Share Incentive Plan - The total number of shares available for issuance under the company's share incentive plan is capped at 59,500,000 shares, which represents approximately 5% of the total shares issued at the beginning of the fiscal year[2] - As of December 31, 2022, the total number of shares held under the share incentive plan is 22,424,000 shares, equivalent to about 1.88% of the company's issued shares[4] - The maximum allocation for any selected employee under the share incentive plan is determined by the difference between the total shares held and the shares temporarily granted under the plan[2]

Customer and Supplier Concentration - The largest customer accounted for 4.73% of the total sales of the group, down from 5.50% in the previous year[21]. - The combined sales from the top five customers represented 17% of the total sales, a decrease from 23.05% in the prior year[21]. - The largest supplier contributed 9.24% to the total procurement, significantly reduced from 22.05% in the previous year[21]. - The combined procurement from the top five suppliers accounted for 32.6%, down from 57.60% in the prior year[21]. Financial Performance - For the year ended December 31, 2022, the company's revenue decreased by approximately 7.2%, primarily due to a decline in average selling prices of key products (ethylene oxide, ethylene glycol, and polypropylene) by about 3.3% to 13.5% compared to 2021[168]. - The overall gross margin significantly dropped by approximately 7.6% to a gross loss margin of about 0.7%, with net loss attributable to shareholders amounting to approximately RMB 307.9 million, resulting in a basic loss per share of about RMB 26.18, a decrease of approximately 180.9% compared to 2021[168]. - The gross margins for the main business lines (ethylene oxide, ethylene glycol, and polypropylene) decreased by approximately 15.6%, 16.7%, and 7.7% respectively, due to rising upstream commodity prices and significant disruptions caused by the pandemic[168]. - The company recorded a one-time impairment provision of approximately RMB 559 million for the olefin conversion facility, and a foreign exchange loss of RMB 1.254 billion due to the depreciation of the RMB against the USD[171]. - The company’s total revenue for 2022 was RMB 8,817,875 thousand, down 7.2% from RMB 9,498,708 thousand in 2021[188]. - The asset-liability ratio as of December 31, 2022, was approximately 57.5%, up from 43.8% in 2021, with a guideline not exceeding 66.7%[193]. Dividend and Shareholder Matters - The board does not recommend the distribution of a final dividend for the year ended December 31, 2022[20]. - The company has adopted a shareholder communication policy to ensure timely access to relevant information for shareholders[25]. - The company has confirmed that all independent non-executive directors meet the independence criteria as per the listing rules[2]. - The independent non-executive directors confirmed their independence in accordance with the listing rules[149]. Corporate Governance and Compliance - The internal control system has been reviewed and deemed effective and sufficient by the board[12]. - The company has received confirmations from its controlling shareholder regarding compliance with non-competition commitments[13]. - The remuneration committee has evaluated the performance of directors and senior management and made recommendations regarding their compensation[7]. - The company has maintained the required public float as per the listing rules[146]. Environmental and Social Responsibility - The company emphasizes its commitment to corporate social responsibility and sustainable development as part of its long-term strategy[55][70]. - The company has established policies to minimize its impact on global climate change, recognizing it as a significant environmental challenge[70]. - The board of directors has reviewed and approved the report on the effectiveness of the environmental, social, and governance systems[66]. Employee Matters - Total number of employees increased to 1,160 in 2022 from 1,110 in 2021, representing a growth of 4.5%[71]. - Employee turnover rate decreased to 8.4% in 2022 from 9.3% in 2021, indicating improved employee retention[71]. - Male employee turnover rate improved to 8.1% in 2022 from 9.3% in 2021, while female employee turnover rate increased to 9.9% from 8.8%[71]. - The turnover rate for employees aged 18-35 decreased to 9.9% in 2022 from 12.1% in 2021, showing better retention in this age group[71]. Related Party Transactions - The company is involved in ongoing related party transactions, including supply agreements with 嘉化能源化工公司[78]. - The company has agreements for steam supply with 嘉化能源化工公司, effective until December 31, 2023[86]. - The company’s auditor confirmed that there were no significant issues regarding the compliance of related party transactions with the relevant agreements[135]. - The company confirmed that all related party transactions disclosed in the annual report complied with the relevant regulations and did not exceed the respective annual caps[144]. Strategic Agreements and Partnerships - The company is focused on enhancing operational efficiency and cost management through these agreements and partnerships[110]. - The company is focused on expanding its market presence through strategic agreements and partnerships in the chemical supply sector[120]. - The company has entered into a framework agreement with Meifu Petrochemical for the supply of hydrogen and other materials, with a maximum annual price of RMB 10 million for three years until December 31, 2023[112]. Financial Management - The financial director is responsible for overall planning, financial reporting, and budget execution, indicating a structured approach to financial management[54]. - The company has no other recorded interests or short positions in its shares or related shares as of December 31, 2022, apart from those disclosed[64]. - The company has established a framework agreement for pipeline network usage services with an actual transaction amount of RMB 3,885,000 and an annual cap of RMB 5,500,000 for the period from January 1, 2022, to December 31, 2022[27].

