Financial Performance - The company's operating revenue for the first half of 2016 was approximately CNY 1.11 billion, representing a 2.00% increase compared to the same period last year[21]. - The net profit attributable to shareholders decreased by 25.01% to approximately CNY 24.40 million compared to CNY 32.54 million in the previous year[21]. - The net cash flow from operating activities increased significantly by 200.33% to approximately CNY 291.33 million[21]. - Total assets at the end of the reporting period were approximately CNY 7.36 billion, a decrease of 2.64% from the previous year[21]. - The net assets attributable to shareholders decreased by 0.38% to approximately CNY 4.73 billion[21]. - The company achieved operating revenue of CNY 1,109,375,503.97, a year-on-year increase of 2%[32]. - Net profit attributable to the parent company was CNY 2,439,950, a decrease of 25.01% compared to the same period last year[30]. - The company reported a 35.66% increase in overseas revenue, amounting to CNY 255,989,793.44[37]. - The company reported a total guarantee amount of 13 million yuan during the reporting period, with an actual guarantee amount of 9.59 million yuan[80]. - The total approved guarantee amount at the end of the reporting period was 67 million yuan, with an actual guarantee balance of 46.59 million yuan[80]. Cash Flow and Investments - Cash flow from operating activities saw a significant increase of 200.33%, reaching CNY 291,333,418.77, mainly due to compensation received from relocation[32]. - Cash and cash equivalents increased by 195.75% to CNY 40,785,460.58, attributed to an increase in monetary funds and exchange rate changes[33]. - The company completed the acquisition of Nanjing Tianma Bearing Co., Ltd. for a transaction price of 29.3 million yuan, aimed at enhancing competitiveness and creating new growth points[66]. - The cash flow from operating activities showed a strong recovery, highlighting improved operational efficiency and revenue generation capabilities[131]. - The cash flow from investing activities shows a net outflow of ¥88,664,110.10, worsening from a net outflow of ¥38,255,535.74 in the previous period[128]. - The cash flow from financing activities has a net outflow of ¥181,919,953.88, compared to a smaller net outflow of ¥40,337,834.25 in the previous period[128]. Strategic Plans and Management - The company plans to adjust its product structure and market positioning to cope with market challenges[28]. - The company aims to eliminate outdated production capacity and accelerate the transformation and upgrading of various products[28]. - Internal management will be strengthened to control costs and improve product quality and production efficiency[28]. - The company will focus on risk management to mitigate adverse macroeconomic factors[28]. - The company plans to continue expanding its market presence and accelerate the internationalization of its main products[34]. - The company has established a performance evaluation incentive system linking management compensation to business performance[62]. Shareholder Information - No cash dividends or stock bonuses will be distributed to shareholders for this period[6]. - The company implemented a profit distribution plan for 2015, distributing 0.5 RMB per 10 shares, totaling 59.4 million RMB, approved by the shareholders' meeting on May 6, 2016[55][56]. - The expected net profit attributable to shareholders for the first three quarters of 2016 is projected to be between 28.06 million and 48.11 million RMB, representing a change of -30% to 20% compared to 40.09 million RMB in the same period of 2015[54]. Compliance and Governance - The company has maintained compliance with governance standards and improved its governance structure during the reporting period[61]. - There were no major litigation or arbitration matters during the reporting period[64]. - The company has not undergone any bankruptcy reorganization during the reporting period[65]. - The semi-annual financial report was not audited[86]. - There were no penalties or rectification situations during the reporting period[87]. Financial Position - The company's total equity at the end of the reporting period was CNY 3,631,530,105.61, up from CNY 3,599,569,294.88, reflecting a growth of about 0.9%[117]. - The company's total liabilities decreased by 11.5% to 298 million yuan compared to the previous period[139]. - The total owner's equity at the end of the reporting period is 3,631,500,000.00 RMB, showing a decrease compared to the previous period[144]. - The company’s total assets at the end of the period were 2,247 million yuan, with a liability of 239.5 million yuan[139]. Accounting Policies - The company adheres to the enterprise accounting standards, ensuring the financial statements reflect a true and complete picture of its financial status[151]. - The accounting period for the company runs from January 1 to June 30 each year[152]. - The company recognizes financial assets when it becomes a party to the financial instrument contract, measuring them initially at fair value[160]. - Revenue from the sale of goods is recognized when the risks and rewards of ownership are transferred, and the amount can be reliably measured[198]. - The company recognizes employee compensation costs related to defined benefit plans as service costs, interest on net liabilities or assets, and remeasurement changes, with the latter recorded in other comprehensive income[190].

