CFHI(SH:601106) Jin Rong Shi Bao·2025-07-03 02:08Core Viewpoint - The article highlights the transformation and revitalization of the industrial city of Qiqihar, showcasing how key enterprises like China First Heavy Industries Group and CRRC Qiqihar have navigated challenges and emerged stronger through innovation and reform [2][13]. Group 1: Historical Context and Challenges - Qiqihar has a rich industrial history, being a significant site for the Soviet Union's "156 key projects" and has faced both decline and resurgence over the decades [2][3]. - From the 1990s to 2016, many traditional enterprises in Qiqihar, including China First Heavy Industries, faced severe challenges, with China First Heavy reporting a loss of 5.7 billion yuan in 2016 [3][4]. Group 2: Corporate Restructuring and Innovation - China First Heavy Industries underwent significant restructuring, reducing its workforce and focusing on core business areas, which led to a revenue increase to 13.93 billion yuan in 2018 [5][6]. - The company shifted towards new energy sectors and improved management practices, which were crucial for its recovery and growth [5][6]. Group 3: Financial Support and Market Position - Financial institutions played a vital role in supporting Qiqihar's enterprises, with CRRC Qiqihar receiving 3.38 billion yuan in policy loans from the Export-Import Bank of China, which helped stabilize its operations [11][12]. - CRRC Qiqihar has expanded its international business, with over 30% of its operations now overseas, reflecting its competitive position in the global market [10][12]. Group 4: Technological Advancements and Future Outlook - The implementation of smart manufacturing processes at CRRC Qiqihar has led to significant efficiency improvements, with production efficiency increasing by 34% and labor productivity rising fivefold [10][12]. - Qiqihar's recent achievements include the establishment of 35 new national high-tech enterprises and a 9.4% increase in high-tech manufacturing value added, indicating a strong focus on innovation and industrial upgrading [14].