2023-05-18-深交所-恒逸石化_2022年年度报告全文（英文版）_430页_4mb
报告摘要
Hengyi Petrochemical 2022 Annual Report Summary
Core Content
Hengyi Petrochemical Co., Ltd. (stock code: 000703) released its 2022 Annual Report, highlighting the challenges faced in a difficult external environment and the company's strategic efforts to overcome them. Despite global economic pressures and geopolitical complexities, the company maintained its business vitality and development resilience, advancing towards the next stage of growth.
Main Business and Strategic Focus
Strategic Deployment
- Continued implementation of the "refinery, polyester and polyamide industries" strategy.
- Phase I of the Brunei Refining-Petrochemical Project operated steadily and won the China Construction Engineering Luban Prize.
- 1.2-mtpa Caprolactam-Polyamide Integration and Supporting Project commenced in China.
- 500,000-tpa New-type Functional Fiber Project successfully entered production.
R&D and Innovation
- Focused on innovation-driven development.
- Launched green and environmentally-friendly polyester product "Eticont" for large-scale production.
- Increased production of flame-retardant and antibacterial products.
- Advanced development of functional composite materials such as cationic dyeable fiber.
- Continued R&D in caprolactam, polyamide and other fields, with products moving toward high-end and differentiation.
Digital Transformation
- Focused on industrial digitization, networking, and intelligence.
- Constructed Phase II of the "Hengyi Brain" project.
- Implemented intelligent equipment management system.
- Improved operational efficiency and reduced labor costs.
- Enhanced sustainability through automation and digital integration.
Share Repurchase and Market Confidence
- Implemented continuous share repurchase plan.
- Accumulated repurchase amount of approximately RMB 2.034 billion.
- Injected market confidence and demonstrated positive future growth expectations.
- The cold winter of economic challenges is passing, with positive signals emerging for the petrochemical and chemical fiber industry.
2023 Development Plan
- Follow the spirit of the 20th National Congress of the CPC.
- Aim to transform from an "Industrial Hengyi" to a "Technological Hengyi".
- Focus on green manufacturing, circular economy, and high-end product development.
- Continue to build the "headquarters + scientific research + base" model.
- Actively respond to the Belt and Road Initiative.
- Improve Brunei Phase I Project performance and accelerate Brunei Phase II Project construction.
- Embrace new technologies and products to seize industrial opportunities.
Company Profile
- Stock abbreviation: Hengyi Petrochemical
- Stock code: 000703
- Stock Exchange: Shenzhen Stock Exchange
- Legal representative: Qiu Yibo
- Registered address: 4/F, Building 2, International Science and Technology Park, No. 5 Zhongma Avenue, China-Malaysia Qinzhou Industrial Park, Qinzhou Port Area, China (Guangxi) Pilot Free Trade Zone
- Postal code: 535000
- Office address: Building 3, Hengyi Nan’an Mingzhu, 260 North Shixin Road, Xiaoshan District, Hangzhou City, Zhejiang Province
- Postal code: 311215
- Company website: http://www.hengyishihua.com
- E-mail: hysh@hengyi.com
Financial Highlights
Main Accounting Data and Financial Indicators (RMB)
| Item | 2022 (After Adjustment) | 2021 (After Adjustment) | 2020 (After Adjustment) | Increase/Decrease |
|---|---|---|---|---|
| Operating Income | 152,050,274,944.64 | 129,666,931,795.26 | 86,429,630,191.87 | 17.26% |
| Net Profit (Shareholders) | -1,079,547,699.72 | 3,408,043,143.47 | 3,071,998,839.75 | -131.96% |
| Net Profit (After Non-recurring) | -1,092,334,520.95 | 2,758,543,282.50 | 2,479,101,027.63 | -140.03% |
| Net Cash Flow from Operating Activities | 2,705,533,483.36 | 7,754,871,519.56 | 5,013,772,777.95 | -64.96% |
| Basic Earnings per Share | -0.30 | 0.94 | 0.83 | -132.26% |
| Diluted Earnings per Share | -0.30 | 0.91 | 0.83 | -133.33% |
| Weighted Average ROE | -4.31% | 13.56% | 12.56% | -17.76% |
| Total Assets | 111,964,797,711.33 | 105,548,909,472.93 | 92,260,268,155.54 | 6.11% |
| Net Assets (Shareholders) | 25,446,694,059.09 | 25,896,860,136.22 | 24,006,633,612.78 | -1.61% |
Accounting Adjustments
- Implemented Accounting Standards for Business Enterprises Interpretation No. 15 starting from January 1, 2022.