天马轴承集团股份有限公司 2016 年第一季度报告正文 证券代码：002122 证券简称：天马股份 公告编号：2016-025 天马轴承集团股份有限公司 2016 年第一季度报告正文 天马轴承集团股份有限公司 2016 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人马兴法、主管会计工作负责人沈吉美及会计机构负责人(会计主 管人员)沈吉美声明：保证季度报告中财务报表的真实、准确、完整。 1 天马轴承集团股份有限公司 2016 年第一季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 减 | | 营业收入（元） | 519,708,002.10 | 534,710,424.91 | ...

Financial Performance - The company's operating revenue for 2015 was ¥2,098,704,939.40, a decrease of 3.54% compared to ¥2,175,803,152.26 in 2014[15] - Net profit attributable to shareholders increased by 39.71% to ¥47,213,029.27 from ¥33,793,571.17 in the previous year[15] - The net cash flow from operating activities rose by 58.17% to ¥211,804,632.82, compared to ¥133,913,180.65 in 2014[15] - Basic earnings per share increased by 33.33% to ¥0.04 from ¥0.03 in 2014[15] - Total assets at the end of 2015 were ¥7,555,120,854.99, reflecting a 0.80% increase from ¥7,495,466,323.11 at the end of 2014[15] - The net assets attributable to shareholders were ¥4,750,753,304.61, a 0.39% increase from ¥4,732,446,150.54 in 2014[15] - The company reported a net profit excluding non-recurring gains and losses of -¥256,793,189.52, a decline of 11.23% from -¥230,870,890.62 in 2014[15] - The weighted average return on equity was 1.00%, up from 0.72% in the previous year[15] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥0.5 per 10 shares, based on a total of 1,188,000,000 shares[4] - The company distributed a cash dividend of RMB 0.5 per 10 shares, totaling RMB 59,400,000 for the fiscal year 2015, which represents 100% of the distributable profit[94] - In 2014, the cash dividend was RMB 0.2 per 10 shares, amounting to RMB 23,760,000, which was 70.31% of the net profit attributable to ordinary shareholders[93] - For 2013, the cash dividend was RMB 0.1 per 10 shares, totaling RMB 11,880,000, which accounted for 38.27% of the net profit attributable to ordinary shareholders[94] - The company has maintained a consistent dividend policy over the past three years, with increasing cash dividends each year[92] Market and Industry Outlook - The company operates in the bearing and machine tool sectors, which are expected to benefit from national policies aimed at revitalizing the manufacturing industry[24] - The wind power bearing market is projected to grow, with China's new installed capacity reaching 32.97 million kilowatts in 2015, marking a historical high[25] - The company holds approximately 10.00% of the global bearing market share, indicating a substantial presence but also highlighting the need for improvement in high-precision products[29] - The company anticipates that high-end precision bearings and CNC machine tools will become mainstream products in the future, driven by technological advancements[28] Strategic Initiatives and Innovations - The company is focusing on enhancing its competitive edge through innovation and strategic acquisitions in response to increasing labor costs and market competition[27] - The company has developed high-precision bearing steel, which has been recognized as a national torch project and won the National Science and Technology Second Prize[36] - The company has established a complete industrial chain integrating materials, bearings, and equipment, enhancing its competitive strength against global leaders like SKF and TIMKEN[40] - The company has implemented a flat management structure, improving decision-making efficiency and reducing production costs through optimized processes[41] - The company has invested heavily in R&D, focusing on high-value, high-reliability products, and has introduced advanced manufacturing equipment[36] - The company has successfully developed several leading CNC products, including a five-meter CNC heavy-duty horizontal lathe, which won the highest award in the machine tool industry[38] Financial Position and Assets - The total amount of accounts receivable was ¥963,492,996.03, which accounted for 12.75% of total assets, a decrease of 1.38% from the previous year[68] - The company’s total inventory was ¥1,788,555,108.40, representing 23.67% of total assets, down by 2.50% compared to the previous year[68] - Total assets included cash and cash equivalents of ¥258,196,249.19, representing 3.42% of total assets, an increase of 0.33% from the previous year[68] - The total liabilities amounted to ¥2,564,866,574.19, which is an increase from ¥2,519,735,686.41, indicating a rise of about 1.8%[186][187] - The company's total equity reached ¥4,990,254,280.80, up from ¥4,975,730,636.70, showing a growth of approximately 0.3%[187] Risks and Challenges - The company faced risks including declining market demand due to macroeconomic conditions and rising costs[4] - The company faces risks including market environment changes, raw material price fluctuations, and competition from international industry giants[84] Governance