Revenue Performance - Total revenue for the year 2022 was RMB 8,817,875,000, a decrease of 7.2% compared to RMB 9,498,708,000 in 2021[1] - The sales volume of ethylene oxide decreased by 0.9% to 372,996 tons in 2022 from 376,464 tons in 2021[1] - Glycol revenue decreased by approximately 28.8% due to a reduction in production capacity, resulting in a sales volume drop of 19.9%[6] - Polypropylene revenue decreased by 21.9%, with an average selling price decline of 1.3% and a sales volume decrease of 20.9%[7] - Revenue for the year ended December 31, 2022, was RMB 8,817,875 thousand, a decrease of 7.2% compared to RMB 9,498,708 thousand in 2021[38] - Total revenue from industrial product sales for 2022 was RMB 8,726,024,000, a decrease of 7.3% from RMB 9,415,116,000 in 2021[64] - Total revenue from processing services increased to RMB 75,751,000 in 2022, up 15.8% from RMB 65,664,000 in 2021[64] - The total revenue from customer contracts for 2022 was RMB 8,801,775,000, down 7.1% from RMB 9,480,780,000 in 2021[73] Profitability and Loss - The company reported a gross loss of RMB 59,704 thousand, compared to a gross profit of RMB 652,585 thousand in the previous year, representing a decline of 109.1%[38] - The net loss attributable to shareholders was RMB 307,880 thousand, a significant decrease of 180.9% from a profit of RMB 380,611 thousand in 2021[38] - Basic loss per share was RMB 26.18, down 180.9% from earnings of RMB 32.36 per share in the prior year[38] - The gross loss margin was (0.7)%, a decline of 7.6% from a gross profit margin of 6.9% in 2021[38] - The company recorded a net loss attributable to shareholders of approximately RMB 307.9 million, with a basic loss per share of about RMB 26.18, representing a decrease of approximately 180.9% compared to the previous year[40] - The company did not recommend a final dividend for the year ended December 31, 2022, due to the recorded net loss[40] - The dividend payout ratio based on total payments for the year was 0%, down from 48.0% in the previous year[38] Financial Position - Cash and bank balances as of December 31, 2022, were approximately RMB 224.6 million, down from RMB 593.7 million in 2021[10] - Interest-bearing borrowings increased to approximately RMB 10,498.7 million in 2022 from RMB 6,249.5 million in 2021, resulting in a debt-to-asset ratio of 57.5%[12] - The company's total liabilities reached RMB 13,932,901 thousand in 2022, compared to RMB 9,537,681 thousand in 2021, indicating a rise of approximately 46.0%[55] - The net asset value decreased to RMB 4,325,695 thousand in 2022 from RMB 4,740,566 thousand in 2021, a decline of about 8.8%[55] - The company's total non-current assets increased to RMB 13,339,478 thousand in 2022 from RMB 10,760,640 thousand in 2021, reflecting a growth of about 24.0%[53] - Current assets rose to RMB 4,919,118 thousand in 2022, up from RMB 3,517,607 thousand in 2021, representing an increase of approximately 39.9%[53] - The group's net current liabilities as of December 31, 2022, were approximately RMB 5,689,703,000[61] Debt and Borrowing - The debt-to-asset ratio increased to 57.5%, up from 43.8% in the previous year, indicating a rise of 13.7%[38] - The company has established a loan agreement with several banks for a total loan amount of RMB 3,160,000,000 to support its production facility expansion[137] - Total bank loans increased significantly to RMB 10,498,651,000 in 2022 from RMB 6,249,548,000 in 2021, marking an increase of about 68.0%[132] - The company has RMB 2,833,614,000 in bank loans secured by collateral in 2022, compared to RMB 993,778,000 in 2021, indicating a significant increase[126] Operational Changes and Future Outlook - The company plans to expand production facilities