600815 厦门厦工机械股份有限公司 2019 年年度报告 公司代码：600815 公司简称：*ST 厦工 厦门厦工机械股份有限公司 2019 年年度报告 600815 厦门厦工机械股份有限公司 2019 年年度报告 重要提示 三、 容诚会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 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 明：保证年度报告中财务报告的真实、准确、完整。 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 经容诚会计师事务所（特殊普通合伙）审计，公司2019年度归属于母公司所有者的净利润 -1,153,456,549.61元，加上上年结转未分配利润-3,472,756,403.91元，本年度实际可分配利润 为-4,614,617,850.50元。根据公司利润分配政策，鉴于公司年末未分配利润为负，公司2019年度 不进行利润分配，也不进行资本公积金转增股本。 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 ...

1 / 20 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 9 | 600815 2020 年第一季度报告 二、 公司基本情况 2.1 主要财务数据 600815 2020 年第一季度报告 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 年第一季度报告 一、 重要提示 | | 本报告期末 | 上年度末 | 本报告期末比上年度末增 | | --- | --- | --- | --- | | | | | 减(%) | | 总资产 | 3,725,794,059.90 | 3,813,811,456.43 | -2.31 | | 归属于上市公司 | 1,343,686,778.54 | 1,326,961,235.33 | 1.26 | | 股东的净资产 | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比上年同期增减(%) | | 经营活动产生的 | -136,552,968.55 | -107,668,869.45 | 不适用 | | 现金流量净额 | | ...

600815 厦门厦工机械股份有限公司 2019 年年度报告 公司代码：600815 公司简称：*ST 厦工 厦门厦工机械股份有限公司 2019 年年度报告 1 / 212 600815 厦门厦工机械股份有限公司 2019 年年度报告 重要提示 三、 容诚会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 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 明：保证年度报告中财务报告的真实、准确、完整。 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 经容诚会计师事务所（特殊普通合伙）审计，公司2019年度归属于母公司所有者的净利润 -1,153,456,549.61元，加上上年结转未分配利润-3,472,756,403.91元，本年度实际可分配利润 为-4,614,617,850.50元。根据公司利润分配政策，鉴于公司年末未分配利润为负，公司2019年度 不进行利润分配，也不进行资本公积金转增股本。 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、 ...

600815 厦门厦工机械股份有限公司 2019 年第三季度报告 公司代码：600815 公司简称：*ST 厦工 厦门厦工机械股份有限公司 2019 年第三季度报告 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 9 | 600815 厦门厦工机械股份有限公司 2019 年第三季度报告 一、 重要提示 1.1 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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人张振斌、主管会计工作负责人张建及会计机构负责人（会计主管人员）蔡学坤保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | | 上年度末 | | 本报告期末比 上年度末增减(%) | | --- | --- | --- | --- | --- | --- | ...

600815 2019 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 2019 年半年度报告 1 / 164 600815 2019 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。 三、 本半年度报告未经审计。 四、 公司负责人张振斌、主管会计工作负责人张建 及会计机构负责人（会计主管人员） 蔡学坤声明：保证半年度报告中财务报告的真实、准确、完整。 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 本半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"二、其他披露事 ...

2019 年第一季度报告 公司代码：600815 公司简称：厦工股份 厦工股份 2019 年第一季度报告 1 / 26 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 8 | 2019 年第一季度报告 一、 重要提示 2.5 主要财务数据 3 / 26 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上 年度末增减(%) 总资产 4,930,927,825.95 5,102,113,676.80 -3.35 归属于上市公司股东的 净资产 -171,597,991.30 -185,411,457.33 不适用 年初至报告期末 上年初至上年报告 期末 比上年同期增减 (%) 经营活动产生的现金流 量净额 -107,668,869.45 232,144,495.31 -146.38 年初至报告期末 上年初至上年报告 期末 比上年同期增减 （%） 营业收入 652,686,826.25 951,451,855.10 -31.40 归属于上市公司股东的 净利润 -2,975,694.59 15,253,683. ...

[Company Profile and Key Financial Indicators](index=4&type=section&id=%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 Information and Contact Details](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E4%B8%8E%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Xiamen XGMA Machinery Co., Ltd. is a construction machinery manufacturer listed on the Shanghai Stock Exchange under stock code 600815 - Key company information includes its Chinese name "**Xiamen XGMA Machinery Co., Ltd.**", stock abbreviation "**XGMA**", stock code "**600815**", and legal representative **Zhang Zhenbin**[12](index=12&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators for the Past Three Years](index=5&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 2018, the company's operating performance severely declined, with revenue down 36.21% and net profit attributable to parent company shareholders turning into a significant loss of 731.19 million Yuan, resulting in negative net assets at year-end Key Accounting Data for the Past Three Years | Major Accounting Data | 2018 | 2017 | YoY Change (%) | 2016 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 2,837,897,217.00 | 4,448,565,471.91 | -36.21% | 3,241,039,805.84 | | Net Profit Attributable to Parent Company Shareholders (Yuan) | -731,193,504.53 | 124,632,272.96 | -686.68% | -2,689,882,940.78 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items, Yuan) | -844,749,736.12 | -348,857,037.71 | N/A | -2,718,890,958.09 | | Net Cash Flow from Operating Activities (Yuan) | 477,550,347.19 | 545,576,288.64 | -12.47% | 146,378,462.87 | | Net Assets Attributable to Parent Company Shareholders (Yuan) | -185,411,457.33 | 546,391,832.92 | -133.93% | 385,019,930.82 | | Total Assets (Yuan) | 5,102,113,676.80 | 6,417,192,816.15 | -20.49% | 7,663,001,235.87 | Key Financial Indicators for the Past Three Years | Major Financial Indicators | 2018 | 2017 | YoY Change (%) | 2016 | | :--- | :--- | :--- | :--- | :--- | | Basic EPS (Yuan/share) | -0.76 | 0.13 | N/A | -2.80 | | Basic EPS (Excluding Non-recurring Items, Yuan/share) | -0.88 | -0.36 | N/A | -2.84 | | Weighted Average ROE (%) | -405.12 | 26.76 | N/A | -155.45 | | Weighted Average ROE (Excluding Non-recurring Items, %) | -468.03 | -74.91 | N/A | -157.12 | Key Quarterly Financial Data for 2018 | Item | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (Million Yuan) | 951 | 761 | 555 | 571 | | Net Profit Attributable to Parent Company Shareholders (Million Yuan) | 15 | -68 | -53 | -625 | [Company Business Overview](index=8&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) [Main Business, Operating Model, and Industry Overview](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F%E5%8F%8A%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company is a key national construction machinery enterprise, offering a full range of products. The highly cyclical industry, closely linked to the macro economy, maintained strong growth in 2018 due to infrastructure investment and environmental upgrades - The company's main business products cover a series of construction machinery including **loaders**, **excavators**, **forklifts**, **road machinery**, **tunneling machinery**, and **environmental machinery**, widely used in construction, mining, agriculture, forestry, and water conservancy[32](index=32&type=chunk) - The construction machinery industry is closely related to the domestic and international macro economy, belonging to a **highly cyclical industry**. In 2018, driven by national policies such as increased infrastructure investment, the Belt and Road Initiative, supply-side reform, and environmental upgrades, the industry continued to maintain a **strong growth momentum**[33](index=33&type=chunk) [Core Competitiveness Analysis](index=9&type=section&id=%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 competitiveness includes a rich product series, R&D advantages, a comprehensive marketing network, and the established "XGMA" brand, with progress in intelligent machinery - The company's core competencies include: - **Extensive Product Portfolio**: Offering over a dozen series of complete machines, including loaders and excavators - **Technological R&D Advantage**: Operating a national-level technology center and collaborating with universities and research institutes, achieving breakthroughs in intelligent electro-hydraulic control systems - **Comprehensive Marketing Network**: Boasting over 150 dealers and nearly 200 sales and service outlets globally - **Brand Advantage**: The "**XGMA**" brand, with over 60 years of history, has been recognized as a "**China Well-known