[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)

600815 厦门厦工机械股份有限公司 2018 年第一季度报告 股票代码：600815 股票简称：*ST 厦工 厦门厦工机械股份有限公司 2018 年第一季度报告 1 / 18 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 5 | | 四、 | 附录 | 7 | 600815 厦门厦工机械股份有限公司 2018 年第一季度报告 一、 重要提示 1.4 本公司第一季度报告未经审计。 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 | 6,382,698,484.70 | 6,417,192,816.15 | | -0.54 | | 归属于上市公司股东的净 | 562,423,050.09 | 546,391,832.92 | | 2.93 | | 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( ...

600815 厦门厦工机械股份有限公司 2017 年第三季度报告 股票代码：600815 股票简称：*ST 厦工 厦门厦工机械股份有限公司 2017 年第三季度报告 1 / 20 | 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 2017 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 | 7,232,714,558.89 | | 7,663,001,235.87 | -5.62 | | | 归属于上市公司股东的净资产 | 530,852,602.90 | | 385,019,930.82 | 37.88 | | | | 年初至报告期末 | | 上年初至上年报告期末 ...

600815 2017 年半年度报告 600815 2017 年半年度报告 重要提示 不适用 股票代码：600815 股票简称：*ST 厦工 厦门厦工机械股份有限公司 2017 年半年度报告 1 / 176 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、其他披露事项"中可能面对的风险。 十、 其他 □适用 √不适用 | 常用词语释义 | | | | --- | --- | --- | | 本公司/公司/厦工股份 | 指 | 厦门厦工机械股份有限公司 | | 海翼集团/控股股东 | 指 | 厦门海翼集团有限公司 | | 厦工重工 | 指 | 厦门厦工重工有限公司，为厦门海翼集团有限公司全资子公司 | | 厦门市国资委 | 指 | 厦门市人民政府国有资产监督管理委员会 | | 中国证监 ...

600815 厦门厦工机械股份有限公司2017年第一季度报告 600815 厦门厦工机械股份有限公司 2017 年第一季度报告 股票代码：600815 股票简称：厦工股份 债券代码：122156 债券简称：12 厦工债 厦门厦工机械股份有限公司 2017 年第一季度报告 1 / 17 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 5 | | 四、 | 附录 | 7 | 一、 重要提示 1.4 本公司第一季度报告未经审计。 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 | 8,176,797,569.58 | 7,663,001,235.87 | 6.70 | | 归属于上市公司股东的净 | 406,193,067.37 | 385,019,930.82 | 5.50 | | 资产 | | | | | | 年初至报告期末 | 上年初至上年 ...

[Definitions](index=4&type=section&id=Item%201.%20Definitions) Key terms and abbreviations used throughout the report are defined in this section [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and a summary of its key financial performance over recent years [Company Basic Information](index=5&type=section&id=Company%20Basic%20Information) Xiamen XGMA Machinery Co., Ltd. (XGMA) is a company listed on the Shanghai Stock Exchange with stock code 600815, and its legal representative is Xu Zhenming - Company basic information includes its Chinese name "Xiamen XGMA Machinery Co., Ltd.", stock abbreviation "XGMA", stock code "600815", and legal representative details[13](index=13&type=chunk)[17](index=17&type=chunk) [Key Financial Data and Indicators](index=5&type=section&id=Key%20Financial%20Data%20and%20Indicators%20for%20the%20Past%20Three%20Years) The company's financial condition sharply deteriorated in 2016, reporting a net loss of **RMB 2.69 billion** attributable to shareholders, a significant increase from **RMB 0.999 billion** in 2015, leading to a delisting risk warning Key Accounting Data for the Past Three Years (Unit: RMB) | Major Accounting Data | 2016 | 2015 | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,241,039,805.84 | 3,067,939,918.52 | 5.64 | | Net Profit Attributable to Shareholders of the Listed Company | -2,689,882,940.78 | -999,781,892.18 | Not Applicable | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | -2,718,890,958.09 | -1,029,021,055.80 | Not Applicable | | Net Cash Flow from Operating Activities | 146,378,462.87 | 211,343,027.06 | Not Applicable | | Net Assets Attributable to Shareholders of the Listed Company | 385,019,930.82 | 3,075,824,584.70 | -87.48 | | Total Assets | 7,663,001,235.87 | 9,517,857,144.51 | -19.49 | Key Financial Indicators for the Past Three Years | Major Financial Indicators | 2016 | 2015 | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | -2.80 | -1.04 | Not Applicable | | Weighted Average Return on Net Assets (%) | -155.45 | -27.97 | Not Applicable | 2016 Quarterly Key Financial Data (Unit: RMB) | | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,279,595,818.38 | 664,701,593.37 | 513,514,348.99 | 783,228,045.10 | | Net Profit Attributable to Shareholders of the Listed Company | -73,391,798.80 | -161,915,969.41 | -289,687,441.28 | -2,164,887,731.29 | - Due to the significant loss incurred by the company in 2016, the Board of Directors decided not to distribute profits or convert capital reserves into share capital[4](index=4&type=chunk) - As the company's audited net profit has been negative for two consecutive fiscal years, its shares will be subject to a delisting risk warning (*ST), and its corporate bonds will be suspended from trading[6](index=6&type=chunk) [Business Overview](index=8&type=section&id=Item%203.