in the coming years, which may impact the debt-to-asset ratio due to the time lag between construction and profitability[12] - The company expects a significant improvement in gross margin in 2023 due to a favorable market environment and the anticipated commercial operation of the sixth phase ethylene oxide/ethylene glycol production facility[44] - The sixth phase production facility is expected to double the company's market share in the East China region for ethylene oxide/ethylene glycol and lead to an overall revenue increase of over 50%[46] - The company plans to rebalance its raw material composition from the current 20%-10%-70% (ethylene, propylene, and methanol) to a target of 70%-30% (naphtha, ethane, and propane) by the third quarter of 2023[46] - The company anticipates that the one-time events negatively impacting financial performance in 2022, such as impairment provisions and the suspension of the joint venture with Lotte Chemical, are unlikely to recur in the following year[44] Governance and Compliance - The audit committee reviewed the financial reporting processes and internal controls for the year ended December 31, 2022[21] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange regulations, ensuring compliance throughout the reporting period[19] Employee and Operational Costs - The company employed 1,160 full-time employees as of December 31, 2022, an increase from 1,110 employees in 2021[16] - Employee benefits expenses rose to RMB 103,234 thousand in 2022 from RMB 71,990 thousand in 2021, marking a 43.3% increase[87] - Depreciation of property, plant, and equipment for the year was RMB 488,366 thousand, up from RMB 459,915 thousand in 2021, reflecting a 6.5% increase[87] Other Financial Metrics - The company reported a foreign exchange loss of RMB 125,434,000 in 2022, compared to no loss in 2021[80] - Other income for 2022 totaled RMB 820,149,000, an increase of 32.1% from RMB 620,769,000 in 2021[80] - The average market prices of upstream raw materials, methanol and ethylene, increased by approximately 1.6% and decreased by 2.3% respectively, affecting the pricing dynamics of the company's products[41]

Revenue and Financial Performance - The company's revenue slightly increased by approximately 1.8% during the six months ended June 30, 2022, due to stable average selling prices and production capacity compared to the same period in 2021[6]. - Revenue for the six months ended June 30, 2022, was RMB 4,864,325 thousand, an increase from RMB 4,776,597 thousand in the same period of 2021, representing a growth of approximately 1.84%[27]. - The company reported a significant increase in revenue, achieving a total of 28 million in the first half of 2022, reflecting a growth of 15% year-over-year[142]. - The company expects overall revenue to increase by over 50% following the commercial operation of the new production facilities[9]. - Sales of goods contributed RMB 4,822,234 thousand, up from RMB 4,732,682 thousand, while service revenue slightly increased to RMB 34,564 thousand from RMB 34,312 thousand[68]. Profitability and Loss - The overall gross margin of the group decreased by about 8.8% to approximately 2.0%, with a net loss attributable to shareholders of approximately RMB 627 million, representing a decrease of about 119.1% compared to the same period in 2021[6]. - Gross profit for the same period was RMB 99,160 thousand, significantly down from RMB 517,149 thousand in 2021, indicating a decline of approximately 80.85%[27]. - The company reported a net loss of RMB 75,258 thousand for the period, contrasting with a profit of RMB 350,521 thousand in the same period of 2021[29]. - The net loss attributable to shareholders for the first half of 2022 was RMB 