Trademark**"[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=%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) [Operating Performance Review](index=10&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E5%9B%9E%E9%A1%B5) Despite a booming industry, the company's 2018 sales of 7,448 units decreased by 6.30%, leading to a 36.22% revenue decline to 2.837 billion Yuan and a significant net loss of 731 million Yuan attributable to parent company shareholders - Despite high industry prosperity, with loader sales up **22.02%** and excavator sales up **44.99%** in 2018, the company's sales of various construction machinery products decreased by **6.30%** to **7,448 units**, underperforming the industry[39](index=39&type=chunk) - During the year, the company implemented several internal reforms, including product line integration, marketing channel restructuring, enhanced risk control, improved quality systems, optimized inventory management, accelerated informatization, and organizational structure optimization[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) Key Operating Data for 2018 | Indicator | 2018 | YoY Change | | :--- | :--- | :--- | | Operating Revenue (Billion Yuan) | 2.837 | -36.22% | | Total Profit (Billion Yuan) | -0.682 | - | | Net Profit Attributable to Parent Company Shareholders (Billion Yuan) | -0.731 | - | | Net Accounts Receivable (Billion Yuan) | 1.750 | -19.14% | | Net Inventory (Billion Yuan) | 1.318 | +2.10% | | Gross Margin (%) | 11.77 | Increased by approx. 1 percentage point | [Main Business Analysis](index=11&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In 2018, main business revenue and costs significantly declined, with earthmoving machinery revenue down 3.81% and tunneling machinery revenue nearly halved. Domestic market revenue fell 38.64%, while income tax expense surged 398.64% due to deferred tax asset write-offs, contributing to the large loss. R&D investment was 1.79% of revenue Key Income Statement and Cash Flow Statement Item Changes | Item | Current Period Amount (Billion Yuan) | Prior Period Amount (Billion Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2.838 | 4.449 | -36.21 | | Operating Cost | 2.504 | 3.971 | -36.94 | | Asset Impairment Loss | 0.128 | -0.041 | -414.47 | | Investment Income | 0.0000378 | 0.129 | -99.97 | | Net Cash Flow from Operating Activities | 0.478 | 0.546 | -12.47 | | Net Cash Flow from Investing Activities | 0.041 | 0.984 | -95.83 | Main Business by Product | By Product | Operating Revenue (Billion Yuan) | Operating Cost (Billion Yuan) | Gross Margin (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Earthmoving Machinery | 1.162 | 1.013 | 12.77 | -3.81 | | Tunneling Machinery | 0.400 | 0.289 | 27.87 | -49.98 | | Other Construction Machinery | 0.303 | 0.278 | 8.24 | -16.58 | | Parts | 0.150 | 0.134 | 10.83 | -6.89 | | Materials and Others | 0.749 | 0.735 | 1.80 | -57.74 | R&D Investment Overview | Item | Amount | | :--- | :--- | | R&D Expenses Capitalized in Current Period (Yuan) | 50,843,261.93 | | Total R&D Investment (Yuan) | 50,843,261.93 | | Total R&D Investment as % of Operating Revenue | 1.79% | | Number of R&D Personnel | 193 | | R&D Personnel as % of Total Employees | 12.33 | [Assets and Liabilities Analysis](index=15&type=section&id=%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) As of year-end 2018, total assets were 5.102 billion Yuan, down 20.49%, with significant declines in notes receivable and deferred tax assets. Total liabilities reached 5.140 billion Yuan, exceeding 100% debt-to-asset ratio, and restricted assets totaled 302 million Yuan Changes in Key Assets and Liabilities | Item | Current Period End Balance (Million Yuan) | Prior Period End Balance (Million Yuan) | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 61.94 | 263.12 | -76.46 | Increased bill discounting in current period | | Prepayments | 118.63 | 328.48 | -63.88 | Subsidiary settled prepayments from prior period | | Deferred Income Tax Assets | 89.28 | 562.15 | -84.12 | Parent company wrote off deferred income tax assets in current period | | Other Non-current Assets | 5.44 | 26.36 | -79.34 | Subsidiary recovered land transfer fees in current period | | Non-current Liabilities Due Within One Year | 0.00 | 5.00 | -100.00 | Repaid in current period | Key Restricted Assets at Period End | Item | Book Value at Period End (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents - Other Cash and Bank Balances | 51,281,471.28 | Deposits, Employee Housing Reform Funds | | Fixed Assets - Buildings | 230,703,428.35 | Litigation Preservation Guarantee | | Intangible Assets - Land Use Rights | 17,762,079.73 | Litigation Preservation Guarantee | | Investment Properties - Buildings | 2,211,581.31 | Litigation Preservation Guarantee | | **Total** | **301,958,560.67** | / | [Future Development and Risk Analysis](index=20&type=section&id=%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 expects slower growth in the construction machinery industry in 2019, focusing on intelligent and green upgrades and strategic transformation. Its 2019 plan aims to overcome challenges through reforms and quality improvements, while acknowledging risks like economic uncertainty, market competition, rising costs, debt management, and severe going concern issues - Company development strategy: Accelerate the upgrade of construction machinery business, focusing on core products like **loaders** and **excavators**, strengthening competitiveness in **intelligent** directions, and actively implementing strategic transformation to explore new growth points[76](index=76&type=chunk) - The core of the 2019 operating plan is "**Facing Crisis, Breaking Through to Rebirth**", with specific measures including: deepening reforms to energize the team, rebuilding channels to enhance marketing, reshaping classics to improve product quality, IT-led strengthening of digital foundations, leveraging the "Double Hundred Action" to initiate mixed-ownership reform, and strengthening risk control[77](index=77&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - The main risks faced by the company include: - **Uncertainty in the external economic environment** - **Market risk**: Intense competition and significant impact of lawsuits on the marketing system - **Cost risk**: Rising raw material and labor costs, and exchange rate fluctuations - **Receivables management risk**: Large total accounts receivable and high collection difficulty - **Going concern risk**: Current liabilities exceeding current assets, severe capital shortage, facing reorganization application, and risk of reorganization failure[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Significant Matters](index=24&type=section&id=%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Profit Distribution and Commitments](index=24&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E4%B8%8E%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) Due to negative undistributed profits in 2018, the board proposed no profit distribution or capital reserve capitalization. The controlling shareholder committed to avoiding horizontal competition and minimizing related-party transactions - Given the company's **negative undistributed profits** for 2018, no profit distribution or capital reserve capitalization will be carried out for the year[5](index=5&type=chunk)[90](index=90&type=chunk) - Controlling shareholder **Xiamen Haiyi Group Co., Ltd.