2022 年第一季度报告 证券代码：600815 证券简称：厦工股份 厦门厦工机械股份有限公司 2022 年第一季度报告 本公司董事会及全体董事保证本公告内容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。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务报表 信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同期 增减变动幅度(%) | | | --- | --- | --- | --- | | 营业收入 | 296,911,918.28 | | -36.37 | | 归属于上市公司股东的净利润 | -1,911,737.49 | | -113.42 | | 归属于上市公司股东的扣除非经常性损益的净利润 | -18,416,928.49 | | -11,573.86 | | 经营活动 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key entities and common terms used throughout the report, including the Company, its controlling shareholder (Haixi Group), and indirect controlling shareholder (ITG Holding) - The report defines key entities such as the Company, its controlling shareholder (Haixi Group), and indirect controlling shareholder (ITG Holding), along with other frequently used terms[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) Xiamen XGMA Machinery Company Limited (Stock Abbreviation: XGMA, Code: 600815) is a construction machinery manufacturer listed on the Shanghai Stock Exchange, with Zeng Tingyi as its legal representative | Item | Content | | :--- | :--- | | **Company Name** | Xiamen XGMA Machinery Company Limited | | **Stock Abbreviation** | XGMA | | **Stock Code** | 600815 | | **Listing Exchange** | Shanghai Stock Exchange | | **Legal Representative** | Zeng Tingyi | [Key Financial Data and Indicators](index=6&type=section&id=%E8%BF%91%E4%B8%89%E5%B9%B4%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In 2021, the company's operating performance significantly declined, with revenue decreasing by 19.21% to 1.55 billion CNY and net profit attributable to shareholders turning to a loss of 114.49 million CNY Key Accounting Data for the Past Three Years (Unit: CNY) | Key Accounting Data | 2021 | 2020 | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,551,270,313.18 | 1,920,119,497.55 | -19.21% | | Net Profit Attributable to Shareholders of the Listed Company | -114,485,131.61 | 37,600,450.63 | -404.48% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | -202,763,216.45 | -97,033,529.87 | N/A | | Net Cash Flow from Operating Activities | -114,001,736.86 | -310,052,867.26 | N/A | | **Asset Status** | **End of 2021** | **End of 2020** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders of the Listed Company | 1,257,374,883.31 | 1,369,330,146.74 | -8.18% | | Total Assets | 2,940,113,910.34 | 3,473,665,980.94 | -15.36% | Key Financial Indicators for the Past Three Years | Key Financial Indicators | 2021 | 2020 | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.06 | 0.02 | -400% | | Weighted Average Return on Net Assets (%) | -8.72 | 2.79 | Decreased by 11.51 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -15.44 | -7.20 | Decreased by 8.24 percentage points | - In 2021, the company's non-recurring gains and losses totaled **88.28 million CNY**, primarily from government grants, income from entrusted loans, and reversal of impairment losses on receivables[23](index=23&type=chunk)[24](index=24&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Discussion and Analysis of Operations](index=9&type=section&id=%E4%B8%80%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In 2021, the company enhanced its overall operational efficiency and quality by deepening institutional reforms, reshaping sales channels, integrating the supply chain, focusing on product quality, implementing lean production, improving risk control, and revitalizing inefficient assets - The company deepened institutional reforms and activated team vitality by implementing an "Eight Centers" operating model, competitive manager selection, and company-wide target management[28](index=28&type=chunk) - To address market gaps left by exiting dealers, the company strengthened direct sales management and implemented a tiered dealer assessment system to optimize market layout[29](index=29&type=chunk) - The company focused on core product development, achieving mass production and sales of medium-tonnage long-wheelbase loaders and new 6-ton N-series loaders, and completing the trial production of electric loader prototypes[31](index=31&type=chunk) - Through dedicated teams and multi-pronged approaches, the company accelerated the resolution of historical cases and collection of overdue accounts receivable, reducing the annual accounts receivable ratio, and lowered inventory levels by disposing of inefficient assets[35](index=35&type=chunk) [Industry and Business Overview](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company's main business involves the R&D, manufacturing, and sales of construction machinery like loaders and excavators; in 2021, while the Chinese construction machinery industry grew steadily, the company's loader market share declined, ranking 47th globally and 10th domestically among manufacturers - The company's main products include loaders, excavators, road machinery, tunneling machinery, and environmental protection machinery, widely used in construction, mining, agriculture, forestry, and water conservancy[37](index=37&type=chunk) - The company's product sales model includes direct sales and dealer sales, with a marketing and service network covering domestic and international markets, exporting products to the Middle East, Africa, and Southeast Asia[38](index=38&type=chunk) - According to the "2021 Global Construction Machinery Manufacturers Top 50 List," XGMA Machinery ranked **47th globally** and **10th domestically**[36](index=36&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include a rich product portfolio, strong R&D capabilities, an excellent distribution and service network, 70 years of brand value, a pioneering spirit, and lean manufacturing expertise - Product Advantage: The company has developed over a dozen series of complete machines, including loaders, excavators, and forklifts, to meet diverse user needs[39](index=39&type=chunk) - R&D Advantage: It operates a national-level enterprise technology center and a postdoctoral workstation, collaborates with multiple universities and research institutions, and undertakes various national science and technology projects[39](index=39&type=chunk)[40](index=40&type=chunk) - Brand and Spirit: With a 70-year history, the brand has received titles like "China Well-known Trademark" and has participated in key national projects, polar expeditions, and disaster relief efforts, demonstrating corporate responsibility[41](index=41&type=chunk)[42](index=42&type=chunk) - Manufacturing Advantage: Certified with ISO9001 and other standards, the company utilizes advanced equipment like welding robots and possesses remanufacturing technology, forming a green circular economy model[43](index=43&type=chunk) [Analysis of Key Operating Performance](index=11&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In 2021, the company's operating revenue was 1.55 billion CNY, a 19.21% year-over-year decrease, and net profit attributable to the parent company turned to a loss of 114 million CNY, primarily due to reduced sales, increased costs, and higher credit and asset impairment losses, leading to a decline in total assets and net assets [Outlook on Future Development](index=23&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E5%85%B3%E4%BA%8E%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company plans to leverage resources from its controlling shareholder, ITG Holding, to accelerate integration and reform, focusing on optimizing governance, expanding global markets, enhancing product configurations, developing electric products, strengthening the supply chain, revitalizing assets, and improving oversight of investments, while addressing external economic uncertainties, intense market competition, and rising costs through core competency enhancement, new channel development, and cost control [Corporate Governance](index=26&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) [Overview of Corporate Governance](index=26&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) During the reporting period, the company maintained a sound corporate governance structure in compliance with relevant laws and regulations, ensuring independence from its controlling shareholder in personnel, assets, finance, organization, and business, with no non-operating fund occupation or illegal guarantees - The company strictly adheres to laws and regulations such as the Company Law and Securities Law, continuously improving its corporate governance structure to ensure standardized operations[93](index=93&type=chunk) - The company maintains complete independence from its controlling shareholder in personnel, assets, finance, organization, and business, with no non-operating fund occupation by the controlling shareholder or its related parties[93](index=93&type=chunk) [Shareholder Meeting Information](index=26&type=section&id=%E4%B8%89%E3%80%81%20%E8%82%A1%E4%B8%9C%E5%A4%A7%E4%BC%9A%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) During the reporting period, the company held four shareholder meetings, including one annual and three extraordinary meetings, all conducted in compliance with laws, regulations, and the Articles of Association, with valid resolutions - Four shareholder meetings were held during the reporting period, deliberating proposals including the election of supervisors, annual reports, entrusted loans, and related party transactions[94](index=94&type=chunk)[96](index=96&type=chunk) [Directors, Supervisors, and Senior Management](index=27&type=section&id=%E5%9B%9B%E3%80%81%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E7%9A%84%E6%83%85%E5%86%B5) During the reporting period, there were changes in the company's directors, supervisors, and senior management, including resignations and elections of the chairman, directors, chairman of the supervisory board, and vice president; executive compensation is based on an annual salary system, reviewed by the Compensation and Assessment Committee and approved by the Board, with the total pre-tax remuneration for all directors, supervisors, and senior management in 2021 amounting to 4.94 million CNY - During the reporting period, Chairman Gu Tao, Director Fan Wenming, Chairman of the Supervisory Board Liu Yihong, Supervisor Tang Chong, and Vice President Hong Jiaqing resigned due to personal reasons or retirement; the company elected new chairman, directors, and chairman of the supervisory board[108](index=108&type=chunk) - Senior management compensation is based on an annual salary system linked to operating performance; the total remuneration received by all directors, supervisors, and senior management at the end of the reporting period was **4.94 million CNY**[106](index=106&type=chunk)[107](index=107&type=chunk) [Employee Information](index=36&type=section&id=%E4%B9%9D%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%92%8C%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) As of the end of the reporting period, the company and its main subsidiaries had