厦工股份(600815) - 2018 Q2 - 季度财报

Item I. Definitions 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 Company Information 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 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 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 Main Business, Operating Model and Industry Overview 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] - 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] Core Competitiveness Analysis 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] - 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] - 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] Item IV. Discussion and Analysis of Operations Discussion and Analysis of Operations 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] - 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][33][34] Main Business Analysis 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 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 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 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] - 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] - Cost risk: Rising prices of bulk raw materials, increasing labor costs, and exchange rate fluctuations may impact operating efficiency[48] - 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] Item V. Significant Matters Significant Litigation and Arbitration 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] - 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][60][61] Significant Related-Party Transactions 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 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 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] - 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] Item VI. Changes in Ordinary Shares and Shareholder Information Shareholder Information 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] Item VIII. Information on Directors, Supervisors, and Senior Management Changes in Directors, Supervisors, and Senior Management 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 Consolidated Financial Statements 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 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 - 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]