** committed to avoiding **horizontal competition** with the listed company and ensuring the **fairness and impartiality** of related-party transactions[94](index=94&type=chunk) [Non-Standard Audit Opinion Explanation and Bankruptcy Reorganization](index=26&type=section&id=%E9%9D%9E%E6%A0%87%E5%87%86%E6%84%8F%E8%A7%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E8%AF%B4%E6%98%8E%E4%B8%8E%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4) The auditor issued a modified unqualified opinion with an emphasis of matter on going concern uncertainty due to continuous losses, negative net assets, high debt, and a creditor's reorganization application. The board has implemented measures to maintain operations - The audit opinion type is an "**unqualified opinion with an emphasis of matter paragraph**"[198](index=198&type=chunk) - The emphasis of matter paragraph explicitly states **significant uncertainty regarding the company's going concern ability** due to: **continuous losses in net profit (excluding non-recurring items)**, year-end **current liabilities exceeding current assets by 757 million Yuan**, **negative owners' equity attributable to parent company of 185 million Yuan**, a **debt-to-asset ratio of 100.74%**, and a **creditor's application for company reorganization**[200](index=200&type=chunk) - On **April 2, 2019**, creditor **Xiamen Yuming Machinery Co., Ltd.** applied to the court for the company's reorganization due to its inability to repay due debts. Whether this application will be accepted and if the company will enter reorganization remains **highly uncertain**[102](index=102&type=chunk) [Significant Litigation and Arbitration Matters](index=29&type=section&id=%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) The company faced multiple significant sales contract lawsuits with dealers, suing to recover billions in receivables. Most cases are in enforcement or trial stages, highlighting severe collection issues Partial Significant Litigation Cases (Sales Contract Disputes) | Defendant (Partial) | Principal Amount Sued (Million Yuan) | Case Progress | Year-end Receivables Balance (Million Yuan) | | :--- | :--- | :--- | :--- | | Inner Mongolia XGMA Machinery Co., Ltd. | 245 | Under Enforcement | 225 | | Changchun XGMA Shunda Machinery Co., Ltd. et al. | 261 | First Instance Judgment | 240 | | Sichuan Jieli Machinery Equipment Co., Ltd. et al. | 439 | Mediation | 363 | | Xinjiang XGMA Machinery Sales Co., Ltd. | 155 | Under Enforcement | 133 | | Hefei Runtong Construction Machinery Co., Ltd. | 148 | Under First Instance Review | 131 | | Hubei Runda Construction Machinery Co., Ltd. | 146 | Under First Instance Review | 135 | [Significant Related-Party Transactions](index=35&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company had frequent related-party transactions with Haiyi Group, including 141 million Yuan in purchases from Xiamen XGMA Bridge Box Co., Ltd. and significant deposit/loan activities with Xiamen Haiyi Group Finance Co., Ltd., with a year-end loan balance of 240 million Yuan Key Related-Party Purchases and Sales (2018) | Related Party | Transaction Content | Amount (Yuan) | | :--- | :--- | :--- | | Xiamen XGMA Bridge Box Co., Ltd. | Purchase of Goods | 140,566,418.75 | | Xiamen Yinhua Machinery Co., Ltd. | Purchase of Goods | 31,335,712.96 | | Xiamen Haiyi Logistics Co., Ltd. | Acceptance of Services | 11,163,042.93 | | Xiamen King Long Automobile Logistics Co., Ltd. | Acceptance of Services | 10,709,367.87 | Related-Party Deposit and Loan Business (Year-end 2018) | Related Party | Item | Balance/Amount (Yuan) | | :--- | :--- | :--- | | Xiamen Haiyi Group Finance Co., Ltd. | Deposit Balance | 242,156,564.49 | | Xiamen Haiyi Group Finance Co., Ltd. | Interest Income for Current Period | 3,912,929.81 | | Xiamen Haiyi Group Finance Co., Ltd. | Loan Balance | 240,000,000.00 | | Xiamen Haiyi Group Finance Co., Ltd. | Interest Expense for Current Period | 14,229,909.28 | [Share Changes and Shareholder Information](index=48&type=section&id=%E6%99%AE%E9%80%9A%E8%82%A1%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=49&type=section&id=%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) The company's share capital structure remained unchanged, with 43,869 shareholders at year-end 2018. Xiamen Haiyi Group Co., Ltd. is the controlling shareholder (40.98%), and Xiamen Municipal People's Government State-owned Assets Supervision and Administration Commission is the actual controller Top Two Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Percentage (%) | Nature | | :--- | :--- | :--- | :--- | | Xiamen Haiyi Group Co., Ltd. | 393,022,859 | 40.98 | State-owned Legal Person | | Xiamen XGMA Heavy Industry Co., Ltd. | 69,993,067 | 7.30 | 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**[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=53&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) [Changes in Shareholdings and Remuneration of Directors, Supervisors, and Senior Management](index=53&type=section&id=%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%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8%E5%8F%8A%E6%8A%A5%E9%85%AC%E6%83%85%E5%86%B5) Shareholdings of directors, supervisors, and senior management remained unchanged. Several executives received related-party remuneration. Key positions like Chairman and Board Secretary saw changes, including the former Chairman's retirement - During the reporting period, the shareholdings of the company's directors, supervisors, and senior management remained **stable**, with no increases or decreases. The total pre-tax remuneration received from the company was **2.5296 million Yuan**[167](index=167&type=chunk)[169](index=169&type=chunk) - The company experienced several **senior management changes** during the reporting period, including the election of **Zhang Zhenbin** as the new Chairman, the appointment of **Chen Tiansheng** as President, and **Wang Guangwu** as Board Secretary[175](index=175&type=chunk) [Employee Information](index=59&type=section&id=%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) As of year-end, the company had 2,453 employees, with production personnel (1,169) and those with junior college education or below (1,602) forming the largest groups. Compensation is performance-based, supported by a dual-channel career development system Employee Professional Composition and Educational Background | Category | Number of Employees | | :--- | :--- | | **Professional Composition** | | | Production Personnel | 1,169 | | Sales Personnel | 220 | | Technical Personnel | 193 | | **Total** | **2,453** | | **Educational Background** | | | Postgraduate | 58 | | Undergraduate | 448 | | Junior College | 345 | | Below Junior College | 1,602 | | **Total** | **2,453** | [Corporate Governance](index=60&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) [Corporate Governance Overview](index=60&type=section&id=%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) The company operated strictly under relevant laws, continuously improving its governance structure. All four Board committees performed their duties, and the Board of Supervisors had no objections. An internal control self-assessment report was also disclosed - The company strictly adheres to relevant laws and regulations, improving its corporate governance structure to ensure **timely, accurate, and fair information disclosure**[182](index=182&type=chunk) - The Board's **Audit Committee, Nomination Committee, and Remuneration and Assessment Committee** all held meetings during the reporting period to review matters such as financial report audits, senior management appointments, and remuneration[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk) - The company has disclosed its "**2018 Internal Control Evaluation Report**" and diligently managed investor relations[191](index=191&type=chunk)[194](index=194&type=chunk) [Financial