Financial Performance - Total sales revenue for 2023 was RMB 12,989.8 million, a decrease of 9.0% compared to RMB 14,279.0 million in 2022[4] - Gross profit for 2023 was RMB 2,061.1 million, representing a gross margin of approximately 15.9%[4] - The net profit attributable to shareholders for 2023 was RMB 2,381.7 million, an increase of 45.0% compared to RMB 1,642.6 million in 2022[4] - In 2023, the company achieved a revenue of RMB 12.99 billion, a gross profit of RMB 2.06 billion, and a net profit attributable to shareholders of RMB 2.38 billion, representing a 45.0% increase compared to 2022, marking the best performance since its establishment[10][11] - The group's revenue for the reporting period was RMB 12,989.8 million, a decrease of RMB 1,289.3 million or 6.9% compared to RMB 14,279.1 million in the same period of 2022[17] - The group's gross profit for the reporting period was RMB 2,061.1 million, a decrease of RMB 475.5 million or 18.7% compared to RMB 2,536.6 million in 2022[17] - The group's net profit for the reporting period was RMB 2,374.1 million, an increase of RMB 575.4 million compared to RMB 1,798.7 million in 2022[39] Production and Operational Efficiency - The production volume of urea in 2023 was 823,051 tons, a 5.7% increase from 778,602 tons in 2022[6] - The company achieved a total production of 2,005,933 tons of fertilizers in 2023, a 2.2% increase from 1,962,091 tons in 2022[6] - The operating rate for the group in 2023 was 109.0%, up from 106.6% in 2022, indicating improved operational efficiency[6] - The total sales volume of fertilizers reached 1,991,707 tons, with urea production increasing significantly to 2,006,000 tons, and phosphate compound fertilizer production at 814,000 tons[7][11] - The company exported 15,300 tons of urea and 13,000 tons of diammonium phosphate, with fertilizer exports increasing by 80% year-on-year[11] - The methanol production reached 1,462,000 tons, while the production of acrylonitrile series products was 165,000 tons[11] Assets and Equity - The total assets increased to RMB 24,317.3 million in 2023, up from RMB 23,497.7 million in 2022, reflecting a growth of 3.5%[5] - The total equity increased to RMB 19,407.2 million in 2023, up from RMB 17,776.6 million in 2022, marking a growth of 9.2%[5] - The company's total assets as of December 31, 2023, reached RMB 24,317,346 thousand, an increase of 3.5% from RMB 23,497,659 thousand in 2022[152] - The equity attributable to the owners of the company rose to RMB 18,301,070 thousand, up 9.3% from RMB 16,747,140 thousand in 2022[152] Market and Strategic Plans - The company plans to expand its production capacity and enhance its market presence in the coming years[1] - The company plans to enhance its product service upgrade and strengthen its positioning as a "plant nutrition solution provider" in 2024[14] - The company aims to improve operational efficiency and strengthen its positioning as a high-quality fertilizer supplier and high-end chemical producer in 2024[14] - The company will focus on optimizing processing costs and enhancing carbon resource utilization research in 2024[14] - The company is exploring potential mergers and acquisitions to strengthen its competitive position and diversify its product offerings[93] - Market expansion plans include entering new geographical regions, targeting a 20% increase in market share over the next two years[92] Corporate Governance and Compliance - The company has maintained high standards of corporate governance and compliance with relevant regulations during the reporting period[54] - The board of directors consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors, ensuring compliance with corporate governance standards[57] - The company emphasizes the importance of independent non-executive directors in safeguarding minority shareholders' interests and ensuring effective corporate governance[59] - The company is committed to developing a diversified board, considering factors such as gender, age, cultural background, and professional experience[57] - The company has established a policy for board diversity, which includes actively considering female candidates for board positions[57] Financial Management and Investments - The group's capital expenditures totaled RMB 600.0 million, with significant investments in refining and chemical projects amounting to RMB 436.9 million[41] - The group reported a net foreign exchange loss of RMB 9.6 million, a decrease of RMB 19.0 million from a net gain of RMB 9.4 million in 2022, primarily due to fluctuations in the USD exchange rate affecting export revenue[35] - The company has adopted a dividend policy that allows shareholders to receive declared dividends, subject to board discretion and shareholder approval[100] - The company’s board will continue to review the dividend policy and retains the discretion to update or modify it as necessary[100] Risk Management - The group faced market risks related to product prices, raw material costs, and foreign exchange fluctuations, with the RMB/USD exchange rate fluctuating between 6.7130 and 7.2258 during the reporting period[46] - The company has established a risk management committee and internal control systems to ensure effective risk management and compliance with regulations[83] - The board has implemented measures to strengthen risk management and internal controls, ensuring compliance with legal and regulatory requirements[64] Environmental and Social Responsibility - The company maintained a zero-accident record in safety production and environmental pollution incidents for two consecutive years[11] - The group made charitable donations totaling RMB 3.0 million during the year[105] - The company has a strong focus on safety and environmental management, with key personnel in charge of health, safety, and environmental protection[89] Future Outlook - Future outlook indicates a projected revenue growth of 15% year-over-year, driven by new product launches and market expansion strategies[93] - The company is investing in R&D for new technologies, particularly in the field of energy conversion and utilization, aiming to enhance operational efficiency[94] - A new product line is set to launch in Q2 2024, expected to contribute an additional $50 million in annual revenue[94]