a total of 1,038 employees, with production and sales personnel accounting for the largest proportion; the company implements a performance-linked compensation policy and focuses on professional team training, with total labor outsourcing payments of 6.93 million CNY in 2021 Employee Professional Composition | Professional Category | Number of Employees | | :--- | :--- | | Production Personnel | 391 | | Sales Personnel | 353 | | Technical Personnel | 99 | | Financial Personnel | 34 | | Administrative Personnel | 161 | | **Total** | **1,038** | - The company implements a total wage management system linked to company goal achievement and promotes incentive measures for sales personnel, allowing for flexible position and salary adjustments based on performance[120](index=120&type=chunk) [Environmental and Social Responsibility](index=39&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) [Environmental Information](index=39&type=section&id=%E4%B8%80%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) As a key pollutant-discharging entity in Xiamen, the company has established an environmental management system ensuring compliant discharge of all pollutants after treatment; during the reporting period, it received a 20,000 CNY administrative penalty for four forklifts exceeding exhaust emission standards, which has since been rectified, and both the company and its subsidiaries have developed emergency response plans for environmental incidents and implemented measures like waste sorting and eco-friendly water-based paints to reduce carbon emissions - The company is a key pollutant-discharging entity for soil and water environments in Xiamen, with main pollutants being wastewater (chemical oxygen demand, ammonia nitrogen, etc.) and exhaust gas (particulates, volatile organic compounds, etc.)[129](index=129&type=chunk) - During the reporting period, the company received an administrative penalty of **20,000 CNY** for four forklifts exceeding exhaust emission standards, which has since been rectified[136](index=136&type=chunk) - The company and its subsidiaries prevent pollution through measures such as rainwater-sewage diversion, exhaust gas treatment facilities, and compliant disposal of solid and hazardous waste, and have developed environmental emergency response plans[132](index=132&type=chunk)[134](index=134&type=chunk)[140](index=140&type=chunk) [Social Responsibility](index=42&type=section&id=%E4%BA%8C%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E5%B7%A5%E4%BD%9C%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities through the "Haixi XGMA Charity Fund," investing 0.15 million CNY in 2021 for scholarships, poverty alleviation, and vocational skill enhancement, benefiting 65 individuals - In 2021, the company invested **0.15 million CNY** through the "Haixi XGMA Charity Fund" in various charitable and public welfare initiatives, assisting **65 individuals**[148](index=148&type=chunk) [Material Matters](index=43&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=43&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's indirect controlling shareholder, ITG Holding, and controlling shareholder, Haixi Group, made and are continuously fulfilling commitments regarding avoiding horizontal competition, standardizing related party transactions, ensuring the listed company's independence, share lock-up, and performance guarantees - The controlling shareholder, Haixi Group, committed that the company's cumulative net profit attributable to the parent company for the three years starting from 2020 would not be less than **400 million CNY**, with any shortfall to be compensated by the controlling shareholder[153](index=153&type=chunk) - The controlling shareholder, Haixi Group, committed not to transfer its shares in the company within thirty-six months from the completion of the reorganization plan (until December 29, 2022)[153](index=153&type=chunk) [Material Litigation and Arbitration Matters](index=47&type=section&id=%E4%B9%9D%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company and its subsidiaries were involved in multiple material litigation and arbitration cases, primarily as plaintiffs in sales contract disputes seeking to recover accounts receivable from dealers like Hunan Sanhui and Sichuan Jukai, while also being defendants in disputes involving lease contracts and debt transfers - The company, as plaintiff, initiated sales contract disputes against multiple dealers to recover accounts receivable, with several cases currently in enforcement[158](index=158&type=chunk) - The subsidiary XGMA International Trade's sales contract dispute with Huaxinheng Trading Co., Ltd., involving **0.89 million Euro**, has been remanded for a retrial of the first instance[160](index=160&type=chunk)[579](index=579&type=chunk) [Material Related Party Transactions](index=49&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in various daily operating transactions with related parties, primarily purchasing goods and services from XGMA (Sanming) Heavy Machinery and Xiamen Yinhua, and selling goods to Yunnan Yunxia and Liaoning XGMA; additionally, the company had financial dealings, including deposits and loans, with related party Xiamen Haixi Group Finance Co., Ltd - The company purchased goods totaling **57.08 million CNY** from related party XGMA (Sanming) Heavy Machinery Co., Ltd., and **32.95 million CNY** from Xiamen Yinhua Machinery Co., Ltd[163](index=163&type=chunk) - The company sold goods totaling **35.13 million CNY** to related party Yunnan Yunxia Machinery Co., Ltd., and **34.92 million CNY** to Liaoning XGMA Machinery Sales Service Co., Ltd[163](index=163&type=chunk) - The company conducted deposit and loan business with related financial company Xiamen Haixi Group Finance Co., Ltd., with a year-end deposit balance of **153 million CNY** and a loan balance of **25 million CNY**[169](index=169&type=chunk)[170](index=170&type=chunk) [Material Contracts and Their Performance](index=54&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) As of the reporting period, the company's external guarantee balance was 7.74 million CNY, representing 0.62% of its net assets; the company utilized its own funds for wealth management and entrusted loans, with entrusted loans totaling 400 million CNY, aimed at improving capital utilization efficiency - As of the end of the reporting period, the company's external guarantee balance was **7.74 million CNY**, accounting for **0.62%** of its net assets, all for non-related parties[174](index=174&type=chunk) - The company used its own funds for wealth management products, with a total transaction amount of **205 million CNY**, all being principal-protected or non-principal-protected floating income products, with no outstanding balance at period-end[176](index=176&type=chunk) - The company provided entrusted loans through banks, totaling **400 million CNY**, for supply chain business and other purposes, with an expected annualized return rate between **9.00% and 12.00%**[180](index=180&type=chunk)[182](index=182&type=chunk) [Share Changes and Shareholder Information](index=60&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Shareholders and Actual Controller Information](index=60&type=section&id=%E4%B8%89%E3%80%81%20%E8%82%A1%E4%B8%9C%E5%92%8C%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%83%85%E5%86%B5) As of the end of 2021, the company had 43,755 common shareholders, with Xiamen Haixi Group Co., Ltd. as the controlling shareholder holding 41.42%; in March 2022, 100% equity of Haixi Group was gratuitously transferred to Xiamen ITG Holding Group Co., Ltd., making ITG Holding the indirect controlling shareholder, while the actual controller remains Xiamen SASAC Top Ten Shareholders as of End of 2021 | Shareholder Name | Number of Shares Held (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Xiamen Haixi Group Co., Ltd. | 734,789,208 | 41.42 | State-owned Legal Entity | | Export-Import Bank of China Xiamen Branch | 120,899,188 | 6.81 | State-owned Legal Entity | | China Construction Bank Corporation Xiamen Branch | 90,627,000 | 5.11 | State-owned Legal Entity | | Xiamen XGMA Heavy Industry Co., Ltd. | 72,750,834 | 4.10 | State-owned Legal Entity | | Agricultural Bank of China Xiamen Branch | 70,116,812 | 3.95 | State-owned Legal Entity | - The company's controlling shareholder is Xiamen Haixi Group Co., Ltd., and its actual controller is the Xiamen State-owned Assets Supervision and Administration Commission (SASAC)[190](index=190&type=chunk)[191](index=191&type=chunk) - In March 2022, Xiamen SASAC gratuitously transferred 100% equity of Haixi Group to ITG Holding, making ITG Holding the company's indirect controlling shareholder[193](index=193&type=chunk) [Financial Report](index=67&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=67&type=section&id=%E4%B8%80%E3%80%81%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) Rongcheng Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2021 financial statements, affirming their fair presentation in all material respects; key audit matters included "Revenue Recognition" and "Provision for Doubtful Accounts on Accounts Receivable" - The audit firm, Rongcheng Certified Public Accountants (Special General Partnership), issued a standard unqualified audit opinion on the financial statements[201](index=201&type=chunk) - Key Audit Matter 1: Revenue Recognition, due to its significance as a key performance indicator and the inherent risk of management manipulation to achieve specific targets[202](index=202&type=chunk) - Key Audit Matter 2: Provision for Doubtful Accounts on Accounts Receivable, given the material balance (19.12% of total assets) and the significant management estimates and judgments involved in impairment assessment[203](index=203&type=chunk) [Financial Statement Summary](index=70&type=section&id=%E4%BA%8C%E3%80%81%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) In 2021, the company's total assets were 2.94 billion CNY, a 15.36% year-over-year decrease, and total liabilities were 1.52 billion CNY, a 22.26% decrease; full-year operating revenue was 1.55 billion CNY, down 19.21%, with a net loss of 98 million CNY, including a net loss attributable to the parent company of 114 million CNY, turning from profit to loss; net cash outflow from operating activities was 114 million CNY, a significant improvement from the prior year 2021 Key Financial Data (Consolidated Statements) | Indicator | Amount (CNY) | | :--- | :--- | | **Income Statement:** | | | Operating Revenue | 1.55 Billion | | Total Profit | -76 Million | | Net Profit | -98 Million | | Net Profit Attributable to Parent Company Shareholders | -114 Million | | **Balance Sheet (Period-End):** | | | Total Assets | 2.94 Billion | | Total Liabilities | 1.52 Billion | | Total Equity Attributable to Parent Company Owners | 1.26 Billion | | **Cash Flow Statement:** | | | Net Cash Outflow from Operating Activities | 114 Million | | Net Cash Inflow from Investing Activities | 74 Million | | Net Cash Outflow from Financing Activities | 55 Million | [Commitments and Contingencies](index=186&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%20%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has no material commitments requiring disclosure; contingencies primarily involve pending litigation and external guarantees, with the company as plaintiff in multiple sales contract disputes to recover dealer debts, and as defendant in a contract dispute with Huaxinheng Trading (0.89 million Euro, remanded for retrial) and a lease contract dispute with Hongwen Neighborhood Committee (first instance victory, second instance pending); as of year-end, external guarantee balance was 7.74 million CNY - The company, as plaintiff, initiated lawsuits against multiple dealers, including Hunan Sanhui and Sichuan Jukai, to recover accounts receivable totaling over **180 million CNY** in principal, with several cases currently in enforcement[578](index=578&type=chunk) - The company, as defendant, is involved in a sales contract dispute with Huaxinheng Trading Co., Ltd., with a subject amount of **0.89 million Euro**, for which a provision for estimated liabilities of **1.86 million CNY** has been made, and the case has been remanded for retrial[579](index=579&type=chunk) - As of the end of 2021, the company provided debt guarantees totaling **7.74 million CNY** for companies outside the consolidated scope, primarily for buyer credit guarantees to dealers[582](index=582&type=chunk)

