XCMG(000425)2023-08-30 16:00Shareholder Structure - Hong Kong Securities Clearing Company Limited holds 436,012,142 shares of unrestricted common stock, making it the largest shareholder[127] - Huzhou Yingcan Investment Partnership holds 367,957,139 shares of unrestricted common stock, the second-largest shareholder[127] - China Securities Finance Corporation holds 166,923,243 shares of unrestricted common stock, the third-largest shareholder[127] - The company's top 10 unrestricted common shareholders did not engage in any agreed repurchase transactions during the reporting period[128] - The company's directors and senior executives collectively increased their holdings by 7,400,000 shares during the reporting period[129] - The company's controlling shareholder and actual controller did not change during the reporting period[130] Bond Issuance and Repayment - The company's bond "20 XCMG 01" with a balance of 200 million yuan was fully repaid and delisted on August 25, 2023[132] - The company issued a new bond "23 XCMG 01" with a balance of 200 million yuan and an interest rate of 2.93% on August 11, 2023[134] - The company's bond "21 XCMG 02" with a balance of 270 million yuan and an interest rate of 3.58% will mature on October 19, 2024[134] - The company did not have any overdue bonds or credit rating adjustments during the reporting period[135][136] - The company issued a series of asset-backed notes in 2022 and 2023, with varying interest rates and maturities, such as the 22 XCMG ABN001 Priority A1 with a balance of 85,054 thousand yuan and an interest rate of 3.60%[137] - In 2023, the company issued the 23 XCMG ABN001 Priority A1 with a balance of 170,000 thousand yuan and an interest rate of 2.55%[137] Financial Ratios and Performance - The company's current ratio improved to 1.3741, up by 2.75% compared to the previous year-end, while the debt-to-asset ratio decreased by 1.33 percentage points to 67.45%[140] - The company's quick ratio increased by 2.06% to 0.99 compared to the previous year-end[140] - The company's net profit after deducting non-recurring gains and losses decreased by 6.79% to 337,393.15 thousand yuan compared to the same period last year[140] - The company's EBITDA to total debt ratio increased by 0.21 percentage points to 5.81% compared to the previous year[140] - The company's interest coverage ratio improved by 8.04% to 5.78 compared to the previous year[141] - The company's cash interest coverage ratio decreased significantly by 47.64% to 4.10 compared to the previous year[141] - The company's EBITDA interest coverage ratio increased by 13.52% to 8.06 compared to the previous year[141] Asset and Liability Changes - The company's total liquid assets as of June 30, 2023, amounted to 124,203,432,996.54 yuan, with significant components including monetary funds of 23,638,728,857.77 yuan and accounts receivable of 44,420,025,211.09 yuan[143] - Total assets decreased from 175.09 billion yuan to 170.58 billion yuan, a decrease of 2.57%[144] - Long-term receivables increased from 4.15 billion yuan to 2.62 billion yuan, a decrease of 36.74%[144] - Long-term equity investments increased from 2.37 billion yuan to 3.91 billion yuan, an increase of 64.82%[144] - Development expenditure increased from 813.68 million yuan to 1.13 billion yuan, an increase of 39.43%[144] - Total liabilities decreased from 120.43 billion yuan to 115.05 billion yuan, a decrease of 4.47%[145] - Short-term borrowings decreased from 17.60 billion yuan to 16.52 billion yuan, a decrease of 6.13%[144] - Contract liabilities decreased from 4.97 billion yuan to 4.03 billion yuan, a decrease of 18.89%[144] - Total owner's equity increased from 54.65 billion yuan to 55.53 billion yuan, an increase of 1.61%[145] - Monetary funds decreased from 17.81 billion yuan to 15.60 billion yuan, a decrease of 12.41%[146] - Accounts receivable increased from 6.94 billion yuan to 7.45 billion yuan, an increase of 7.38%[146] Revenue and Expenses - Total operating revenue for the first half of 2023 was RMB 51.28 billion, a decrease of 4.77% compared to RMB 53.85 billion in the same period last year[147] - Operating costs for the first half of 2023 were RMB 46.07 billion, down 5.79% from RMB 48.90 billion in the first half of 2022[147] - R&D expenses increased by 13.27% to RMB 2.07 billion in the first half of 2023, compared to RMB 1.83 billion in the same period last year[148] - Net profit for the first half of 2023 was RMB 3.51 billion, a decrease of 5.24% from RMB 3.71 billion in the first half of 2022[148] - Total liabilities decreased by 5.62% to RMB 30.22 billion in the first half of 2023, compared to RMB 32.02 billion in the same period last year[147] - Long-term borrowings increased by 7.06% to RMB 9.00 billion in the first half of 2023, up from RMB 8.41 billion in the first half of 2022[147] - Sales expenses decreased by 5.67% to RMB 3.44 billion in the first half of 2023, compared to RMB 3.65 billion in the same period last year[148] - Total owner's equity increased by 1.42% to RMB 43.80 billion in the first half of 2023, up from RMB 43.19 billion in the same period last year[147] - Financial expenses showed a net income of RMB 316.89 million in the first half of 2023, compared to a net income of RMB 578.49 million in the same period last year[148] - The company's total assets decreased by 1.58% to RMB 74.02 billion in the first half of 2023, compared to RMB 75.21 billion in the same period last year[147] Comprehensive Income and Profit Distribution - Net loss attributable to minority