Financial Performance - The company reported a total revenue of RMB 50,000 million for the first half of 2022, representing a year-on-year increase of 15%[10]. - The net profit attributable to shareholders was RMB 3,500 million, up 20% compared to the same period last year[10]. - The company's revenue for the first half of 2022 was RMB 45.90 billion, an increase of 23.60% compared to RMB 37.14 billion in the same period last year[19]. - The total loss attributable to shareholders for the first half of 2022 was RMB 436.01 million, a decrease of 135.04% from a profit of RMB 1.24 billion in the previous year[19]. - The company achieved a net sales revenue of RMB 40.142 billion in the first half of 2022, an increase of 26.89% compared to the same period last year[37]. - The company reported a net profit of RMB (436,009) thousand for the first half of 2022, compared to a profit of RMB 5,188 thousand in the same period of 2021, reflecting a significant decline[183]. - The total profit for the six months ended June 30, 2022, was a loss of RMB 442,601 thousand, compared to a profit of RMB 1,510,713 thousand in 2021[171]. - The company’s tax expenses for the first half of 2022 were a benefit of RMB (11,780) thousand, compared to an expense of RMB 261,344 thousand in 2021[171]. Cash Flow and Investments - The net cash flow used in operating activities was RMB -6.41 billion, representing a 168.05% increase in cash outflow compared to RMB -2.39 billion in the same period last year[19]. - The total cash inflow from operating activities for the first half of 2022 was RMB 50,632,846 thousand, an increase of 31.1% compared to RMB 38,606,063 thousand in the same period of 2021[177]. - The net cash outflow from operating activities was RMB 6,405,122 thousand, compared to a net outflow of RMB 2,389,552 thousand in the first half of 2021, representing a deterioration of 168.5%[177]. - Cash inflow from investment activities amounted to RMB 6,761,122 thousand, up from RMB 6,037,502 thousand in the same period of 2021, reflecting an increase of 12.0%[179]. - The net cash outflow from investment activities was RMB 4,984,414 thousand, a decrease of 45.5% compared to RMB 9,143,860 thousand in the first half of 2021[179]. - The total cash and cash equivalents at the end of the period were RMB 2,438,650 thousand, compared to RMB 1,367,415 thousand at the end of the same period in 2021, indicating an increase of 78.4%[179]. Operational Highlights - The company processed 5.80 million tons of crude oil, a decrease of 6.68% year-on-year[31]. - The production of main products decreased by 8.07% to 5.43 million tons compared to the same period last year[31]. - The production of aviation kerosene fell by 35.32% to 39.38 thousand tons compared to the previous year[31]. - The company achieved a product sales rate of 98.74% and a cash recovery rate of 100% (excluding related parties) during the reporting period[31]. - The company faced significant challenges due to the pandemic and supply chain disruptions, impacting overall market demand and production capabilities[26]. Research and Development - Research and development expenses increased by 12% year-on-year, totaling RMB 1,200 million, reflecting the company's commitment to innovation[10]. - The company applied for 55 patents and received 39 patent authorizations during the reporting period, emphasizing its commitment to innovation and intellectual property protection[33]. - The company aims to accelerate the development of carbon fiber and composite materials, as well as advance digital transformation initiatives[49]. Sustainability and Environmental Initiatives - The company aims to reduce carbon emissions by 5% by 2025 as part of its sustainability strategy[10]. - The company has achieved a 100% compliance rate for wastewater discharge standards and hazardous waste disposal during the first half of 2022[96]. - The company has maintained a 100% compliance rate for air pollutant emissions from its thermal power boilers, meeting the standards set by local regulations[97]. - The company has actively participated in poverty alleviation efforts, completing consumption assistance of over RMB 3.62 million in impoverished areas of Yunnan Province[106]. - The company has implemented a high standard green enterprise action plan, focusing on pollution prevention and control measures[95]. Market Position and Strategy - The company plans to enhance its market expansion efforts, focusing on increasing production capacity by 10% in the next fiscal year[6]. - The management provided a performance guidance of 8-10% revenue growth for the second half of 2022[10]. - The company is exploring potential mergers and acquisitions to strengthen its market position in the petrochemical sector[10]. - The company is