and Management - The company is committed to improving its governance and management mechanisms to adapt to its expanding scale and enhance operational efficiency[86] - The company has established a performance evaluation incentive system linking executive compensation to business performance[160] - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with governance standards[160] - The company maintains independence from its controlling shareholder in business, personnel, assets, and finance, ensuring autonomous operations[163] Employee and Operational Insights - The total number of employees in the company is 6,009, with 4,375 in production, 155 in sales, 540 in technical roles, 73 in finance, and 866 in administration[154] - The company has a competitive salary policy, with total pre-tax remuneration for the chairman and general manager each at 60 million CNY, and other executives receiving between 5 million to 50 million CNY[153] - The company has a training plan aimed at enhancing employee skills and overall efficiency, covering various operational and management aspects[156] Future Plans and Goals - The company aims to enhance product quality and expand its market share in Europe and emerging markets through innovation and technology upgrades[79] - The company plans to implement Industry 4.0 and IoT initiatives to accelerate smart manufacturing and improve overall production quality[79] - The company targets becoming one of the strongest precision machinery manufacturers in China with a complete industrial chain and high-quality products[79] - The company plans to engage in mergers and acquisitions to integrate upstream and downstream resources in the industry, thereby reducing production costs and enhancing overall competitiveness[83]

Financial Performance - Operating revenue for the reporting period was ¥608,877,341.32, representing a year-on-year increase of 7.42%[6] - Net profit attributable to shareholders was ¥7,554,239.96, a significant increase of 37.66% compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥9,261,570.84, a decrease of 44.10% year-on-year[6] - Basic earnings per share for the reporting period were ¥0.0064, up 39.13% from the previous year[6] - The weighted average return on net assets was 0.16%, an increase of 0.12 percentage points compared to the previous year[6] - Net profit attributable to shareholders increased by 55.19% to ¥40,090,647.15 due to higher operating income[15] - Basic earnings per share rose by 55.30% to ¥0.0337, reflecting the increase in net profit[15] - The company expects net profit attributable to shareholders to increase by 30% to 80% in 2015, estimating between ¥4,393.17 million and ¥6,082.85 million[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 94,649[10] - The largest shareholder, Tianma Holdings Group Co., Ltd., held 42.86% of the shares, totaling 509,227,919 shares[10] Cash Flow and Assets - The company reported a net cash flow from operating activities of ¥3,590,931.21, a decrease of 97.79% compared to the previous year[6] - Cash flow from operating activities decreased by 97.79% to ¥3,590,931.21 due to increased payments for goods and services[15] - Cash flow from financing activities increased by 149.05% to ¥40,049,642.90, primarily due to increased bank loans[15] - Cash and cash equivalents increased by 38.28% to ¥319,865,766.26 due to increased bank loans[14] - Prepayments rose by 71.23% to ¥40,703,981.71 primarily due to increased equipment payments by a subsidiary[14] Investments and Assets - Long-term equity investments decreased by 100% as the company recovered investments from joint ventures[14] - Biological assets increased by 329.19% to ¥107,974,172.26 due to investments in Australian ranches and an increase in cattle[14] - Operating profit improved by 67.55% to -¥13,539,717.34, driven by increased operating revenue[14] - Non-recurring gains and losses totaled ¥62,992,910.51 for the reporting period[7]

Financial Performance - The company's operating revenue for the first half of 2015 was ¥1,087,646,055.56, representing a 3.03% increase compared to ¥1,055,676,990.85 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was ¥32,536,407.19, a significant increase of 59.92% from ¥20,346,026.19 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was -¥13,640,692.52, improving by 83.96% from -¥85,061,258.07 year-on-year[22]. - The basic earnings per share increased to ¥0.027, up 58.82% from ¥0.017 in the same period last year[22]. - The company reported a total of ¥46,177,099.71 in non-recurring gains and losses for the period[27]. - The company achieved operating revenue of 1,087,646,055.56 CNY, a year-on-year increase of 3.03%[32]. - Net profit attributable to shareholders reached 32,536,407.19 CNY, reflecting a significant year-on-year growth of 59.92%[33]. - The company reported a decrease in operating costs by 0.67%, amounting to 