According to Wind info,ChiTianHua is finance charges the highest growth of listed companies in 2012,The level of 161 million yuan more than 123500 yuan in 1303 times in 2011.Among them,Interest expenses amount increase as a direct result of the financial costs soar.The company interest payments in 2012 reached 2012 yuan,44.8 times more than 3.69 million yuan in 2011.

　　财务费用的高企，特别是向银行还贷压力的增加，压缩了上市公司的盈利空间。未来，越来越多的非金融类企业不得不谋求转型，在提升主业盈利能力的同时，也在寻求融资的多元化，以求得降低融资成本。

Finance charges are high,In particular, an increase in the pressure of repayment to the bank,Compressing the listed company profit space.In the future,A growing number of non-financial firms have to looking for transformation,At the same time of ascending main business profitability,Are also looking for the diversification of financing,For reduce the financing cost.