%20Business%20Overview) This section outlines the company's main business, operating model, industry conditions, significant asset changes, and core competencies [Main Business, Operating Model, and Industry Situation](index=8&type=section&id=Description%20of%20Main%20Business%2C%20Operating%20Model%20and%20Industry%20Situation%20During%20the%20Reporting%20Period) The company's main business involves the R&D, manufacturing, and sales of construction machinery products, including loaders and excavators, operating in a highly cyclical industry closely tied to macroeconomic conditions - The company's main business products cover over a dozen types of complete machines, including loaders, excavators, forklifts, and road machinery, widely used in construction, mining, agriculture, forestry, and water conservancy[29](index=29&type=chunk) - The construction machinery industry is highly cyclical, closely related to macroeconomic factors such as national fixed asset investment scale, showing signs of bottoming out and recovery in the second half of 2016 due to stable growth policies[29](index=29&type=chunk)[30](index=30&type=chunk) [Significant Changes in Major Assets](index=8&type=section&id=Explanation%20of%20Significant%20Changes%20in%20Company's%20Major%20Assets%20During%20the%20Reporting%20Period) During the reporting period, the company's major assets underwent significant changes, with accounts receivable and inventory decreasing substantially, while prepayments, other receivables, and other current assets saw large increases Major Asset Changes | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 2,435,904,046.68 | 4,022,906,003.71 | -39.45 | Increase in impairment provision for bad debts in current period | | Prepayments | 226,318,620.45 | 81,176,244.26 | 178.80 | Increase in subsidiary prepayments in current period | | Other Receivables | 227,829,326.53 | 43,536,647.73 | 423.30 | Increase in intercompany receivables from associates and insurance claims in current period | | Inventory | 1,291,580,963.86 | 1,960,995,568.41 | -34.14 | Digestion of National II emission standard inventory machines in current period | | Other Current Assets | 398,410,450.07 | 130,590,776.04 | 205.08 | Increase in wealth management products purchased in current period | [Core Competitiveness Analysis](index=8&type=section&id=Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its diverse product range, strong R&D capabilities, comprehensive global marketing network, and long-standing brand value - The company boasts a rich product portfolio, including over a dozen types of complete machines such as loaders and excavators, meeting diverse user and working condition demands[33](index=33&type=chunk) - The company possesses a technological R&D advantage, with a national-level technology center and postdoctoral workstation, and has established "industry-university-research" cooperation with universities and research institutes, achieving significant breakthroughs in intelligent electric drive control systems for construction machinery in 2016[33](index=33&type=chunk)[34](index=34&type=chunk) - The company has built a global marketing network, comprising over 200 dealers and 700 sales and service outlets[34](index=34&type=chunk) - The "XGMA" brand, with over sixty years of history, has been honored as a "China Well-Known Trademark," demonstrating significant brand advantage[35](index=35&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Item%204.%20Management%20Discussion%20and%20Analysis) This section discusses the company's operational performance, key business activities, and future development outlook, including strategies and risks [Management Discussion and Analysis](index=9&type=section&id=I.