875,639,562.89 CNY[32]. - The company reported a net profit of 42,655,235 for Chengdu Tianma Railway Bearing Co., with a revenue of 628,575,200, indicating a profit margin of approximately 7%[47]. - Tianma Bearing Group expects a net profit for the first nine months of 2015 to range between 38,750,300 and 51,667,000, representing a growth of 50% to 100% compared to 25,833,500 in the same period of 2014[50]. Assets and Liabilities - The total assets at the end of the reporting period were ¥7,505,540,896.44, a slight increase of 0.13% from ¥7,495,466,323.11 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company were ¥4,737,337,824.46, reflecting a 0.10% increase from ¥4,732,446,150.54 at the end of the previous year[22]. - Total liabilities were CNY 2,531,869,041.53, a marginal increase from CNY 2,519,735,686.41, reflecting a growth of approximately 0.48%[108]. - The company's equity totaled CNY 4,973,671,854.91, showing a slight decrease from CNY 4,975,730,636.70[109]. - The total liabilities at the end of the period were 4,975 million yuan, indicating a stable financial position[132]. Cash Flow - The net cash flow from operating activities was ¥97,004,751.09, down 10.07% from ¥107,869,113.94 in the same period last year[22]. - The cash flow from operating activities was CNY 779,551,422.86, compared to CNY 842,534,689.73 in the same period last year, showing a decrease of 7.5%[121]. - The net cash flow from operating activities for the first half of 2015 was CNY 97,004,751.09, a decrease from CNY 107,869,113.94 in the same period of 2014, reflecting a decline of approximately 1.73%[123]. - Total cash inflow from operating activities amounted to CNY 831,588,504.51, while cash outflow was CNY 734,583,753.42, resulting in a net cash inflow of CNY 97,004,751.09[123]. - The net cash flow from investing activities was negative at CNY -38,255,535.74, compared to CNY -118,683,919.96 in the previous year, indicating an improvement in investment cash flow[124]. Dividend and Profit Distribution - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[6]. - The company has a cash dividend policy that complies with its articles of association and shareholder resolutions[53]. - The company has allocated 60 million yuan for profit distribution to shareholders, maintaining the same level as the previous period[134]. - The company implemented a profit distribution plan for 2014, distributing 0.2 RMB per share, totaling 23,760,000 RMB, approved by the shareholders' meeting[52]. - The company has a total of CNY 23,760,000.00 allocated for profit distribution to shareholders[140]. Corporate Governance and Compliance - The company has maintained a governance structure that complies with the requirements of the Company Law and the Securities Law, ensuring independent operation from its controlling shareholders[58]. - The company has established a performance evaluation incentive system linking management compensation to business performance[59]. - There were no major litigation or arbitration matters during the reporting period[61]. - The company reported no major related party transactions exceeding 30 million, which would account for more than 5% of the latest audited net assets[69]. - The company has no significant non-fundraising investment projects during the reporting period[49]. Market Strategy and Future Plans - The company plans to enhance its market expansion efforts and accelerate the development of new products to achieve stable growth[34]. - The company is actively pursuing acquisitions in the agricultural sector to create new profit opportunities[31]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product offerings[134]. - The company aims to enhance its research and development capabilities to innovate new technologies and products[134]. Accounting Policies and Financial Reporting - The company has implemented specific accounting policies for bad debt provisions, fixed asset depreciation, and revenue recognition[147]. - The company adheres to accounting standards, ensuring that financial statements accurately reflect its financial position and performance[148]. - The accounting period runs from January 1 to June 30 each year[149]. - The company uses Renminbi as its functional currency for accounting[151]. - The company recognizes goodwill when the purchase cost exceeds the fair value of identifiable net assets acquired in a business combination[152]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 108,351[92]. - Tianma Holdings Group Co., Ltd. holds 42.86% of the shares, totaling 509,227,919 ordinary shares[93]. - The largest individual shareholder, Shen Gaowei, owns 3.86% with 45,906,000 shares[93]. - The total number of shares remains at 1,188,000,000, with 90.31% being unrestricted shares[90]. - The company reported no changes in its controlling shareholder or actual controller during the reporting period[94].