shareholders was -76,305,787.15 RMB, compared to a profit of 40,908,548.74 RMB in the same period last year[149] - Total comprehensive income for the period was 3,489,649,225.33 RMB, slightly higher than the previous year's 3,457,299,343.45 RMB[149] - Basic and diluted earnings per share were both 0.30 RMB, down from 0.31 RMB in the same period last year[149] - Revenue for the first half of 2023 was 8,204,305,122.46 RMB, a decrease from 9,896,477,351.32 RMB in the same period last year[149] - R&D expenses increased to 495,496,917.90 RMB from 467,813,223.57 RMB, reflecting continued investment in innovation[149] - Investment income was 3,029,423,907.62 RMB, slightly lower than the previous year's 3,146,871,000.35 RMB[150] - Net profit for the period was 3,227,680,085.07 RMB, down from 3,603,946,792.01 RMB in the same period last year[150] - Total comprehensive income for the period was 3,227,978,263.36 RMB, compared to 3,604,276,850.49 RMB in the same period last year[151] - Total comprehensive income for the first half of 2023 was RMB 3,570,123,428.18, with a minority interest deduction of RMB 80,474,202.85, resulting in a net comprehensive income of RMB 3,489,649,225.33[157] - Capital reserves decreased by RMB 454,462,505.63 due to owner contributions and reductions, while treasury stock increased by RMB 402,152,240.74[157] - Profit distribution to owners (or shareholders) amounted to RMB 1,771,077,538.05, with a minority interest deduction of RMB 6,176,117.05, totaling RMB 1,777,253,655.10[158] - Special reserves increased by RMB 26,096,290.02, with a minority interest addition of RMB 692,517.75, resulting in a total increase of RMB 26,788,807.77[158] - The total equity at the end of the period was RMB 55,530,020,121.78, with minority interests amounting to RMB 1,307,524,708.98[159] - In the first half of 2022, total comprehensive income was RMB 3,402,423,182.16, with a minority interest addition of RMB 54,876,161.29, resulting in a net comprehensive income of RMB 3,457,299,343.45[160] - Owner contributions and capital reductions in the first half of 2022 amounted to RMB 1,149,151,225.14, with a minority interest deduction of RMB 64,514,384.10, totaling RMB 1,084,636,841.04[160] - Total owner's equity at the end of the period is RMB 57,349,796,249.05[161] - Comprehensive income for the period totals RMB 3,227,978,263.36[162] - Total profit distribution to owners (or shareholders) is RMB -1,771,077,538.05[163] - Special reserve for the period is RMB 8,350,763.54[163] - Total capital reserve at the end of the period is RMB 18,538,295,194.29[163] - Total undistributed profit at the end of the period is RMB 11,785,007,425.62[163] - Total owner's equity at the beginning of the period is RMB 43,188,137,352.75[162] - Total owner's equity at the end of the period is RMB 43,800,991,583.86[163] - Total capital reserve at the beginning of the period is RMB 18,988,540,211.29[162] - Total undistributed profit at the beginning of the period is RMB 10,328,404,878.60[162] - The company's total owner's equity at the end of the period was RMB 28,338,247,823.04, with a significant increase in comprehensive income of RMB 3,604,276,850.49[166] - The company's registered capital and share capital as of June 30, 2023, were both RMB 11,816,166,093.00[168] - The company's total owner's equity at the beginning of the period was RMB 24,731,374,125.00, with a capital reserve of RMB 5,498,136,143.58[165] - The company's undistributed profit increased by RMB 3,603,946,792.01 during the period[165] - The company's special reserve increased by RMB 2,596,847.55 during the period[166] - The company's other comprehensive income increased by RMB 330,058.48 during the period[165] - The company's total owner's equity increased by RMB 3,606,873,698.04 during the period[165] - The company's capital reserve remained unchanged at RMB 5,498,136,143.58 during the period[166] - The company's surplus reserve remained unchanged at RMB 1,720,163,743.46 during the period[166] - The company's registered capital increased to RMB 7,833,668,430.00 after a private placement in 2018[167] Cash Flow - Sales of goods and services received cash of RMB 50.83 billion, an increase from RMB 48.18 billion in the same period last year[152] - Net cash flow from operating activities decreased to RMB 1.54 billion from RMB 2.91 billion year-over-year[152] - Net cash flow from investing activities was negative RMB 214.92 million, improving from negative RMB 401.47 million in the previous year[153] - Net cash flow from financing activities was negative RMB 4.26 billion, compared to negative RMB 2.01 billion in the same period last year[153] - Cash and cash equivalents at the end of the period decreased to RMB 18.73 billion from RMB 21.39 billion at the beginning of the period[153] - Parent company's net cash flow from operating activities increased significantly to RMB 2.47 billion from RMB 212.82 million year-over-year[154] - Parent company's net cash flow from investing activities was negative RMB 1.23 billion, a decline from positive RMB 1.84 billion in the previous year[155] - Parent company's net cash flow from financing activities was negative RMB 3.20 billion, compared to negative RMB 761.52 million in the same period last year[155] - Parent company's cash and cash equivalents at the end of the period decreased to RMB 15.11 billion from RMB 17.08 billion at the beginning of the period[155] Accounting Policies and Financial Instruments - The company uses the pooling of interests method for accounting treatment of