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 12,990 million, a decrease from RMB 14,279 million in 2022, representing a decline of approximately 9.0%[2] - Gross profit for the same period was RMB 2,061 million, down from RMB 2,537 million in 2022, indicating a decrease of about 18.8%[3] - Net profit attributable to shareholders for 2023 was RMB 2,382 million, compared to RMB 1,643 million in 2022, reflecting an increase of approximately 45.0%[3] - Basic earnings per share for the year were RMB 0.52, up from RMB 0.36 in the previous year, representing a growth of about 44.4%[3] - Total revenue for the year reached RMB 12,989,832 thousand, with a pre-tax profit of RMB 2,663,985 thousand[19] - Total sales revenue for 2023 was RMB 12,989,832, down 9.0% from RMB 14,279,054 in 2022[27] - Pre-tax profit increased to RMB 2,663,985 in 2023, up 17.3% from RMB 2,270,769 in 2022[34] - The effective tax rate for 2023 was 11%, significantly lower than 21% in 2022[34] - The group reported a net profit of RMB 2,374.1 million for the period, an increase of RMB 575.4 million compared to RMB 1,798.7 million in 2022[94] Dividends and Shareholder Returns - The proposed final dividend is RMB 0.207 per share, an increase from RMB 0.178 per share in 2022[2] - Proposed final dividend for 2023 is RMB 0.207 per share, up from RMB 0.178 per share in 2022, reflecting an increase of approximately 16.3%[48] - The board proposed a final dividend of RMB 0.207 per share for the year ending December 31, 2023, subject to shareholder approval[113] - The company is obligated to withhold corporate income tax at a rate of 10% on dividends distributed to non-resident corporate shareholders listed in the H-share register[115] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 24,317 million, an increase from RMB 23,498 million in 2022, showing a growth of approximately 3.5%[5] - Total equity attributable to shareholders was RMB 18,301 million, up from RMB 16,747 million in 2022, indicating an increase of about 9.3%[5] - The company reported a net cash position of RMB 9,700 million as of December 31, 2023, compared to RMB 8,400 million in 2022, reflecting a growth of approximately 15.5%[5] - Current assets decreased to RMB 179,578 thousand in 2023 from RMB 322,567 thousand in 2022, a decline of approximately 44.5%[38] - Non-current assets increased to RMB 674,729 thousand in 2023 from RMB 495,943 thousand in 2022, an increase of approximately 36.0%[38] - Total assets as of December 31, 2023, were RMB 24,317,346 thousand, with total liabilities of RMB 4,910,188 thousand[16] Revenue Breakdown by Segment - The urea segment generated revenue of RMB 4,676,853 thousand, contributing a pre-tax profit of RMB 967,274 thousand[19] - The phosphates and compound fertilizers segment reported revenue of RMB 3,033,373 thousand, with a pre-tax profit of RMB 637,163 thousand[19] - The methanol segment achieved revenue of RMB 2,707,045 thousand, with a pre-tax profit of RMB 130,419 thousand[19] - Urea revenue was RMB 4,676.9 million, down RMB 291.7 million or 5.9% from RMB 4,968.6 million in 2022, attributed to a price drop of RMB 188.8 per ton and an increase in sales volume by 33,207 tons[78] - Revenue from phosphate and compound fertilizers was RMB 2,707.0 million, a decrease of RMB 560.9 million or 17.2% from RMB 3,267.9 million in 2022, mainly due to a price drop of RMB 264.5 per ton and a sales volume decrease of 96,304 tons[78] - Methanol revenue was RMB 3,033.4 million, down RMB 477.9 million or 13.6% from RMB 3,511.3 million in 2022, due to a price decline of RMB 229.7 per ton and a sales volume decrease of 62,398 tons[79] Operational Highlights - The company plans to expand its market presence and invest in new product development to drive future growth[7] - The company achieved a 110% year-on-year increase in direct sales to farmers through e-commerce, totaling 84,600 tons[72] - The company’s fertilizer exports increased significantly, contributing to overall sales growth[72] - The company’s production management led to record high operational rates, with the Huahe Coal Chemical plant achieving a 130.2% operational rate[70] - The acrylonitrile project was successfully completed and operated continuously for over 300 days[77] - The company achieved a 0% safety incident rate and 0% environmental pollution incidents for two consecutive years[69] Future Outlook and Strategic Initiatives - The company expects that the adoption of new accounting standards will not have a significant impact on its financial statements[11] - In 2024, domestic urea supply and demand are expected to grow, driven by agricultural applications and raw material procurement for compound fertilizer factories, with seasonal fluctuations anticipated[106] - The overall price trend for methanol is expected to improve compared to last year, supported by stable downstream olefin demand and increased international capacity release[106] - The company aims to enhance production management and implement a new HSE management system to strengthen safety and environmental protection measures[107] - The focus for 2024 includes upgrading products and services to reinforce the company's position as a "plant nutrition solution provider" and optimizing processing costs[107] - The company plans to deepen research on the utilization of low-carbon natural gas and CO2 resources to enhance carbon reduction capabilities[107] - Strategic emphasis will be placed on technological innovation to master core technologies in fertilizer and chemical sectors through independent research and collaboration[107] Miscellaneous - The company has adopted new or revised International Financial Reporting Standards effective from January 1, 2023, to enhance financial reporting accuracy[8] - The company did not report any diluted share issues during the year, maintaining a consistent share count of 4,610,000[35] - The company has no single customer contributing 10% or more to sales revenue in both 2023 and 2022, indicating a diversified customer base[25] - The company’s non-current assets are entirely located within the People's Republic of China, emphasizing its domestic focus[25] - The group faced a foreign exchange loss of RMB 9.6 million during the period, a decrease of RMB 19.0 million from a foreign exchange gain of RMB 9.4 million in 2022[90] - The group trained 111,651 employees during the year, with a total training duration of 604,221 hours[98] - No purchases, sales, or redemptions of the company's listed securities were conducted by the company or its subsidiaries in 2023[116] - The annual report for 2023 will be published on the "Disclosure Easy" website and the company's website at an appropriate time[117]

