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Management Discussion and Analysis
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The first half of 2013, continued weakness in the global economy, the economic situation is not optimistic, China's economic growth continued to slow down, one-quarter economic growth fell to three-year low of 7.7 percent in the second quarter more lows, only 7.5 per cent, the entity economic difficulties, PPI for 16 consecutive months of negative growth, the manufacturing sector shrinking interval approaching. During the reporting period the Ministry of kit sliding bearings and declining demand at home and abroad, the price competition is more intense, corporate depreciation, labor and other manufacturing costs, interest costs, resulting in corporate profits fell sharply. The steep face of unfavorable environment, the company board and management a critical analysis of the company's current challenges, closely around the company's annual strategy and business objectives, efforts to overcome the complex changes in the external environment, the adverse factors, and always adhere to the people-oriented, security and development, work philosophy, and actively carry out the work. Through the initiative, to respond effectively to changes in external demand, key customers and expand the depth and breadth of business to obtain a valid extension forward, constantly optimize the product sales mix, longitudinally extending horizontal merger, and vigorously expand the market, extend product industrial chain, bigger and do strong; carry out meticulous management, reduce operating costs; increase technological innovation and scientific research; continue to promote corporate internal control; ensure that enterprises can always maintain good operating condition, stable operating results and safeguard the interests of shareholders.
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