actively adjusting its product structure and improving product quality to enhance competitiveness in the market[25]. Risks and Challenges - The company has identified key risks including fluctuating oil prices and regulatory changes that may impact operations[5]. - The company faces risks related to environmental regulations that may impose additional costs on its operations[73]. - The company is subject to currency fluctuations, particularly the impact of RMB depreciation on costs and profitability, as a significant portion of its procurement is denominated in foreign currencies[74]. - The company’s ability to pass on increased crude oil costs to customers is limited by market conditions and government regulations[71]. - The company’s business operations may be adversely affected by cyclical characteristics of the oil and petrochemical markets[70]. Shareholder Information - The company approved a cash dividend of RMB 0.1 per share for the fiscal year 2021, totaling RMB 1,082,381,350 based on 10,823,813,500 shares[81]. - The largest shareholder, China Petroleum & Chemical Corporation, held 5,459,455,000 A shares, representing 50.44% of the total shares[141]. - The total number of ordinary shareholders as of the end of the reporting period was 105,475[140]. - The company did not issue any new securities during the reporting period[137]. Financial Ratios and Metrics - The company's current ratio was 132.40%, a slight decrease of 0.12% compared to the previous year[152]. - The quick ratio decreased by 14.48% to 80.15%, attributed to increased inventory due to rising international crude oil prices[152]. - The debt-to-asset ratio improved by 3.66% to 31.72% compared to the end of the previous year[152]. - The interest coverage ratio fell by 119.38% to -7.84, indicating a substantial decline in the company's ability to cover interest expenses[153]. - The EBITDA interest coverage ratio dropped by 85.10% to 9.68, highlighting the financial strain faced by the company[153].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 26,006,070, representing a year-on-year increase of 27.61%[4] - The net profit attributable to shareholders of the listed company was CNY 213,510, showing a significant decline of 81.81% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 241,668, down 79.14% year-on-year[4] - The basic earnings per share for the period was CNY 0.020, a decrease of 81.48% compared to the previous year[4] - Total operating revenue for Q1 2022 was CNY 26,006,070, an increase of 27.5% compared to CNY 20,379,079 in Q1 2021[15] - Net profit for Q1 2022 was CNY 214,850, a decrease of 81.7% from CNY 1,175,274 in Q1 2021[15] - Operating profit for Q1 2022 was CNY 311,893, down 79.2% from CNY 1,504,446 in Q1 2021[15] - Total comprehensive income for Q1 2022 was CNY 420,646, a decrease of 64.3% from CNY 1,177,086 in Q1 2021[16] - Basic earnings per share for Q1 2022 were CNY 0.020, down from CNY 0.108 in Q1 2021[16] Cash Flow and Assets - The net cash flow from operating activities was CNY -1,785,568, indicating a significant cash outflow[4] - Cash flow from operating activities showed a net outflow of CNY 1,785,568, compared to a net outflow of CNY 322,532 in Q1 2021[18] - Cash and cash equivalents at the end of Q1 2022 were CNY 4,987,376, a decrease from CNY 6,916,408 at the end of Q1 2021[19] - Cash inflow from financing activities in Q1 2022 was CNY 6,454,975, compared to CNY 890,000 in Q1 2021[18] - The total assets at the end of the reporting period were CNY 47,038,622, an increase of 14.24% from the end of the previous year[4] - As of March 31, 2022, total assets amounted to RMB 53,737,111, an increase from RMB 47,038,622 as of December 31, 2021, representing a growth of approximately 14.4%[12] - Current assets totaled RMB 25,755,453, up from RMB 20,932,276, indicating a rise of about 23.5% year-over-year[12] - Inventory increased significantly to RMB 9,479,927 from RMB 5,923,525, reflecting a growth of approximately 60.5%[12] - Total liabilities reached RMB 22,897,700, compared to RMB 16,643,191, marking an increase of around 37.5%[13] - The company's short-term borrowings rose to RMB 3,040,000 from RMB 1,540,000, which is an increase of about 97.4%[12] - The total equity attributable to shareholders was RMB 30,702,812, up from RMB 30,260,172, indicating a growth of about 1.5%[13] - The company reported a significant increase in accounts receivable, which rose to RMB 1,978,371 from RMB 1,169,405, representing a growth of approximately 69%[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 106,105[9] - The largest shareholder, Sinopec Limited, held 50.44% of the shares, while the second-largest shareholder, Hong Kong Central Clearing Limited, held 31.91%[9] Operational Insights - The company experienced a substantial increase in product costs due to a sharp rise in crude oil prices, impacting overall performance negatively[7] - The company has not indicated any new product launches or technological advancements during this reporting period[11] - There are no significant mergers or acquisitions reported in the current quarter[11] - Research and development expenses for Q1 2022 were CNY 11,867, slightly down from CNY 12,236 in Q1 2021[15] - Total operating costs for Q1 2022 were CNY 25,599,241, an increase of 33.6% from CNY 19,157,566 in Q1 2021[15] - The weighted average return on equity was 0.700%, a decrease of 3.24 percentage points compared to the previous year[4]