[Major Financial Data](index=1&type=section&id=Item%20I.%20Major%20Financial%20Data) [Major Accounting Data and Financial Indicators](index=1&type=section&id=Item%20(I)%20Major%20Accounting%20Data%20and%20Financial%20Indicators) In Q3 2021 and year-to-date, the company's operating revenue and net profit attributable to owners of the parent both significantly declined, with net profit turning to loss and overall financial indicator deterioration Major Accounting Data and Financial Indicators | Item | Current Period | YoY Change (%) in Current Period | Year-to-Date | YoY Change (%) Year-to-Date | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | CNY 287,035,947.73 | -33.29 | CNY 1,176,917,820.82 | -10.17 | | **Net Profit Attributable to Owners of the Parent** | CNY -17,274,219.30 | -788.44 | CNY -10,390,053.32 | -131.18 | | **Net Profit Attributable to Owners of the Parent (Excluding Non-recurring Gains/Losses)** | CNY -35,653,307.99 | N/A | CNY -75,932,591.41 | N/A | | **Net Cash Flow from Operating Activities** | N/A | N/A | CNY -102,044,240.88 | N/A | | **Basic Earnings Per Share (CNY/share)** | CNY -0.01 | N/A | CNY -0.01 | -129.28 | | **Total Assets (End of Period)** | CNY 3,191,378,089.06 | | CNY 3,473,665,980.94 (End of Previous Year) | -8.13 | | **Owners' Equity Attributable to Shareholders of the Listed Company (End of Period)** | CNY 1,360,356,533.10 | | CNY 1,369,330,146.74 (End of Previous Year) | -0.66 | [Non-recurring Gains and Losses and Amounts](index=2&type=section&id=Item%20(II)%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Year-to-date, the company recorded approximately CNY 65.54 million in non-recurring gains and losses, primarily from entrusted loan income, government grants, and other non-operating items Non-recurring Gains and Losses | Item | Year-to-Date Amount (CNY) | | :--- | :--- | | Gains/Losses from Entrusted Loans | 21,389,150.90 | | Other Non-operating Income and Expenses (Excluding Above) | 15,507,525.24 | | Reversal of Impairment Provisions for Receivables (Individually Tested) | 13,504,154.77 | | Government Grants Included in Current Profit/Loss | 10,609,867.79 | | **Total** | **65,542,538.09** | [Analysis of Changes in Key Financial Indicators](index=3&type=section&id=Item%20(III)%20Analysis%20of%20Changes%20in%20Key%20Financial%20Indicators) The company attributes the significant decline in net profit attributable to owners of the parent and earnings per share to rising raw material prices, which directly impacted engineering machinery product gross margins - Net profit attributable to owners of the parent decreased by **131.18%** year-on-year, primarily due to rising raw material prices impacting the gross profit margin of engineering machinery products[10](index=10&type=chunk) - The change in net cash flow from operating activities is mainly due to improved collection of payments in the current period and increased recovery of intercompany receivables and factory land rental income[10](index=10&type=chunk) [Shareholder Information](index=3&type=section&id=Item%20II.%20Shareholder%20Information) [Total Common Shareholders, Number of Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Shareholding Status](index=3&type=section&id=Item%20(I)%20Total%20Common%20Shareholders%2C%20Number%20of%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%2C%20and%20Top%20Ten%20Shareholders%27%20Shareholding%20Status) As of the reporting period end, the company had 50,168 common shareholders, with Xiamen Hely Group Co., Ltd. as the controlling shareholder at 41.42%, indicating a relatively concentrated equity structure - Total common shareholders at the end of the reporting period were **50,168**[12](index=12&type=chunk) Top Ten Shareholders' Shareholding Status | Shareholder Name | Shareholder Type | Shareholding Percentage (%) | | :--- | :--- | :--- | | Xiamen Hely Group Co., Ltd. | State-owned Legal Entity | 41.42 | | Export-Import Bank of China Xiamen Branch | State-owned Legal Entity | 6.81 | | China Construction Bank Corporation Xiamen Branch | State-owned Legal Entity | 5.11 | | Xiamen XGMA Heavy Industry Co., Ltd. | State-owned Legal Entity | 4.10 | | Agricultural Bank of China Limited Xiamen Branch | State-owned Legal Entity | 3.95 | - Xiamen XGMA Heavy Industry Co., Ltd., the fourth-largest shareholder, is a wholly-owned subsidiary of Xiamen Hely Group Co., Ltd., the largest shareholder, forming an acting in concert relationship[12](index=12&type=chunk) [Other Reminders](index=5&type=section&id=Item%20III.%20Other%20Reminders) The company highlights ongoing litigation and a proposed related party transaction for land and building transfer, which remains subject to regulatory and shareholder approvals - The company has cumulative litigation matters, with specific progress disclosed in relevant announcements[14](index=14&type=chunk) - The company is proceeding with a related party transaction to transfer the Industrial Park C2 plot and its above-ground buildings, which requires approval from Xiamen State-owned Assets Management Department and deliberation by the company's shareholders' meeting, thus the final outcome is uncertain[14](index=14&type=chunk) [Quarterly Financial Statements](index=5&type=section&id=Item%20IV.%20Quarterly%20Financial%20Statements) [Type of Audit Opinion](index=5&type=section&id=Item%20(I)%20Type%20of%20Audit%20Opinion) The quarterly financial statements for this period are unaudited - The third-quarter financial statements are unaudited[4](index=4&type=chunk)[15](index=15&type=chunk) [Financial Statements](index=5&type=section&id=Item%20(II)%20Financial%20Statements) This section presents the consolidated balance sheet as of September 30, 2021, and the consolidated income statement and cash flow statement for the first three quarters of 2021, detailing the company's financial position, performance, and cash flows [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2021, total assets were CNY 3.19 billion, total liabilities CNY 1.67 billion, and owners' equity CNY 1.36 billion, reflecting a contraction in both asset and liability scales from year-end 2020 | Item | September 30, 2021 (CNY) | December 31, 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | 3,191,378,089.06 | 3,473,665,980.94 | -8.13% | | **Total Liabilities** | 1,671,502,533.65 | 1,950,826,695.48 | -14.32% | | **Total Equity Attributable to Owners of the Parent** | 1,360,356,533.10 | 1,369,330,146.74 | -0.66% | [Consolidated Income Statement](index=8&type=section&id=Consolidated%20Income%20Statement) In the first three quarters of 2021, operating revenue was CNY 1.177 billion, while net profit attributable to owners of the parent turned to a loss of CNY 10.39 million, a significant 131.18% year-on-year decline | Item | First Three Quarters 2021 (CNY) | First Three Quarters 2020 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 1,176,917,820.82 | 1,310,141,276.83 | -10.17% | | **Operating Profit** | -10,629,938.94 | 57,094,192.50 | -118.62% | | **Net Profit Attributable to Owners of the Parent** | -10,390,053.32 | 33,326,558.40 | -131.18% | | **Basic Earnings Per Share (CNY/share)** | -0.01 | 0.02 | -150.00% | [Consolidated Cash Flow Statement](index=10&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first three quarters of 2021, net cash flow from operating activities was CNY -102.04 million, with investing activities showing a net inflow and financing activities a net outflow, resulting in period-end cash and equivalents of CNY 250.37 million | Item | First Three Quarters 2021 (CNY) | First Three Quarters 2020 (CNY) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | -102,044,240.88 | -198,623,075.54 | | **Net Cash Flow from Investing Activities** | 52,694,637.79 | 109,858,198.34 | | **Net Cash Flow from Financing Activities** | -47,437,562.50 | -26,664,678.46 | | **Net Increase in Cash and Cash Equivalents** | -97,095,616.07 | -118,339,285.47 | | **Cash and Cash Equivalents at Period-End** | 250,365,153.47 | 264,752,438.47 | [First-Time Adoption of New Lease Standards in 2021 and Adjustments to Financial Statements at the Beginning of the First Year of Adoption](index=12&type=section&id=Item%20(III)%20First-Time%20Adoption%20of%20New%20Lease%20Standards%20in%202021%20and%20Adjustments%20to%20Financial%20Statements%20at%20the%20Beginning%20of%20the%20First%20Year%20of%20Adoption) The company did not apply the adjustments for the first-time adoption of new lease standards in this reporting period - The company did not apply the new lease standards for the first time in 2021 and did not adjust the financial statements at the beginning of the year[25](index=25&type=chunk)

股票代码:600815 股票简称: 厦工股份 公告编号:临 2021-048 厦门厦工机械股份有限公司关于参加 2021年度厦门辖区上市公司投资者网上集体接待日 活动暨公司2021半年报业绩说明会的公告 本公司董事会及全体董事保证本公告内容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。 重要内容提示： 会议召开时间：2021 年 9 月 7 日 15：00-17：00 会议召开方式：线上网络互动方式 一、活动类型 厦门厦工机械股份有限公司（以下简称 "公司"或"厦工股份"）已于2021 年8月24日发布了2021年半年度报告。为进一步加强与投资者的互动交流，使广 大投资者能更深入全面地了解公司情况，本公司定于2021年9月7日（星期二） 15:00-17:00参加由厦门证监局指导，厦门上市公司协会联合深圳市全景网络有 限公司联合举办的"2021年度厦门辖区上市公司投资者网上集体接待日"活动， 同步召开公司2021年半年报业绩说明会。 二、召开的时间、方式 会议召开时间：2021年9月7日（星期二）15:00-17:00 会议召开方式：线上网络互动方式 三、 ...

公司代码：600815 公司简称：厦工股份 厦门厦工机械股份有限公司 2021 年半年度报告 600815 2021 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注意投 资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司在本半年度报告中详细描述了可能存在的风险事项，敬请查阅本半年度报告 第三节 管 理层讨论与分析 "五、其他披露事项"中可能面对的风险。 十一、 其他 □适用 √不适用 1 / 157 三、 本半年度报告未经审计。 四、 公司负责人谷涛、主管会计工作负责 ...