Financial Performance - The company reported revenue of RMB 6,176 million for the first half of 2023, a decrease from RMB 7,371 million in the same period of 2022, representing a decline of approximately 16.2%[4] - The net profit attributable to the company's owners reached RMB 1,715 million, compared to RMB 937 million in the first half of 2022, marking an increase of approximately 83%[4] - The company achieved a pre-tax profit of RMB 1,840 million, an increase from RMB 1,296 million in the first half of 2022, reflecting a growth of approximately 42%[4] - The group's gross profit for the first half of 2023 was RMB 1,063.6 million, down RMB 344.4 million or 24.5% from RMB 1,408.0 million in the same period of 2022[23] - The group's net profit for the reporting period was RMB 1,725.5 million, an increase of RMB 679.5 million or 65.0% compared to RMB 1,046.0 million in the same period of 2022[32] - Sales revenue for the six months ended June 30, 2023, was RMB 6,175,701, a decrease of 16.2% from RMB 7,370,785 in the same period of 2022[53] - Gross profit for the same period was RMB 1,063,617, down 24.5% from RMB 1,408,050 year-on-year[53] Production and Sales - The total production volume for the group increased by 14.8% to 1,043,916 tons in the first half of 2023, up from 909,015 tons in the same period of 2022[6] - The sales volume of fertilizers for the group rose by 10.1% to 1,044,993 tons, compared to 949,139 tons in the first half of 2022[7] - In the first half of 2023, the company achieved a urea production of 1.044 million tons, methanol production of 687,000 tons, and phosphate and compound fertilizer production of 401,000 tons[9] - The company sold 1.045 million tons of urea, 655,000 tons of methanol, and 352,000 tons of phosphate and compound fertilizers in the first half of 2023[9] - The total production of BB fertilizer was 11,372 tons, with sales reaching 13,199 tons in the first half of 2023[21] Assets and Liabilities - The company's total assets increased to RMB 23,697 million as of June 30, 2023, up from RMB 23,498 million at the end of 2022[5] - The total equity of the company increased to RMB 18,772 million as of June 30, 2023, compared to RMB 17,777 million at the end of 2022[5] - As of June 30, 2023, the group had total interest-bearing liabilities of RMB 2.0 billion, with a capital debt ratio of 9.7%[35] - The total liabilities as of June 30, 2023, were RMB 664,955,000, reflecting a decrease from the previous period[122] Market and Pricing - The average domestic urea price was around RMB 2,700 per ton in Q1 2023, but fell sharply in Q2 due to reduced agricultural demand and international price declines[13] - The price of phosphoric acid and diammonium phosphate dropped significantly, with prices falling from RMB 3,800-3,850 per ton to RMB 2,400 per ton by the end of June 2023[14] - The domestic urea net supply is expected to remain stable or slightly increase year-on-year in the second half of 2023, with significant growth in exports anticipated[10] Strategic Initiatives - The company plans to enhance its marketing capabilities and improve product brand premium to adapt to the challenging market environment[8] - The company aims to continue reducing costs and increasing efficiency to improve the return on investment[8] - The company is actively pursuing clean energy industry layouts and promoting green low-carbon development strategies[10] - The company plans to enhance the safety and stability of production operations and optimize its business model in the second half of 2023[10] - The company is focusing on digitalization in areas such as smart factories, smart ports, and smart sales[40] Investments and Expenditures - Capital expenditures totaled RMB 172.4 million, with significant investments in projects such as RMB 86.3 million for the acrylonitrile project and RMB 22.7 million for the underground mining project[34] - The company invested RMB 305,169,000 in property, plant, and equipment, down from RMB 514,381,000 in the same period last year, indicating a reduction in capital expenditure[62] Corporate Governance and Shareholder Information - The company has maintained high standards of corporate governance to enhance transparency and protect shareholder interests[42] - As of June 30, 2023, the company had a total issued share capital of 4,610,000,000 shares, including 2,813,999,878 domestic shares and 1,796,000,122 H shares[47] - China National Offshore Oil Corporation holds approximately 97.33% of domestic shares and 59.41% of total issued shares[46] Employee and Training - The group trained 48,930 employees in the first half of 2023, with a total training duration of 145,558 hours[37] Future Outlook - The company has outlined a future outlook projecting a revenue growth of 12% for the second half of 2023, driven by increased demand in the agricultural sector[153] - Overall, China BlueChemical Ltd. remains optimistic about its growth trajectory, with a commitment to sustainability and innovation as key drivers for future success[153]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 6,176 million, a decrease from RMB 7,370 million for the same period in 2022, representing a decline of approximately 16.2%[2] - Gross profit for the same period was RMB 1,064 million, down from RMB 1,408 million in 2022, indicating a decrease of about 24.4%[3] - Net profit attributable to the owners of the company was RMB 1,715 million, compared to RMB 937 million in the previous year, reflecting an increase of approximately 83%[4] - Basic earnings per share increased to RMB 0.37 from RMB 0.20, marking an increase of 85% year-over-year[3] - The company reported a pre-tax profit of RMB 1,840 million, up from RMB 1,296 million in the previous year, an increase of approximately 42%[3] - Other income for the period was RMB 57 million, compared to RMB 33 million in the same period last year, showing an increase of approximately 75%[3] - The group’s net profit for the period was RMB 1,725.5 million, an increase of RMB 679.5 million or 65.0% compared to RMB 1,046.0 million in the same period of 2022[62] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 23,697 million, slightly up from RMB 23,498 million at the end of 2022[9] - Total equity increased to RMB 18,772 million from RMB 17,777 million, representing a growth of about 5.6%[7] - The company’s total liabilities decreased to RMB 4,926 million from RMB 5,721 million, indicating a reduction of about 13.9%[9] - The group’s total interest-bearing debt was RMB 2.00 billion, with a capital debt ratio of 9.7% as of June 30, 2023[66] Cash Flow and Dividends - The company did not declare any dividend for the current period, compared to a proposed dividend of RMB 820 million in the previous year[7] - As of June 30, 2023, the company held cash and cash equivalents of RMB 1,064.4 million, an increase from RMB 528.8 million at the beginning of the year[67] - The net cash inflow from operating activities for the first half of 2023 was RMB 378.5 million, while net cash inflow from investing activities was RMB 1,011.8 million[67] - The company declared a dividend of RMB 0.178 per share for the fiscal year 2022, totaling RMB 820,580,000 distributed, compared to RMB 711,138,000 for the previous year[38] Production and Sales - The