75,258,000, compared to a loss of RMB 61,747,000 in the same period last year[56]. - Basic and diluted loss per share was RMB (5.37), compared to earnings of RMB 27.85 per share in the previous year[27]. Production and Operational Capacity - The company has maintained normal operations and production during the review period, ensuring overall utilization of production facilities[10]. - The company anticipates that the new production facilities for ethylene oxide/ethylene glycol, with an annual capacity of 1,000,000 tons, will be operational in early 2023, potentially doubling its market share in East China[9]. - Ethylene oxide production increased by approximately 4.8% during the review period due to full operational capacity after maintenance in 2021[15]. - Glycol production increased by approximately 2.6%, contributing to revenue growth in this segment[16]. Market Conditions and Demand - The management predicts an improvement in downstream product demand due to the community adapting to the new normal of the COVID-19 pandemic, which is expected to enhance trade, production, and logistics[9]. - The company experienced a decrease in demand from downstream industries due to ongoing COVID-19 measures, affecting overall sales[18]. - The average market prices of upstream raw materials, methanol and ethylene, increased by approximately 12.3% and 12.9% respectively, which exceeded the price increases of the company's main products[7]. Financial Position and Assets - Total current assets increased to RMB 4,652,852 thousand from RMB 3,517,607 thousand, reflecting a growth of approximately 32.26%[22]. - Total current liabilities rose to RMB 9,289,605 thousand, up from RMB 7,539,114 thousand, marking an increase of approximately 23.26%[22]. - The company's total assets as of June 30, 2022, were RMB 4,542,914,000, reflecting a decrease from RMB 4,666,020,000 at the end of the previous period[56]. - Cash and cash equivalents at the end of the period decreased to RMB 342,806 thousand from RMB 593,708 thousand, a decline of approximately 42.24%[32]. Liabilities and Cash Flow - The net cash flow from operating activities was negative RMB 604,775 thousand, compared to a positive RMB 1,055,768 thousand in the prior year[32]. - The total non-current liabilities increased to RMB 2,738,589 thousand from RMB 1,998,567 thousand, representing a rise of approximately 37.01%[24]. - The company maintained a net current liability of approximately RMB 4,636,753,000 as of June 30, 2022, indicating potential liquidity challenges[63]. Employee and Operational Management - The group employed a total of 986 full-time employees as of June 30, 2022, with various employee benefits including housing allowances and stock incentive plans[127]. - Administrative expenses included employee-related costs and various local taxes, impacting overall financial performance[19]. Future Outlook and Strategic Initiatives - The company provided a positive outlook for the second half of 2022, projecting a revenue growth of 10% to 15%[142]. - New product launches are expected to contribute an additional 5 million in revenue by the end of 2022[142]. - The company is investing in new technology development, allocating 2 million for R&D in innovative chemical products[142]. - Market expansion plans include entering two new regions in China, aiming for a 25% increase in market share[142]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 10 million allocated for potential mergers[142]. Compliance and Reporting - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[62]. - The audit committee reviewed the group's interim performance for the six months ended June 30, 2022, ensuring compliance with accounting standards and internal controls[134].