Financial Performance - Operating revenue for the reporting period reached CNY 466,597,523.26, representing a significant increase of 92.94% year-on-year[6] - Net profit attributable to shareholders was CNY 14,241,198.86, a decrease of 4.82% compared to the same period last year[6] - The company's operating revenue for Q1 2021 was CNY 466,597,523.26, representing a 92.94% increase compared to CNY 241,834,218.39 in the previous year[10] - The net profit for Q1 2021 was CNY 22,258,782.27, compared to CNY 15,455,183.63 in Q1 2020, indicating a growth of 43.9%[20] - The company's operating revenue for Q1 2021 was CNY 214,862,444.80, an increase of 35.56% compared to CNY 158,443,092.31 in Q1 2020[22] - The net profit for Q1 2021 was CNY 3,041,118.87, recovering from a net loss of CNY 2,020,024.78 in Q1 2020[22] - The total comprehensive income for Q1 2021 was CNY 3,041,118.87, compared to a total comprehensive loss of CNY 2,020,024.78 in Q1 2020[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,357,395,477.25, a decrease of 3.35% compared to the end of the previous year[6] - The company's total assets decreased to CNY 3,357,395,477.25 from CNY 3,473,665,980.94, reflecting a reduction in overall asset base[14] - The company's total assets as of March 31, 2021, amounted to CNY 2,723,094,258.13, a decrease from CNY 2,790,121,226.06 at the end of 2020[18] - The total liabilities decreased to CNY 1,580,700,105.84 from CNY 1,716,714,951.94, showing a reduction in financial obligations[14] - The total liabilities decreased to CNY 1,357,252,169.55 from CNY 1,427,320,256.35 at the end of 2020, showing a reduction of 4.8%[18] Cash Flow - Cash flow from operating activities showed an improvement, with a net amount of CNY -68,897,734.94, compared to CNY -136,552,968.55 in the previous year[6] - The net cash flow from operating activities was CNY -68,897,734.94, an improvement from CNY -136,552,968.55 in the same period last year[11] - Cash inflows from operating activities totaled CNY 371,041,358.55, significantly higher than CNY 253,565,758.42 in Q1 2020, indicating improved cash flow management[25] - The company reported a total cash outflow from operating activities of 305,849,675.79 RMB, compared to 160,075,762.93 RMB in the previous year[29] - The net increase in cash and cash equivalents for Q1 2021 was -78,459,722.36 RMB, contrasting with an increase of 16,599,567.67 RMB in Q1 2020[30] Shareholder Information - The total number of shareholders at the end of the reporting period was 32,475[9] - The largest shareholder, Xiamen Haiyi Group Co., Ltd., held 41.42% of the shares, totaling 734,789,208 shares[9] Income and Expenses - The cost of goods sold rose to CNY 412,641,390.37, a 91.38% increase from CNY 215,617,860.55, correlating with the rise in revenue[11] - Total operating costs for Q1 2021 were CNY 454,960,513.08, up from CNY 255,681,733.01 in Q1 2020, reflecting a 77.8% increase[20] - The company's cash and cash equivalents decreased to CNY 160,323,597.99 from CNY 243,966,884.75 at the end of 2020, a decline of 34.2%[16] - The company incurred 146,494,905.68 RMB in cash payments for purchases of goods and services, which is an increase from 102,678,681.05 RMB in the same period last year[29] Government Support and Other Income - The company received government subsidies amounting to CNY 4,151,319.81, which are closely related to its normal business operations[7] - Non-recurring gains and losses for the period totaled CNY 14,080,686.79[7] - Other income for Q1 2021 was CNY 3,293,858.44, down from CNY 4,982,318.32 in Q1 2020, indicating a need for diversification in income sources[22] - The company experienced a significant increase in investment income, reporting CNY 5,874,201.53 compared to a loss of CNY 116.43 in the previous year, highlighting improved investment performance[22] Research and Development - Research and development expenses increased to CNY 5,268,441.66, up from CNY 4,740,047.12 in Q1 2020, reflecting ongoing investment in innovation[22] Future Outlook - The company plans to continue focusing on the development of new products and technologies to enhance market competitiveness[10]

[Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and its key financial performance metrics for the reporting period [Company Basic Information](index=5&type=section&id=Company%20Basic%20Information) Xiamen XGMA Machinery Co., Ltd. (*ST XGMA, 600815) primarily engages in the R&D, manufacturing, and sales of construction machinery products and components - The company's stock ticker is **\*ST XGMA**, stock code **600815**, listed on the Shanghai Stock Exchange[19](index=19&type=chunk) - The company's stock continues to be subject to delisting risk warnings due to a negative net profit attributable to shareholders in 2019[8](index=8&type=chunk) [Key Financial Data and Indicators](index=6&type=section&id=Key%20Financial%20Data%20and%20Indicators) In 2020, the company turned losses into profits, achieving a net profit of 37.60 million yuan, a significant improvement from a 1.153 billion yuan loss in 2019 Three-Year Key Accounting Data | Key Accounting Data | 2020 | 2019 | YoY Change (%) | 2018 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1.92 billion yuan | 1.872 billion yuan | 2.60 | 2.838 billion yuan | | **Net Profit Attributable to Shareholders** | 37.60 million yuan | -1.153 billion yuan | N/A | -731 million yuan | | **Net Profit Attributable to Shareholders (Excluding Non-Recurring Items)** | -97.03 million yuan | -1.148 billion yuan | N/A | -845 million yuan | | **Net Cash Flow from Operating Activities** | -310 million yuan | -615 million yuan | N/A | 478 million yuan | | **Net Assets Attributable to Shareholders** | 1.369 billion yuan | 1.327 billion yuan | 3.19 | -185 million yuan | | **Total Assets** | 3.474 billion yuan | 3.814 billion yuan | -8.92 | 5.102 billion yuan | Three-Year Key Financial Indicators | Key Financial Indicators | 2020 | 2019 | YoY Change (%) | 2018 | | :--- | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (yuan/share)** | 0.02 | -0.65 | 0.67 | -0.41 | | **Basic EPS (Excluding Non-Recurring Items) (yuan/share)** | -0.05 | -0.65 | 0.60 | -0.48 | | **Weighted Average Return on Net Assets (%)** | 2.79 | N/A | - | -405.12 | | **Weighted Average ROE (Excluding Non-Recurring Items) (%)** | -7.20 | N/A | - | -468.03 | - Non-recurring gains and losses totaled **135 million yuan** in 2020, primarily from disposal of non-current assets (**48.37 million yuan**), government grants (**44.24 million yuan**), and reversal of impairment provisions for individually assessed receivables (**23.77 million yuan**), which were key to the company's turnaround[28](index=28&type=chunk)[29](index=29&type=chunk) [Company Business Overview](index=11&type=section&id=Company%20Business%20Overview) This section outlines the company's main business, operating model, industry conditions, and core competitive advantages [Main Business, Operating Model, and Industry Overview](index=11&type=section&id=Main%20Business%2C%20Operating%20Model%20and%20Industry%20Overview) The company's core business encompasses the R&D, manufacturing, sales, and service of construction machinery products like loaders and excavators, operating through direct and dealer sales channels globally - The company's main business products cover a range of construction machinery, including loaders, excavators, road machinery, tunneling machinery, and environmental protection machinery[34](index=34&type=chunk) - The company's product sales primarily utilize direct sales and dealer sales models, with a marketing and service network spanning both domestic and international markets[35](index=35&type=chunk) - The construction machinery industry is highly cyclical, experiencing better-than-expected growth in 2020 due to effective domestic epidemic control, resumption of work, and stricter environmental regulations[36](index=36&type=chunk) [Significant Changes in Major Assets and Core Competitiveness](index=11&type=section&id=Significant%20Changes%20in%20Major%20Assets%20and%20Core%20Competitiveness) During the reporting period, the company disposed of idle assets, including construction in progress and land use rights, generating a positive impact of approximately 38.07 million yuan on current profit and loss Major Asset Sales in 2020 | Item | Counterparty | Transaction Price (Excl. Tax) | Impact on Profit/Loss | | :--- | :--- | :--- | :--- | | Transfer of construction in progress and land use rights for "2011JY03 Plot" | Xiamen Haiyi Construction Development Co., Ltd. | 89.38 million yuan | 23.38 million yuan | | Sale of Phase II land | Jiaozuo Chuangji High-end Intelligent Industrial Park Co., Ltd. | 113.13 million yuan | 14.69 million yuan | - The company's core competencies include: - **Rich Product Portfolio**: Covering over a dozen complete machine products such as loaders and excavators[39](index=39&type=chunk) - **Technological R&D Advantage**: Possessing a national-level technology center and a postdoctoral workstation, collaborating with multiple universities and research institutions[40](index=40&type=chunk) - **Dealer Service Network**: Over 150 dealer service providers and more than 500 sales and service outlets globally[41](index=41&type=chunk) - **Brand Advantage**: Nearly 70 years of history, awarded "China Famous Brand" and "China Top Brand Product" among other honors[42](index=42&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's operational performance, analyzes its main business, asset and liability situation, and discusses the industry landscape and future development strategies [Operating Performance Review](index=13&type=section&id=Operating%20Performance%20Review) In 2020, the company implemented various reforms, including institutional mechanism adjustments, sales channel restructuring, cost reduction, and risk management, leading to improved operational quality and a return to profitability - In 2020, the company implemented several reform measures, including: - **Institutional Mechanism Reform**: Established "Eight Centers," optimized processes, and implemented salary and performance reforms[44](index=44&type=chunk) - **Sales Channel Restructuring**: Added **4** direct sales companies and eliminated **25** underperforming dealers[45](index=45&type=chunk) - **Cost Reduction and Control**: Promoted technological cost reduction, integrated the supply chain, and revitalized idle assets (e.g., Jiaozuo Phase II land and headquarters plot)[46](index=46&type=chunk)[47](index=47&type=chunk) - **Risk Management**: Established a new credit risk control system and strengthened debt collection[48](index=48&type=chunk) - **Technology R&D**: Developed cost-effective loader and excavator products and improved product quality[49](index=49&type=chunk) - **Production Operations**: Launched cost reduction and efficiency improvement activities, significantly shortened delivery cycles for complete machines, and increased per capita output by **53.3%**[50](index=50&type=chunk) - In 2020, the company's total assets were **3.474 billion yuan**, net assets were **1.369 billion yuan**, operating revenue reached **1.92 billion yuan**, total profit was **67.19 million yuan**, and net profit attributable to the parent company was **37.60 million yuan**, achieving a turnaround in performance[52](index=52&type=chunk) [Main Business Analysis](index=14&type=section&id=Main%20Business%20Analysis) During the reporting period, the company's operating revenue slightly increased by 2.60%, while various expenses significantly decreased, driven by new revenue standards, personnel streamlining, and debt restructuring Major Changes in Income Statement and Cash Flow Statement Items | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.92 