Report](index=64&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=64&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The auditor issued a "modified unqualified opinion with an emphasis of matter" on the 2018 financial report, highlighting significant going concern uncertainty due to continuous losses, negative net assets, and a reorganization application. Accounts receivable impairment was a key audit matter - The audit opinion type is an "**unqualified opinion with an emphasis of matter paragraph**"[198](index=198&type=chunk) - The emphasis of matter paragraph explicitly states **significant uncertainty regarding the company's going concern ability** due to: **continuous losses in net profit (excluding non-recurring items)**, year-end **current liabilities exceeding current assets by 757 million Yuan**, **negative owners' equity attributable to parent company of 185 million Yuan**, a **debt-to-asset ratio of 100.74%**, and a **creditor's application for company reorganization**[200](index=200&type=chunk) - A key audit matter is "**allowance for doubtful accounts on accounts receivable**". The auditor considers this matter material, and its determination involves significant management accounting estimates and judgments[201](index=201&type=chunk) [Key Financial Statements](index=66&type=section&id=%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Financial statements show severe deterioration: year-end 2018 consolidated balance sheet reported total assets of 5.102 billion Yuan and total liabilities of 5.140 billion Yuan, resulting in negative owners' equity. The consolidated income statement showed 2.838 billion Yuan in revenue and a net loss of 682.33 million Yuan Consolidated Balance Sheet Summary (December 31, 2018) | Item | Balance at Period End (Yuan) | | :--- | :--- | | **Total Assets** | **5,102,113,676.80** | | Total Current Assets | 3,889,195,028.75 | | Total Non-current Assets | 1,212,918,648.05 | | **Total Liabilities** | **5,139,850,679.94** | | Total Current Liabilities | 4,645,795,893.68 | | Total Non-current Liabilities | 494,054,786.26 | | **Total Owners' Equity** | **-37,737,003.14** | | Owners' Equity Attributable to Parent Company | -185,411,457.33 | Consolidated Income Statement Summary (2018) | Item | Current Period Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 2,837,897,217.00 | | Total Operating Cost | 3,088,834,267.34 | | Operating Profit | -204,580,355.27 | | Total Profit | -183,898,855.82 | | Net Profit | -682,326,753.08 | | Net Profit Attributable to Parent Company Shareholders | -731,193,504.53 |

600815 厦门厦工机械股份有限公司 2018 年第三季度报告 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 2018 年第三季度报告 1 / 21 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 5 | | 四、 | 附录 | 9 | 600815 厦门厦工机械股份有限公司 2018 年第三季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度末 增减(%) 总资产 5,728,031,944.64 6,417,192,816.15 -10.74 归属于上市公司股东的净资产 439,533,866.96 546,391,832.92 -19.56 年初至报告期末 （1-9 月） 上年初至上年报告期末 （1-9 月） 比上年同期增减(%) 经营活动产生的现金流量净额 556,875,582.26 145,973,613.28 281.49 年初至报告期末 （1-9 月） 上年初至上年报告期末 （1-9 月） 比上 ...

[Item I. Definitions](index=4&type=section&id=Item%20I.%20Definitions) This section provides definitions for key terms used throughout the report | Term | Meaning | | :--- | :--- | | The Company/Company/XGMA Stock | Xiamen XGMA Machinery Co., Ltd. | | Haimen Group/Controlling Shareholder | Xiamen Haimen Group Co., Ltd. | | XGMA Heavy Industry | Xiamen XGMA Heavy Industry Co., Ltd. | | Xiamen State-owned Assets Supervision and Administration Commission | Xiamen Municipal People's Government State-owned Assets Supervision and Administration Commission | [Item II. Company Profile and Key Financial Indicators](index=5&type=section&id=Item%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=5&type=section&id=Company%20Information) This section provides essential company details for Xiamen XGMA Machinery Co., Ltd., including its name, stock code, and key contact information | Item | Information | | :--- | :--- | | Chinese Name | Xiamen XGMA Machinery Co., Ltd. | | Chinese Abbreviation | XGMA Stock | | Stock Code | 600815 | | Legal Representative | Zhang Zhenbin | | Board Secretary | Wang Guangwu | | Company Website | www.xiagong.com, www.xgma.com.cn | [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company experienced a significant performance decline with revenue down **23.21%** and net profit attributable to shareholders turning into a **53.09 million yuan** loss, while operating cash flow increased by **167.03%** | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.71 billion yuan | 2.23 billion yuan | -23.21% | | Net Profit Attributable to Parent | -53.09 million yuan | 140.08 million yuan | -137.90% | | Net Profit Attributable to Parent (Excl. Non-recurring) | -114.52 million yuan | -69.78 million yuan | N/A | | Net Cash Flow from Operating Activities | 420.00 million yuan | 157.00 million yuan | 167.03% | | **Key Financial Indicators** | **Current Period (Jan-Jun)** | **Prior Year Period** | **YoY Change** | | Basic EPS (yuan/share) | -0.06 | 0.15 | -140% | | Weighted Average ROE (%) | -10.21% | 29.62% | Decrease of 39.83 percentage points | [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **61.43 million yuan** during the period, primarily from reversal of impairment provisions for receivables, other non-operating income/expenses, and government grants | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Reversal of impairment provisions for receivables subject to individual impairment testing | 31,901,903.71 yuan | | Other non-operating income and expenses not listed above | 20,247,874.75 yuan | | Government grants recognized in current profit/loss | 14,787,346.50 yuan | | Gains/losses on disposal of non-current assets | 1,390,202.95 yuan | | Gains/losses from debt restructuring | 1,026,222.30 yuan | | **Total** | **61,431,247.13 yuan** | [Item III. Business Overview](index=8&type=section&id=Item%20III.%20Business%20Overview) [Main Business, Operating Model and Industry Overview](index=8&type=section&id=Main%20Business%2C%20Operating%20Model%20and%20Industry%20Overview) The company's core business involves R&D, manufacturing, and sales of construction machinery products like loaders and excavators, operating within a highly cyclical industry that continued its recovery growth in H1 2018 - The company's main business products cover construction machinery series such as loaders, excavators, forklifts, road machinery, tunneling machinery, and environmental protection machinery[26](index=26&type=chunk) - The construction machinery industry is closely related to domestic and international macroeconomic conditions and is a highly cyclical industry. In H1 2018, the industry continued its restorative high growth[26](index=26&type=chunk) [Core Competitiveness Analysis](index=8&type=section&id=Core%20Competitiveness%20Analysis) The company's core strengths lie in its diverse product portfolio, strong R&D capabilities, extensive global marketing network, and the established 'XGMA' brand with over sixty years of history - Diverse product range: Possesses over a dozen types of complete machines, including loaders and excavators, with various models to meet different operating conditions[27](index=27&type=chunk) - Technological R&D advantage: Features a national-level technology center and post-doctoral workstation, with long-term industry-university-research collaborations with multiple universities and research institutes, achieving breakthroughs in intelligent electro-hydraulic control system core technology[27](index=27&type=chunk) - Marketing network and brand advantage: Established over 200 dealers and 700 sales and service outlets globally. The 'XGMA' brand holds honors such as 'China Well-known Trademark,' enjoying high market recognition[28](index=28&type=chunk) [Item IV. Discussion and Analysis of Operations](index=9&type=section&id=Item%20IV.