Financial Performance - For the year ended December 31, 2021, China Sanjiang Fine Chemicals Company reported a revenue increase of approximately 14.1% due to a rise in average selling prices of key products, including ethylene oxide, glycol, and polypropylene, which increased by about 8.4% to 37.0%[10] - The overall gross profit margin decreased significantly by approximately 12.3% to about 6.9%, with net profit attributable to shareholders around RMB 381 million, representing a decrease of about 66.1% compared to 2020[10] - The total revenue for the year 2021 was RMB 9,498,708 thousand, representing a 14.1% increase compared to RMB 8,322,716 thousand in 2020[22] - The revenue from ethylene glycol increased by approximately 69.1% in 2021, attributed to increased production capacity, with sales volume rising by 20.7%[26] - The revenue from polypropylene rose by about 15.4%, driven by a 22.9% increase in average selling price, despite a 6.1% decrease in sales volume[27] - The profit attributable to equity shareholders (excluding dividends) for the fiscal year was RMB 380,611,000, a decrease of 66.1% compared to RMB 1,122,931,000 in the previous year[156] Dividend and Shareholder Information - The company proposed a final dividend of HKD 0.06 per share, resulting in a total dividend payout ratio of approximately 48.0% for the year ended December 31, 2021[10] - The interim dividend distributed was HKD 0.125 per share, with the final dividend subject to shareholder approval at the upcoming annual general meeting[37] - As of December 31, 2021, the total issued shares of the company were 1,190,000,000[173] - The company has a significant shareholding structure, with 韩建红 and 管思怡 collectively holding 536,234,000 shares, representing approximately 45.06% of the issued share capital[171] - Sure Capital Holdings Limited holds 516,496,000 shares, accounting for approximately 43.40% of the issued share capital[175] - The board of directors is subject to rotation, with one-third of the directors required to retire at each annual general meeting[164] Production and Operational Efficiency - The company is advancing the construction of a new production facility with an annual capacity of 1,000,000 tons of ethylene oxide/ethylene glycol, expected to commence commercial operations in the second half of 2022, potentially doubling its market share in East China[16] - The company anticipates overall revenue growth of over 50% following the operational launch of the new production facility and its upstream supporting facilities[16] - The company aims to enhance operational efficiency and reduce the impact of external events by positioning itself as a diversified and vertically integrated chemical group[14] - The company has implemented strategies to mitigate various impacts from external events, focusing on maintaining competitive advantages through improved production efficiency[14] - The company continues to operate and produce normally despite disruptions in raw material procurement logistics caused by the COVID-19 pandemic[14] Environmental Impact and Sustainability - The company reported a total wastewater discharge of 404,702 tons in 2021, a decrease from 497,628 tons in 2020, representing a reduction of approximately 18.7%[80] - The industrial water consumption for 2021 was 7,361,900 tons, slightly down from 7,408,780 tons in 2020, indicating a decrease of about 0.6%[80] - The greenhouse gas emissions for Scope 1 were 1,748,460 tons in 2021, compared to 1,715,935 tons in 2020, showing an increase of approximately 1.9%[80] - The company invested RMB 55.7 million in environmental protection in 2021, up from RMB 43.5 million in 2020, reflecting an increase of approximately 28.6%[80] - The harmful waste generated was 2,174 tons in 2021, significantly higher than 266 tons in 2020, indicating a substantial increase[80] - The company is committed to reducing