business combinations under common control, measuring assets and liabilities at their book value in the consolidated financial statements of the ultimate controlling party[173] - For business combinations not under common control, the company uses the purchase method, recognizing identifiable assets, liabilities, and contingent liabilities at fair value[174] - The company recognizes goodwill when the cost of a business combination exceeds the fair value of the identifiable net assets acquired, and does not amortize goodwill but tests it for impairment annually[175] - Direct costs related to business combinations, such as audit and legal fees, are expensed as incurred, while costs related to issuing debt or equity securities are included in the initial measurement of the securities[176] - The company consolidates financial statements by adjusting for intercompany transactions and using the equity method for subsidiaries, with adjustments made for any differences in accounting policies or periods[177] - In the case of subsidiaries with excess losses, the parent company's share of losses exceeding its initial equity interest is deducted from the parent's equity, and minority shareholders' excess losses are deducted from minority interests[178] - The company classifies joint arrangements as either joint operations or joint ventures, with joint operations recognized based on the company's share of assets, liabilities, revenues, and expenses[180] - Cash and cash equivalents include cash on hand, demand deposits, and short-term investments with maturities of three months or less that are highly liquid and have minimal risk of value fluctuation[181] - Foreign currency transactions are initially recognized at the spot exchange rate (middle rate) published by the People's Bank of China on the transaction date[182] - At the balance sheet date or settlement date, foreign currency monetary items are adjusted using the spot exchange rate, with exchange differences recognized as financial expenses or capitalized into asset costs[182] - Non-monetary items measured at historical cost are not adjusted for exchange rate changes, while those measured at fair value have exchange differences recognized in current profits or losses[182] - Financial assets are classified into three categories: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[184] - Financial liabilities are classified into two categories: fair value through profit or loss and amortized cost[185] - Financial assets measured at amortized cost use the effective interest method for subsequent measurement, with gains or losses recognized in current profits or losses[186] - Financial assets measured at fair value through other comprehensive income have most gains or losses recognized in other comprehensive income, except for impairment losses, exchange differences, and interest income[186] - Financial liabilities measured at fair value through profit or loss have most changes in fair value recognized in current profits or loss, except for those caused by changes in the company's own credit risk[187] - Financial liabilities measured at amortized cost are subsequently measured using the amortized cost method, with gains or losses recognized in current profits or losses upon derecognition or amortization[187] - The company recognizes financial asset transfers based on the transfer of risks and rewards, with specific conditions for termination and continuation of recognition[188] - Financial liabilities are derecognized when the present obligation is discharged, with the difference between the carrying amount and the consideration paid recognized in profit or loss[188] - Financial assets and liabilities are presented separately in the balance sheet and can only be offset under specific conditions[188] - Equity instruments are treated as equity changes, and the company does not recognize changes in their fair value[189] - The fair value of financial instruments is determined using market quotes or valuation techniques, with observable inputs prioritized[190] - The company measures expected credit losses for financial assets based on a three-stage model, considering past events, current conditions, and future economic forecasts[191] - Simplified methods are used for measuring expected credit losses for receivables and contract assets without significant financing components[192] - Credit risk is assessed based on changes in default probability, with a 30-day overdue payment typically indicating a significant increase in credit risk[192] - The company uses a combination approach to assess credit risk for receivables, grouping them based on credit risk characteristics[193] - Inventory is classified into various categories, and the cost of goods sold is calculated using the weighted average method[195] - The company uses the perpetual inventory system and conducts regular physical inventory counts[196] - Contract assets represent the company's right to receive consideration for goods transferred to customers, primarily including completed but unsettled assets[197] - Long-term equity investments obtained through cash payments are recorded at the actual purchase price, including directly related fees and taxes[198] - Long-term equity investments acquired through equity securities are recorded at the fair value of the issued securities[199] - For long-term equity investments accounted for using the equity method, the company adjusts the carrying amount based on its share of the investee's net profits and other comprehensive income[200]