urea segment generated revenue of RMB 2,520,008 thousand, while the phosphate and compound fertilizer segment generated RMB 1,193,639 thousand, and the methanol segment generated RMB 1,062,075 thousand[14] - In the first half of 2023, the company's urea production reached 1,044,993 tons, with a sales volume of 1,043,916 tons, achieving an operating rate of 113.5%[51] - The company produced 68,700 tons of methanol and sold 65,500 tons during the same period, reflecting a strong operational performance[49] - The sales volume of compound fertilizers decreased by 33.0% year-on-year, resulting in a revenue drop of RMB 588.3 million[52] Market Conditions - The domestic urea price experienced a significant decline, dropping over RMB 700 per ton by mid-June 2023, following a peak of RMB 2,700 per ton earlier in the year[44] - The price of diammonium phosphate fell from RMB 3,800-3,850 per ton at the beginning of the year to RMB 2,400 per ton by the end of June 2023, reflecting a decrease of over RMB 1,000 per ton[45] - The overall chemical product market faced continuous price declines due to weak domestic and international demand, with prices adjusting downward throughout the first half of 2023[46] Governance and Compliance - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[81] - The company is committed to transparency by disclosing its performance on the Hong Kong Stock Exchange[81] - The company has a structured approach to corporate governance with independent non-executive directors[81] - The company continues to adhere to regulatory requirements for financial reporting and disclosures[81] Other Financial Metrics - The effective corporate income tax rate for the group is 25% for entities located in China[25] - The group recognized government grants of RMB 35,206 thousand during the six months ended June 30, 2023, compared to RMB 15,947 thousand in the same period of 2022[17] - The group’s depreciation and amortization expenses for the six months ended June 30, 2023, totaled RMB 267,824 thousand, slightly down from RMB 271,077 thousand in the same period of 2022[21] - Administrative expenses rose to RMB 272.7 million, an increase of RMB 21.3 million or 8.5% from RMB 251.4 million in the same period of 2022[56] Strategic Initiatives - The company plans to enhance production safety, optimize business models, and promote digitalization in smart factories and sales[75] - The company is exploring opportunities in green methanol production and has established partnerships with several downstream enterprises[50]

Financial Performance - Total sales revenue for 2022 reached RMB 14,279.0 million, an increase of 6.6% compared to RMB 13,398.0 million in 2021[6] - Gross profit for 2022 was RMB 2,536.6 million, a decrease of 13.6% from RMB 2,936.4 million in 2021[6] - The net profit attributable to shareholders for 2022 was RMB 1,642.6 million, representing an increase of 9.7% from RMB 1,497.6 million in 2021[6] - The group’s revenue for the reporting period was RMB 14,279.1 million, an increase of 12.2% compared to RMB 13,398.0 million in 2021[32] - The group's gross profit was RMB 2,536.6 million, a decrease of 13.6% from RMB 2,936.4 million in 2021[32] - The group's net profit for the reporting period was RMB 1,798.7 million, an increase of RMB 157.3 million from RMB 1,641.4 million in 2021[43] - The company reported a significant increase in revenue, achieving a total of $X billion, representing a Y% growth compared to the previous year[93] - The company reported a significant increase in revenue, reaching $X billion, representing a Y% growth year-over-year[99] Assets and Equity - Total assets as of December 31, 2022, amounted to RMB 23,497.7 million, up from RMB 21,431.6 million in 2021, reflecting a growth of 9.7%[7] - The company’s total equity increased to RMB 17,776.6 million in 2022, up from RMB 16,914.7 million in 2021[7] - The company's total share capital was RMB 4.61 billion, with 4.61 billion ordinary shares issued[108] - The company's distributable reserves amounted to RMB 13,547.68 million as of December 31, 2022[110] Production and Sales - The total production of urea reached 1.962 million tons, phosphorous compound fertilizer 933,000 tons, methanol 1.520 million tons, and polyformaldehyde 21,000 tons in 2022[13] - The company sold 1.959 million tons of urea, 1.506 million tons of methanol, 624,000 tons of phosphorous fertilizer, 299,000 tons of compound fertilizer, and 21,000 tons of polyformaldehyde in 2022[13] - The sales volume of the company's fertilizer products showed a slight decline, with urea sales down 1.5% and compound fertilizer down 5.0% compared to the previous year[9] - The company maintained a balanced production and sales strategy despite a significant reduction in exports[26] Market and Strategic Plans - The company plans to enhance its market expansion strategies and invest in new product development to drive future growth[3] - The company plans to enhance HSE and production management, improve marketing capabilities, and increase direct sales ratio in 2023[15] - The company is focusing on high-end chemical new materials and has made significant progress in the acrylonitrile project, which is expected to enhance its position in the organic chemical sector[13] - The company anticipates a stable demand for urea and phosphorous fertilizers in 2023, with potential fluctuations in prices during the off-season[15] Financial Management - The financing income for 2022 was RMB 314.8 million, a decrease from RMB 372.7 million in 2021[6] - The group's financing costs were RMB 29.4 million, down RMB 21.2 million or 41.9% from RMB 50.6 million in 2021, mainly due to a decrease in the average scale of working capital loans and financing rates[38] - The group recorded a net foreign exchange gain of RMB 9.4 million, significantly up from RMB 0.4 million in 2021, attributed to increased foreign currency receipts from export business and the adoption of spot exchange policies[39] - The company is monitoring liquidity risks and balancing the sustainability and flexibility of funding through various financing means[50] Corporate Governance - The company held an annual general meeting and approved 19 proposals, including the 2021 financial report and the 2022 budget plan[63] - The board consists of seven members, including two executive directors and three independent non-executive directors, ensuring compliance with the listing rules[66] - The company has established mechanisms to ensure independent viewpoints within the board, including the presence of independent non-executive directors[68] - The company has a policy for board member diversity, considering factors such as gender, age, and professional experience[66] Risk Management and Compliance - The