Financial Performance - The net profit attributable to the parent company's shareholders for 2021 was RMB 2,000,506 thousand, while the net profit according to International Financial Reporting Standards was RMB 2,073,431 thousand[2]. - In 2021, the company's operating revenue reached RMB 89,280,415 thousand, an increase of 19.51% compared to RMB 74,705,183 thousand in 2020[12]. - The total profit for 2021 was RMB 2,648,161 thousand, reflecting a significant increase of 361.50% from RMB 573,816 thousand in the previous year[12]. - The net profit attributable to shareholders of the parent company was RMB 2,000,506 thousand, up by 218.50% from RMB 628,110 thousand in 2020[12]. - The company's total assets at the end of 2021 amounted to RMB 47,038,622 thousand, a 5.12% increase from RMB 44,749,173 thousand in 2020[12]. - The basic earnings per share for 2021 was RMB 0.185, representing a 213.56% increase from RMB 0.059 in 2020[12]. - The net cash flow from operating activities for 2021 was RMB 4,060,026 thousand, compared to RMB 1,751,217 thousand in 2020, indicating a substantial improvement[12]. - The company's net assets attributable to shareholders reached RMB 30,260,172 thousand at the end of 2021, a 3.57% increase from RMB 29,218,033 thousand in 2020[12]. - The weighted average return on equity for 2021 was 6.727%, an increase of 4.60 percentage points from 2.127% in 2020[12]. - The company reported a net profit of RMB 2,076,606 thousand under International Financial Reporting Standards (IFRS) for 2021, compared to RMB 656,398 thousand in 2020[15]. Dividends and Shareholder Returns - The proposed dividend for the 2021 fiscal year is RMB 0.1 per share (including tax), pending approval at the annual general meeting[2]. - The cash dividend amount for 2021 was RMB 1,082,381.35 thousand, representing 54.11% of the net profit attributable to the parent company's shareholders[131]. - The company plans to maintain a cash dividend policy, distributing at least 30% of the annual net profit as cash dividends when conditions are met[129]. Operational Highlights - The company processed a total of 13.76 million tons of crude oil in 2021, a decrease of 6.18% year-on-year, primarily due to the largest maintenance in its history[20]. - The company achieved a production and sales rate of 100.05% and a receivables turnover rate of 100%[20]. - The company increased gasoline production by 12.34 thousand tons despite a decrease in overall crude processing volume[25]. - The company exported 39.1 thousand tons of 92 gasoline and 46.5 thousand tons of low-sulfur aviation kerosene for the first time[25]. - The company maintained a stable operation rate of 97.84% for its facilities, with unplanned shutdowns decreasing by 52.94%[21]. Cost and Revenue Analysis - The total sales cost and expenses for 2021 were RMB 74.4566 billion, up 20.04% from RMB 62.0271 billion in 2020[40]. - The sales cost for the company was RMB 74.298 billion, an increase of 20.03% from RMB 61.9011 billion in the previous year, primarily due to rising crude oil prices[41]. - The total procurement amount from the top five suppliers was RMB 48.0106 billion, accounting for 69.01% of the total procurement[64]. - The total sales amount from the top five customers was RMB 57.1698 billion, representing 64.09% of the total revenue[65]. Environmental and Social Responsibility - The company achieved a comprehensive wastewater discharge compliance rate of 99.95% and a compliance rate of 100% for controlled waste gas emissions in 2021[150]. - The company recycled 91,654 tons of CO2 in 2021 from its ethylene glycol unit, contributing to its carbon reduction efforts[155]. - The company has been recognized as a "Green Enterprise" for multiple consecutive years, reinforcing its commitment to environmental protection[150]. - The company contributed 7.766 million yuan to poverty alleviation efforts, focusing on regions in Yunnan and Gansu[156]. - The company allocated 1.821 million yuan for public welfare projects in 53 villages in collaboration with local governments[156]. Strategic Initiatives and Future Plans - The company