%20Discussion%20and%20Analysis%20of%20Operations) [Discussion and Analysis of Operations](index=9&type=section&id=Discussion%20and%20Analysis%20of%20Operations) Despite industry growth, the company's H1 2018 performance lagged, with sales up **13.65%** but revenue down **23.21%** and a net loss of **53.09 million yuan**, primarily due to insufficient production volume and low gross margins, prompting strategic initiatives | Indicator | H1 2018 | YoY Change | | :--- | :--- | :--- | | Machinery Sales | 4,262 units | +13.65% | | Operating Revenue | 1.71 billion yuan | -23.21% | | Main Business Gross Margin | 13.50% | +4.29 percentage points | | Net Profit Attributable to Parent | -53.09 million yuan | - | | Net Profit Attributable to Parent (Excl. Non-recurring) | -114.52 million yuan | - | - The industry is highly prosperous, with loader sales growing by **33.49%** and excavator sales by **60.02%**, but the company failed to seize market opportunities for synchronous growth[31](index=31&type=chunk) - During the reporting period, the company focused on five key areas: organizational integration and team restructuring, quality improvement, marketing re-engineering and strict control over receivables, product R&D integration and enhancement, and IT-assisted operational improvement[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) [Main Business Analysis](index=10&type=section&id=Main%20Business%20Analysis) This section analyzes financial statement changes, attributing revenue and cost declines to reduced trading product sales, lower finance costs to bond repayment, increased operating cash flow to reduced cash payments for purchases, and decreased investment income to prior period subsidiary divestitures | Account | Current Period Amount | Prior Year Period Amount | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1.71 billion yuan | 2.23 billion yuan | -23.21% | Decrease in commercial trading product sales | | Operating Cost | 1.48 billion yuan | 2.02 billion yuan | -26.67% | Corresponding decrease in costs due to reduced commercial trading product sales | | Finance Costs | 72.00 million yuan | 91.00 million yuan | -20.38% | Prior year included interest expense on repaid corporate bonds | | Net Cash Flow from Operating Activities | 420.00 million yuan | 157.00 million yuan | 167.03% | Decrease in cash payments for purchases this period | | Net Cash Flow from Investing Activities | -27.00 million yuan | 1.08 billion yuan | -102.53% | Decrease in cash recovered from disposal of long-term assets | | Investment Income | 692.10 thousand yuan | 106.00 million yuan | -99.34% | Prior period generated income from transfer of subsidiary and joint venture equity | [Analysis of Assets and Liabilities](index=10&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets decreased by **6.29%** to **6.013 billion yuan**, driven by reduced notes receivable and prepayments, while **322.61 million yuan** in assets were restricted due to guarantees and litigation freezes | Item Name | Current Period End (yuan) | Change from Prior Period End (%) | Main Reason | | :--- | :--- | :--- | :--- | | Notes Receivable | 170,926,259.16 yuan | -35.04% | Increase in bill discounting | | Prepayments | 107,324,806.06 yuan | -67.33% | Decrease in subsidiary prepayments | | Interest Payable | 1,096,926.29 yuan | -73.66% | Payment of short-term loan interest accrued at prior year-end | | Item | Period-End Carrying Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 76,749,108.51 yuan | Deposits, employee housing funds, litigation freeze | | Notes Receivable | 62,810,595.00 yuan | Pledged for loans | | Fixed Assets | 162,788,966.78 yuan | Litigation preservation guarantee | | Intangible Assets | 18,001,602.85 yuan | Litigation preservation guarantee | | Investment Properties | 2,259,689.25 yuan | Litigation preservation guarantee | | **Total** | **322,609,962.39 yuan** | | [Analysis of Major Holding and Participating Companies](index=13&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Performance of major subsidiaries varied, with Xiamen XGMA CR Heavy Machinery Co., Ltd. contributing **84.37 million yuan** in net profit as a key earner, while XGMA Machinery (Jiaozuo) Co., Ltd. incurred a **9.21 million yuan** loss | Company Name | Main Business | Shareholding (%) | Period-End Total Assets (million yuan) | Period-End Net Assets (million yuan) | Current Period Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xiamen XGMA International Trade Co., Ltd. | Trading | 100 | 522.34 | 100.61 | 11.22 | | XGMA Machinery (Jiaozuo) Co., Ltd. | Machinery Manufacturing | 100 | 1,183.89 | 797.23 | -9.21 | | Xiamen XGMA CR Heavy Machinery Co., Ltd. | Machinery Manufacturing | 51 | 549.14 | 269.97 | 84.37 | [Potential Risks](index=14&type=section&id=Potential%20Risks) The company faces significant policy, channel, cost, and credit management risks, notably from macroeconomic shifts, receivable litigation impacting sales, fluctuating raw material prices, and a substantial **2.241 billion yuan** net balance of accounts receivable - Policy risk: The construction machinery industry is highly affected by national fixed asset investment growth, and policy changes like real estate regulation may impact company sales[47](index=47&type=chunk) - Channel risk: Accounts receivable litigation severely impacts the marketing system, and newly established direct sales companies may face inventory and accounts receivable management risks in the initial stage[47](index=47&type=chunk) - Cost risk: Rising prices of bulk raw materials, increasing labor costs, and exchange rate fluctuations may impact operating efficiency[48](index=48&type=chunk) - Credit management risk: At period-end, accounts receivable balance reached **4.977 billion yuan**, with a net value of **2.241 billion yuan** after significant impairment provisions, indicating immense collection pressure[48](index=48&type=chunk) [Item V. Significant Matters](index=15&type=section&id=Item%20V.%20Significant%20Matters) [Significant Litigation and Arbitration](index=16&type=section&id=Significant%20Litigation%20and%20Arbitration) During the period, the company initiated multiple significant lawsuits as plaintiff against distributors to recover substantial accounts receivable, highlighting severe collection challenges and credit management pressure - As plaintiff, the company initiated sales contract disputes against multiple dealers including Inner Mongolia XGMA, Changchun Shunda, and Xinjiang XGMA, with the principal receivables involved being at the billion yuan level[59](index=59&type=chunk) - Some cases have entered the enforcement stage or reached mediation/settlement, but many cases remain in the first or second instance without judgment, leading to uncertainty in collection timing and amounts[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [Significant Related-Party Transactions](index=23&type=section&id=Significant%20Related-Party%20Transactions) The company engages in frequent related-party transactions, including significant purchases and sales of goods/services, and maintains substantial deposit and loan activities with Xiamen Haimen Group Finance Co., Ltd. | Related-Party Transaction Type | Related Party | Current Period Amount (yuan) | | :--- | :--- | :--- | | **Purchase of Goods** | Xiamen XGMA Bridge Box Co., Ltd. | 77,488,447.45 