On May 15, SASAC of the State Council announced the latest list of "Double Hundred Enterprises" in the reform of state-owned enterprises. ITG Holding and XGMA., a subsidiary of CCRE, were once again selected with excellent reform and innovation achievements. In 2022, CCRE, which newly joined ITG Holding Group, became a hot topic of attention.

In Xiamen, state-owned enterprises are an important force in accelerating the pace of industrial upgrading, implementing the project of cultivating business entities and the plan of doubling the number of advanced manufacturing industries, and cultivating and creating a driving force for promoting high-quality development in all aspects.

As an important force in Xiamen's advanced manufacturing sector, every move of CCRE touches people's hearts. The Party Committee of ITG Holding combines the study and implementation of the spirit of the 20th National Congress of the Communist Party with the action of "striving for excellence through in-depth study, daring to compete, and striving for effectiveness through hard work". It carries out theme education with high standards and quality, and fully utilizes the role of the Party Committee of state-owned enterprises in "guiding the direction, managing the overall situation, and ensuring implementation" in accordance with the decisions and deployments of the Municipal Party Committee and the Municipal Government and the work requirements of the Municipal SASAC. It adheres to the innovative leadership of the Party, and ensures the implementation of reform and restructuring. Over the past year, various reform tasks have been gradually advancing, and the reform and restructuring of CCRE has continuously focused on its main business, improving quality and efficiency, creating a new atmosphere and vitality.

Strengthening the main body, expanding the cluster, optimizing the ecology, and promoting the high-quality development of advanced manufacturing industry. Data shows that after joining ITG Holding, the net assets of CCRE increased by 67.8%, and the total profit from January to April this year increased significantly year-on-year. “CCRE actively integrates into the city's 4+4+6 modern industrial system, forming a new development pattern of coordinated development of the three major industrial chains of electronic information, new energy and new materials, and high-end equipment, and creating an advanced manufacturing investment platform that has begun to take shape, "said the leader of ITG Holding.

Optimizing Resource Integration and Promoting Industrial Expansion

Adhering to the Development Needs of Special Economic Zone and Creating an Investment Platform

Manufacturing is the foundation of a powerful country. Developing advanced manufacturing industry is not only a need for urban competition, but also a demonstration of the ambition of Xiamen Special Economic Zone to shoulder the historical responsibility of the country and the people.

The restructuring of ITG Holding and CCRE is not simply a sum, but through efficient collaboration, it fully stimulates the potential for resource optimization and integration, achieving the effect of 1+1>2, truly realizing the desire of the Municipal Party Committee and Municipal Government for the restructuring of CCRE, and achieving high-quality development.

According to the deployment of Xiamen's state-owned enterprise reform, CCRE is positioned as an advanced manufacturing investment platform of Xiamen. “This new positioning is both a pressure and a driving force. We need to have the determination to burn the bridge and forge a pioneering path, "said the leader of ITG Holding.

The key was the change of thoughts. It led the change of actions, and leveraged the change of development.

CCRE actively responded to and supported the restructuring, making the work orderly, stable, and smooth. After restructuring and integration, the first major move of the group is to work with internationally renowned strategic consulting agencies to reorganize and prepare the 2022-2025 strategic plans for CCRE and its investment enterprises.

Adhering to the national strategic direction and the development needs of Xiamen Special Economic Zone, CCRE is positioned as a "first-class domestic advanced manufacturing investment platform and core engine for regional manufacturing development", focusing on the three major industrial chains of electronic information, new energy and new materials, and high-end equipment, and implementing the "four wheel drive" operation mode of industrial operation, industrial parks, industrial investment, and industrial funds, eventually achieving the development goal of "expanding and strengthening the core business, gathering hundreds of billions of industrial scales, enhancing the competitiveness of local industrial chains, and supporting the doubling and breakthrough of Xiamen's manufacturing industry".

In the overall situation of high-quality development, ITG Holding has provided support to CCRE in terms of policies, resources, and business. ITG Holding reorganized and improved its strategic plan, opened up new tracks of advanced manufacturing, focused on resource integration and structural adjustment, and transferred its wholly-owned subsidiary ITG Industry Company to CCRE for free, injecting advanced manufacturing equity into CCRE. It also peeled off the trade, real estate, and financial businesses of CCRE, focusing on the main manufacturing industry. It increased business collaboration and promoted cadre exchange and rotation... The synergistic effect of mutual support and empowerment between the two parties is constantly emerging, promoting the overall efficiency of resource allocation.