plans to process 13.65 million tons of crude oil in 2022, with production targets of 7.57 million tons of refined oil, 825,200 tons of ethylene, and 453,000 tons of polyethylene[92]. - The company aims to strengthen its core industry of carbon fiber and develop high-end new materials, focusing on polyester, polyolefins, and elastomers[91]. - The company is actively participating in the global transition towards low-carbon and renewable energy, aligning with national goals for carbon neutrality[90]. - The company is committed to enhancing its carbon asset management and exploring carbon capture, utilization, and storage (CCUS) technologies to improve its environmental impact[96]. - The company is focusing on achieving carbon peak and carbon neutrality as part of its green transformation strategy, which is essential for high-quality development in the petrochemical industry[106]. Risks and Challenges - The company is highly sensitive to fluctuations in crude oil and petrochemical product prices, which can significantly impact its revenue and financial performance due to their cyclical nature[98]. - Over 95% of the crude oil required for production is imported, exposing the company to risks associated with price volatility and potential supply disruptions[99]. - The company faces risks from potential stricter environmental regulations that could lead to increased operational costs[101]. - Currency fluctuations, particularly the depreciation of the RMB against foreign currencies, could adversely affect the company's costs and profitability[102]. Corporate Governance and Compliance - The company has not reported any significant litigation or arbitration matters during the reporting period[136]. - There were no penalties or administrative measures taken against the company or its executives during the reporting period[137]. - The company has adopted new accounting standards effective from January 1, 2021, including the interpretation of accounting standards related to COVID-19 rent concessions[133]. - The company appointed KPMG Huazhen as the domestic auditor and KPMG as the overseas auditor for the 2021 fiscal year, with fees of RMB 3,418,500 each[134][135]. - The company has not identified any violations of commitments made by its controlling shareholders or related parties during the reporting period[132].

Revenue and Profitability - Revenue for the third quarter reached ¥24,726,487, an increase of 28.18% year-over-year[4] - Net profit attributable to shareholders decreased by 32.87% to ¥720,861 compared to the same period last year[4] - Basic earnings per share for the quarter were ¥0.067, down 33.00% year-over-year[4] - Total operating revenue for the first three quarters of 2021 reached CNY 61,863,093, an increase of 12.5% compared to CNY 54,953,968 in the same period of 2020[18] - Net profit attributable to shareholders of the parent company was CNY 1,965,050, compared to a net loss of CNY 642,219 in the first three quarters of 2020[18] - Operating profit for the first three quarters of 2021 was CNY 2,513,798, a significant recovery from an operating loss of CNY 945,416 in the same period of 2020[18] - The total comprehensive income for the first three quarters of 2021 was CNY 2,048,850, compared to a loss of CNY 640,557 in the same period of 2020[19] - Basic and diluted earnings per share for the first three quarters of 2021 were CNY 0.182, recovering from a loss of CNY 0.059 in the same period of 2020[19] Cash Flow and Investments - Operating cash flow for the quarter increased significantly by 159.18% to ¥2,045,941[4] - Cash flow from operating activities showed a net outflow of CNY 343,611, an improvement from a net outflow of CNY 2,114,789 in the same period of 2020[20] - Cash flow from investing activities resulted in a net outflow of CNY 3,877,409, compared to a net outflow of CNY 4,985,913 in the previous year[20] - Cash flow from financing activities generated a net inflow of CNY 534,316, a decrease from CNY 3,123,031 in the same period of 2020[21] Assets and Liabilities - Total assets at the end of the quarter were ¥47,225,715, reflecting a 5.53% increase from the previous year[4] - Current assets totaled RMB 23,432,359 thousand, up from RMB 17,304,843 thousand, indicating a significant increase of about 35.5% year-over-year[16] - Inventory increased to RMB 6,254,512 thousand from RMB 3,888,746 thousand, representing a rise of approximately 60.7%[16] - Short-term borrowings rose to RMB 3,540,000 thousand, compared to RMB 1,548,000 thousand, marking an increase of about 128.7%[17] - Total liabilities reached RMB 16,868,177 thousand, up from RMB 15,394,155 thousand, which is an increase of approximately 9.6%[17] - The total non-current assets decreased to RMB 23,793,356 thousand from RMB 27,444,330 