%20Management%20Discussion%20and%20Analysis) In 2016, the company focused on "transformation and innovation, efficiency improvement," advancing technological innovation and strategic transformation, achieving progress in new business areas, strengthening sales channels, and enhancing cost control - The company continuously promotes technological innovation, with steady progress in intelligent projects and some intelligent products already sold; established an underground space development company to explore new businesses; secured 17 new orders for shield tunneling machines; and made progress in environmental protection machinery business[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - The company strengthened sales channel integration, added 21 new dealers, and expanded direct sales and leasing business models, with 226 direct sales products generating **RMB 115 million** in revenue in 2016[40](index=40&type=chunk)[41](index=41&type=chunk) - The company intensified efforts to recover accounts receivable and clear inventory, reducing net accounts receivable by **RMB 1.587 billion** and net inventory by **RMB 669 million** at year-end compared to the beginning of the period[41](index=41&type=chunk)[42](index=42&type=chunk) - The company implemented integration and streamlining, simplifying organizational structure, diverting over 1,600 employees throughout the year, and compressing excess capacity[42](index=42&type=chunk) - The company strengthened cost and expense management, with personnel expenses decreasing by **20.5%** year-on-year and financial expenses decreasing by **10.53%** year-on-year[42](index=42&type=chunk) [Key Operating Performance During the Reporting Period](index=10&type=section&id=II.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) In 2016, the company achieved operating revenue of **RMB 3.241 billion**, a **5.64%** increase, but incurred a substantial net loss of **RMB 2.69 billion** attributable to the parent company, primarily due to a **RMB 1.786 billion** provision for bad debts on accounts receivable 2016 Key Operating Data | Indicator | Amount (RMB) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 3,241,039,805.84 | 5.64 | | Net Profit Attributable to Parent Company Owners | -2,689,882,940.78 | Not Applicable | | Net Accounts Receivable | 2,436,000,000 | -39.45 | | Net Inventory | 1,292,000,000 | -34.14 | Income Statement and Cash Flow Statement Major Item Changes | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,241,039,805.84 | 3,067,939,918.52 | 5.64 | | Administrative Expenses | 486,484,025.17 | 327,235,405.71 | 48.66 | | Asset Impairment Losses | 2,059,281,270.18 | 602,108,932.65 | 242.01 | | Investment Income | -39,869,257.67 | 5,518,966.23 | -822.40 | - The primary reason for the company's significant loss in 2016 was the provision of **RMB 1.786 billion** for bad debts on external accounts receivable, impacting the current period's net profit attributable to the parent company by **RMB 1.518 billion**[58](index=58&type=chunk) Production and Sales Analysis | Main Product | Production Volume | Sales Volume | Inventory Volume | Production Volume Change YOY (%) | Sales Volume Change YOY (%) | Inventory Volume Change YOY (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Construction Machinery Products | 6,053 Units | 9,021 Units | 2,022 Units | 0.27 | 12.06 | -59.48 | R&D Investment | Item | Amount/Ratio | | :--- | :--- | | Current Period Expensed R&D Investment | 121,225,019.04 RMB | | Total R&D Investment as % of Operating Revenue | 3.74% | | R&D Personnel as % of Total Company Headcount | 10.1% | [Company's Discussion and Analysis of Future Development](index=18&type=section&id=III.