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The Group’s Q1 Production and Operation Analysis Meeting Held

集团总部     2012-04-18         

On Apr.17, the Group held a meeting analyzing production and operation during the first quarter this year. The meeting was hosted by the Group’s president Hong Shuikun. Chief of No.01 Board of inspection Kong Jianguo, inspector Zhou Jianhua, all Party members of the Group, all staff in the headquarter and cadres and staff of finance department of secondary companies amounting to more than 110 attended the meeting.

Accountant General Xu Zhen reported the production and operation in Q1, and discerned four aspects of problems including balance of budget implementation, changes in profit structure, increasing assets and liabilities, and directions of SASAC on the Group’s 2012 budget. Q1 witnessed an economic slow-down. The Group managed to overcome the difficulties in economic environment, had an early deployment with the steady progressing principle and ensured increasing revenue and profit and a good start for the entire year. The Group realized 15.04 bn Yuan revenue, with a year-on-year 5.4% increase of 770m Yuan. The profit accounts for 288m Yuan, 76.52m Yuan higher than the same period last year, rising by 36.2%. The retained profit realized a 14.4% year-on-year increase of 21m Yuan, reaching 173m Yuan. The profit of the mother firm is 44m Yuan, increased by 95.96%, 22m Yuan, compared to the same period last year.

Vice president of the Group, general manager of Chengtong International Cai Guiru, the general managers of China Storage Stock, China Paper, China Package, China Records Company Xiang Hong, Tong Laiming, Zong Jian, Zhou Jianchao, deputy general manager of China Commerce Group Qing Lei reported the production and operation of the first quarter respectively. They discerned the reasons for the unrealized tasks that has planned and proposed major measures in the next step.

Hong pointed out that the Group was witnessing the biggest challenge since 2004. The global economy shows no sign of getting better and local economy is worsening and the unpromising situation is extending. The growth rate in national economy goes down, partly due to the macro-control, partly due to the insufficient demand in the market. The Group is now faced with a series of challenges, such as to grow big and strong, to go outside, and to intensify assets management. The Group shall not avoid confronting these problems and challenges, and shall discern and identify the problems and shortcomings of the Group itself. It may be faced with even tougher challenges in the second and third quarter. Each enterprise of the Group should identify the main trend, find out the demand and adjust the operation strategy to have a steady development. Hong pointed out the following in the work of next step.

First, we all need to closely observe the macro-economic changes. According to authoritative analysis, the unpromising international economy environment has many uncertain factors and may significantly affect the national economic development. It is commonly understood that the economic crises is far from ending, and may last a considerably long time. On the one hand, the sequelaeof the financial bubble cannot be cleared up in a short period of time. On the other hand, a new economic force to support the rise of economy has not yet formed. Since there is no robust motive, a definite timetable for economic rebound is also unavailable. The enterprises of the Group run highly competitive businesses and therefore, the pressure is even more obvious.

Secondly, we need to tend to the problem of business structure. Planned economy is supply-oriented; while market economy is demand-oriented. The entrepreneurs must constantly update their idea and lead the enterprises to avoid risks and go on the correct direction. At a special period, we must not only follow the trend, but need to reform and adjust to reduce the cost, raise efficiency, and expand new business opportunities.

Thirdly, we need to pay attention to potential risks in operation. All the companies should strictly control advance payment and should make investigations to predict risks. We should also have our payments back and reduce storage, the risk of which is on the rise. We must closely tend to it and make sure to be able to control these risks.

Fourthly, all the companies should pay attention to cost control, and general accountant of all the companies should be responsible of the cost accounting.

At last, Hong stressed the security problems. The Group should intensify troubleshooting and make sure of safety in production. As a state-owned enterprise, the Group should also actively take measures in energy saving and emission reduction.

The meeting also deploys for the activities of “management enhancing year” according to SASAC’s requirement.

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