billion yuan | 1.872 billion yuan | 2.60 | | Operating Cost | 1.769 billion yuan | 1.673 billion yuan | 5.79 | | Selling Expenses | 73 million yuan | 140 million yuan | -48.23 | | Administrative Expenses | 75 million yuan | 240 million yuan | -68.78 | | R&D Expenses | 28 million yuan | 48 million yuan | -40.67 | | Financial Expenses | 16 million yuan | 68 million yuan | -77.17 | | Net Cash Flow from Operating Activities | -310 million yuan | -615 million yuan | N/A | | Net Cash Flow from Investing Activities | 315 million yuan | 12 million yuan | 2,488.34 | Main Business by Product | By Product | Operating Revenue | YoY Change in Operating Revenue (%) | Gross Margin (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Earthmoving Machinery | 862 million yuan | -8.36 | 7.53 | Decrease of 0.93 percentage points | | Tunneling Machinery | 300 million yuan | 4.50 | 13.39 | Decrease of 12.49 percentage points | | Materials and Others (Commercial Trade) | 566 million yuan | 96.05 | 1.52 | Increase of 0.56 percentage points | Main Business by Region | By Region | Operating Revenue | YoY Change in Operating Revenue (%) | Gross Margin (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Domestic | 1.682 billion yuan | 8.87 | 5.80 | Decrease of 4.52 percentage points | | International | 146 million yuan | -39.99 | 16.24 | Increase of 4.62 percentage points | - In 2020, the production volume of construction machinery products was **4,088 units**, a **6.77%** decrease year-on-year; sales volume was **3,651 units**, a **26.89%** decrease year-on-year; and inventory volume was **1,880 units**, a **30.28%** increase year-on-year[60](index=60&type=chunk) [Asset and Liability Analysis](index=20&type=section&id=Asset%20and%20Liability%20Analysis) As of the end of the reporting period, the company's total assets decreased by 8.92% to 3.474 billion yuan, with significant changes in investment properties, intangible assets, and accounts payable - Investment properties balance at period-end was **111 million yuan**, a **103.44%** increase year-on-year, primarily due to the company leasing out some idle factory buildings and land[71](index=71&type=chunk) - Intangible assets balance at period-end was **128 million yuan**, a **45.91%** decrease year-on-year, mainly due to the disposal of some land use rights[72](index=72&type=chunk) - Advance receipts and contract liabilities were reclassified due to the implementation of new revenue standards; accounts payable decreased by **36.16%** year-on-year, primarily due to payment for goods[72](index=72&type=chunk) - As of the end of the reporting period, the company's main restricted assets were monetary funds, totaling **96.82 million yuan** in book value, primarily comprising various deposits and funds frozen due to litigation[74](index=74&type=chunk)[75](index=75&type=chunk) [Industry Landscape and Company's Future Development](index=24&type=section&id=Industry%20Landscape%20and%20Company%27s%20Future%20Development) Despite the impact of the pandemic, the construction machinery industry achieved steady growth in 2020, with a projected stable increase from 2021 to 2023 - The Chinese construction machinery market is expected to grow steadily from **2021-2023**, with environmental upgrades and the transition to National IV emission standards accelerating the replacement of existing equipment[85](index=85&type=chunk) - Company development strategy: Focus on two core businesses, loaders and excavators, with "institutional mechanism reform, smart manufacturing industrial park development, and overall solution provider" as the main lines, while exploring new growth points such as emergency equipment[86](index=86&type=chunk) - The 2021 operating plan includes eight key tasks: promoting mixed-ownership reform in the construction machinery sector, focusing on key regional markets, integrating the supply chain to reduce costs, developing independent core products, implementing lean production models, and more[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - The company faces major risks including uncertainty in the external economic environment, intense market competition, and continuously rising raw material and labor costs[96](index=96&type=chunk)[97](index=97&type=chunk) [Significant Matters](index=28&type=section&id=Significant%20Matters) This section details the company's profit distribution, commitments, major litigation, related party transactions, and significant contracts [Profit Distribution and Commitments](index=28&type=section&id=Profit%20Distribution%20and%20Commitments) Given the company's negative undistributed profits at the end of 2020, no profit distribution or capital reserve conversion to share capital will occur for the year - Due to the company's negative undistributed profits at year-end, in accordance with its profit distribution policy, the company will not distribute profits or convert capital reserves into share capital for 2020[4](index=4&type=chunk)[100](index=100&type=chunk) - Controlling shareholder Xiamen Haiyi Group Co., Ltd. committed that the company's cumulative net profit attributable to the parent company for the three years starting from 2020 will not be less than **400 million yuan**, with any shortfall to be covered by the controlling shareholder[104](index=104&type=chunk) [Major Litigation and Arbitration](index=32&type=section&id=Major%20Litigation%20and%20Arbitration) During the reporting period, the company was involved in multiple significant lawsuits, primarily as a plaintiff seeking payment from dealers for sales contract disputes - The company, as a plaintiff, is involved in multiple sales contract disputes, with larger cases including lawsuits against Hunan Sanhui Machinery Equipment Co., Ltd. (principal claim of **83.88 million yuan**) and Sichuan Jukai Construction Machinery Equipment Co., Ltd. (principal claim of **40.67 million yuan**)[108](index=108&type=chunk) - XGMA International Trade, a subsidiary, is a defendant in a sales contract dispute with Huaxinheng Trading Co., Ltd., where the court ruled in the first instance that XGMA International Trade must pay **0.23 million euros** in goods, for which the company has accrued a provision of **1.86 million yuan**[110](index=110&type=chunk)[111](index=111&type=chunk) [Significant Related Party Transactions](index=35&type=section&id=Significant%20Related%20Party%20Transactions) The company engaged in various routine operating transactions with related parties, including procurement and sales of goods, and also sold fixed assets to a related party, generating a significant gain - Routine operating related party transactions primarily include purchasing **51.08 million yuan** of goods from and selling **49.02 million yuan** of goods to XGMA (Sanming) Heavy Machinery Co., Ltd., and purchasing **27.60 million yuan** of goods from Xiamen Yinhua Machinery Co., Ltd[114](index=114&type=chunk)[115](index=115&type=chunk) - The company sold fixed assets to related party Xiamen Haiyi Construction Development Co., Ltd. for **89.38 million yuan**, realizing a gain of **23.38 million yuan**[117](index=117&type=chunk) - The company held a total of **327 million yuan** in deposits and **20 million yuan** in loans with related party Xiamen Haiyi Group Finance Co., Ltd. at period-end[115](index=115&type=chunk) [Major Contracts and Their Performance](index=39&type=section&id=Major%20Contracts%20and%20Their%20Performance) During the reporting period, the company managed XGMA (Sanming) Heavy Machinery Co., Ltd. under a trusteeship agreement, recorded entrusted management income, and engaged in external guarantees and entrusted financial activities - The company managed XGMA (Sanming) Heavy Machinery Co., Ltd. under a trusteeship agreement, recognizing **1.89 million yuan** in management income for the current period[123](index=123&type=chunk) - As of the end of the reporting period, the company's external guarantee balance was **9.86 million yuan**, representing **0.72%** of the company's net assets[126](index=126&type=chunk)[127](index=127&type=chunk) - The company engaged in entrusted wealth management using its own funds, with a transaction amount of **100 million yuan** and an outstanding balance of **25 million yuan**[130](index=130&type=chunk) - The company used its own funds for entrusted bank loans totaling **350 million yuan** for the "Belt and Road" International Headquarters project, with an expected annualized return rate of **9.00%**[135](index=135&type=chunk)[136](index=136&type=chunk) [Changes in Ordinary Shares and Shareholder Information](index=50&type=section&id=Changes%20in%20Ordinary%20Shares%20and%20Shareholder%20Information) This section details the company's shareholder structure and significant changes in shareholdings [Shareholder Information](index=50&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had 33,335 ordinary shareholders, with Xiamen Haiyi Group Co., Ltd. as the controlling shareholder and the Xiamen Municipal State-owned Assets Supervision and Administration Commission as the ultimate controlling party Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Percentage (%) | Nature | | :--- | :--- | :--- | :--- | | Xiamen Haiyi Group Co., Ltd. | 734,789,208 | 41.42 | State-owned Legal Person | | Export-Import Bank of China Xiamen Branch | 122,239,488 | 6.89 | State-owned Legal Person | | China Construction Bank Corporation Xiamen Branch | 90,627,000 | 5.11 | State-owned Legal Person | | Xiamen XGMA Heavy Industry Co., Ltd. | 72,750,834 | 4.10 | State-owned Legal Person | | Agricultural Bank of China Limited Xiamen Branch | 70,116,812 | 3.95 | State-owned Legal Person | | Industrial and Commercial Bank of China Limited Xiamen Branch | 56,831,048 | 3.20 | State-owned Legal Person | | BRICS Yichuang (Xiamen) Intelligent Manufacturing Industry Equity Investment Fund | 46,322,240 | 2.61 | Unknown | | Bank of China Limited Xiamen Branch | 18,902,403 | 1.07 | State-owned Legal Person | - The company's controlling shareholder is **Xiamen Haiyi Group Co., Ltd.