company has implemented a risk management and internal control system, which is regularly reviewed for effectiveness[75] - The company has complied with all provisions of the Corporate Governance Code during the reporting period[137] - The supervisory board confirmed that the company strictly adhered to financial laws and regulations, with effective financial management systems in place[143] Environmental and Social Responsibility - The company has established environmental KPI targets and is actively monitoring their implementation as part of its governance responsibilities[73] - The company made charitable donations totaling RMB 20.3 million during the fiscal year[110] Related Party Transactions - The related transactions with China National Offshore Oil Corporation (CNOOC) and its affiliates are classified as connected transactions under the listing rules[123] - The company has established a natural gas supply contract with CNOOC (China) Limited, effective from April 8, 2016, expected to last until July 31, 2024, primarily for the Fudao Phase I urea plant[126] Future Outlook - The company provided a positive outlook for the next quarter, projecting revenue growth of A% and an increase in user engagement metrics[95] - Overall, the company remains optimistic about future growth, driven by strategic initiatives and market expansion efforts[99]

Financial Performance - Sales revenue for 2022 reached RMB 14,279.0 million, an increase of 6.6% compared to RMB 13,398.0 million in 2021[8] - Gross profit for 2022 was RMB 2,536.6 million, a decrease of 13.6% from RMB 2,936.4 million in 2021[8] - The company reported a net profit of RMB 1,798.7 million for 2022, which is an increase of 9.6% from RMB 1,641.4 million in 2021[8] - The basic earnings per share for 2022 was RMB 0.36, up from RMB 0.32 in 2021, reflecting a growth of 12.5%[8] - The group's revenue for the reporting period was RMB 14,279.1 million, an increase of 12.2% compared to RMB 12,748.0 million in 2021[17] - The cost of sales for the group was RMB 11,742.4 million, up 12.2% from RMB 10,461.6 million in 2021[17] - The gross profit for the group was RMB 2,536.6 million, a decrease of 13.6% from RMB 2,936.4 million in 2021[17] - The group's net profit for the reporting period was RMB 1,798.7 million, an increase of RMB 157.3 million from RMB 1,641.4 million in 2021[56] Production and Sales - The total production volume for fertilizers in 2022 was 1,962,091 tons, a decrease of 3.3% from 2,028,880 tons in 2021[10] - The company produced 1.962 million tons of urea, 0.933 million tons of compound fertilizer, 1.520 million tons of methanol, and 0.021 million tons of polyoxymethylene in 2022[17] - The sales volume for urea was 1.959 million tons, methanol was 1.506 million tons, and phosphate fertilizer was 0.624 million tons in 2022[17] - The export volume of urea was approximately 2.83 million tons, a decrease of 46.5% year-on-year[20] - The company achieved sales of 150,600 tons of methanol in 2022, up from 1,366,581 tons in 2021[34] - Phosphate and compound fertilizer sales totaled 923,343 tons in 2022, down from 971,727 tons in 2021[37] Assets and Equity - Total assets as of December 31, 2022, amounted to RMB 23,497.7 million, up from RMB 21,431.6 million in 2021, representing an increase of 9.7%[9] - The company’s total equity as of December 31, 2022, was RMB 17,776.6 million, an increase from RMB 16,914.7 million in 2021[9] - The company’s total share capital was RMB 4.61 billion, with 4.61 billion ordinary shares issued[129] - The company’s distributable reserves amounted to RMB 13,547.68 million as of December 31, 2022[131] Dividends - The company proposed a dividend of RMB 820,580 thousand, compared to RMB 714,550 thousand in 2021, indicating an increase of 14.8%[177] - The company paid dividends totaling RMB 714,550 thousand in 2022, which is a substantial increase from RMB 368,800 thousand in 2021, representing a growth of approximately 93%[185] Market Strategy and Future Plans - The company plans to continue expanding its production capacity and exploring new markets to enhance its competitive position in the industry[6] - The company plans to enhance HSE and production management, improve marketing capabilities, and increase direct sales ratio in 2023[19] - The company aims to strengthen digital capabilities and research opportunities for high-quality development in 2023[19] - The company anticipates a recovery in industrial demand and export markets in 2023 due to domestic economic recovery[68] Risk Management and Governance - The company has established a comprehensive risk management and internal control system to ensure effective operation and compliance with regulations[105] - The board has strengthened risk management and internal controls, enhancing corporate governance policies and practices[89] - The company complied with all provisions of the Corporate Governance Code during the reporting period[158] Related Party Transactions - The company has ongoing related party transactions with CNOOC and its affiliates, including property leasing agreements[145] - The group incurred annual expenses of RMB 31,377 thousand for property leasing and management services from China National Offshore Oil Corporation (CNOOC) in 2022[146] - The group provided services and sold products to CNOOC amounting to RMB 476,866 thousand, while receiving services and products worth RMB 595,173 thousand[152] Financial Management - The company maintained a sound financial management system, with audit reports confirming adherence to accounting standards and fair representation of financial results[164] - The company’s cash flow from operating activities was not detailed in the provided documents, but the overall cash flow situation indicates a focus on improving liquidity management moving forward[185] Environmental and Social Responsibility - The company made charitable donations totaling RMB 20.3 million during the fiscal year[131] - The management emphasized a commitment to sustainability, with plans to reduce carbon emissions by K% over the next five years[115]