%20Company's%20Discussion%20and%20Analysis%20of%20Future%20Development) Looking ahead, the company anticipates a stable recovery in the construction machinery industry in 2017, focusing on upgrading its main business and strategically transforming into new industries while addressing various risks - Company development strategy: Accelerate the upgrade of construction machinery business, focusing on core products and intelligent manufacturing; simultaneously implement strategic transformation to develop new industries and explore new growth points[73](index=73&type=chunk) - Key measures for the 2017 operating plan include: channel consolidation, business model upgrading, accelerating product intelligence and industrialization, aggressive debt collection and integration, lean management for cost reduction, optimizing overseas agent channels, and promoting investment transformation[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - The company faces major risks including: - **Policy Risk**: Changes in macroeconomic policies and fixed asset investment growth rates[78](index=78&type=chunk) - **Market Risk**: Large market saturation and intense homogeneous competition[79](index=79&type=chunk) - **Cost Risk**: Fluctuations in raw material prices and rising labor costs[80](index=80&type=chunk) - **Receivables Management Risk**: Increased risk of customer defaults and difficulty in recovering receivables[80](index=80&type=chunk) [Significant Matters](index=20&type=section&id=Item%205.%20Significant%20Matters) This section details important corporate events, including profit distribution, audit report explanations, major litigation, related party transactions, and other significant disclosures [Proposed Profit Distribution or Capital Reserve Conversion Plan for Ordinary Shares](index=20&type=section&id=I.%20Proposed%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan%20for%20Ordinary%20Shares) Due to significant losses in 2015 and 2016, the company has not conducted any profit distribution or capital reserve conversion into share capital for the past three years Three-Year Dividend Distribution Plan | Dividend Year | Bonus Shares per 10 Shares (Shares) | Cash Dividend per 10 Shares (RMB) (Tax Incl.) | Capitalization from Reserves per 10 Shares (Shares) | Cash Dividend Amount (Tax Incl.) | | :--- | :--- | :--- | :--- | :--- | | 2016 | 0 | 0 | 0 | 0 | | 2015 | 0 | 0 | 0 | 0 | | 2014 | 0 | 0 | 0 | 0 | [Company's Explanation on the Auditor's "Non-Standard Opinion Audit Report"](index=23&type=section&id=IV.%20Company's%20Explanation%20on%20the%20Auditor's%20"Non-Standard%20Opinion%20Audit%20Report") Grant Thornton Certified Public Accountants issued an unqualified audit opinion with an emphasis of matter paragraph for the company's 2016 financial report, highlighting concerns about continuous losses, negative working capital, and significant bad debt provisions - Emphasis of Matter in Audit Report: 1. The company has incurred losses for two consecutive years, with a loss of **RMB 2.69 billion** in 2016, and total current liabilities exceeding total current assets by **RMB 1.294 billion**, indicating uncertainty regarding its ability to continue as a going concern[87](index=87&type=chunk) 2. A provision for bad debts of **RMB 1.786 billion** was made for accounts receivable in 2016, significantly impacting operating performance[87](index=87&type=chunk) - Board of Directors' countermeasures: Strengthen market sales, promote product upgrades and technological innovation, continue resource integration, implement lean management, accelerate global expansion, and drive investment transformation; the company has also secured sufficient bank credit lines (approximately **RMB 3.565 billion** unused) and plans to sell some equity to improve liquidity[88](index=88&type=chunk)[89](index=89&type=chunk) [Significant Litigation and Arbitration Matters](index=25&type=section&id=X.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company initiated numerous sales contract dispute lawsuits against various dealers to recover accounts receivable, with total principal claims exceeding **RMB 2 billion**, most cases still in the first-instance stage Selected Significant Litigation Cases (Unit: RMB) | Defendant | Cause of Action | Claimed Principal Amount | Case Progress | | :--- | :--- | :--- | :--- | | Inner Mongolia XGMA Machinery Co., Ltd. | Sales Contract Dispute | 244,896,667.36 | First instance not yet ruled | | Changchun XGMA Shunda Machinery Co., Ltd. et al. | Sales Contract Dispute | 261,295,856.00 | First instance not yet ruled | | Xinjiang XGMA Machinery Sales Co., Ltd. | Sales Contract Dispute | 154,589,453.41 | First instance not yet ruled | | Sichuan Jieli Machinery Equipment Co., Ltd. et al. | Sales Contract Dispute | 438,817,488.51 | Mediation | [Significant Related Party Transactions](index=37&type=section&id=XIV.