[Important Notices](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board and management guarantee the authenticity, accuracy, and completeness of this quarterly report - The company's Board of Directors, Board of Supervisors, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report's contents, and assume corresponding legal responsibilities[3](index=3&type=chunk) - The company's legal representative, chief accountant, and head of the accounting department affirm the truthfulness, accuracy, and completeness of the financial statements in this quarterly report[4](index=4&type=chunk) [Key Financial Data and Shareholder Changes](index=3&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%8F%8A%E8%82%A1%E4%B8%9C%E5%8F%98%E5%8C%96) The company's Q1 2015 net profit surged due to non-recurring gains, while its shareholder structure remained concentrated [Key Accounting Data and Financial Indicators](index=3&type=section&id=%E4%B8%80%E3%80%81%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 Q1 2015, net profit attributable to shareholders grew significantly due to non-recurring gains, while operating cash flow sharply declined Key Financial Indicators for Q1 2015 | Indicator | Current Period | Same Period Last Year | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 534,710,424.91 | 496,569,174.52 | 7.68% | | Net Profit Attributable to Shareholders (CNY) | 20,702,595.68 | 10,262,519.11 | 101.73% | | Net Profit after Non-recurring Items (CNY) | -9,191,770.41 | -12,277,555.32 | 25.13% | | Net Cash Flow from Operating Activities (CNY) | 4,377,229.05 | 104,221,734.01 | -95.80% | | Basic Earnings Per Share (CNY/Share) | 0.017 | 0.009 | 88.89% | | Weighted Average Return on Equity | 0.44% | 0.22% | 0.22% | | Total Assets (CNY) | 7,444,165,262.25 | 7,495,466,323.11 | -0.68% (vs. End of Prior Year) | | Net Assets Attributable to Parent (CNY) | 4,746,456,152.71 | 4,732,446,150.54 | 0.30% (vs. End of Prior Year) | Details of Non-recurring Gains and Losses | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 1,051,287.76 | | Government Grants Recognized in Current Profit/Loss | 29,212,134.03 | | Other Non-operating Income and Expenses | 4,830,409.26 | | Less: Income Tax Impact | 4,454,747.51 | | Less: Impact on Minority Interests (After Tax) | 744,717.45 | | **Total** | **29,894,366.09** | [Shareholder Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the period end, the company had 93,242 shareholders, with the controlling shareholder holding a 42.86% stake - At the end of the reporting period, the total number of common shareholders was **93,242**[11](index=11&type=chunk) Shareholdings of Top Five Common Shareholders | Shareholder Name | Shareholding Ratio | Number of Shares | | :--- | :--- | :--- | | Tianma Holding Group Co., Ltd. | 42.86% | 509,227,919 | | Shen Gaowei | 3.86% | 45,906,000 | | Ma Weiliang | 2.66% | 31,626,000 | | Qiqihar State-owned Assets Management Co., Ltd. | 1.90% | 22,546,873 | | Luo Guanhua | 1.64% | 19,491,000 | - The actual controller, Mr. Ma Xingfa, is the uncle of shareholder Mr. Shen Gaowei and the younger brother of shareholder Mr. Ma Quanfa[12](index=12&type=chunk) - Shareholder Shi Yichang holds some shares through repo transactions, with personal and repo account holdings calculated jointly[12](index=12&type=chunk) [Significant Matters](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details major financial item fluctuations, progress on the non-public A-share offering, and the status of shareholder commitments [Analysis of Changes in Key Financial Items](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Significant financial fluctuations were driven by increased government subsidies boosting net profit and higher procurement costs reducing operating cash flow Changes in Key Financial Items and Reasons | Item | Change (%) | Explanation for Change | | :--- | :--- | :--- | | Cash and Cash Equivalents | -33.01% | Increased material purchases and loan repayments by a subsidiary | | Asset Impairment Loss | -9611.34% | Reversal of bad debt provision upon collection of 2-3 year old receivables by a subsidiary | | Non-operating Income | 40.60% | Increase in government subsidies during the period | | Net Profit Attributable to Parent | 101.73% | Primarily due to increased government subsidies included in non-operating income | | Net Cash Flow from Operating Activities | -95.80% | Caused by an increase in the company's material purchases | | Effect of Exchange Rate Changes on Cash | -1350.40% | Caused by foreign currency exchange rate fluctuations at the Australian subsidiary | [Progress on Significant Matters](index=7&type=section&id=%E4%BA%8C%E3%80%81%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D%E5%92%8C%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E7%9A%84%E5%88%86%E6%9E%90%E8%AF%B4%E6%98%8E) The company is advancing its 2015 non-public A-share offering, which has received board and shareholder approval and awaits regulatory consent - The company is proceeding with the **2015 non-public offering of A-shares**, which has been approved by the Board of Directors and the shareholders' meeting and is pending approval from the