Financial Performance - Revenue for the year ended December 31, 2022, was RMB 14,279 million, an increase from RMB 13,398 million in 2021, representing a growth of approximately 6.6%[2] - Gross profit for the same period was RMB 2,537 million, down from RMB 2,936 million in 2021, indicating a decrease of about 13.6%[3] - Net profit attributable to the company's owners was RMB 1,643 million, compared to RMB 1,498 million in 2021, reflecting an increase of approximately 9.7%[3] - Basic earnings per share for the year was RMB 0.36, up from RMB 0.32 in the previous year, marking a growth of 12.5%[3] - The proposed final dividend is RMB 0.178 per share, an increase from RMB 0.178 in 2021[2] - The company reported a pre-tax profit of RMB 2,270 million, down from RMB 2,642 million in 2021, representing a decrease of about 14.1%[3] - The pre-tax profit for the entire group was RMB 2,270,769 thousand for 2022, compared to RMB 2,641,606 thousand in 2021, indicating a decrease of about 14.05%[13] - The income tax expense for 2022 was RMB 472,037, significantly lower than RMB 1,000,171 in 2021, resulting in an effective tax rate of 21%[26] - The net profit attributable to shareholders for 2022 was RMB 1,642,578, an increase of 9.68% from RMB 1,497,598 in 2021[27] - The company reported a decrease in other income to RMB 76,656 in 2022 from RMB 109,982 in 2021, a decline of 30.24%[19] Assets and Equity - Total assets as of December 31, 2022, amounted to RMB 23,497 million, up from RMB 21,432 million in 2021, representing an increase of approximately 9.6%[5] - Total equity attributable to the company's owners was RMB 16,747 million, compared to RMB 15,827 million in 2021, indicating a growth of about 5.8%[5] - Current assets net amount to RMB 11,382 million, an increase from RMB 10,020 million in 2021, reflecting a growth of approximately 13.6%[6] - The group's total assets as of December 31, 2022, amounted to RMB 23,497,659 thousand, while total liabilities were RMB 5,721,069 thousand[13] - The group's receivables from trade amounted to RMB 284,584 thousand in 2022, a substantial increase from RMB 35,409 thousand in 2021, indicating improved credit management[31] - The group reported no impairment losses on trade receivables for both 2022 and 2021, reflecting strong collection practices[32] Segment Performance - The urea segment generated revenue of RMB 4,968,600 thousand with a pre-tax profit of RMB 841,482 thousand[13] - The phosphate and compound fertilizer segment reported revenue of RMB 3,511,267 thousand and a pre-tax profit of RMB 1,103,042 thousand[13] - The methanol segment achieved revenue of RMB 3,267,883 thousand with a pre-tax profit of RMB 123,100 thousand[13] - Urea revenue reached RMB 4,968.6 million, up RMB 615.7 million or 14.1% from RMB 4,352.9 million in 2021, primarily due to a price increase of RMB 347.4 per ton[55] - Phosphate and compound fertilizer revenue increased to RMB 3,267.9 million, a rise of RMB 453 million or 16.1% from RMB 2,814.9 million in 2021, driven by a price increase of RMB 642.4 per ton[55] - Methanol revenue was RMB 3,511.3 million, up RMB 298.2 million or 9.3% from RMB 3,213.1 million in 2021, attributed to an increase in sales volume by 139,693 tons[55] Costs and Expenses - The cost of goods sold for 2022 was RMB 11,421,107, up from RMB 10,085,796 in 2021, reflecting a 13.27% increase[20] - The company's sales cost increased to RMB 11,742.4 million, up RMB 1,280.8 million or 12.2% from RMB 10,461.6 million in 2021[56] - Administrative expenses increased to RMB 5,515 million, up RMB 92 million or 1.7% from RMB 5,423 million in 2021, primarily due to a rise in labor costs and depreciation[62] - Other expenses significantly decreased to RMB 474 million, down RMB 3,115 million or 86.8% from RMB 3,589 million in 2021, mainly due to a reduction in personnel placement costs[63] Investments and Capital Expenditures - Capital expenditures for the year totaled RMB 1,211,889 thousand, reflecting investments in property, plant, and equipment[13] - Capital expenditures totaled RMB 1,825 million, with significant investments in refining and chemical projects amounting to RMB 1,574 million[71] Future Outlook and Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[7] - The company plans to continue exploring market expansion and new product development strategies in the upcoming fiscal year[1] - The industry outlook for 2023 anticipates recovery in exports and industrial demand, with strong support for the urea market[81] - Key focus areas for 2023 include enhancing HSE management, increasing direct sales, and advancing digital capabilities[82] Shareholder Information - Proposed final dividend for 2022 is RMB 0.178 per ordinary share, up from RMB 0.155 per share in 2021, totaling RMB 820,580 thousand compared to RMB 714,550 thousand in 2021[34] - The board proposed a final dividend of RMB 0.178 per share for the year ended December 31, 2022, subject to shareholder approval at the annual general meeting on May 25, 2023[87] - The final dividend is expected to be paid to shareholders around June 30, 2023[87] - The company will withhold a corporate income tax of 10% on dividends paid to non-resident corporate shareholders[88] Compliance and Governance - The company has adhered to corporate governance codes and has no significant breaches reported during the period[84] - The company has no significant contingent liabilities or major litigation during the reporting period[79]

Financial Performance - The company reported a revenue of RMB 7,370.8 million for the six months ended June 30, 2022, representing a 20.6% increase compared to the same period last year[5]. - The net profit attributable to the company's owners was RMB 936.9 million, which is higher than the previous year's level, marking the best performance for the same period since 2013[9]. - The gross profit for the first half of 2022 was RMB 1,408.1 million, compared to RMB 1,285.2 million in 2021, indicating a positive growth trend[5]. - The group's revenue for the reporting period was RMB 7,370.8 million, an increase of RMB 1,260.9 million or 20.6% compared to RMB 6,109.9 million in the same period of 2021, primarily due to significant price increases in methanol, urea, and phosphate compound fertilizers[21]. - The group's gross profit for the reporting period was RMB 1,408.0 million, up RMB 122.8 million or 9.6% from RMB 1,285.2 million in 2021, mainly due to increased methanol prices and sales volume[22]. - The group's net profit for the reporting period was RMB 1,046.0 million, a decrease of RMB 281.9 million compared to RMB 1,327.9 million in the same period of 2021[30]. Production and Sales - The company achieved a production volume of 909,015 tons for fertilizers, a decrease of 9.5% compared to 1,004,463 tons in the same period last year[7]. - The sales volume of the company's fertilizers totaled 949,139 tons, down 7.3% from 1,023,773 tons in the previous year[8]. - In the first half of the year, the company produced 909,000 tons of urea, 773,000 tons of methanol, 522,000 tons of phosphate and compound fertilizers, and 5,000 tons of polyoxymethylene[10]. - The company sold 949,000 tons of urea, 722,000 tons of methanol, 515,000 tons of phosphate and compound fertilizers, and 3,484 tons of polyoxymethylene, with an increase of 73,000 tons in sales of value-added products year-on-year[10]. Assets and Liabilities - The total assets of the company as of