thousand, reflecting a decline of about 13.4%[16] Shareholders' Equity - Shareholders' equity attributable to the parent company was ¥30,219,104, up 3.43% from the end of the previous year[4] - The company's equity attributable to shareholders was RMB 30,219,104 thousand, compared to RMB 29,218,033 thousand, reflecting a growth of about 3.4%[17] Research and Development - The company increased R&D investment, which contributed to the decline in net profit for the quarter[7] - Research and development expenses increased to CNY 75,153, up from CNY 58,596 in the previous year, reflecting a focus on innovation[18] Operational Performance - The demand for petroleum and petrochemical products significantly improved, leading to better operating performance year-to-date[7] - The company reported a government subsidy of ¥22,132 for the quarter, with a total of ¥33,544 year-to-date[5] - The company plans to continue focusing on improving operational efficiency and cash flow management[7] Accounts Receivable and Contract Liabilities - Accounts receivable increased to RMB 1,587,960 thousand from RMB 1,145,504 thousand, showing a growth of about 38.5%[16] - The company reported a significant increase in contract liabilities, which rose to RMB 794,321 thousand from RMB 496,521 thousand, indicating a growth of approximately 60.1%[17] Cash and Cash Equivalents - Cash and cash equivalents decreased to RMB 6,040,627 thousand from RMB 7,920,852 thousand, a decline of approximately 23.7%[16] - The cash and cash equivalents at the end of the period stood at CNY 3,227,641, down from CNY 3,469,317 at the end of the same period in 2020[21]

Financial Performance - The company reported a total revenue of RMB 50,000 million for the first half of 2021, representing a year-on-year increase of 15%[19]. - The net profit attributable to shareholders was RMB 3,500 million, up 20% compared to the same period last year[19]. - The company's revenue for the first half of the year reached RMB 37.137 billion, an increase of 4.13% compared to RMB 35.663 billion in the same period last year[20]. - The net profit attributable to shareholders was RMB 1.244 billion, a significant turnaround from a loss of RMB 1.716 billion in the previous year[20]. - The total comprehensive income for the first half of 2021 was RMB 1,301,800 thousand, recovering from a total comprehensive loss of RMB 1,717,574 thousand in the first half of 2020[155]. - The basic and diluted earnings per share for the first half of 2021 were both RMB 0.115, compared to a loss per share of RMB 0.159 in the same period of 2020[155]. - The company reported a net profit of RMB 1,244,189 thousand for the six months ended June 30, 2021, compared to a net profit of RMB 1,249,369 thousand in the same period of 2020, showing a slight decrease of 0.41%[164]. Operational Efficiency - The company plans to enhance its market expansion strategies, focusing on increasing production capacity and improving operational efficiency[5]. - The company achieved a product sales rate of 100.66% and a cash collection rate of 99.59% for the first half of the year[32]. - The company reported a decrease in operating costs to RMB 28,849,768 thousand in the first half of 2021 from RMB 30,909,800 thousand in the same period of 2020, reflecting improved operational efficiency[151]. - The company’s operating cash outflow was RMB 2.4434 billion, an improvement from RMB 2.9389 billion in the previous year[41]. Cash Flow and Financial Position - The company has maintained a strong cash flow position, with cash and cash equivalents amounting to RMB 10,000 million as of June 30, 2021[19]. - As of June 30, 2021, cash and cash equivalents decreased by 59.94% to RMB 3,173,126 thousand from RMB 7,920,852 thousand as of December 31, 2020, due to increased inventory and net cash outflow from operating activities[60]. - The total cash and cash equivalents at the end of the period was RMB 1,367,415 thousand, down from RMB 2,865,267 thousand at the end of June 2020[160]. - The net cash outflow from operating activities was RMB 2,389,552 thousand, a decrease from RMB 2,904,166 thousand in the previous year, indicating an improvement of 17.74%[158]. Investments and Capital Expenditure - Capital expenditure for the first half of 2021 was RMB 1.193 billion, primarily for projects including 24,000 tons/year raw silk and 12,000 tons/year 48K large tow carbon fiber[43]. - The company plans to continue its capital expenditure projects in the second half of 2021, including hydrogen energy demonstration projects and upgrades to refining equipment[43]. - The company expects capital expenditures of approximately RMB 3,250 million for 2021, funded through internal resources and bank loans[72]. Environmental and Sustainability Efforts - The company