“We once experienced hesitation and wandering in the process of focusing on the main business, improving quality and efficiency, but we have firm confidence in adjusting our layout and seeking new development as soon as possible. "Zeng Tingyi, Deputy General Manager of ITG Holding and Chairman of CCRE sighed," developing the manufacturing industry is difficult. It needs to practice hard work and fight a lasting war, we must concentrate our energy and resources, adhere to long-term principles, and focus on the development of the manufacturing industry without any distractions.”

Accelerating Mechanism Reform and Integrating into the New Pattern of "Dual Circulation" Development

Stimulating Endogenous Development Momentum and Actively Expanding Domestic and Foreign Markets

When it comes to CCRE, its subsidiary listed company XGMA is an unavoidable topic.

Xiamen people have a strong XGMA complex ---after 72 years of trials and tribulations, XGMA is the oldest manufacturing brand in Xiamen and one of the most representative national brands of China's construction machinery.

With the rapid development of the domestic construction machinery industry, as a former top company in China, XGMA urgently needs to adjust its existing mechanism, which has become an important test CCRC faces after its integration.

Over the past year, XGMA has taken market-oriented reform as the guidelines to promote mechanism innovation, and to increase the disposal of inefficient and ineffective assets. Under a series of measures, XGMA has achieved improvement in quality and efficiency. In 2022 it turned losses into profits, ushering in a new era of development --- closely following the wave of intellectualization and electrification, and launched the XGMA XG958-EV electric loader. In April this year, the delivery center of XGMA Brazil was officially opened in Leme city, São Paulo, marking a qualitative leap in XGMA product delivery capabilities in the Americas, greatly enhancing the brand image and channel cohesion.

A series of reform measures has been carried out, and high-quality development has accumulated momentum. In other companies under CCRC Group, new atmosphere and new looks are constantly emerging.

In terms of electronic information industry, the project of Tianma 8.6 generation new display panel production line and the Tianma New Display Technology Research Institute started construction in September last year, which significantly enhanced Xiamen's regional center position in the global display field. The two projects were both invested by ITG Industry Company, which was transferred to CCRE. As for new energy and new material industries, the newly established ITG New Energy Technology Company under CCRE is actively expanding photovoltaic clean energy projects. It has successfully launched nearly 10 clean new energy projects in the provinces of Fujian and Hainan, with the first project planned to be connected to the grid for power generation by the end of May. Yinhua Machinery, which is in the high-end equipment industry chain, is a professional enterprise engaged in the production of hydraulic components. It has gradually upgraded from a traditional manufacturing factory to an intelligent manufacturing enterprise. In 2022, it was selected as a benchmark enterprise for the integration and development of information technology and manufacturing of new generation in Fujian Province, as a new model and new business format.

Recently, ITG Holding and ABB Group signed a cooperation agreement in Zurich, Switzerland. The two sides agreed to further strengthen cooperation in the fields such as high-end equipment manufacturing, new energy, energy conservation and emission reduction, urban construction and operation, and supply chain, on the basis of existing cooperation. CCRE will also take this opportunity to strengthen cooperation with European manufacturing enterprises in the field of high-end equipment manufacturing, deeply explore opportunities for cooperation in carbon neutrality, new energy, energy conservation and emission reduction, jointly support Xiamen's advanced manufacturing industry multiplication plan and high-quality development, actively integrate into the new pattern of domestic and international "dual circulation" development, and contribute to Xiamen's efforts to be a node city of the building of new development pattern.

Continuously Promoting Pioneering Culture and Advocating a "Horse Racing Mechanism"

Strengthening Talent Support and Enhancing Enterprise Cohesion

Fish have no fixed habitat, but they return when the abyss becomes deep; Birds have no fixed habitat, but they soar when the forest becomes lush.

Humans are important productive forces, the core element that affects the vitality of state-owned enterprises, and the key and foundation for improving the modern corporate governance structure.

Over the past year, CCRE Group has deepened its mechanism reform, highlighted market orientation, explored new paths for talent cultivation through mechanism optimization, incentive security and policy empowerment, and activated new motivation for talent development.

While promoting strategic planning, a diagnosis practice was organized at CCRE Group, which was jointly operated by CCRE Group and other well-known domestic consulting institutions. The diagnosis showed that there were some weak areas in the development of talent in the group, including fault of cadres due to aging, and there was also some room for improvement in the training of core business backbone.