**, and the actual controller is the **Xiamen Municipal People's Government State-owned Assets Supervision and Administration Commission**[159](index=159&type=chunk)[161](index=161&type=chunk)[163](index=163&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=56&type=section&id=Directors%2C%20Supervisors%2C%20Senior%20Management%20and%20Employees) This section covers changes in the company's board of directors, supervisors, and senior management, their remuneration, and overall employee information [Changes and Remuneration of Directors, Supervisors, and Senior Management](index=56&type=section&id=Changes%20and%20Remuneration%20of%20Directors%2C%20Supervisors%20and%20Senior%20Management) During the reporting period, the company's senior management team underwent significant changes, with Mr. Gu Tao elected as the new Chairman and Mr. Lin Chunming appointed as President - Changes in Directors, Supervisors, and Senior Management during the reporting period: - **New Appointments**: Gu Tao as Chairman, Lin Chunming as President, Li Xiyong as Vice President and CFO, Sun Tao as Vice President, Yang Quanfa as Chairman of the Supervisory Board, Shen Tingting as Supervisor[180](index=180&type=chunk) - **Departures**: Chen Tiansheng (Director), Liu Yihong (Chairman of the Supervisory Board), Tang Chong (Supervisor), Chen Zhaoli (Vice President), Guo Song (Executive Vice President), Zhang Jian (CFO) departed[180](index=180&type=chunk) - The total pre-tax remuneration received by all directors, supervisors, and senior management from the company at the end of the reporting period was **4.21 million yuan**[179](index=179&type=chunk) [Employee Information](index=64&type=section&id=Employee%20Information) As of the end of the reporting period, the company had a total of 905 employees, with production personnel constituting the largest proportion Employee Professional Composition | Professional Category | Number of Employees | | :--- | :--- | | Production Personnel | 447 | | Sales Personnel | 244 | | Technical Personnel | 94 | | Financial Personnel | 32 | | Administrative Personnel | 88 | | **Total** | **905** | - The company is advancing salary system reform, establishing a compensation structure guided by position value, performance, and company operational goals[183](index=183&type=chunk) [Corporate Governance](index=66&type=section&id=Corporate%20Governance) This section provides an overview of the company's corporate governance practices and internal control effectiveness [Overview of Corporate Governance](index=66&type=section&id=Overview%20of%20Corporate%20Governance) During the reporting period, the company strictly adhered to relevant laws and regulations, continuously improving its corporate governance structure to ensure standardized operations - During the reporting period, the company operated in strict accordance with laws and regulations such as the "Company Law" and "Securities Law," maintaining a sound corporate governance structure[188](index=188&type=chunk) - The company disclosed its 2020 Internal Control Evaluation Report and a standard unqualified internal control audit report, indicating no material weaknesses in internal control during the reporting period[195](index=195&type=chunk) [Financial Report](index=70&type=section&id=Financial%20Report) This section presents the company's audit report, financial statements, and detailed notes to the financial statements [Audit Report](index=70&type=section&id=Audit%20Report) Rongcheng Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2020 financial statements - The auditing firm, **Rongcheng Certified Public Accountants (Special General Partnership)**, issued a standard unqualified audit report[201](index=201&type=chunk) - Key audit matters identified were: 1. **Revenue Recognition**: Due to revenue being a key performance indicator, there is an inherent risk of management manipulating the timing of revenue recognition to achieve specific targets or expectations[203](index=203&type=chunk) 2. **Allowance for Doubtful Accounts**: The significant balance of accounts receivable (book value of **704 million yuan**, accounting for **20.27%** of total assets) means that the assessment of expected credit losses involves significant accounting estimates and judgments by management[204](index=204&type=chunk) [Financial Statements](index=73&type=section&id=Financial%20Statements) The financial statements include the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity Consolidated Balance Sheet Key Items (December 31, 2020) | Item | Amount | | :--- | :--- | | **Total Assets** | 3.474 billion yuan | | Total Current Assets | 2.66 billion yuan | | Total Non-Current Assets | 814 million yuan | | **Total Liabilities** | 1.951 billion yuan | | Total Current Liabilities | 1.156 billion yuan | | Total Non-Current Liabilities | 795 million yuan | | **Total Owners' Equity** | 1.523 billion yuan | | Owners' Equity Attributable to Parent Company | 1.369 billion yuan | Consolidated Income Statement Key Items (2020) | Item | Amount | | :--- | :--- | | **Total Operating Revenue** | 1.92 billion yuan | | **Total Operating Costs** | 1.977 billion yuan | | **Operating Profit** | 55.90 million yuan | | **Total Profit** | 67.19 million yuan | | **Net Profit** | 52.94 million yuan | | **Net Profit Attributable to Parent Company Shareholders** | 37.60 million yuan | Consolidated Cash Flow Statement Key Items (2020) | Item | Amount | | :--- | :--- | | **Net Cash Flow from Operating Activities** | -310 million yuan | | **Net Cash Flow from Investing Activities** | 315 million yuan | | **Net Cash Flow from Financing Activities** | -38 million yuan | | **Net Increase in Cash and Cash Equivalents** | -36 million yuan | [Notes to Financial Statements](index=94&type=section&id=Notes%20to%20Financial%20Statements) The notes to the financial statements detail the company's accounting policies, estimates, and changes, including the first-time adoption of new revenue standards in 2020 - The company adopted new revenue standards from **January 1, 2020**, changing accounting policies by reclassifying advance receipts related to goods sales and services to contract liabilities and adjusting the presentation of related VAT output tax[370](index=370&type=chunk)[371](index=371&type=chunk) - Accounts receivable at period-end totaled **962 million yuan**, with an allowance for doubtful accounts of **258 million yuan**, resulting in a book value of **704 million yuan**; the top five customers by accounts receivable accounted for **34.44%** of the total at period-end[398](index=398&type=chunk)[415](index=415&type=chunk) - Inventory had a book value of **859 million yuan** at period-end, with an inventory impairment provision of **98.53 million yuan**, and finished goods constituting the largest portion of inventory[437](index=437&type=chunk)[438](index=438&type=chunk)

Financial Performance - The company's operating revenue for 2020 was CNY 1,920,119,497.55, an increase of 2.60% compared to CNY 1,871,513,157.55 in 2019[23]. - The net profit attributable to shareholders for 2020 was CNY 37,600,450.63, a significant recovery from a loss of CNY 1,153,456,549.61 in 2019[23]. - The basic earnings per share for 2020 was CNY 0.02, a turnaround from a loss of CNY 0.65 per share in 2019[24]. - The weighted average return on equity for 2020 was 2.79%, compared to a negative return of -405.12% in 2019[24]. - The cash flow from operating activities for 2020 was negative CNY 310,052,867.26, an improvement from negative CNY 614,667,509.21 in 2019[23]. - The company reported a negative net profit of CNY 97,315,188.69 after excluding non-recurring gains and losses, compared to a loss of CNY 1,148,165,370.35 in 2019[23]. - The company's total assets decreased by 8.92% to CNY 3,473,665,980.94 in 2020, down from CNY 3,813,811,456.43 in 2019[23]. - The company's net assets attributable to shareholders increased by 3.19% to CNY 1,369,330,146.74 at the end of 2020, up from CNY 1,326,961,235.33 in 2019[23]. - The company will not distribute profits or increase capital reserves due to negative retained earnings at year-end[4]. Quarterly Performance - In Q1 2020, the company reported operating revenue of CNY 241.83 million, with a net profit attributable to shareholders of CNY 14.96 million[27]. - The total operating revenue for Q2 2020 increased to CNY 638.06 million, while the net profit attributable to shareholders was CNY 15.85 million[27]. - In Q3 2020, the company experienced a decline in net profit, reporting only CNY 2.51 million, despite an operating revenue of CNY 430.25 million[27]. - The fourth quarter of 2020 saw a recovery in net profit to CNY 4.27 million, with operating revenue reaching CNY 609.98 million[27]. Non-Recurring Gains and Losses - The company reported a total of CNY 134.92 million in non-recurring gains and losses for 2020, compared to a loss of CNY 5.29 million in 2019[29]. Business Operations - The company’s main business includes manufacturing and selling construction machinery, with a focus on loaders, excavators, and road machinery[35]. - The engineering machinery industry is closely tied to macroeconomic factors, with 2020 showing unexpected growth due to effective pandemic control measures[37]. - The company has established a marketing network through direct sales and authorized dealers, expanding its reach to various international markets[36]. - The company aims to continuously innovate and improve its core technologies through independent research and development and technical cooperation[36]. - The company has developed over 10 types of machinery products, including loaders, excavators, and forklifts, with multiple models for different user needs[40]. Cost Management and Efficiency - Operating revenue increased by 2.60% compared to the previous year, while operating costs rose by 5.79%[55]. - Sales expenses decreased by 48.23%, management expenses decreased by 68.78%, and financial expenses decreased by 77.17%[55]. - The company implemented cost reduction and efficiency enhancement activities, collecting over 170 feedback suggestions and adopting more than 50 improvement measures[51]. - The company reduced the delivery cycle for loaders by 25% and for excavators by 40%, resulting in a 53.3% year-on-year increase in per capita output[51]. Market and Sales Performance - Domestic operating revenue was CNY 1.682 billion, reflecting a 5.80% increase, while foreign revenue was CNY 145.63 million, a 16.24% increase[59]. - The production volume of engineering machinery products was 4,088 units, while sales volume was 3,651 units, indicating a 26.89% decrease in sales compared to the previous year[60]. Research and Development - Research and development expenses totaled 28.29 million RMB, representing 1.47% of total revenue, with 98 R&D personnel making up 10.82% of the total workforce[68]. - The company has established a national-level technology center and collaborated with several universities and research institutions to enhance R&D capabilities[41]. Environmental Compliance - The company emitted a total of 5.1405 tons of chemical oxygen demand (COD) in 2020, exceeding the permitted annual emission limit of 1.708 tons[151]. - The average emission concentration for COD was recorded at 8 mg/L, which is significantly lower than the permitted limit of 500 mg/L[152]. - The company achieved a 100% safe disposal rate for solid and hazardous waste in 2020[153]. - The wastewater treatment plant has a designed capacity of 1000 m³/d, ensuring all wastewater is treated to meet discharge standards[153]. - The company has established a comprehensive environmental risk emergency mechanism and signed an environmental pollution liability insurance with China People's Property Insurance Company in 2020[155]. Shareholder Information - The company has 33,335 ordinary shareholders as of the end of the reporting period, an increase from 32,687 at the end of the previous month[162]. - The largest shareholder, Xiamen Haiyi Group Co., Ltd., holds 734,789,208 shares, accounting for 41.42% of total shares[164]. Corporate Governance - The company has undergone changes in its board and management, with several appointments and departures due to various reasons, including personal reasons and retirement[191]. - The total remuneration for the independent directors during the reporting period was 8 million RMB each[175]. - The management team emphasizes the importance of financial accuracy and transparency in reporting, which is crucial for investor confidence[176]. Strategic Initiatives - The company is focusing on expanding its market presence and enhancing its product offerings, which may lead to increased user engagement and revenue growth[176]. - Future outlook suggests a commitment to innovation, with ongoing research and development efforts aimed at new technologies and products[176]. - The company plans to implement a mixed-ownership reform to improve operational efficiency and introduce market-oriented incentive mechanisms[88]. - The company is exploring potential acquisitions to strengthen its supply chain, with a budget of 200 million RMB allocated for this purpose[183]. Social Responsibility - The company is actively involved in social responsibility initiatives, including poverty alleviation and educational support[149]. - The company invested CNY 170,800 in poverty alleviation efforts, helping 72 impoverished individuals[145]. - The company has established a partnership with Haiyi Group for charitable activities[144].

[Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) The Board, Supervisory Board, and senior management affirm the truthfulness and completeness of this unaudited quarterly report, taking legal responsibility [Board of Directors, Supervisory Board, and Senior Management Statement](index=3&type=section&id=1.1%20Company%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Directors%2C%20Supervisors%2C%20Senior%20Management%20Guarantee%20the%20Truthfulness%2C%20Accuracy%2C%20and%20Completeness%20of%20the%20Quarterly%20Report%20Content%2C%20Without%20False%20Records%2C%20Misleading%20Statements%2C%20or%20Major%20Omissions%2C%20and%20Assume%20Individual%20and%20Joint%20Legal%20Responsibility.) The Board of Directors, Supervisory Board, and senior management affirm the truthfulness and completeness of this unaudited quarterly report, taking legal responsibility - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content, and assume legal responsibility[6](index=6&type=chunk) - All directors attended the Board of Directors meeting to review the quarterly report[6](index=6&type=chunk) - The company's head, chief accountant, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the financial statements[6](index=6&type=chunk) - This company's third-quarter report is unaudited[6](index=6&type=chunk) [Company Profile](index=3&type=section&id=Item%20II.%20Company%20Profile) This section provides an overview of the company's key financial performance and shareholder structure as of the reporting period [Key Financial Data](index=3&type=section&id=2.1%20Key%20Financial%20Data) Total assets decreased by **3.83%**, operating revenue declined by **12.41%**, and net profit turned to **33.33 million RMB** year-to-date Overview of Key Financial Data (As of September 30, 2020) | Item | Period-end (RMB) | Prior Year-end (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,667,554,296.89 | 3,813,811,456.43 | -3.83 | | Net Assets Attributable to Shareholders | 1,364,633,321.36 | 1,326,961,235.33 | 2.84 | | **Year-to-Date (Jan-Sep)** | | | | | Net Cash Flow from Operating Activities | -198,623,075.54 | 453,138,994.69 | -143.83 | | Operating Revenue | 1,310,141,276.83 | 1,495,721,446.00 | -12.41 | | Net Profit Attributable to Shareholders | 33,326,558.40 | -543,018,493.64 | N/A | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains/Losses | -34,440,795.84 | -601,596,318.38 | N/A | | Weighted Average Return on Net Assets (%) | 2.48 | N/A | N/A | | Basic Earnings Per Share (RMB/share) | 0.02 | -0.57 | N/A | Non-Recurring Gains and Losses (Year-to-Date) | Item | Amount Year-to-Date (Jan-Sep) (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 20,880,180.23 | | Government Grants Recognized in Current Profit/Loss | 34,228,544.65 | | Reversal of Impairment Provisions for Accounts Receivable and Contract Assets Subject to Separate Impairment Testing | 17,511,015.18 | | Other Non-Operating Income and Expenses | 4,867,800.47 | | Other Gains/Losses Meeting the Definition of Non-Recurring Items | 887,158.09 | | Impact of Minority Interests (After Tax) | -2,564,615.45 | | Income Tax Impact | -8,042,728.93 | | **Total** | **67,767,354.24** | [Shareholding Information](index=5&type=section&id=2.2%20Total%20Number%20of%20Shareholders%2C%20Top%20Ten%20Shareholders%2C%20and%20Top%20Ten%20Circulating%20Shareholders%20(or%20Unrestricted%20Shareholders)%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company had **34,086** shareholders; Xiamen Haiyi Group Co., Ltd. is the largest shareholder with **41.42%** equity, forming a concerted party with its wholly-owned subsidiary, Xiamen XGMA Heavy Industry Co., Ltd., both among the top ten unrestricted shareholders - As of the end of the reporting period, the company had a total of **34,086** shareholders[8](index=8&type=chunk) Top Ten Shareholders' Holdings (As of September 30, 2020) | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Xiamen Haiyi Group Co., Ltd. | 734,789,208 | 41.42 | State-owned Legal Person | | Export-Import Bank of China Xiamen Branch | 122,239,488 | 6.89 | State-owned Legal Person | | China Construction Bank Corporation Xiamen Branch | 90,627,000 | 5.11 | State-owned Legal Person | | Xiamen XGMA Heavy Industry Co., Ltd. | 72,750,834 | 4.10 | State-owned Legal Person | | Agricultural Bank of China Xiamen Branch | 70,116,812 | 3.95 | State-owned Legal Person | | Industrial and Commercial Bank of China Xiamen Branch | 56,831,048 | 3.20 | State-owned Legal Person | | First Capital Investment Management Co., Ltd. - BRICS First Capital (Xiamen) Intelligent Manufacturing Industry Equity Investment Partnership (Limited Partnership) | 46,322,240 | 2.61 | Unknown | | Bank of China Xiamen Branch | 18,902,403 | 1.07 | State-owned Legal Person | | Xiamen Yuming Engineering Machinery Co., Ltd. | 17,083,159 | 0.96 | Domestic Non-State-owned Legal Person | | Quanzhou Bank Co., Ltd. Xiamen Branch | 9,392,443 | 0.53 | Unknown | - Xiamen Haiyi Group Co., Ltd. is the company's largest shareholder, and its wholly-owned subsidiary, Xiamen XGMA Heavy Industry Co., Ltd., is the fourth largest shareholder, forming a concerted party[10](index=10&type=chunk) [Preferred Shareholding Information](index=6&type=section&id=2.3%20Total%20Number%20of%20Preferred%20Shareholders%2C%20Top%20Ten%20Preferred%20Shareholders%2C%20and%20Top%20Ten%20Unrestricted%20Preferred%20Shareholders%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company had no preferred shareholders at the end of the reporting period - The company's preferred shareholding information table is not applicable[10](index=10&type=chunk) [Significant Events](index=6&type=section&id=Item%20III.%20Significant%20Events) This section details significant changes in financial items, the progress of major events, unfulfilled commitments, and warnings regarding cumulative net profit [Significant Changes and Reasons for Key Financial Statement Items and Indicators](index=6&type=section&id=3.1%20Significant%20Changes%20and%20Reasons%20for%20the%20Company's%20Key%20Financial%20Statement%20Items%20and%20Financial%20Indicators) Major changes in financial statements were driven by reduced expenses, increased government subsidies, and land disposal gains, leading to a net profit turnaround Significant Balance Sheet Item Changes (Period-end Balance vs. Prior Year-end) | Item | Change Rate (%) | Reason for Change | | :--- | :--- | :--- | | Cash and Cash Equivalents | -34.54 | Mainly due to payment for goods in the current period | | Receivables Financing | -53.02 | Mainly due to endorsement of bills for payment of goods | | Prepayments | 51.49 | Mainly due to increased prepayments for goods in the current period | | Long-term Equity Investments | 158.69 | Additional investment in the second phase of Zhonglixing project in the current period | | Investment Properties | 160.06 | Mainly due to leasing out some idle properties and land in the current period | | Construction in Progress | -54.72 | Mainly due to disposal of long-term assets by subsidiary XGMA Machinery (Jiaozuo) Co., Ltd. | | Intangible Assets | -44.95 | Mainly due to disposal of some idle land in the second phase by subsidiary XGMA Machinery (Jiaozuo) Co., Ltd. | | Other Non-current Assets | 731.09 | Mainly due to increased fixed-deposit certificates from banks | | Short-term Borrowings | N/A | New bank borrowings in the current period | | Advances from Customers | -88.77 | Impact of reclassification adjustment according to new revenue recognition standard implementation requirements | | Contract Liabilities | N/A | Impact of reclassification adjustment according to new revenue recognition standard implementation requirements | | Employee Benefits Payable | -37.10 | Mainly due to payment of internal employee expenses and distribution of last year's performance bonuses in the current period | | Taxes Payable | -60.00 | Mainly due to payment of some taxes payable | | Other Current Liabilities | N/A | Impact of reclassification adjustment according to new revenue recognition standard implementation requirements | | Deferred Tax Liabilities | N/A | Mainly due to recognition of taxable temporary differences from forward foreign exchange contracts by subsidiary Xiamen XGMA International Trade Co., Ltd. | | Other Comprehensive Income | -202.25 | Mainly due to increased differences from foreign currency financial statement translation by subsidiary Xiamen XGMA International Trade Co., Ltd. in the current period | Significant Income Statement Item Changes (Year-to-Date vs. Prior Year-to-Date) | Item | Change Rate (%) | Reason for Change | | :--- | :--- | :--- | | Taxes and Surcharges | -35.38 | Mainly due to reduced value-added tax payable in the current period, leading to lower surcharges | | Selling Expenses | -34.57 | Mainly due to changes in freight settlement methods and effective savings in selling expenses in the current period | | Administrative Expenses | -72.13 | Mainly due to severance benefits incurred from personnel streamlining in the prior year | | Research and Development Expenses | -31.40 | Mainly due to reduced R&D investment in the current period | | Financial Expenses | -89.42 | Mainly due to reduced interest expenses after the company's debt-to-equity swap in October 2019 and increased interest income from fixed deposits of idle funds | | Other Income | 89.87 | Mainly due to increased government grants received in the current period | | Investment Income | 657.54 | Mainly due to debt restructuring gains from partial principal forgiveness and entrusted loan income | | Gains from Changes in Fair Value | N/A | Mainly due to fair value changes in forward foreign exchange contracts of subsidiary Xiamen XGMA International Trade Co., Ltd. | | Credit Impairment Losses | N/A | Mainly due to a significant year-on-year decrease in single impairment provisions for accounts receivable, resulting from the restructuring auction and transfer of accounts receivable from 328 entities on October 15, 2019 | | Asset Impairment Losses | N/A | Mainly due to impairment provisions for obsolete inventory in the prior year | | Gains from Asset Disposal | 734.16 | Mainly due to gains from disposal of second-phase land by subsidiary XGMA Machinery (Jiaozuo) Co., Ltd. | | Operating Profit | N/A | Mainly due to reduced period expenses and partial gains from disposal of second-phase land by subsidiary XGMA Machinery (Jiaozuo) Co., Ltd. | | Non-operating Income | -62.57 | Mainly due to subsidiary's forfeiture of customer deposits in the prior period | | Non-operating Expenses | -92.71 | Mainly due to reduced losses from disposal of scrapped fixed assets in the current period | | Total Profit | N/A | Mainly due to reduced period expenses, increased government subsidies, and gains from disposal of Jiaozuo second-phase land, increasing profit | | Income Tax Expense | 254.22 | Mainly due to increased total profit in the current period | | Net Profit | N/A | Mainly due to reduced period expenses, increased government subsidies, and gains from disposal of Jiaozuo second-phase land, increasing profit | Significant Cash Flow Statement Item Changes (Year-to-Date vs. Prior Year-to-Date) | Item | Change Rate (%) | Reason