On August 21, Caixin reported that Inner Mongolia First Machinery Group's performance in the first half of the year slowed down, with a nearly 40% decrease in H1 net income. "Some significant contracts will be delivered in the second half of the year, both military and civilian products," said company personnel in response to Caixin reporters' inquiries as investors.

After the market closed today, Inner Mongolia First Machinery Group released its financial report for the first half of 2024, with H1 total operating income of 4.788 billion yuan, a 21.57% decrease year-on-year; net income attributable to shareholders was 0.264 billion yuan, a 39.28% decrease year-on-year.

In fact, the company's first quarter performance has already declined, with Q1 net income of 0.168 billion yuan, a 21.51% decrease year-on-year. Based on this calculation, the company's Q2 net income was 0.096 billion yuan, a 56.5% decrease year-on-year.

It is worth noting that in May of this year, Inner Mongolia First Machinery Group stated in a related announcement that the budget target for main business income in 2024 is 10 billion yuan, an increase of 0.187 billion yuan year-on-year, or 1.90% growth.

As for the formulation of the annual main business income target, company personnel said that they generally first look at the backlog of orders for the current year, then consider the situation of regular orders and the delivery situation of foreign trade.

According to statistics from Hithink Royalflush Information Network, four institutions have made predictions for Inner Mongolia First Machinery Group's net income in 2024, with an average of 0.913 billion yuan, an increase of 7.3% compared to last year's net income of 0.851 billion yuan.

Regarding the military business in the first half of the year, the company stated in an announcement that it has achieved new achievements in order placement for main products, and production organization is being pushed forward intensively. As for civilian products, the company's wholly-owned subsidiary, North Start-Up, has received an order for 1,300 railroad freight cars, with a market share of 6.5%. The first batch of 40 Pakistan railroad flat cars has achieved localization production and operation.

It is reported that Inner Mongolia First Machinery Group, as the main manufacturer of armored equipment for the Chinese Army, is the national R&D and manufacturing base for main battle tanks and 8×8 wheeled armored vehicles. The company's main products include tracked and wheeled armored vehicles, artillery, rail vehicles, civil-military integration products, and related components. Earlier, the company stated on the investor interaction platform that military products account for about 85% of the total revenue.