%20Significant%20Related%20Party%20Transactions) The company's 2016 daily related party transactions primarily involved purchasing goods and receiving services from affiliates, as well as deposit and loan activities with an affiliated financial company Key Related Party Purchases and Sales (Unit: RMB) | Related Party | Related Transaction Content | Current Period Amount | | :--- | :--- | :--- | | Xiamen Yinhua Machinery Co., Ltd. | Purchase of Goods | 24,066,331.20 | | Xiamen Haiyi Logistics Co., Ltd. | Receipt of Services | 21,347,052.27 | | Xiamen XGMA Heavy Industry Co., Ltd. | Sale of Goods | 3,067,269.23 | Related Party Deposit and Loan Business (Unit: RMB) | Item | Related Party | Year-End Balance | Current Period Interest | | :--- | :--- | :--- | :--- | | Deposits | Xiamen Haiyi Group Finance Co., Ltd. | 275,362,667.48 | 3,508,025.34 (Income) | | Loans | Xiamen Haiyi Group Finance Co., Ltd. | 380,000,000.00 | 15,711,324.69 (Expense) | [Explanation of Other Significant Matters](index=47&type=section&id=XVI.%20Explanation%20of%20Other%20Significant%20Matters) A significant overseas order of approximately **USD 100 million** negotiated in 2015 could not be fulfilled due to severe economic crisis in Zimbabwe, with only about **RMB 10 million** executed to date - Due to the severe economic crisis in Zimbabwe, a significant overseas order of approximately **USD 100 million** negotiated by the company in 2015 cannot be fulfilled, with only about **RMB 10 million** executed to date[147](index=147&type=chunk) [Changes in Ordinary Shares and Shareholder Information](index=48&type=section&id=Item%206.%20Changes%20in%20Ordinary%20Shares%20and%20Shareholder%20Information) This section details the company's ordinary share capital, shareholder structure, and information on the controlling shareholder and actual controller [Shareholder and Actual Controller Information](index=49&type=section&id=III.%20Shareholder%20and%20Actual%20Controller%20Information) During the reporting period, the company's total ordinary shares and share capital structure remained unchanged, with 55,149 shareholders at year-end, and Xiamen Haiyi Group Co., Ltd. remaining the controlling shareholder Top Ten Shareholders' Shareholding | Shareholder Name | Period-End Shareholding Quantity | Proportion (%) | | :--- | :--- | :--- | | Xiamen Haiyi Group Co., Ltd. | 393,022,859 | 40.98 | | Xiamen XGMA Heavy Industry Co., Ltd. | 69,993,067 | 7.30 | | Li Guihe | 5,045,715 | 0.53 | - The company's controlling shareholder, Xiamen Haiyi Group Co., Ltd., and its concerted party, Xiamen XGMA Heavy Industry Co., Ltd., collectively hold **48.28%** of the company's shares[158](index=158&type=chunk)[159](index=159&type=chunk) - The original plan for Xiamen SASAC to gratuitously transfer **54%** equity of Haiyi Group to AVIC Industry was terminated on April 13, 2017, thus the company's actual controller remains unchanged[165](index=165&type=chunk)[166](index=166&type=chunk) [Information on Preferred Shares](index=52&type=section&id=Item%207.%20Information%20on%20Preferred%20Shares) This section confirms the absence of preferred shares for the company during the reporting period [Preferred Shares Information](index=52&type=section&id=Preferred%20Shares%20Information) The company had no preferred shares during the reporting period - The company has no preferred shares[168](index=168&type=chunk)[169](index=169&type=chunk) [Directors, Supervisors, Senior Management and Employees](index=53&type=section&id=Item%208.%20Directors%2C%20Supervisors%2C%20Senior%20Management%20and%20Employees) This section provides details on the shareholdings and remuneration of directors, supervisors, and senior management, as well as overall employee information [Shareholding Changes and Remuneration](index=53&type=section&id=I.