for Change | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -143.83 | Mainly due to reduced cash receipts from sales in the current period | | Net Cash Flow from Investing Activities | 491.21 | Mainly due to the parent company's disposal of subsidiary XGMA (Tai'an) Mobile Crane Co., Ltd. and subsidiary XGMA Machinery (Jiaozuo) Co., Ltd.'s disposal of second-phase land | | Net Cash Flow from Financing Activities | N/A | Mainly due to reduced debt and interest repayments | [Progress and Impact Analysis of Significant Events](index=9&type=section&id=3.2%20Analysis%20and%20Explanation%20of%20Progress%2C%20Impact%2C%20and%20Solutions%20for%20Significant%20Events) The company transferred accounts receivable claims through judicial auction in 2019, but some related lawsuits continue under the company's name, requiring strict adherence to the transfer agreement and timely disclosure - In 2019, the company transferred the principal claims of accounts receivable from **328** enterprises through judicial auction[15](index=15&type=chunk) - Despite the transfer of claims, some litigation cases continue to be accepted with XGMA Co., Ltd. as the plaintiff[15](index=15&type=chunk) - The company will strictly fulfill its rights and obligations as per the agreement and timely disclose the progress of litigation cases involving transferred claims[15](index=15&type=chunk) [Overdue Unfulfilled Commitments](index=9&type=section&id=3.3%20Overdue%20Unfulfilled%20Commitments%20During%20the%20Reporting%20Period) The company had no overdue unfulfilled commitments during the reporting period - The company had no overdue unfulfilled commitments during the reporting period[16](index=16&type=chunk) [Warning and Reasons for Significant Changes in Cumulative Net Profit](index=9&type=section&id=3.4%20Warning%20and%20Reasons%20for%20Potential%20Loss%20or%20Significant%20Change%20in%20Cumulative%20Net%20Profit%20from%20Year-Beginning%20to%20the%20End%20of%20the%20Next%20Reporting%20Period%20Compared%20to%20the%20Same%20Period%20Last%20Year) The company anticipates a significant change in cumulative net profit year-to-date to the next reporting period, expecting a substantial reduction in losses for 2020 after three consecutive quarters of profitability, contrasting with the large loss in 2019 due to asset stripping and impairment - The company forecasts a significant change in cumulative net profit from the beginning of the year to the end of the next reporting period compared to the same period last year[18](index=18&type=chunk) - In 2019, a significant loss was incurred due to the stripping of inefficient assets and impairment provisions during bankruptcy reorganization[16](index=16&type=chunk) - As of the disclosure date of this report, the company has maintained profitability for three consecutive quarters, expecting a substantial reduction in losses for 2020[16](index=16&type=chunk) [Appendix](index=10&type=section&id=Item%20IV.%20Appendix) This appendix provides detailed financial statements, adjustments related to new accounting standards, and confirms the unaudited status of the report [Financial Statements](index=10&type=section&id=4.1%20Financial%20Statements) This section presents the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for the third quarter of 2020, detailing financial position, operating results, and cash flows [Consolidated Balance Sheet](index=10&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2020, consolidated total assets were **3.67 billion RMB**, a **3.83%** decrease from year-end, while equity attributable to parent company owners was **1.36 billion RMB**, up **2.84%** Key Consolidated Balance Sheet Data (As of September 30, 2020) | Item | September 30, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Total Assets | 3,667,554,296.89 | 3,813,811,456.43 | | Total Liabilities | 2,149,344,089.62 | 2,340,836,047.95 | | Total Equity Attributable to Parent Company Owners | 1,364,633,321.36 | 1,326,961,235.33 | | Minority Interests | 153,576,885.91 | 146,014,173.15 | | Total Equity | 1,518,210,207.27 | 1,472,975,408.48 | [Parent Company Balance Sheet](index=12&type=section&id=Parent%20Company%20Balance%20Sheet) As of September 30, 2020, parent company total assets were **2.81 billion RMB**, a **6.26%** decrease from year-end, with total owner's equity at **1.35 billion RMB**, up **0.61%** Key Parent Company Balance Sheet Data (As of September 30, 2020) | Item | September 30, 2020 (RMB) | December 31, 2019 (RMB) | | :--- | :--- | :--- | | Total Assets | 2,805,604,499.82 | 2,993,040,920.76 | | Total Liabilities | 1,459,264,467.29 | 1,654,826,003.01 | | Total Equity | 1,346,340,032.53 | 1,338,214,917.75 | [Consolidated Income Statement](index=15&type=section&id=Consolidated%20Income%20Statement) For the first three quarters of 2020, consolidated operating revenue was **1.31 billion RMB**, down **12.41%** year-over-year, while net profit attributable to parent company shareholders turned from a significant loss to a profit of **33.33 million RMB**, driven by reduced expenses and increased other income Key Consolidated Income Statement Data (First Three Quarters of 2020) | Item | First Three Quarters of 2020 (Jan-Sep) (RMB) | First Three Quarters of 2019 (Jan-Sep) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,310,141,276.83 | 1,495,721,446.00 | -12.41 | | Total Operating Costs | 1,330,046,438.37 | 1,705,653,570.82 | -22.02 | | Operating Profit | 57,094,192.50 | -515,905,014.86 | N/A | | Total Profit | 62,058,146.12 | -507,170,039.45 | N/A | | Net Profit | 48,874,068.25 | -510,892,056.60 | N/A | | Net Profit Attributable to Parent Company Shareholders | 33,326,558.40 | -543,018,493.64 | N/A | | Basic Earnings Per Share (RMB/share) | 0.02 | -0.57 | N/A | [Parent Company Income Statement](index=18&type=section&id=Parent%20Company%20Income%20Statement) For the first three quarters of 2020, parent company operating revenue was **640.79 million RMB**, down **22.19%** year-over-year, with net profit turning from a significant loss to a profit of **8.13 million RMB** Key Parent Company Income Statement Data (First Three Quarters of 2020) | Item | First Three Quarters of 2020 (Jan-Sep) (RMB) | First Three Quarters of 2019 (Jan-Sep) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 640,785,543.55 | 823,472,942.60 | -22.19 | | Operating Profit | 5,480,453.12 | -490,739,113.52 | N/A | | Total Profit | 8,125,114.78 | -484,241,520.50 | N/A | | Net Profit | 8,125,114.78 | -484,241,520.50 | N/A | [Consolidated Cash Flow Statement](index=21&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first three quarters of 2020, consolidated net cash flow from operating activities was **-198.62 million RMB**, a **143.83%** decrease, while net cash flow from investing activities significantly increased by **491.21%** to **109.86 million RMB**, and financing activities improved significantly Key Consolidated Cash Flow Statement Data (First Three Quarters of 2020) | Item | First Three Quarters of 2020 (Jan-Sep) (RMB) | First Three Quarters of 2019 (Jan-Sep) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -198,623,075.54 | 453,138,994.69 | -143.83 | | Net Cash Flow from Investing Activities | 109,858,198.34 | -28,081,483.45 | 491.21 | | Net Cash Flow from Financing Activities | -26,664,678.46 | -554,361,978.22 | N/A | | Net Increase in Cash and Cash Equivalents | -118,339,285.47 | -130,204,619.54 | N/A | [Parent Company Cash Flow Statement](index=22&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first three quarters of 2020, parent company net cash flow from operating activities was **-33.37 million RMB**, a **108.84%** decrease, while investing activities increased by **46.09%** to **61.63 million RMB**, and financing activities significantly improved Key Parent Company Cash Flow Statement Data (First Three Quarters of 2020) | Item | First Three Quarters of 2020 (Jan-Sep) (RMB) | First Three Quarters of 2019 (Jan-Sep) (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -33,373,578.18 | 377,376,871.24 | -108.84 | | Net Cash Flow from Investing Activities | 61,631,422.88 | 42,189,282.03 | 46.09 | | Net Cash Flow from Financing Activities | -25,755,002.19 | -534,990,638.35 | N/A | | Net Increase in Cash and Cash Equivalents | 2,502,842.51 | -115,424,485.08 | N/A | [Adjustments to Financial Statements at the Beginning of the First Year of Adopting New Revenue Recognition Standards](index=23&type=section&id=4.2%20Adjustments%20to%20Financial%20Statements%20at%20the%20Beginning%20of%20the%20First%20Year%20of%20Adopting%20New%20Revenue%20Recognition%20Standards%20and%20New%20Lease%20Standards%20from%202020) Effective January 1, 2020, the company adopted new revenue recognition standards, reclassifying 'Advances from Customers' to 'Contract Liabilities' and 'Other Current Liabilities' in the opening balance sheets, without retrospective adjustment to comparative periods - The company adopted new revenue recognition standards effective **January 1, 2020**[42](index=42&type=chunk)[46](index=46&type=chunk) - The cumulative effect of initial adoption of new revenue recognition standards adjusted retained earnings and other related financial statement items as of **January 1, 2020**, with no adjustments to comparative period information[42](index=42&type=chunk)[46](index=46&type=chunk) Consolidated Balance Sheet New Revenue Standard Adjustment Details (January 1, 2020) | Item | December 31, 2019 (RMB) | January 1, 2020 (RMB) | Adjustment (RMB) | | :--- | :--- | :--- | :--- | | Advances from Customers | 235,360,965.82 | | -235,360,965.82 | | Contract Liabilities | | 235,360,965.82 | 235,360,965.82 | Parent Company Balance Sheet New Revenue Standard Adjustment Details (January 1, 2020) | Item | December 31, 2019 (RMB) | January 1, 2020 (RMB) | Adjustment (RMB) | | :--- | :--- | :--- | :--- | | Advances from Customers | 48,036,431.63 | | -48,036,431.63 | | Contract Liabilities | | 48,036,431.63 | 48,036,431.63 | [Explanation of Retrospective Adjustments to Prior Period Comparative Data under New Revenue Recognition Standards](index=28&type=section&id=4.3%20Explanation%20of%20Retrospective%20Adjustments%20to%20Prior%20Period%20Comparative%20Data%20under%20New%20Revenue%20Recognition%20Standards%20and%20New%20Lease%20Standards%20from%202020) The company did not retrospectively adjust prior period comparative data upon initial adoption of new revenue and lease standards from 2020 - The company did not retrospectively adjust prior period comparative data upon initial adoption of new revenue recognition and new lease standards from **2020**[47](index=47&type=chunk) [Audit Report](index=28&type=section&id=4.4%20Audit%20Report) This quarterly report is unaudited - This quarterly report is unaudited[6](index=6&type=chunk)[47](index=47&type=chunk)

600815 2020 年半年度报告 公司代码：600815 公司简称：*ST 厦工 厦门厦工机械股份有限公司 2020 年半年度报告 600815 2020 年半年度报告 重要提示 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注意投 资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 公司在本半年度报告中详细描述了可能存在的风险事项，敬请查阅本半年度报告第四节经营 情况讨论与分析中"三、其他披露事项"中可能面对的风险。 十、 其他 □适用 √不适用 1 / 188 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人谷涛、主管会计工作负责人李喜勇及会计机构负责人（会计主管人员）蔡学坤声 ...