its impact on climate change by optimizing production efficiency and utilizing waste heat for low-pressure steam generation[89] Employee and Workforce Management - The number of full-time employees increased to 1,110 in 2021 from 1,037 in 2020, reflecting the company's growth[36] - Employee turnover rate rose to 9.3% in 2021, compared to 8.4% in 2020, with a notable increase in turnover among employees aged 18-35 to 12.1%[92] - The company provided training to 1,110 employees in 2021, maintaining an average of 96 hours of training for both male and female employees[99] - The total number of employees increased to 1,110 in 2021, up from 1,037 in 2020, with a male to female ratio of 963 to 147[92] Corporate Governance and Compliance - The board of directors believes that good corporate governance strengthens accountability and investor confidence, adhering to the corporate governance code as of December 31, 2021[112] - The board has established various committees, including the Audit Committee, Remuneration Committee, and Nomination Committee, to ensure effective corporate governance[118] - The Audit Committee consists of three independent non-executive directors and is responsible for reviewing the financial reporting process and internal control systems[121] - The board confirmed its responsibility for the preparation of the financial statements for the year ended December 31, 2021, ensuring they present a true and fair view of the group's performance[134] - The company has a zero-tolerance policy against bribery, extortion, fraud, and money laundering, with no known violations reported for the year ending December 31, 2021[110] Supply Chain and Procurement - The number of major suppliers in China (annual procurement amount exceeding RMB 1 million) decreased from 160 in 2020 to 155 in 2021, a decline of approximately 3.1%[103] - The number of overseas suppliers (annual procurement amount exceeding RMB 1 million) decreased from 22 in 2020 to 15 in 2021, a decline of approximately 31.8%[103] - The largest supplier contributed 22.05% to total procurement, with the top five suppliers accounting for 57.60%[183] Market and Pricing Trends - Coal prices increased from approximately RMB 600 per ton at the beginning of 2021 to about RMB 1,000 per ton by September 1, 2021, peaking at around RMB 2,300 per ton on October 15, 2021, before falling to about RMB 1,200 per ton by the end of October[10] - Methanol prices followed a similar trend to coal prices, with fluctuations impacting the overall gross profit margin, as methanol accounts for about 70% of the company's current raw material procurement[10] - Ethylene and propylene prices increased by approximately 38.9% and 27.2% respectively compared to 2020, driven by weather-related shutdowns of key oil cracking plants in the U.S.[14]

江化 SANJIANG CHEMICAL 中國三江精細化工有限公司 CHINA SANJIANG FINE CHEMICALS COMPANY LIMITED ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) 股份代號：2198 2021 中期報告 © 版權 中國三江精細化工有限公司。本公司保留一切版權。 本產品採用FSCTM認證的和其他受控來源的材料。 ▶ 目錄 2 管理層討論及分析 未經審核綜合業績 6 簡明綜合財務狀況報表 8 簡明綜合損益表 簡明綜合全面收益表 9 10 簡明綜合現金流量表 11 簡明綜合權益變動表 12 簡明綜合財務報表附註 25 其他資料 30 公司资料 管理層討論 及分析 於回顧期內，中華人民共和國（「中國」）石油及化工行業（「本行業」）的市場狀況因新型冠狀病毒全球大流行（「新 冠疫情」）爆發而面臨前所未有的挑戰，若干原材料╱產品的需求╱供應及價格隨著中國經濟的復甦而迅速變 化。中國三江精細化工有限公司（「本公司」）及其附屬公司（「本集團」）收益增長約26.4%，主要是由於本集團 主要產品（即環氧乙烷（「環氧乙烷」）、乙二醇（「乙二醇」）及聚丙烯（「聚丙烯」）於20 ...

中國三江精細化工有限公司 CHINA SANJIANG FINE CHEMICALS COMPANY UMITED 江化化 ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) SANJIANG CHEMICAL 股份代號：2198 2 0 2 0 年 報 © 版權 中國三江精細化工有限公司。本公司保留一切版權。 本產品採用FSCTM認證的和其他受控來源的材料。 149 | --- | --- | |-------|-----------------------| | | 目錄 | | | | | 2 | 主席報告書 | | 6 | 管理層討論及分析 | | 10 | 董事及高級管理層 | | 12 | 環境、 社會及管治報告 | | 24 | 企業管治報告 | | 29 | 董事報告書 | | 47 | 獨立核數師報告 | | | 財務報表 | | 51 | 綜合損益表 | | 52 | 綜合全面收益表 | | 53 | 綜合財務狀況表 | | 55 | 綜合權益變動表 | | 57 | 綜合現金流量表 | | 60 | 財務報表附註 | | | 五年財務摘要 | | | 公司資料 | 150 主 ...