yuan | | | Xiamen Yinhua Machinery Co., Ltd. | 18,192,599.02 yuan | | **Acceptance of Services** | Xiamen Haimen Logistics Co., Ltd. | 7,924,510.54 yuan | | | Xiamen King Long Automobile Logistics Co., Ltd. | 7,858,350.45 yuan | | **Sale of Goods** | Xiamen XGMA Heavy Industry Co., Ltd. | 2,856,183.29 yuan | | Related-Party Deposit and Loan Business | Related Party | Period-End Balance/Current Period Amount (yuan) | | :--- | :--- | :--- | | Related-Party Deposits | Xiamen Haimen Group Finance Co., Ltd. | 62,003,356.54 yuan (Deposit Balance) | | Related-Party Loans | Xiamen Haimen Group Finance Co., Ltd. | 248,000,000.00 yuan (Loan Balance) | | Short-term Borrowings | Xiamen Haimen Group Finance Co., Ltd. | 728,000,000.00 yuan (Current Period Amount) | [Significant Contracts and Their Performance](index=26&type=section&id=Significant%20Contracts%20and%20Their%20Performance) At period-end, total guarantees amounted to **472.37 million yuan**, representing **71.27%** of net assets, primarily for subsidiary and dealer financing, indicating significant contingent liability risk | Guarantee Information | Amount (yuan) | | :--- | :--- | | Total Guarantee Balance at Period-End (A+B) | 472,374,056.05 yuan | | Of which: Total Guarantee Balance for Subsidiaries (B) | 395,398,382.26 yuan | | Ratio of Total Guarantees to Company Net Assets (%) | 71.27% | | Amount of Total Guarantees Exceeding 50% of Net Assets (E) | 140,963,868.82 yuan | [Environmental Information](index=29&type=section&id=Environmental%20Information) As a key environmental monitoring enterprise in Xiamen, the company disclosed its pollutant discharge information, confirming compliance with permitted limits through operational wastewater and exhaust gas treatment facilities and emergency response plans - The company is listed as a key monitoring enterprise in Xiamen, with its main pollutant emissions within the approved total limits[81](index=81&type=chunk) - The company has built and operates wastewater treatment plants and exhaust gas treatment facilities, with **100%** safe disposal rates for solid and hazardous waste[82](index=82&type=chunk) [Item VI. Changes in Ordinary Shares and Shareholder Information](index=31&type=section&id=Item%20VI.%20Changes%20in%20Ordinary%20Shares%20and%20Shareholder%20Information) [Shareholder Information](index=31&type=section&id=Shareholder%20Information) As of the reporting period, the company had **47,011** common shareholders, with the top two, Xiamen Haimen Group Co., Ltd. and its subsidiary, holding a concentrated **48.28%** combined stake | Shareholder Name | Period-End Shareholding (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Xiamen Haimen Group Co., Ltd. | 393,022,859 | 40.98% | State-owned Legal Person | | Xiamen XGMA Heavy Industry Co., Ltd. | 69,993,067 | 7.30% | State-owned Legal Person | | Yang Xiaoqun | 4,283,000 | 0.45% | Domestic Natural Person | | Li Guihe | 4,199,800 | 0.44% | Domestic Natural Person | - The second largest shareholder, Xiamen XGMA Heavy Industry Co., Ltd., is a wholly-owned subsidiary of the largest shareholder, Xiamen Haimen Group Co., Ltd., and they are parties acting in concert[96](index=96&type=chunk) [Item VIII. Information on Directors, Supervisors, and Senior Management](index=34&type=section&id=Item%20VIII.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) [Changes in Directors, Supervisors, and Senior Management](index=34&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company underwent significant senior management changes, including the departure of the former Chairman, President, and Board Secretary, with new appointments made to revitalize operations | Name | Position Held | Change Status | | :--- | :--- | :--- | | Zhang Zhenbin | Chairman | Elected | | Chen Tiansheng | President, Director | Appointed, Elected | | Guo Song | Executive Vice President | Appointed | | Wang Guangwu | Board Secretary | Appointed | | Xu Zhenming | Chairman | Resigned | | Wang Gongyou | President | Resigned | | Liu Huanshou | Board Secretary | Resigned | [Item X. Financial Report](index=36&type=section&id=Item%20X.%20Financial%20Report) [Consolidated Financial Statements](index=36&type=section&id=Consolidated%20Financial%20Statements) This section presents the consolidated financial statements for H1 2018, showing total assets of **6.013 billion yuan**, total liabilities of **5.351 billion yuan**, revenue of **1.712 billion yuan**, and a net loss of **11.91 million yuan** | **Consolidated Balance Sheet (2018-06-30)** | Amount (yuan) | | :--- | :--- | | Total Assets | 6,013,473,515.81 yuan | | Total Liabilities | 5,350,653,141.35 yuan | | Total Equity Attributable to Parent Company Owners | 493,435,180.36 yuan | | **Consolidated Income Statement (Jan-Jun 2018)** | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 1,712,097,987.18 yuan | | Operating Profit | -17,562,989.24 yuan | | Total Profit | 3,711,107.81 yuan | | Net Profit | -11,914,747.58 yuan | | Net Profit Attributable to Parent Company Owners | -53,092,238.94 yuan | | **Consolidated Cash Flow Statement (Jan-Jun 2018)** | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 419,763,854.34 yuan | | Net Cash Flow from Investing Activities | -27,410,973.54 yuan | | Net Cash Flow from Financing Activities | -485,370,402.07 yuan | | Period-End Cash and Cash Equivalents Balance | 241,813,402.40 yuan | [Notes to Financial Statements](index=53&type=section&id=Notes%20to%20Financial%20Statements) The notes to the financial statements detail the company's background, basis of preparation, significant accounting policies, and provide explanations for key consolidated financial statement items, related-party transactions, and contingent liabilities [Item XI. Reference Documents Catalog](index=166&type=section&id=Item%20XI.%20Reference%20Documents%20Catalog) - Reference documents include the original semi-annual report signed by the legal representative, financial statements signed and sealed by relevant officers, and all original publicly disclosed documents from the reporting period[547](index=547&type=chunk)

[Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=5&type=section&id=Company%20Information) Xiamen XGMA Machinery Co., Ltd (*ST XGMA) is a listed construction machinery company led by legal representative Zhang Zhenbin - The company's Chinese name is 厦门厦工机械股份有限公司, with its A-share stock ticker *ST XGMA, listed on the Shanghai Stock Exchange[14](index=14&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators for the Last Three Years](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Last%20Three%20Years) The company achieved a profit turnaround in 2017 driven by non-recurring gains, despite a continued loss from core operations Key Accounting Data (2016-2017) | Key Accounting Data | 2017 | 2016 | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 4.449 billion yuan | 3.241 billion yuan | 37.26% | | **Net Profit Attributable to Shareholders** | 125 million yuan | -2.69 billion yuan | N/A | | **Net Profit Attributable to Shareholders (Excl. Non-recurring Items)** | -349 million yuan | -2.719 billion yuan | N/A | | **Net Cash Flow from Operating Activities** | 546 million yuan | 146 million yuan | 272.72% | | **Net Assets Attributable to Shareholders** | 546 million yuan | 385 million yuan | 41.91% | | **Total Assets** | 6.417 billion yuan | 7.663 billion yuan | -16.26% | Key Financial Indicators (2016-2017) | Key Financial Indicator | 2017 | 2016 | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (yuan/share)** | 0.13 | -2.80 | N/A | | **Weighted Average Return on Equity (%)** | 26.76% | -155.45% | N/A | | **Weighted Average ROE (Excl. Non-recurring Items) (%)** | -74.91% | -157.12% | N/A | - The company's 2017 profit turnaround was primarily driven by **non-recurring gains of 473 million yuan**, including **216 million yuan from non-current asset disposals** and **93 million yuan from government subsidies**[26](index=26&type=chunk) [Business Overview](index=9&type=section&id=Business%20Overview) [Principal Business, Operating Model, and Industry Overview](index=9&type=section&id=Principal%20Business%2C%20Operating%20Model%2C%20and%20Industry%20Overview) The company develops and sells construction machinery, operating in a cyclical industry that rebounded in 2017 due to infrastructure investment - The company's core products include loaders, excavators, forklifts, and road machinery, serving sectors like construction, mining, and agriculture[31](index=31&type=chunk) - In 2017, the construction machinery market recovered and returned to growth, driven by increased national infrastructure investment and environmental policies[31](index=31&type=chunk) [Major Changes in Principal Assets](index=9&type=section&id=Major%20Changes%20in%20Principal%20Assets) The company executed significant asset disposals, including subsidiary equity and real estate, which positively impacted current period earnings Major Asset Disposals in 2017 | Item | Counterparty | Transaction Price (yuan) | Impact on Profit/Loss (yuan) | | :--- | :--- | :--- | :--- | | Transfer of debt claims against seven dealers | Xiamen Chuangcheng Asset Management Co., Ltd. | 216,788,100.00 | -5,661,992.07 | | Transfer of 100% equity in Xiamen XGMA Bridge & Box Co., Ltd. | Xiamen XGMA Heavy Industry Co., Ltd. | 227,151,800.00 | 47,317,171.86 | | Transfer of 10% share in Xiamen Chuangyi Dehui Equity Investment | Xiamen CCRE Investment Co., Ltd. | 34,182,470.25 | 26,815,379.01 | | Transfer of 35% equity in Xiamen CCRE Finance Lease Co., Ltd. | Xiamen CCRE Investment Co., Ltd. | 247,350,495.00 | 46,074,286.44 | | Transfer of XGMA Industrial Park C-North plot and fixed assets | Xiamen XGMA Heavy Industry Co., Ltd. | 330,829,007.16 | 98,858,798.17 | [Core Competitiveness Analysis](index=9&type=section&id=Core%20Competitiveness%20Analysis) Core strengths include a diverse product line, R&D in intelligent controls, a global sales network, and a strong brand heritage - The company offers a diverse product portfolio with over ten types of machinery, including loaders, excavators, and forklifts, catering to various user needs[34](index=34&type=chunk) - The company operates a national-level technology center and made key breakthroughs in intelligent electronic control systems in 2017, leading to initial sales of smart products[35](index=35&type=chunk) - A well-established global marketing network consists of over **160 dealers and 500 sales and service outlets**[35](index=35&type=chunk) - The "XGMA" brand, with over 60 years of history, is recognized as a "China Well-known Trademark," providing a significant brand advantage[36](index=36&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) The company achieved a profit turnaround in 2017 by capitalizing on market recovery, improving operations, and disposing of non-core assets - In response to strong market growth, the company improved its production and supply system, increasing **main product output by 59% YoY**, with loader and excavator output growing by **129% and 135%** respectively[39](index=39&type=chunk) - The company intensified accounts receivable collection through legal actions, recovering **516 million yuan** via litigation during the reporting period[40](index=40&type=chunk) - The company focused on its core business by disposing of certain land, equity, and property shares to improve asset utilization efficiency[40](index=40&type=chunk) - The company actively pursued transformation, selling **22 shield tunneling machines**, achieving small-batch production capability for intelligent products, and entering the emergency rescue equipment sector[41](index=41&type=chunk) [Principal Operations During the Reporting Period](index=11&type=section&id=Principal%20Operations%20During%20the%20Reporting%20Period) In 2017, the company's revenue grew 37.26% to 4.449 billion yuan, achieving profitability through improved margins and significant asset disposals Key Operating Data (2017) | Indicator | 2017 | YoY Change | | :--- | :--- | :--- | | **Operating Revenue** | 4.449 billion yuan | +37.26% | | **Net Profit Attributable to Shareholders** | 125 million yuan | Profit Turnaround | | **Gross Margin** | 10.74% | +4.15 p.p. | | **Three Expense Ratio** | 10.37% | -18.54 p.p. | - The profit turnaround was significantly impacted by non-recurring items, including the disposal of subsidiary equity, property shares, and fixed assets, which contributed **235 million yuan to profit**, along with **97 million yuan in government subsidies**[56](index=56&type=chunk) [Core Business Analysis](index=12&type=section&id=Core%20Business%20Analysis) Commercial trade and high-margin tunnel boring machinery drove revenue growth in 2017, complemented by effective cost reductions across all expense categories Core Business by Product (2017) | Product Segment | Operating Revenue | Revenue YoY Change (%) | Gross Margin (%) | Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | | Earth-moving Machinery | 1.208 billion yuan | -9.79% | 8.89% | +3.79 p.p. | | **Tunnel Boring Machinery** | **801 million yuan** | **+335.81%** | **27.75%** | **+2.55 p.p.** | | Other Construction Machinery | 363 million yuan | -3.97% | 12.73% | -1.83 p.p. | | Parts | 161 million yuan | -14.95% | 20.66% | +10.26 p.p. | Changes in Period Expenses (2017 vs 2016) | Item | 2017 Amount | 2016 Amount | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Selling Expenses** | 175 million yuan | 280 million yuan | -37% | Decrease in inventory write-down subsidies and warranty expenses | | **G&A Expenses** | 164 million yuan | 486 million yuan | -66% | Decrease in labor costs, shutdown losses, etc. | | **Financial Expenses** | 122 million yuan | 171 million yuan | -29% | Decrease in bond interest expenses | [Analysis of Assets and Liabilities](index=15&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets and liabilities decreased to 6.417 billion yuan and 5.703 billion yuan respectively, improving the asset-liability ratio to 88.88% - Short-term borrowings increased by **40.09%** due to increased parent company loans, while accounts payable rose by **39.69%** due to higher procurement volumes[59](index=59&type=chunk) - Non-current liabilities due within one year decreased by **99.76%** following the repayment of matured corporate bonds and long-term loans[59](index=59&type=chunk) - At the end of the reporting period, restricted assets, including cash for deposits, pledged notes receivable, and assets frozen for litigation, totaled **314 million yuan** in book value[62](index=62&type=chunk) [Investment Analysis](index=19&type=section&id=Investment%20Analysis) Significant asset and equity sales totaling 1.094 billion yuan generated 229 million yuan in profit, accounting for 72% of total profit Impact of Major Asset and Equity Sales on Profit | Sale Item | Transaction Amount (yuan) | Profit Contribution (yuan) | % of Total Profit | | :--- | :--- | :--- | :--- | | Transfer of 100% equity in Xiamen XGMA Bridge & Box Co., Ltd. | 227,151,800.00 | 47,317,171.86 | 15% | | Transfer of 35% equity in Xiamen CCRE Finance Lease Co., Ltd. | 247,350,495.00 | 46,074,286.44 | 14% | | Transfer of XGMA Industrial Park C-North plot and fixed assets | 330,829,007.16 | 98,858,798.17 | 31% | | **Total** | **1,094,484,346.98** | **229,263,452.81** | **72%** | - Among