Financial Performance - The company achieved total operating revenue of RMB 18.98 billion, a decrease of 7.25% compared to the same period last year[22]. - Net profit attributable to shareholders was RMB 839.29 million, down 29.24% year-on-year[22]. - Basic earnings per share were RMB 0.42, reflecting a decline of 29.42% from the previous year[23]. - The comprehensive gross profit margin for main operations was 15.68%, a decrease of 2.37 percentage points compared to the same period last year[29]. - The net cash flow from operating activities was RMB 131.88 million, a significant drop of 85.13% year-on-year[22]. - Operating revenue for the period was RMB 18.98 billion, a decrease of 7.25% compared to the same period last year[36]. - Net profit for the period was RMB 868.77 million, a decline of 28.32% compared to the previous year[53]. - The company reported a total comprehensive income of CNY 893,678,848.33, compared to CNY 1,118,106,366.18 in the previous period, a decrease of 20.14%[121]. Assets and Liabilities - Total assets increased to RMB 78.83 billion, up 1.28% from the end of the previous year[22]. - The company's total assets reached RMB 788.32 billion, an increase of 1.28% compared to the beginning of the year, primarily due to a 6.00% increase in inventory and a 4.32% increase in accounts receivable[55]. - The total liabilities amounted to RMB 597.00 billion, reflecting a growth of 0.77% from the start of the year[55]. - The company's asset-liability ratio was 75.73%, a decrease of 0.38 percentage points from the beginning of the year, indicating improved financial stability[56]. Market and Operational Strategy - The company is focusing on transitioning from scale expansion to efficiency growth, emphasizing technological advancement and service-oriented manufacturing[28]. - The company faced challenges due to a slowdown in the domestic power market and intensified competition, leading to a decline in product sales prices[28]. - The company plans to accelerate market expansion and innovation in response to domestic and international economic conditions[35]. - The company is focusing on expanding its market presence through strategic investments and partnerships[126]. - The company plans to enhance its market expansion strategies and invest in new product development to drive future growth[141]. Research and Development - Research and development expenditures have increased, focusing on innovative technologies[7]. - The company is committed to research and development in various sectors, including nuclear power and wind energy[150]. - New product development initiatives are underway, targeting innovative solutions to meet customer demands[126]. Shareholder and Governance - The total number of shareholders as of June 30, 2014, was 127,569, with the largest shareholder, China Dongfang Electric Group Co., Ltd., holding 1,002,457,252 shares, representing 50.03%[94]. - The company maintained compliance with the corporate governance codes and regulations set by the Hong Kong Stock Exchange and the Shanghai Stock Exchange during the reporting period[83]. - The company confirmed that all directors and supervisors complied with the securities trading standards as per the Hong Kong Stock Exchange regulations[87]. Cash Flow and Financing - The net cash flow from operating activities decreased by 85.13% to RMB 131.88 million, primarily due to increased cash outflows for procurement[39]. - The company issued RMB 4 billion in convertible bonds to support stable development[34]. - Cash inflow from financing activities was ¥1,111,100,000.00, down from ¥1,335,746,899.98 in the previous period, a decrease of about 16.8%[124]. - Cash outflow from financing activities totaled ¥2,002,901,628.25, significantly higher than ¥801,470,804.48 in the last period, indicating an increase of approximately 149.5%[124]. Future Outlook - Future guidance indicates a cautious outlook, with a focus on maintaining profitability amid market fluctuations[126]. - The company anticipates a growth rate of 1.5% in the upcoming fiscal year, driven by market expansion strategies[126]. - The company aims to achieve a revenue growth target of 10% for the next fiscal year, driven by new technology initiatives[129]. Compliance and Legal Matters - The company has no significant litigation or arbitration matters during the reporting period[66]. - The company has not faced any penalties or administrative actions from the China Securities Regulatory Commission or the Shanghai Stock Exchange during the reporting period[80]. - The company has no bankruptcy reorganization matters during the reporting period[67]. Financial Reporting - The financial report for the first half of 2014 is unaudited and includes consolidated financial statements[110]. - The report includes a consolidated balance sheet, income statement, and cash flow statement[114]. - The company's financial statements for the first half of 2014 comply with the requirements of the accounting standards, reflecting the company's financial position accurately[152].

| | | | 一、重要提示 | 3 | | --- | --- | | 二、公司主要财务数据和股东变化 | 4 | | 三、重要事项 | 5 | | 四、附录 | 7 | 600875 东方电气股份有限公司 2014 年第一季度报告 一、重要提示 1.1 本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资料不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 1.3 | 公司负责人姓名 | 斯泽夫 | | --- | --- | | 主管会计工作负责人姓名 | 龚丹 | | 会计机构负责人（会计主管人员）姓名 | 曾义 | 公司负责人斯泽夫、主管会计工作负责人龚丹及会计机构负责人（会计主管人员）曾义保证本季度报告中财务 报告的真实、完整。 1.4 公司第一季度财务报告未经审计。 3 1.2 如有董事未出席董事会，应当单独列示其姓名 未出席董事姓名 未出席董事职务 未出席董事的说明 被委托人姓名 温枢刚 董事、总裁 因公出差 斯泽夫 黄 伟 董事 因公出差 朱元巢 张继烈 董事 因公出差 斯泽夫 600875 东方电气股份有限公司 2014 年第一 ...