%20Shareholding%20Changes%20and%20Remuneration) During the reporting period, the shareholdings of the company's directors, supervisors, and senior management remained unchanged, with their total pre-tax remuneration from the company amounting to **RMB 3.0081 million** Selected Directors, Supervisors, and Senior Management Remuneration (Unit: RMB 10,000) | Name | Position | Total Pre-Tax Remuneration from the Company During the Reporting Period | | :--- | :--- | :--- | | Xu Zhenming | Chairman | 42.35 | | Bai Feiping | Director, President | 40.43 | | Chen Tiansheng | Executive Vice President | 34.65 | | Total | / | 300.81 | [Employee Information of Parent Company and Major Subsidiaries](index=59&type=section&id=VI.%20Employee%20Information%20of%20Parent%20Company%20and%20Major%20Subsidiaries) As of the end of the reporting period, the company and its major subsidiaries had a total of 2,801 employees, with production personnel constituting the largest group, and most employees holding junior college degrees or below Employee Professional Structure | Professional Category | Number of People | | :--- | :--- | | Production Personnel | 1,243 | | Sales Personnel | 260 | | Technical Personnel | 283 | | Financial Personnel | 39 | | Administrative Personnel | 322 | | Management Personnel | 131 | | Other Personnel | 523 | | Total | 2,801 | [Corporate Governance](index=60&type=section&id=Item%209.%20Corporate%20Governance) This section outlines the company's adherence to corporate governance standards, the functioning of its board and committees, and internal control effectiveness [Corporate Governance Related Matters](index=60&type=section&id=Corporate%20Governance%20Related%20Matters) During the reporting period, the company operated in strict compliance with relevant laws and regulations, maintaining a sound corporate governance structure, with all committees fulfilling their duties and an unqualified internal control audit report issued - The company strictly adheres to the requirements of the "Company Law," "Securities Law," and other relevant laws and regulations, improving its corporate governance structure to ensure standardized operations[193](index=193&type=chunk) - The company's Board of Directors has four specialized committees: Strategy and Investment, Audit, Nomination, and Remuneration and Appraisal; during the reporting period, each committee performed its duties normally and provided professional opinions and suggestions[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) - Grant Thornton Certified Public Accountants issued an unqualified internal control audit report for the company, affirming that the company maintained effective internal controls over financial reporting in all material respects[203](index=203&type=chunk) [Information on Corporate Bonds](index=63&type=section&id=Item%2010.%20Information%20on%20Corporate%20Bonds) This section provides details on the company's outstanding corporate bonds, credit ratings, and key financial indicators related to debt [Corporate Bonds Information](index=63&type=section&id=Corporate%20Bonds%20Information) The company has one outstanding corporate bond, "12 XGMA Bond," maturing on June 18, 2017, with a year-end balance of **RMB 1.43 billion**, and its credit rating was downgraded to AA- in June 2016 Corporate Bond Basic Information | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (RMB Billion) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiamen XGMA Machinery Co., Ltd. 2012 Corporate Bond | 12 XGMA Bond | 122156 | 2012-6-18 | 2017-6-18 | 1.43 | 5% | - On June 24, 2016, United Credit Ratings Co., Ltd. adjusted the company's long-term corporate credit rating from AA to AA-, with a stable outlook[210](index=210&type=chunk) Key Financial Indicators for the Past 2 Years | Major Indicator | 2016 | 2015 | Current Period vs. Prior Year Change (%) | | :--- | :--- | :--- | :--- | | Asset-Liability Ratio | 93.54% | 66.62% | 40.40 | | EBITDA to Total Debt Ratio | -35.08% | -12.40% | Not Applicable | | Interest Coverage Ratio | -13.37 | -4.48 | Not Applicable | - As of the end of 2016, the company had obtained a total credit line of **RMB 7.144 billion** from various banks and financial companies, with **RMB 3.434 billion** utilized[216](index=216&type=chunk) [Financial Report](index=65&type=section&id=Item%2011.