Based on this organized diagnosis, the group has formulated a human resource development plan and talent cultivation strategic plan, and proposed an optimization plan for the salary performance system to further stimulate the vitality of the enterprise and accumulate talent momentum for the high-quality development of the industry, " Lin Ruijin, General Manager of CCRE Group, told the reporters.

CCRE Group advocates a "Horse Racing Mechanism" internally, implementing position competition and excellence evaluation, and intensifies market-oriented recruitment externally, introducing core position talents, and actively creating a "strong magnetic field" to attract talents. Since the second half of last year, CCRE Group has introduced 6 high-end qualified persons through market-oriented mechanism, effectively filling the gap of talent fault. In addition, CCRE Group is actively building a multi-level and widely covered talent cultivation system to train and empower employees. Among them, the Leadership Program for high and middle level officials has successfully carried out 5 training sessions, effectively improving their operation and management abilities.

Integrating advanced corporate culture can truly enhance the influence and cohesion of enterprises, providing important guarantees for their scientific, healthy, and sustainable development.

“Last year, ITG Holding released the pioneer culture. With this opportunity, we integrated it into the corporate culture of CCRE Group and formed an action framework for corporate culture.” Ye Houfei, Deputy Secretary of the Party Committee of CCRE Group, introduced. “During the process of sorting and discussing, we found that everyone has highly accepted, identified, and recognized the pioneer culture of ITG Holding.” Today, the corporate spirit of “Do It and Be Top-notch” has been deeply integrated into the daily operation and management of cadres and employees of CCRE Group.

Under the guidance of the pioneer culture, the cadres and employees of CCRE Group adhere to the core values of "first-class leadership, real responsibility, striving to be the first, and jointly creating and sharing", and have become more hard-working in their entrepreneurial spirit. Cai Yuehua, an ordinary employee of Yinhua Machinery, was rated as the model worker of Fujian Province this year. He said, "we should strive for excellence, improve our technical skills, show the courage to innovate, the spirit to be the first, and the vigorous vitality to meet the needs of a new round of technological revolution and industrial reform."                       

Undertaking Social Responsibility and Strengthen ESG Construction Work

Serving Social Development and Highlighting the Responsibility of State-owned Enterprises

The greatest of a nation is for the country and the people. Fulfilling social responsibility is an inherent attribute for state-owned enterprises and a necessary path to achieve high-quality development.

CCRE Group regards that the value of an enterprise is not only reflected in how much material wealth it has created, but also in how much social value it has achieved and how much social responsibility it has undertaken. CCRE Group strengthens its ESG (Environmental, Social, and Corporate Governance) development, actively fulfills its social responsibilities and always sets an example in areas such as industry leadership, green development, assistance for scientific research in polar areas, rural revitalization, and public welfare charity.

A journey of 10,000 miles, a dream of South Pole. On April 6, China's 39th Antarctic Expedition Team completed its inspection mission and returned to China. The engineers from XGMA, who successfully completed the mechanical support task for the scientific research, also returned to Xiamen. Four engineers from XGMA, following the glorious footsteps of "Antarctic Hero" Ge Junxian, successfully completed the logistics support tasks such as vehicle transportation and equipment maintenance for Zhongshan Station, Kunlun Station, Ross Sea New Station, and inland Antarctic exploration with their hard-core professional strength and dedicated spirit. As of now, there have been 20 mechanical engineers and up to 39 times from XGMA participating in the Antarctic expedition, contributing to the national polar scientific research.

Practice the concept of green development and help achieve the "dual carbon" goal. XGMA (Jiaozuo) Co., Ltd. adheres to the environmental protection concept of "clear waters and green mountains are as valuable as mountains of gold and silver", and has launched the green coating center project. Moreover, through the transformation and upgrading of process equipment in the integral workshop under one roof, it has become one of the first batch of representative enterprises in China to replace the source of VOCs governance. After putting into production, the emissions of organized pollutants in the park decreased by 97.6%, the unorganized pollutants decreased by 92.9%, the use of solvent coatings decreased by 98.3%, and the disposal of hazardous waste decreased by 95.2%. Xiamen ITG New Energy Technology Co., Ltd expects to generate approximately 30 million kwh of grid-connected power by the end of the year, saving 12,000 tons of standard coal annually, reducing 33,000 tons of carbon dioxide emissions, and 9.87 million tons of sulfur dioxide emissions. Its contribution to energy conservation and emission reduction is equivalent to planting 1.828 million trees.