Production and Market Performance - In 2013, the company achieved a production output of 34.74 million kilowatts, representing a year-on-year increase of 6.5%[8] - The company maintained a backlog of orders exceeding RMB 130 billion, with significant contracts signed for projects including the Shenzhen pumped storage project and the Vietnam coastal phase III project[8] - The company continued to lead the market with a dominant share in the 1000MW high-efficiency parameter boiler segment, as well as in the nuclear power and F-class heavy gas turbine markets[8] - The total number of new orders secured in 2013 was RMB 40.2 billion, with 9% coming from export projects[38] - As of the end of 2013, the company had a backlog of orders amounting to RMB 137 billion, with 64% in clean and efficient energy[38] - The production of power generation equipment reached 34.74 million kilowatts, representing a year-on-year growth of 6.5%[36] - The company maintained a leading market share in the 600MW and below segment, as well as in the 1000MW high-efficiency boiler market[39] - The company expanded its international market presence, securing contracts in Vietnam, Kazakhstan, and Indonesia for various power generation projects[39] - The company maintained a 40% market share in the domestic large and medium-sized hydropower market and approximately 30% in the thermal power market, with a total power generation equipment output of 34.73 million kW, a year-on-year increase of 6.5%[51] Financial Performance - The company achieved total operating revenue of RMB 42.44 billion in 2013, an increase of 11.32% compared to the previous year[35] - Net profit attributable to shareholders reached RMB 2.35 billion, reflecting a growth of 7.22% year-on-year[35] - Basic earnings per share were RMB 1.17, up from RMB 1.09 in 2012, marking a 7.22% increase[25] - The company generated a net cash flow from operating activities of RMB 3.00 billion, a significant recovery from a negative cash flow of RMB -178.52 million in 2012[35] - The gross profit margin for the main business was 20.10%, remaining stable compared to the previous year[35] - The company achieved operating revenue of CNY 42.39 billion, an increase of 11.32% compared to the previous year, driven by growth in clean and efficient power generation equipment, hydropower, and environmental services[48] - Research and development expenses totaled CNY 1.27 billion, accounting for 3.00% of operating revenue and 6.84% of net assets[61] - The company reported a net cash flow from operating activities of CNY 3.00 billion, a significant recovery from a negative cash flow of CNY 178 million in the previous year[47] - The company's financial expenses decreased by 57.83%, improving overall financial management[59] - The company reported an increase in asset impairment losses by 13.04%, primarily due to higher provisions for inventory write-downs[105] Strategic Focus and Future Plans - The company emphasized the transformation towards efficiency growth, technological advancement, and a shift from manufacturing to a manufacturing and service-oriented enterprise[8] - The company plans to focus on economic benefits, reform, and innovation in 2014 to enhance development quality and ensure stable growth[9] - The company is targeting a total installed capacity of 33 million kilowatts for completed power generation equipment in 2014[128] - The company aims to enhance its market share in nuclear and gas turbine markets while seizing opportunities in hydropower development[129] - The company plans to innovate its international business model and strengthen cooperation with internationally renowned companies to reduce project costs and enhance competitiveness[131] - The company will focus on improving project management levels to ensure timely delivery of products and services for key projects[132] - The company anticipates a stable and continuous development in the nuclear power industry, while addressing challenges in the thermal power sector[126] - The company aims to enhance its capabilities in clean and renewable energy sectors, leveraging its leading advantages in hydropower and nuclear power industries[127] Risk Management and Internal Controls - The company faces market risks due to potential economic downturns and increased competition, which may affect sales prices and market expansion efforts[136] - The company is enhancing its internal management efficiency and risk prevention measures to support sustainable development[133] - The company is actively addressing project execution risks, particularly in domestic and international projects, by strengthening internal controls and contract reviews[137] - The company is monitoring foreign exchange market trends to mitigate currency fluctuation risks as its international operations expand[138] Corporate Governance and Compliance - The company held five supervisory board meetings in 2013 to oversee compliance and operational effectiveness[151] - The supervisory board confirmed that the company's financial reports for 2013 received a standard unqualified audit opinion from the accounting firm[158] - The company did not have any fundraising investment projects during the reporting period[160] - There were no significant asset acquisitions or disposals during the reporting period[161] - The supervisory board found that related party transactions were conducted fairly and in compliance with relevant laws and regulations[162] - The company confirmed that the transaction terms are fair and reasonable, aligning with the overall interests of shareholders[192] - The company continues to employ the same accounting firm, Xin Yong Zhong He, for both auditing and internal control audits, with an increase in audit fees from 230,000 to 240,000 RMB[198] - The internal control audit firm has been providing services for five consecutive years[198] - There have been no penalties or corrective actions imposed on the company or its key stakeholders by the China Securities Regulatory Commission during the year[199] Social Responsibility and Community Engagement - The company is committed to social responsibility, as detailed in its 2013 Social Responsibility Report[148]