%20Financial%20Report) This section presents the company's audited financial statements, including the audit report and summaries of the balance sheet, income statement, and cash flow statement [Audit Report](index=65&type=section&id=I.%20Audit%20Report) Grant Thornton Certified Public Accountants (Special General Partnership) issued an unqualified audit opinion with an emphasis of matter paragraph for the company's 2016 financial statements, highlighting concerns about continuous losses, negative working capital, and significant bad debt provisions - The audit opinion type is "unqualified opinion with an emphasis of matter paragraph"[219](index=219&type=chunk) - Emphasis of Matter content: 1. The company has incurred losses for two consecutive years, with a loss of **RMB 2.69 billion** in 2016, and total current liabilities exceeding total current assets by **RMB 1.294 billion**, indicating uncertainty regarding its ability to continue as a going concern[224](index=224&type=chunk) 2. A provision for bad debts of **RMB 1.786 billion** was made for accounts receivable in 2016, significantly impacting operating performance[224](index=224&type=chunk) [Financial Statements](index=67&type=section&id=II.%20Financial%20Statements) In 2016, the company's financial condition significantly deteriorated, with total assets decreasing by **19.5%** to **RMB 7.663 billion**, liabilities increasing to **RMB 7.168 billion**, and a net loss of **RMB 2.69 billion** despite a slight increase in operating revenue Consolidated Balance Sheet Summary (Unit: RMB) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Total Assets | 7,663,001,235.87 | 9,517,857,144.51 | | Total Liabilities | 7,167,712,437.77 | 6,341,072,606.95 | | Total Equity Attributable to Parent Company Owners | 385,019,930.82 | 3,075,824,584.70 | Consolidated Income Statement Summary (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 3,241,039,805.84 | 3,067,939,918.52 | | Total Operating Costs | 6,054,882,490.35 | 4,259,833,741.13 | | Including: Asset Impairment Losses | 2,059,281,270.18 | 602,108,932.65 | | Operating Profit | -2,852,182,815.51 | -1,187,477,535.22 | | Net Profit Attributable to Parent Company Owners | -2,689,882,940.78 | -999,781,892.18 | Consolidated Cash Flow Statement Summary (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 146,378,462.87 | 211,343,027.06 | | Net Cash Flow from Investing Activities | -247,421,510.10 | -78,446,740.35 | | Net Cash Flow from Financing Activities | 46,240,016.67 | -356,304,127.41 | [Reference Documents Catalog](index=197&type=section&id=Item%2012.%20Reference%20Documents%20Catalog) This section lists all supplementary documents available for reference

600815 厦门厦工机械股份有限公司 2016 年第三季度报告 股票代码：600815 股票简称：厦工股份 债券代码：122156 债券简称：12 厦工债 厦门厦工机械股份有限公司 2016 年第三季度报告 1 / 21 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司主要财务数据和股东变化 | 3 | | 三、 | 重要事项 | 5 | | 四、 | 附录 | 10 | 600815 厦门厦工机械股份有限公司 2016 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 公司负责人许振明、主管会计工作负责人黄泽森及会计机构负责人（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、 公司主要财务数据和股东变化 2.1 主要财务数据 | | 本报告期末 | | 上年度末 | 本报告期末比上年 度末增减(%) | | ...

600815 2016 年半年度报告 股票代码：600815 股票简称：厦工股份 债券代码：122156 债券简称:12 厦工债 厦门厦工机械股份有限公司 2016 年半年度报告 1 / 133 600815 2016 年半年度报告 重要提示 不适用 六、 前瞻性陈述的风险声明 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 2 / 133 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、 公司负责人许振明、主管会计工作负责人黄泽森及会计机构负责人（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 | 第一节 | 释义 4 | | | --- | --- | --- | | 第二节 | 公 ...

600815 厦门厦工机械股份有限公司 2015 年年度报告 股票代码：600815 股票简称：厦工股份 债券代码：122156 债券简称：12 厦工债 厦门厦工机械股份有限公司 2015 年年度报告 600815 厦门厦工机械股份有限公司2015年年度报告 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 鉴于公司2015年度出现较大亏损，公司2015年度不进行利润分配，也不进行资本公积金转增股 本。本年度未分配利润结转下年度。 六、 前瞻性陈述的风险声明 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 公司已在本年度报告中详细描述了可能存在的风险事项，敬请查阅本年度报告第四节管理层讨 论与分析中"三、公司关于公司未来发展的讨论与分析"中可能面对的风险因素及对策部分的内容。 除此之外，公司无其他需要单独提示的重大风险。 1 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整， ...