June 30, 2022, amounted to RMB 22,031.5 million, an increase from RMB 21,431.6 million at the end of 2021[6]. - The company reported a total equity of RMB 17,088.5 million as of June 30, 2022, compared to RMB 16,914.7 million at the end of 2021[6]. - Total liabilities increased to RMB 4,942,916 thousand as of June 30, 2022, compared to RMB 4,516,904 thousand at the end of 2021, reflecting a growth of 9.4%[56]. - Non-current liabilities rose to RMB 1,435,739 thousand, up from RMB 1,074,865 thousand, marking an increase of 33.6%[56]. - Current liabilities reached RMB 3,507,177 thousand, compared to RMB 3,442,039 thousand, indicating a rise of 1.9%[56]. Cash Flow and Investments - The net cash generated from operating activities for the six months ended June 30, 2022, was RMB 744,598,000, a decrease of 33.2% compared to RMB 1,114,416,000 for the same period in 2021[60]. - The net cash used in investing activities was RMB 260,002,000, significantly improved from RMB 1,685,832,000 in the previous year[60]. - The company reported a net increase in cash and cash equivalents of RMB 187,726,000, contrasting with a net decrease of RMB 2,024,796,000 in the same period last year[60]. - The company invested approximately RMB 419,474,000 in property, plant, and equipment during the six months ended June 30, 2022, compared to RMB 91,256,000 in the same period of 2021[80]. Market Outlook - The company expects a significant price adjustment in the domestic urea market in the third quarter due to seasonal demand fluctuations[11]. - The domestic phosphate fertilizer supply is anticipated to be relatively loose, with increased pressure on domestic sales and prices expected to decline[11]. - The domestic demand is expected to be weak in the second half of the year, particularly in Q3, leading to a significant potential decline in the domestic urea market[38]. - Methanol is anticipated to continue in a supply surplus situation, with the market expected to adjust weakly amid poor macro expectations[38]. Sustainability and Development - The company has committed to green and sustainable development, achieving a carbon reduction of 34,000 tons in the first half of 2022[9]. - The company signed a joint development agreement with BASF and China Five Rings to explore comprehensive utilization of high CO2 natural gas[9]. - The company is pushing forward with carbon reduction technology research and collaboration with BASF and China Five Rings[11]. - The company has maintained industry-leading energy efficiency indicators as part of its dual carbon action plan[19]. Shareholder Information - Major shareholder China National Offshore Oil Corporation holds approximately 2.74 billion shares, representing 59.41% of the total issued shares[45]. - The company did not declare any dividends for the current period, compared to RMB 714,550 declared in the previous year[55]. - The company declared a dividend of RMB 0.154 per share for the year ended 2021, totaling RMB 711,138,000, compared to RMB 368,800,000 for the previous year[109].

Financial Performance - Total sales revenue for 2021 reached RMB 13,398.0 million, an increase of 28.5% compared to RMB 10,417.5 million in 2020[8] - Gross profit for 2021 was RMB 2,936.4 million, representing a gross margin of approximately 21.9%[8] - The company's net profit attributable to shareholders for 2021 was RMB 1,497.6 million, up from RMB 745.5 million in 2020, marking a growth of 100.5%[8] - The company reported a financing income of RMB 372.7 million in 2021, an increase from RMB 272.6 million in 2020[8] - The company’s total equity as of December 31, 2021, was RMB 16,914.7 million, up from RMB 15,628.1 million in 2020[8] - In 2021, the company achieved a revenue of RMB 13.398 billion, a gross profit of RMB 2.936 billion, and a net profit attributable to shareholders of RMB 1.498 billion, representing a significant increase of 101% compared to 2020[13] - The sales cost for the company in 2021 was RMB 10,461.6 million, an increase of RMB 1,377.8 million from RMB 9,083.8 million in 2020[41] - The company achieved a methanol sales revenue of RMB 3,213.1 million in 2021, up 23.9% from RMB 2,331.6 million in 2020[41] Production and Operations - The production volume of urea for 2021 was 2,028,880 tons, a decrease of 22.6% from 2,620,659 tons in 2020[9] - The operating rate for the company's fertilizer production facilities was 86.0% in 2021, down from 111.0% in 2020[9] - The company achieved a total production of methanol of 1,398,248 tons in 2021, a decrease of 10.5% from 1,562,203 tons in 2020[9] - The total sales volume of urea was 1,988,384 tons, a decrease of 22.5% from 2,566,825 tons in 2020[10] - The company produced 202,900 tons of urea, 139,800 tons of methanol, 97,500 tons of phosphate compound fertilizer, and 31,000 tons of polyformaldehyde in 2021[13] - The sales volume of methanol in 2021 was 1,366,581 tons, with a significant contribution from the South China region at 979,357 tons, accounting for 71.7% of total sales[35] Market Strategy and Development - The company plans to expand its market presence and enhance its product offerings through new technology development and strategic acquisitions[6] - The company plans to strengthen its market leadership and optimize pricing strategies while enhancing digital marketing reforms in 2022[17] - The company aims to explore new growth points and enhance operational efficiency in response to market changes in 2022[17] - The company is investing in R&D, allocating F% of its revenue to develop new technologies and improve existing products[163] - Strategic partnerships are being formed to enhance distribution channels, aiming for a G% increase in market penetration[162] Environmental and Sustainability Efforts - The company has been recognized as a benchmark enterprise for energy efficiency in the synthetic ammonia and methanol industries for ten consecutive years[14] - The company achieved a reduction in pollutant emissions, with SO2 emissions down by 26.5%, NOX by 43.1%, COD by 18.6%, and NH3-N by 169.7% compared to the previous year[70] - The company’s carbon emissions for 2021 were 5.5494 million tons, a decrease of approximately 17.57% year-on-year[71] - The company aims to achieve "carbon peak" and "carbon neutrality" goals, actively engaging in carbon emission management strategies[71] - The company has implemented a green low-carbon development strategy, focusing on energy conservation and emission reduction[69] Corporate Governance - The company has established a modern corporate governance structure, ensuring effective checks and balances among shareholders, the board of directors, and senior management[121] - The board of directors consists of eight members, including three executive directors and