CSRC[17](index=17&type=chunk)[18](index=18&type=chunk) [Commitments](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E6%88%96%E6%8C%81%E8%82%A1%205%25%E4%BB%A5%E4%B8%8A%E8%82%A1%E4%B8%9C%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8F%91%E7%94%9F%E6%88%96%E4%BB%A5%E5%89%8D%E6%9C%9F%E9%97%B4%E5%8F%91%E7%94%9F%E4%BD%86%E6%8C%81%E7%BB%AD%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The controlling shareholder's long-term commitment to avoid horizontal competition was strictly fulfilled during the reporting period - The commitment from the controlling shareholder, Tianma Holding Group Co., Ltd., to avoid horizontal competition is still active and has been well-fulfilled[19](index=19&type=chunk) [2015 H1 Earnings Forecast](index=7&type=section&id=%E5%9B%9B%E3%80%81%E5%AF%B9%202015%20%E5%B9%B4%201-6%20%E6%9C%88%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E7%9A%84%E9%A2%84%E8%AE%A1) The company forecasts a 50% to 100% year-over-year increase in net profit for the first half of 2015, driven by product and market adjustments 2015 H1 Earnings Forecast | Item | Forecast | | :--- | :--- | | Change in Net Profit Attributable to Parent | 50.00% to 100.00% | | Net Profit Range Attributable to Parent (CNY 10,000) | 3,051.9 to 4,069.2 | | Net Profit for Same Period in 2014 (CNY 10,000) | 2,034.6 | | Reason for Performance Change | Optimized product structure, adjusted product market, and strictly controlled costs | [Securities Investments](index=8&type=section&id=%E4%BA%94%E3%80%81%E8%AF%81%E5%88%B8%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company held no securities investments during the reporting period - The company did not engage in any securities investments during the reporting period[22](index=22&type=chunk) [Holdings in Other Listed Companies](index=8&type=section&id=%E5%85%AD%E3%80%81%E6%8C%81%E6%9C%89%E5%85%B6%E4%BB%96%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company did not hold equity in any other listed companies during the reporting period - The company did not hold equity in other listed companies during the reporting period[23](index=23&type=chunk)

Financial Performance - The company's operating revenue for 2014 was ¥2,175,803,152.26, representing a 7.09% increase compared to ¥2,031,681,227.86 in 2013[21]. - The net profit attributable to shareholders for 2014 was ¥33,793,571.17, an increase of 8.87% from ¥31,039,324.02 in 2013[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥230,870,890.62, a significant decrease of 1,009.10% compared to -¥20,816,115.19 in 2013[21]. - The net cash flow from operating activities was ¥133,913,180.65, down 11.89% from ¥151,982,616.91 in 2013[21]. - The total assets at the end of 2014 were ¥7,495,466,323.11, a decrease of 0.87% from ¥7,561,497,606.75 at the end of 2013[21]. - The net assets attributable to shareholders at the end of 2014 were ¥4,732,446,150.54, a slight increase of 0.34% from ¥4,716,393,994.02 at the end of 2013[21]. - The basic earnings per share for 2014 remained at ¥0.03, unchanged from 2013[21]. - The diluted earnings per share for 2014 also remained at ¥0.03, unchanged from 2013[21]. - The weighted average return on equity for 2014 was 0.72%, an increase from 0.65% in 2013[21]. Revenue and Costs - The main business cost was 1,767.12 million yuan, an increase of 16.89% year-on-year, primarily due to rising labor and manufacturing costs[37]. - Total operating costs amounted to ¥2,394,176,933.06, up 13.8% from ¥2,103,050,187.37 in the prior year[186]. Cash Flow - The cash inflow from operating activities totaled 1,709.66 million yuan, reflecting a year-on-year increase of 16.27%[43]. - The net cash flow from operating activities decreased by 11.89% to CNY 133,913,180.65 compared to the previous year[44]. - Investment cash inflows increased significantly by 1,056.09% to CNY 367,874,019.68, mainly due to the recovery of entrusted loans and land reserve payments[44][45]. - The net cash flow from investment activities improved by 163.78%, reaching CNY 79,119,354.75, attributed to the same factors as above[45]. - Financing cash inflows rose by 33.40% to CNY 1,286,200,256.87, primarily due to increased bank loans[45]. - The net increase in cash and cash equivalents surged by 140.37% to CNY 94,885,654.19, driven by the recovery of entrusted loans and land reserve payments[45]. Market Position and Strategy - The company is focusing on product innovation and upgrading production processes to enhance market competitiveness[31]. - The company is actively adjusting its product structure and market positioning to cope with the challenges in the machinery industry[66]. - The company has a market share of approximately 10.00% in the global bearing industry, indicating significant growth potential[67]. - The company plans to focus on high-end precision bearings and CNC machine tools as future mainstream products[67]. - The company is facing increased competition due to the presence of major international bearing manufacturers in China[68]. - The company aims to enhance its comprehensive competitiveness in the bearing and machine tool industries, striving to become a leading enterprise in China's machinery manufacturing sector[70]. - The company plans to implement a "machine replacement" strategy in its Deqing Industrial Park project, focusing on producing specialized bearings for automotive, marine, wind power, and CNC machine tools, which will improve product quality and efficiency[71]. Investments and Subsidiaries - The company invested in establishing subsidiaries in Australia and other regions, expanding its market presence[31]. - In 2014, the company began investing in agriculture by acquiring two cattle ranches in Australia, aiming to develop new markets and create additional profit growth points[70]. - The company has disposed of subsidiaries to streamline operations, including the sale of Hefei Tianma Bearing Co., Ltd.