The Group (Bureau) convened a meeting to hold talks on efforts to reduce losses, address losses, and turn around losses.
Release date:
2022-09-22 09:52
Source:
To deepen and solidify the Group’s efforts to reduce losses, address losses, and turn around underperforming operations, and in accordance with the requirements of the China National Coal Administration’s special promotion meeting on “Reducing Losses, Addressing Losses, Cutting Costs, and Enhancing Efficiency,” on September 21 the Group (Administration) held working talks with two Beijing-based entities—China Chemical Mingda Digital Technology (Beijing) Co., Ltd. and China Chemical Mingda Technology Co., Ltd.—both of which have reported consecutive losses since the beginning of this year. Liu Xingwang, General Manager of the Group (Administration), Deputy Secretary of the Party Committee, and Deputy Director, along with Wang Yong, Deputy Secretary of the Party Committee and Secretary of the Commission for Discipline Inspection, attended the meeting and delivered remarks.
The meeting reviewed the operating performance of the two units for January–August and identified existing operational challenges, heard reports on their business activities, and conveyed the spirit of the China National Coal Administration’s special conference on “curbing losses through reduction and cost-cutting, and enhancing efficiency.”
The meeting noted that the State-owned Assets Supervision and Administration Commission of the State Council and the China National Coal Administration attach great importance to the special initiative to reduce losses. The China National Coal Administration convened a special meeting to plan and advance this effort. Both entities must earnestly strengthen their sense of responsibility and urgency in addressing and reversing losses, adhere to a problem‑oriented approach, and ensure the effective implementation of key tasks aimed at curbing losses and turning them around.
The meeting emphasized the following points: First, both units must remain resolute in their determination to turn losses into profits, proactively expand market opportunities, and launch an intensive 100-day effort. They should thoroughly review existing projects, expedite project settlements, strive to reduce losses month by month, and aim to achieve profitability by year-end. Second, aligned with each unit’s strategic positioning, they must focus on their core business, thoughtfully develop an industrial roadmap around the “Geology Plus” model, identify potential customers, and intensify efforts to tap into niche markets such as new‑energy platforms (wind and solar), geohazard assessments for pipeline networks, and geological disaster early‑warning systems. Third, great importance must be attached to the timely collection of accounts receivable; adhering to the principle that debt recovery is itself a source of value, responsibilities must be firmly assigned, and senior management should personally oversee the follow‑up on outstanding receivables to deliver tangible results.
Miao Bo, Deputy Secretary of the Group (Bureau) Commission for Discipline Inspection and Director of the Comprehensive Supervision Office, along with Xu Juntao, Director of the Assets and Finance Department, and Zhang Dongjie, Deputy Director and Administrator, attended the disciplinary interview together with the leading teams and relevant personnel from both units.
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