three independent non-executive directors, ensuring compliance with corporate governance regulations[129] - The company has maintained compliance with corporate governance standards and has not faced any disciplinary inquiries from regulatory bodies[121] - The company’s board structure includes three independent non-executive directors, ensuring a balance of power and decision-making[199] Employee and Community Engagement - As of December 31, 2021, the group had a total of 4,663 employees, with total wages and allowances amounting to approximately RMB 797.1 million for the year[57] - During the reporting period, the company conducted training for 386,736 person-times, totaling 434,452.76 training hours, including online training[57] - The company has established 11 youth volunteer service teams with over 400 active volunteers participating in various community service activities[119] - The company made charitable donations totaling RMB 2.8 million during the year[177] Related Party Transactions - The company confirmed that all related party transactions were conducted on normal commercial terms and were approved by the board[197] - The company’s auditor reviewed the related party transactions and confirmed compliance with the relevant listing rules[197] - The company has established five long-term agreements for natural gas sales and purchases with CNOOC's wholly-owned subsidiary, CNOOC (China) Limited[191] Risk Management - The group faces significant market risks related to product prices, raw material costs (mainly natural gas, coal, phosphate rock, liquid ammonia, and sulfur), and fuel costs[58] - The company has a comprehensive risk management system in place, including a risk management committee and department to identify and report significant risks[155] - The company has revised its internal control and risk management policies to enhance compliance and operational efficiency[155]

Financial Performance - The company achieved revenue of RMB 6,110 million for the first half of 2021, representing a 23.9% increase compared to the same period last year[11]. - Net profit attributable to the company's owners reached RMB 1,246 million, a significant increase of 301.9% year-on-year[11]. - The gross profit for the first half of 2021 was RMB 1,444,814, compared to RMB 685,327 in the same period of 2020, indicating strong growth[6]. - The group reported a revenue of RMB 6,109.9 million for the period, an increase of RMB 1,138.3 million or 22.9% compared to RMB 4,971.6 million in the same period of 2020, primarily due to significant price increases in methanol, urea, and phosphate compound fertilizers[26]. - The net profit for the reporting period was RMB 1,327.9 million, an increase of RMB 1,028.3 million compared to RMB 299.6 million in the same period of 2020[36]. - The pre-tax profit for the six months ended June 30, 2021, was RMB 1,723,701 thousand, compared to RMB 432,399 thousand in the prior year, marking a 298.5% increase[57]. - The basic earnings per share for the period was RMB 0.27, compared to RMB 0.07 in the same period last year[58]. Assets and Liabilities - The company reported a total asset value of RMB 20,663,596 as of June 30, 2021, slightly down from RMB 20,747,768 at the end of 2020[7]. - The total equity increased to RMB 16,606,196 from RMB 15,628,137 year-on-year, reflecting a solid financial position[7]. - As of June 30, 2021, the group had total interest-bearing liabilities of RMB 921 million, with a capital debt ratio of 5.4%[39]. - Total liabilities decreased from RMB 5,119,631 thousand as of December 31, 2020, to RMB 4,057,400 thousand as of June 30, 2021, representing a reduction of approximately 20.8%[61]. - The company's cash and cash equivalents decreased to RMB 766,840 thousand from RMB 2,765,441 thousand at the end of 2020[60]. Production and Sales - The production volume for the group totaled 1,004,463 tons in the first half of 2021, a decrease of 27.3% compared to 1,380,842 tons in the same period of 2020[8]. - The company sold 171,478 tons of DAP and compound fertilizers in the first half of 2021, a 37.1% increase from 125,043 tons in the same period of 2020[10]. - The company sold 1,024,000 tons of urea, 578,000 tons of methanol, 554,000 tons of phosphate and compound fertilizers, and 17,000 tons of polyoxymethylene, with value-added product sales reaching 233,000 tons, a new high[22]. - The group produced a total of 1,004,463 tons of fertilizers in the first half of 2021, with a sales volume of 1,004,463 tons, reflecting an operational rate of 85.1%[23]. Cost Management and Efficiency - The company maintained a strong focus on cost reduction and efficiency improvement, enhancing internal management effectiveness[11]. - Administrative expenses increased to RMB 229.9 million, up RMB 40.0 million or 21.1% from RMB 189.9 million in 2020, primarily due to increased labor costs[30]. - The group’s financing costs decreased to RMB 32.4 million from RMB 38.6 million in the same period of 2020, a reduction of RMB 6.2 million[32]. Market and Strategic Initiatives - The company is actively promoting its "dual carbon action" plan and has completed the preparation of the "Low Carbon Action Plan Report"[22]. - The company plans to enhance its sales and trading efficiency in the fertilizer and chemical products market, aiming to improve product profit margins[13]. - The company aims to explore feasible paths for utilizing natural gas in the South China Sea and promote research on low-carbon natural gas utilization technology[13]. - The company plans to focus on market expansion and product development in the second half of 2021, with a strong emphasis on the methanol market and its relationship with oil prices[45]. Cash Flow and Investments - The net cash generated from operating activities was 1,114,416, a significant increase compared to 219,852 in the previous period[66]. - The net cash flow from investing activities was negative at (1,685,832), contrasting with a positive cash flow of 379,747 previously[66]. - The company made substantial investments in property, plant, and equipment totaling (338,879), compared to (116,078) previously, indicating ongoing expansion efforts[66]. Other Financial Metrics - The company recognized a gain from the sale of subsidiaries amounting to RMB 68,707 thousand during the period[57]. - The company received government grants amounting to 16,227, up from 5,984 in the previous period, reflecting increased support[66]. - The company reported a significant increase in interest income to 111,493 from 67,765, indicating improved financial management[66]. - The company declared a dividend of RMB 0.080 per share for the year ended 2020, up from RMB 0.076 per share for the previous year, reflecting a 5.3% increase[116].