[65]. Shareholder Information - The company plans to distribute a cash dividend of ¥0.20 per 10 shares to all shareholders based on the total share capital as of December 31, 2014[5]. - For the fiscal year 2014, the company distributed a cash dividend of RMB 0.20 per share, totaling RMB 23,760,000, which represents 70.31% of the net profit attributable to shareholders[83]. - The total distributable profit for the year was RMB 1,005,534,274.80, with cash dividends accounting for 100% of the profit distribution[84]. Governance and Management - The company has established a governance structure that includes a remuneration and assessment committee to oversee compensation matters[136]. - The company has a diverse board with members holding various positions across different subsidiaries, enhancing governance and oversight[129][130]. - The company has a structured decision-making process for the remuneration of directors and senior management, ensuring compliance with relevant laws and regulations[136]. - The company has established a comprehensive performance evaluation system for senior management, linking their compensation directly to operational performance indicators[159]. Risks and Challenges - The company faces risks from market environment changes, including shifts in demand for high-value-added products due to economic structural transformation[73]. - Fluctuations in raw material prices, particularly bearing steel, pose a risk to the company's financial stability and inventory management[73]. Audit and Compliance - The company received a standard unqualified audit opinion for its financial statements for the year ended December 31, 2014[170]. - The financial statements fairly reflect the company's financial position as of December 31, 2014, and its operating results for the year[175]. - The internal control system is in compliance with relevant laws and regulations, effectively preventing major defects in financial reporting[163].

Financial Performance - Operating revenue for the reporting period was ¥566,804,976.81, representing a year-on-year increase of 15.44%[4] - Net profit attributable to shareholders was ¥5,487,430.60, up 22.35% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥16,568,687.19, a decrease of 36.79% compared to the same period last year[4] - Cash flow from operating activities for the year-to-date was ¥162,848,034.16, an increase of 23.82% year-on-year[4] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 82,571[8] - The largest shareholder, Tianma Holding Group, holds 42.86% of the shares, totaling 509,227,919 shares[8] Asset and Investment Changes - Total assets at the end of the reporting period reached ¥7,594,466,453.38, an increase of 0.44% compared to the end of the previous year[4] - Prepaid accounts increased by 83.07% compared to the beginning of the year, mainly due to payments for new factory construction by a subsidiary[12] - Long-term equity investments increased by 5040% due to the addition of two investment companies during the reporting period[12] Government and Tax Impacts - Government subsidies recognized as other income increased by 188.62% compared to the same period last year[13] - Taxes paid increased by 35.82% year-on-year, primarily due to the payment of income tax related to last year's relocation revenue[14] Cash Flow Analysis - Cash received from operating activities increased by 212.45% compared to the same period last year, mainly due to the receipt of relocation compensation by the parent company[14] - Cash outflow from investment activities increased by 481.28% year-on-year, mainly due to the subsidiary's land transfer[14] - Cash inflow from financing activities increased by 122.64% compared to the same period last year, attributed to new loans[14] - Cash outflow for debt repayment increased by 102.13% year-on-year, mainly due to increased loan repayments[15] - Cash dividends paid decreased by 53.53% compared to the previous year, as dividend distribution was lower[15] - Net cash flow from investment activities decreased by 73.94% year-on-year, primarily due to the land transfer by the subsidiary[14] - The net increase in cash and cash equivalents decreased by 115.28% compared to the same period last year, mainly due to the net cash flow from investment activities[15] Future Projections - The company plans to establish a wholly-owned subsidiary in Australia with a registered capital of AUD 22 million and intends to acquire assets worth AUD 18 million[17] - The estimated net profit attributable to shareholders for 2014 is expected to range from CNY 31.04 million to CNY 37.25 million, reflecting a change of 0.00% to 20.00% compared to the previous year[22]