Financial Performance - The overall revenue for the first half of 2020 decreased by approximately 9.8% compared to the same period in 2019, primarily due to the impact of the COVID-19 pandemic[6]. - Total revenue for the six months ended June 30, 2020, was RMB 3,778,300, a decrease of 9.8% compared to RMB 4,190,077 for the same period in 2019[30]. - Revenue from ethylene oxide reached RMB 1,208.1 million, a 14.5% increase compared to RMB 1,054.98 million in the same period of 2019[17]. - Glycol revenue decreased by 22.2% to RMB 404.7 million, primarily due to a 15.0% drop in average selling price[18]. - Polypropylene revenue fell by 20.4%, driven by a 18.4% decline in average selling price[19]. - The group reported a net foreign exchange loss of RMB 10,027,000, down from RMB 16,285,000 in the previous year, indicating an improvement[60]. - The group reported a significant increase in other income and gains to RMB 196,919, compared to RMB 98,447 in the previous year[30]. - The company's net profit attributable to shareholders for the same period was RMB 24.6 million, compared to a loss of RMB 9.8 million in the previous year, indicating a significant turnaround[38]. - The total comprehensive income for the period was RMB 4,182.2 million, up from RMB 3,594.4 million in the prior year, reflecting an increase of about 16.3%[38]. Profitability and Margins - The gross profit margin for the methanol-to-olefins production facility increased significantly to 9.2%, compared to a gross loss margin of -1.9% in the same period of 2019[9]. - The gross profit margin for the polypropylene business line increased by approximately 14.2% to about 18.1% during the review period[9]. - Overall gross margin increased by 11.8%, attributed to lower methanol prices and smaller declines in average selling prices of key products[20]. - Gross profit increased significantly to RMB 632,603, compared to RMB 206,338 in the previous year, reflecting a gross margin improvement[30]. Costs and Expenses - The cost of goods sold decreased to RMB 3,125,302,000 for the six months ended June 30, 2020, down from RMB 3,964,635,000 in 2019, reflecting a reduction of about 21%[64]. - The total tax expense for the period was RMB 79,048,000, compared to RMB 40,347,000 in the previous year, indicating an increase of approximately 96%[66]. - The actual corporate income tax rate was 17.2%, lower than the normal range of 19% to 20%, due to tax incentives related to RMB 18.6 million in R&D expenses[21]. Dividends and Shareholder Returns - The company proposed an interim dividend of RMB 0.125 per share, with a payout ratio of approximately 35.8% based on the profit attributable to shareholders[6]. - The company declared an interim dividend of HKD 0.125 per share for the six months ended June 30, 2020, compared to HKD 0.050 per share in 2019, marking a 150% increase[74]. - The company declared an interim dividend of RMB 133,594 for the period, compared to RMB 53,254 in the previous year[30]. Production and Capacity - The company maintained a relatively high overall capacity utilization rate during the review period, attributed to strict health and safety measures implemented in response to the pandemic[8]. - Ethylene oxide production volume increased by 28.4% due to full capacity operation of the new production facility[17]. - Glycol production volume decreased by 8.5% as the company focused on producing more ethylene oxide[18]. - The company maintained a stable production capacity for key products, including ethylene oxide and glycol, which are essential for various chemical applications[40]. Market and Strategic Positioning - The company’s strategy of becoming a diversified vertically integrated chemical group has proven successful, positioning it ahead of other chemical companies in the industry[10]. - The demand for ethylene oxide remained strong, driven by its role as a core component in the production of disinfectant products[10]. - The company is focused on expanding its market presence in China, particularly in the production and supply of specialty chemicals, which are in high demand[40]. - The company plans to invest in new technologies and product development to enhance its competitive edge in the chemical industry[40]. - The company is exploring potential