- Retrospective adjustments were made to the financial statements for the period from the beginning of the earliest period presented to the implementation date.
- The net profit and net assets after deducting non-recurring profits and losses were negative in 2022, indicating uncertainty in going concern ability.
Non-recurring Profit and Loss Items
| Item | 2022 | 2021 | 2020 | Notes |
|---|---|---|---|---|
| Profit or loss from disposal of non-current assets | 128,936,835.05 | -12,534,455.04 | -6,741,262.61 | - |
| Tax refund or exemption | 24,841,218.44 | 15,609,249.33 | 12,921,483.38 | - |
| Government grants (non-operating) | 179,870,984.15 | 277,839,245.44 | 318,607,292.74 | - |
| Profit or loss from subsidiaries formed by business merger | 0.00 | 0.00 | 19,376,584.76 | - |
| Fair value changes of financial assets | -448,914,776.35 | 480,727,659.11 | 487,752,983.95 | - |
| Reversal of impairment reserves | 0.00 | 309,000.00 | 0.00 | - |
| Profits or losses from entrusted loans | 48,520,852.95 | 49,567,383.65 | 41,586,615.56 | - |
| Income from custodian fees | 1,698,113.19 | 1,698,113.20 | 1,698,113.20 | - |
| Other non-operating income and expense | 612,146.73 | 13,359,433.22 | -6,299,334.89 | - |
| Other non-recurring profit and loss items | 17,898,857.26 | 0.00 | 2,595,730.83 | - |
| Income tax influence | -91,691,403.61 | -38,805,031.16 | -215,685,156.22 | - |
| Minority shareholders' equity (after-tax) | -151,013,993.42 | 138,270,736.78 | 62,915,238.58 | - |
| Total Non-recurring Profit and Loss | 12,786,821.23 | 649,499,860.97 | 592,897,812.12 | - |
Key Financial Indicators (Quarterly)
| Item | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| Operating Income | 33,252,703,014.35 | 46,551,958,652.09 | 43,511,638,340.48 | 28,733,974,937.72 |
| Net Profit (Shareholders) | 732,204,352.08 | 1,081,182,221.86 | -496,074,241.58 | -2,396,860,032.08 |
| Net Profit (After Non-recurring) | 670,677,786.49 | 1,181,319,420.97 | -463,524,733.65 | -2,480,806,994.76 |
| Net Cash Flow from Operating Activities | -3,801,157,548.89 | -1,985,208,857.06 | 2,012,007,811.44 | 6,479,892,077.87 |
Audit and Legal Compliance
- The financial statements were audited by Zhongxinghua Certified Public Accountants LLP, and a standard unqualified audit report was issued.
- The Board of Directors and Board of Supervisors guaranteed the truthfulness, accuracy, and completeness of the report.
- The report was reviewed and approved at the 28th meeting of the 11th session of the Board of Directors.
- No cash dividends or bonus shares were distributed in 2022.
- The company did not have any non-recurring profit and loss items classified as recurring.
Conclusion
Hengyi Petrochemical demonstrated resilience and strategic focus in 2022, despite a challenging global environment. Through innovation, digital transformation, and international expansion, the company is positioning itself for a high-quality development phase in 2023. The company's commitment to green manufacturing, circular economy, and technological advancement is central to its future growth strategy.
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