Financial Performance - The company's operating revenue for the reporting period was CNY 1,055,676,990.85, representing a 0.37% increase compared to CNY 1,051,812,562.72 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was CNY 20,346,026.19, an increase of 4.85% from CNY 19,404,751.37 in the previous year[21]. - The net cash flow from operating activities was CNY 107,869,113.94, reflecting a 4.18% increase from CNY 103,545,161.45 in the same period last year[21]. - The company reported a significant decrease in net profit after deducting non-recurring gains and losses, amounting to CNY -85,061,258.07, compared to CNY -4,395,860.93 in the same period last year, a decline of 1,835.03%[21]. - The basic earnings per share remained unchanged at CNY 0.02, with diluted earnings per share also at CNY 0.02[21]. - Operating profit was CNY -3,206,970, a decrease of 523.92% compared to the same period last year[30]. - The company reported a total revenue of 500,510,100 RMB for Chengdu Tianma Railway Bearing Co., Ltd., with a net profit of 31,902,905 RMB[43]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 7,540,888,701.06, a decrease of 0.27% from CNY 7,561,497,606.75 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company increased to CNY 4,736,644,379.94, up 0.43% from CNY 4,716,393,994.02 at the end of the previous year[21]. - The total current assets of CNY 4,458,670,463.68 at the end of the period, a decrease from CNY 4,536,154,806.17 at the beginning of the period, reflecting a decline of approximately 1.7%[101]. - Accounts receivable increased to CNY 1,202,568,605.03 from CNY 1,038,495,884.01, representing a growth of about 15.7%[101]. - Inventory decreased to CNY 2,151,770,424.06 from CNY 2,205,829,458.55, indicating a reduction of approximately 2.5%[101]. - Short-term borrowings increased to CNY 891,000,000.00 from CNY 825,000,000.00, marking an increase of approximately 8%[102]. Dividends and Profit Distribution - The company plans to not distribute cash dividends or issue bonus shares for this reporting period[6]. - The company plans to distribute a cash dividend of 0.1 RMB per share, totaling 11,880,000 RMB, based on a total share capital of 1,188,000,000 shares[45]. - The company reported a profit distribution of CNY -118,800,000 for the period[127]. Corporate Governance and Compliance - The company has maintained compliance with corporate governance standards, ensuring independent operation from its controlling shareholder[51]. - There were no significant litigation or arbitration matters during the reporting period[54]. - The company did not engage in any asset acquisitions or sales during the reporting period[58][59]. - The company has not reported any significant penalties or rectifications during the reporting period[77]. - The financial report for the half-year period has not been audited[76]. Strategic Initiatives - The company has revised its business scope to include "investment management, financial services, and agricultural and animal husbandry industries" in addition to its existing operations[18]. - The company plans to accelerate product structure adjustment and new product development to explore new profit growth points[29]. - The company invested CNY 84,000,000 in establishing two new companies for financial and project investment[38]. - The company has established a comprehensive marketing network across major cities in China, enhancing its market responsiveness[37]. - The company was recognized as a national technology center, indicating its commitment to innovation and competitive product development[33]. Shareholder Information - The total number of shareholders at the end of the reporting period was 85,022[87]. - Tianma Holding Group Co., Ltd. held 509,227,919 shares, accounting for 42.86% of the total shares[87]. - The largest shareholder, Shen Gaowei, held 12,476,500 shares, representing 4.20% of the total shares[87]. - The number of unrestricted shares decreased from 1,058,141,249 (89.07%) to 1,051,469,772 (88.51%) due to the change[83]. - The total number of shares after the change remained at 1,188,000,000[83]. Taxation and Incentives - The company benefits from a reduced corporate income tax rate of 15% due to its recognition as a high-tech enterprise, applicable from 2011 to 2013, with continued benefits in the first half of 2014[196]. - The company has a tax deduction policy allowing for a 50% additional deduction on research and development expenses for corporate income tax purposes[196]. - The company has received tax incentives from local governments to support its operations in designated development zones[197]. Accounting Policies - The company adheres to the accounting standards and ensures that financial statements reflect the true financial status and operating results[130]. - The financial statements are prepared based on the assumption of going concern, covering the period from January 1 to June 30[131]. - The company has not changed its main accounting policies or estimates during the reporting period[192].

天马轴承集团股份有限公司 2014 年第一季度报告正文 证券代码：002122 证券简称：天马股份 公告编号：2014-016 天马轴承集团股份有限公司 2014 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人马兴法、主管会计工作负责人沈吉美及会计机构负责人(会计主 管人员)沈吉美声明：保证季度报告中财务报表的真实、准确、完整。 1 天马轴承集团股份有限公司 2014 年第一季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | | | （%） | | 营业收入（元） | 496,569,174.52 | 494,892,676.32 | 0.34% | | 归属于上市公司股东的净利润（ ...