mergers and acquisitions to further strengthen its market position and expand its product offerings[40]. - The company has set a performance guidance for the next quarter, expecting continued revenue growth driven by increased production and sales volume[40]. Financial Position and Liquidity - Total assets as of June 30, 2020, amounted to RMB 11,752,072, an increase from RMB 10,374,160 as of December 31, 2019[27]. - Current liabilities totaled RMB 7,313,735, up from RMB 6,327,256 at the end of 2019, indicating increased short-term obligations[27]. - The group has sufficient liquidity with net current liabilities of approximately RMB 1,283,960,000 as of June 30, 2020, ensuring it can meet its financial obligations[43]. - The company's cash and cash equivalents as of June 30, 2020, totaled RMB 532,849,000, a decrease from RMB 591,671,000 at the end of 2019, reflecting a decline of about 10%[82]. Debt and Financing - The total interest-bearing bank and other borrowings increased from RMB 4,095,668,000 as of December 31, 2019, to RMB 6,567,479,000 as of June 30, 2020, marking an increase of about 60.5%[89]. - The company has secured bank loans totaling RMB 3,160,000,000 for the construction of additional ethylene oxide/ethylene glycol production facilities, with RMB 1,152,000,000 utilized by June 30, 2020[90]. - The company's debt-to-asset ratio increased to 51.5% as of June 30, 2020, compared to 39.5% as of December 31, 2019, indicating a significant rise in leverage[112]. Employee and Governance - The company employed a total of 980 full-time employees as of June 30, 2020, with a comprehensive employee benefits package including housing subsidies and performance bonuses[111]. - The company’s board consists of four executive directors and three independent non-executive directors, ensuring a diverse governance structure[108]. - The company’s major shareholders include Vistra Trust (Singapore) Pte. Ltd., holding 506,451,000 shares, which accounts for approximately 42.56% of the issued share capital[105]. Inventory and Receivables - The total inventory as of June 30, 2020, was RMB 1,046,705,000, an increase from RMB 878,674,000 at the end of 2019, indicating a growth of approximately 19%[77]. - Accounts receivable decreased to RMB 445,759,000 as of June 30, 2020, from RMB 565,834,000 at the end of 2019, representing a decline of about 21%[78]. - Inventory turnover days remained stable at 55.9 days as of June 30, 2020, compared to 45.7 days as of December 31, 2019[113]. - Accounts receivable turnover days were at a low level of 24.3 days as of June 30, 2020, compared to 21.6 days as of December 31, 2019[113]. Related Party Transactions - The company’s related party payables decreased from RMB 351.8 million as of December 31, 2019, to RMB 117.7 million as of June 30, 2020, representing a reduction of approximately 66.6%[96]. - The company’s related party payables to Zhejiang Jiahu Energy Chemical Co., Ltd. decreased from RMB 219.2 million to RMB 77.3 million, a decline of approximately 64.8%[96]. - The company’s receivables from related parties rose to RMB 583,201,000 as of June 30, 2020, compared to RMB 284,104,000 as of December 31, 2019, indicating an increase of approximately 105.5%[93].

三江化 SANJIANG CHEMICAL HHHHR 90 中國三江精細化工有限公司 CHINA SANJIANG FINE CHEMICALS COMPANY LIMITED ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) 股份代號：2198 © 版權 中國三江精細化工有限公司。本公司保留一切版權。 本產品採用FSCTM認證的和其他受控來源的材料。 目錄 | --- | --- | |----------------------|-------| | | | | 主席報告書 | 2 | | 管理層討論及分析 | 6 | | 董事及高級管理層 | 10 | | 環境、社會及管治報告 | 12 | | 企業管治報告 | 24 | | 董事報告書 | 29 | | 獨立核數師報告 | 45 | | 財務報表 | | | 綜合損益表 | 50 | | 綜合全面收益表 | 51 | | 綜合財務狀況表 | 52 | | 綜合權益變動表 | 54 | | 綜合現金流量表 | 56 | | 財務報表附註 | 59 | | 五年財務摘要 | 149 | | 公司資料 | 150 | 11 中國三江精細化工 ...

中 期 報 告 2019 0 SANJIANG CHEMICAL 中國三江精細化工有限公司 ching sanling filke chemicals company umited ( 於 院 曼 群 島 註 冊 成 立 的 有 限 公 司 ) 股份代號：2198 © 版權 中國三江精細化工有限公司。本公司保留一切版權。 本產品採用FSCTM認證的和其他受控來源的材料。 el Be 目錄 2 管理層討論及分析 未經審核綜合業績 ６ 簡明綜合財務狀況報表 8 簡明綜合收益表 9 簡明綜合現金流量表 10 簡明綜合權益變動表 11 簡明綜合財務報表附註 25 其他資料 32 公司資料 管理層討論 及分析 截至2019年6月30日止六個月（「回顧期內」），本集團收益減少約11.6%，主要歸因於以下各項的綜合影響：1) 乙二醇（「乙二醇」）產量減少約34.5%，此乃由於第五期環氧乙烷╱乙二醇生產設施因於2019年1月及2月進行定 期維修及保養而暫停運營，且乙二醇於回顧期內的價格波動亦對乙二醇的需求產生抑製作用；2)與2018年同 期 相 比，2019年 上 半 年 環 氧 乙 烷（「環氧乙烷」）、乙 二 醇 及 聚 ...