major subsidiaries, Xiamen XGMA-CREC Heavy Machinery Co., Ltd. showed outstanding performance, with its net profit surging by **378.76% to 191 million yuan** in 2017, driven by increased sales and higher gross margins[70](index=70&type=chunk)[72](index=72&type=chunk) [Discussion and Analysis of Future Development](index=21&type=section&id=Discussion%20and%20Analysis%20of%20Future%20Development) The company plans to focus on intelligent upgrades and strategic transformation to achieve 11% revenue growth in 2018 while managing key industry risks - The company's strategy is to upgrade its construction machinery business, focus on core products like loaders and excavators, enhance competitiveness through intelligence, and develop new industries[75](index=75&type=chunk) - The 2018 business plan targets **revenue of approximately 4.9 billion yuan (11% YoY growth)** through measures like organizational integration, transformation, debt collection, and product upgrades[76](index=76&type=chunk) - Key risks include economic uncertainty, intense market competition, rising raw material costs, and credit management risks associated with large accounts receivable balances[79](index=79&type=chunk)[80](index=80&type=chunk) [Important Matters](index=24&type=section&id=Important%20Matters) [Profit Distribution and Capitalization of Capital Reserves](index=24&type=section&id=Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserves) The Board proposed no profit distribution or capitalization of reserves for 2017 due to a negative distributable profit balance - Although the audited net profit attributable to the parent company for 2017 was **125 million yuan**, the actual distributable profit for the year was **-2.742 billion yuan** after accounting for prior years' accumulated losses[5](index=5&type=chunk) - In accordance with its policy, the company will not distribute profits or capitalize capital reserves for the 2017 fiscal year[5](index=5&type=chunk)[85](index=85&type=chunk) [Major Litigation and Arbitration](index=29&type=section&id=Major%20Litigation%20and%20Arbitration) The company is involved in multiple major lawsuits against dealers to recover substantial amounts of outstanding accounts receivable - The company, as the plaintiff, has filed sales contract lawsuits against several dealers, including Inner Mongolia XGMA and Xinjiang XGMA, with principal claims often in the hundreds of millions of yuan[97](index=97&type=chunk) - As of the period's end, most cases are in mediation, enforcement, or awaiting trial verdicts, indicating a lengthy and uncertain debt recovery process[97](index=97&type=chunk)[99](index=99&type=chunk)[101](index=101&type=chunk) [Major Related-Party Transactions](index=35&type=section&id=Major%20Related-Party%20Transactions) Major asset and equity sales to the controlling shareholder and its affiliates were critical to achieving the company's profit turnaround in 2017 - The company transferred **100% equity** of its wholly-owned subsidiary, Xiamen XGMA Bridge & Box Co., Ltd., to related party Xiamen XGMA Heavy Industry Co., Ltd. for **227 million yuan**[124](index=124&type=chunk) - The company transferred **35% equity** of Xiamen CCRE Finance Lease Co., Ltd. to related party Xiamen CCRE Investment Co., Ltd. for **247 million yuan**[124](index=124&type=chunk) - The company transferred the XGMA Industrial Park C-North plot and its fixed assets to related party Xiamen XGMA Heavy Industry Co., Ltd. for **331 million yuan**[124](index=124&type=chunk) [Share Capital Changes and Shareholder Information](index=48&type=section&id=Share%20Capital%20Changes%20and%20Shareholder%20Information) [Shareholder and Actual Controller Information](index=48&type=section&id=Shareholder%20and%20Actual%20Controller%20Information) The company's share structure is stable, with Xiamen CCRE Group as the controlling shareholder (40.98%) under the ultimate control of Xiamen SASAC - As of the end of 2017, the total number of common shareholders was **49,069**[157](index=157&type=chunk) Top Two Shareholders' Holdings | Shareholder Name | Shares Held at Period End | Ownership (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Xiamen CCRE Group Co., Ltd. | 393,022,859 | 40.98 | State-owned Legal Person | | Xiamen XGMA Heavy Industry Co., Ltd. | 69,993,067 | 7.30 | State-owned Legal Person | - The company's actual controller is the **Xiamen SASAC**, which indirectly controls the listed company through its 100% ownership of Xiamen CCRE Group Co., Ltd[164](index=164&type=chunk)[167](index=167&type=chunk) - The plan to transfer 54% of the controlling shareholder CCRE Group's equity to AVIC was terminated in April 2017, resulting in no change to the actual controller[169](index=169&type=chunk) [Information on Corporate Bonds](index=66&type=section&id=Information%20on%20Corporate%20Bonds) [Basic Information and Repayment of Corporate Bonds](index=66&type=section&id=Basic%20Information%20and%20Repayment%20of%20Corporate%20Bonds) The "12 XGMA Bond" issued in 2012 matured and was fully repaid in June 2017, with proceeds having been used for debt repayment and working capital - The company's 2012 corporate bond (ticker: "12 XGMA Bond", code: 122156) matured on **June 18, 2017**[213](index=213&type=chunk) - The company paid the final year's interest and the full principal of the bond on **June 19, 2017**, after which the bond was delisted[213](index=213&type=chunk)[218](index=218&type=chunk) [Financial Report](index=68&type=section&id=Financial%20Report) [Audit Report](index=68&type=section&id=Audit%20Report) Grant Thornton issued a standard unqualified opinion, highlighting key audit matters related to bad debt provisions and the valuation of related-party asset sales - The auditor, **Grant Thornton LLP (Special General Partnership)**, issued a **standard unqualified audit opinion**[4](index=4&type=chunk)[221](index=221&type=chunk) - Key Audit Matter 1: Provision for bad debts on accounts receivable, which had a gross value of **4.883 billion yuan** and a provision of **2.718 billion yuan**, resulting in a net value of **2.164 billion yuan (33.73% of total assets)**[224](index=224&type=chunk)[226](index=226&type=chunk) - Key Audit Matter 2: Valuation of assets, equity, and debt sold to related parties, with such transactions totaling **1.062 billion yuan** and increasing pre-tax profit by approximately **216 million yuan** in 2017[228](index=228&type=chunk)[229](index=229&type=chunk) [Notes to the Consolidated Financial Statements](index=110&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail significant changes in accounts receivable, inventory provisions, long-term investments, and debt structure - Within year-end accounts receivable, individually significant items had a gross value of **3.443 billion yuan**, with a bad debt provision of **2.497 billion yuan**, representing a high provision rate of **72.53%**[377](index=377&type=chunk) - The carrying value of inventory at year-end was **1.29 billion yuan**, which included a **94.7 million yuan write-down provision**, primarily for raw materials[412](index=412&type=chunk)[413](index=413&type=chunk) - Long-term equity investments decreased from **235 million yuan** at the beginning of the year to **37 million yuan** at year-end, mainly due to the disposal of equity in Xiamen CCRE Finance Lease Co., Ltd[423](index=423&type=chunk) - Short-term borrowings increased significantly to **2.826 billion yuan** from 2.018 billion yuan, while non-current liabilities due within one year fell from 2.065 billion yuan to just **5 million yuan**[454](index=454&type=chunk)[472](index=472&type=chunk)