2021-06-14-深交所-恒逸石化_2020年年度报告（英文版）_405页_8mb
报告摘要
Hengyi Petrochemical 2020 Annual Report Summary
Core Content
Hengyi Petrochemical Co., Ltd. (Stock Code: 000703) released its 2020 Annual Report, highlighting its resilience and strategic progress amid the challenges posed by the global coronavirus pandemic. The report outlines the company's achievements, financial performance, and future plans for high-quality development.
Main Financial Indicators
| Indicator | 2020 (Yuan) | 2019 (Yuan) | 2018 (Yuan) | Change |
|---|---|---|---|---|
| Operating Income | 86,429,630,191.87 | 79,620,543,631.74 | 88,065,815,535.96 | -8.55% |
| Net Profit (Shareholders) | 3,071,998,839.75 | 3,201,348,425.33 | 1,872,494,729.34 | -3.70% |
| Net Profit (After Non-recurring) | 2,479,101,027.63 | 2,725,438,479.51 | 1,536,880,249.17 | -9.04% |
| Net Cash Flow from Operating Activities | 5,013,772,777.95 | -112,081,728.16 | 1,607,078,608.23 | 5,602.04% |
| Basic Earnings Per Share | 1.08 | 1.13 | 0.76 | -4.42% |
| Diluted Earnings Per Share | 1.07 | 1.13 | 0.76 | -5.31% |
| Weighted Average ROE | 12.56% | 14.73% | 12.29% | -1.98% |
| Total Assets | 92,260,268,155.54 | 85,230,757,616.78 | 61,834,734,496.64 | +7.58% |
| Net Assets (Shareholders) | 24,006,633,612.78 | 23,253,008,414.00 | 18,363,073,231.64 | +1.12% |
Main Business Overview
Hengyi Petrochemical is committed to becoming a leading petrochemical group in China and globally. The company's core businesses include:
- Refining & Petrochemical: Production of refined oil products such as gasoline, diesel, and kerosene, as well as petrochemical products like PX, PTA, and CPL.
- Polyester & Polyamide: The company has developed a comprehensive industrial chain from crude oil to chemical fiber, including POY, FDY, DTY, and polyester staple fiber.
- Chemical Fiber Products: A wide range of polyester and polyamide products are used in various sectors, including textiles and packaging.
Key Projects and Achievements
- Brunei PMB Petrochemical Project Phase II: Continued development and progress.
- Haining Hengyi Differential Environmental Protection Functional Fiber Project: Successfully put into production, highlighting integrated operations across the entire industry chain.
- R&D Center: The new Hengyi Research and Development Center was officially launched, enhancing the company's technological capabilities.
- Collaboration with Universities: The R&D platform with Zhejiang University, Donghua University, and Nanjing Tech University achieved major breakthroughs.
- National High-tech Enterprise Certification: Three subsidiaries, including Zhejiang Shuangtu New Materials, Hangzhou Yijing, and Jiaxing Yipeng, were certified as National High-tech Enterprises.
Strategic Direction
- The company set a "1-2-6" strategy for the next five years, focusing on:
- 1 Platform: A centralized platform for integrated operations.
- 2 Centers: R&D and digital intelligence centers.
- 6 Bases: Six key bases across the industry chain.
- The 2021 year marks the 100th anniversary of the Communist Party of China, which has been a source of inspiration for the company's development vision.
Profit Distribution
- A cash dividend of RMB3 (including tax) per 10 shares was distributed to all shareholders.
- No bonus shares or common reserve fund conversion into share capital.
- The distribution ratio remains unchanged if the total share capital changes due to additional issuance, share repurchase, or convertible bonds conversion.
Non-recurring Profit and Loss Items
| Item | 2020 (Yuan) | 2019 (Yuan) | 2018 (Yuan) |
|---|---|---|---|
| Disposal of non-current assets | -6,741,262.61 | -1,811,565.51 | 2,249,652.18 |
| Tax refunds/exemptions | 12,921,483.38 | 5,957,948.27 | 7,979,386.68 |
| Government grants | 318,607,292.74 | 420,716,519.76 | 102,224,764.73 |
| Subsidiaries formed by common control | 19,376,584.76 | 36,175,922.94 | 161,261,977.54 |
| Investment gains | 487,752,983.95 | 301,297,013.33 | 187,235,582.94 |
| Entrusted loans | 41,586,615.56 | 29,136,336.48 | 36,538,791.66 |
| Entrusted operation income | 1,698,113.20 | 1,698,114.17 | 4,622,641.50 |
| Other non-operating income/expense | -6,299,334.89 | -14,994,635.24 | 4,640,725.70 |
| Other non-recurring profit/loss | 2,595,730.83 | -2,065,748.97 | 5,731,998.98 |
| Less: Income tax effect | -215,685,156.22 | -139,947,035.37 | -137,414,288.03 |
| Minority shareholders' equity (after-tax) | 62,915,238.58 | 169,242,694.92 | 39,338,302.87 |
| Total Non-recurring Profit/Loss | 592,897,812.12 | 464,747,038.28 | 335,614,480.17 |
Key Financial Notes
- The financial report has been audited by Zhongxinghua Certified Public Accountants LLP, with a standard unqualified audit report issued.
- The company did not retroactively adjust or restate its accounting data for previous years.
- There were no significant differences between the financial indicators in the quarterly and semi-annual reports and those in the annual report.
Non-recurring Items
- The company did not reclassify any non-recurring profit or loss items as recurring items during the reporting period.
Industry and Business Strategy
- The company's main strategy is centered around the "refining, polyester, and polyamide" industries.
- It has adopted a "petrochemical +" model, emphasizing "polyester + polyamide" as the core business, supply chain services as the growth business, and differential fiber products and industrial intelligent technology as emerging businesses.
- The company is committed to green manufacturing and circular economy initiatives, actively responding to the carbon peak and carbon neutrality strategy.
Company Profile
- Legal Representative: Qiu Yibo
- Registered Address: No.G, 7/F, Haifu Building, No.16 West Beihai Avenue, Beihai City, Guangxi Zhuang Autonomous Region
- Postal Code: 536000
- Office Address: Building 3, Hengyi Nan'an Mingzhu, No. 260 North Shixin Road, Xiaoshan District, Hangzhou City, Zhejiang Province
- Postal Code: 311215
- Company Website: http://www.hengyishihua.com
- Email: hysh@hengyi.com
Contact Information
- Board Secretary: Zheng Xingang
- Securities Representative: Chen Shasha
- Contact Address: Board of Directors Office, 16/F, Building 3, Nan'an Mingzhu, No. 260 North Shixin Road, Xiaoshan District, Hangzhou City, Zhejiang Province
- Tel: (0571) 83871991
- Fax: (0571) 83871992
Conclusion
The 2020 Annual Report reflects Hengyi Petrochemical's continued efforts to maintain high-load and stable operations, enhance R&D and digital intelligence, and expand its industrial chain. Despite the challenges of the pandemic and intense market competition, the company achieved its strategic targets and laid a solid foundation for future development.
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