Participating in social welfare is a manifestation of a company's courageous commitment to social responsibility. In the fourth phase of the project "Rain and Dew Nurturing Young Seedlings" of Xiamen Charity Federation in 2023, CCRE XGMA Charity Fund paired up to assist 55 orphaned and impoverished children in Tong'an District and Jimei District. All along, CCRE Group has been committed to participating in social public welfare, doing a solid job in social public welfare brand projects such as "Rain and Dew Nurturing Young Seedlings", "Public Welfare Education Assistance with Love" and "CCRE Love Library". It has funded more than a thousand impoverished students to go to a school of a higher grade or pursue a higher education.　　

In the future, ITG Holding and CCRE Group will fully utilize the resource accumulation, industrial foundation, and core capability advantages of state-owned assets and enterprises, striving to become a first-class advanced manufacturing investment platform in China during the 14th Five-Year Plan period. They will play a key role from 5 aspects of “optimizing the structure, leading the industry, controlling the core, nurturing the ecology, and promoting upgrading” for Xiamen's manufacturing industry. They will take on the responsibility of state-owned enterprises by vigorously boosting the plan to double the number of advanced manufacturing industries, and accelerating the optimization and expansion of the advanced manufacturing sector in Xiamen, and play a greater role in Xiamen's efforts to take the lead in achieving socialist modernization.

Chronicles of the Reorganization of CCRE Group by ITG Holding:

On December 30, 2021, the Municipal Party Committee and Municipal Government decided to reorganize CCRE Group by ITG Holding.

On January 27, 2022, CCRE Group held the 2022 annual work meeting. Xu Xiaoxi, Secretary of the Party Committee and Chairman of ITG Holding, delivered a speech titled "Consolidating Confidence in Development and Creating a Better Future Together".

On March 25, 2022, 100% of the equity of CCRE Group was transferred to ITG Holding, marking CCRE Group's officially becoming one of the members of ITG Holding.

On July 4, 2022, CCRE Group officially released the newly formulated 2022-2025 strategic plan, opening a new chapter in the development of the new era.

On July 18, 2022, CCRE Group established Xiamen ITG New Energy Technology Co., Ltd. to lay out the new energy industry.

On September 13, 2022, ITG Holding transferred its wholly-owned subsidiary Xiamen ITG Industry Company to CCRE Group for free, injecting high-quality advanced manufacturing resources such as the 6th generation flexible AMOLED production line and the 8.6 generation new display panel production line into CCRE Group, increasing CCRE Group's net assets attributable to its parent company by 5.385 billion yuan, with its overall strength jumping to a new level.

On September 29, 2022, the construction of Tianma Optoelectronics' 8.6 generation new display panel production line, a 10-billion-dollar industrial project invested by Xiamen ITG Industry Company began in Xiamen.

On December 1, 2022, CCRE Group released its human resources strategy and talent sub-strategic plan.

On December 9, 2022, CCRE Group released its digital strategic plan.

On January 9, 2023, CCRE Group established Xiamen Xinyi Zhicheng Private Fund Management Co., Ltd. and submitted an application for registration as a private fund manager.

On April 8, 2023, the first off-site cleaning project of ITG New Energy Technology Company – ITG Hainan Logistics Photovoltaic Project began its construction.

On April 15, 2023, ITG Holding signed a cooperation agreement with ABB Group to deepen cooperation in high-end equipment manufacturing, new energy, energy conservation and emission reduction, urban construction and operation, and supply chain.

The Dragon Boat Team of CCRE Group participated in the second Youth Dragon Boat Fitness Competition organized by ITG Holding, fully demonstrating the good spirit of pioneer culture.

The delivery center of XGMA Brazil is responsible for a series of functions such as market promotion, marketing services, after-sales training, and brand display.

The excavation diameter of the 082 Slurry Balance Shield produced by XGMA CREC Heavy Machinery is 7.02 meters, with a total length of 115 meters and a total weight of about 750 tons. It will be applied to the Tunnel Project of Supplying Electricity and Clean Water into Xiamen Island.

Yinhua Machinery products are widely used in fields such as rail transit equipment, environmental sanitation equipment, high-altitude work platforms, engineering machinery, special vehicles, airport and port equipment.

ITG New Energy Company is mainly engaged in the development, construction, operation, and service of clean energy power stations such as photovoltaics, and simultaneously arranges joint venture and cooperation projects nationwide in energy storage, hydrogen energy, smart energy management, and hot and cold air supply for industrial zones.