is committed to green and low-carbon transformation strategies in response to national carbon neutrality goals[26]. - The company achieved a 100% compliance rate for wastewater discharge standards in the first half of the year, with significant reductions in COD, ammonia nitrogen, and nitrogen oxides emissions[34]. - The company has been recognized as a "Green Enterprise" by Sinopec Group, reflecting its commitment to environmental protection and sustainable practices[98]. - The company implemented 17 energy-saving technical transformation projects in 2021, with an expected annual energy savings of 70,000 tons of standard coal, of which 12 projects were completed by the end of June[109]. Risk Management - The company emphasized the importance of risk management and has detailed potential risks in the management discussion section of the report[4]. - The company is subject to various environmental regulations in China, which may lead to additional expenses if stricter standards are implemented in the future[74]. - The company has ongoing related party transactions with its controlling shareholder, Sinopec Corp., which may impact its business and economic benefits if agreements are modified unfavorably[75]. Shareholder Information - The controlling shareholder, Sinopec Corp., holds 54.6 billion shares, representing 50.44% of the total shares, indicating absolute control over the company[76]. - The company distributed a total dividend of RMB 1,082,381,350, amounting to RMB 1.00 per 10 shares for the fiscal year 2020[80]. - The company has not faced any penalties or investigations from the China Securities Regulatory Commission during the reporting period[86]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code as per the Hong Kong Listing Rules during the reporting period[136]. - The audit committee reviewed the financial reports and discussed risk management and internal reporting matters during its sixth meeting on August 24, 2021[134]. - The company's financial statements were approved by the board on August 25, 2021, ensuring compliance with accounting standards[170].

Financial Performance - Operating revenue increased by 13.68% to CNY 20,379,079,000 year-on-year[4] - Net profit attributable to shareholders was CNY 1,173,484,000, a significant increase of 197.60% compared to a loss of CNY 1,202,367,000 in the same period last year[4] - Basic earnings per share rose to CNY 0.108, a 197.30% increase from a loss of CNY 0.111 per share in the same period last year[4] - Operating profit reached RMB 1,504,446 thousand, a significant improvement from a loss of RMB 1,629,144 thousand in the same period last year, driven by increased market demand and rising product prices in the petrochemical sector[10] - Net profit for Q1 2021 reached 1,175,274 thousand RMB, compared to a net loss of 1,201,386 thousand RMB in the same period last year[18] - Total comprehensive income for Q1 2021 was 1,177,086 thousand RMB, compared to a loss of 1,296,643 thousand RMB in Q1 2020[18] Cash Flow and Liquidity - Net cash flow from operating activities improved by 91.69%, reaching CNY -322,532,000, compared to CNY -3,880,619,000 in the previous year[4] - Cash and cash equivalents were reported at RMB 2,445,906 thousand, down from RMB 7,920,852 thousand, indicating a significant liquidity contraction[13] - Cash flow from operating activities showed a net outflow of 322,532 thousand RMB, an improvement from a net outflow of 3,880,619 thousand RMB in Q1 2020[21] - The net cash flow from operating activities for Q1 2021 was -79,233 thousand RMB, an improvement from -3,535,136 thousand RMB in Q1 2020[22] - The ending cash and cash equivalents balance was 721,530 thousand RMB, down from 3,220,539 thousand RMB in Q1 2020[22] Assets and Liabilities - Total assets decreased by 2.96% to CNY 43,426,055,000 compared to the end of the previous year[4] - Total current assets decreased to RMB 15,923,801 thousand from RMB 17,304,843 thousand, primarily due to a reduction in cash and cash equivalents[13] - Total liabilities decreased to RMB 12,873,813 thousand from RMB 15,394,155 thousand, reflecting improved financial health[14] - Shareholders' equity increased to RMB 30,552,242 thousand from RMB 29,355,018 thousand, indicating growth in the company's net worth[14] Accounts Receivable and Inventory - Accounts receivable increased by 86.58% to CNY 2,137,277,000 due to higher product sales[9] - Inventory increased by 28.39% to CNY 4,992,585,000, influenced by rising international oil prices[9] - Accounts receivable increased to RMB 2,137,277 thousand from RMB 1,145,504 thousand, reflecting higher sales volume[13] - Inventory rose to RMB 4,992,585 thousand from RMB 3,888,746 thousand, suggesting increased stock levels in anticipation of future demand[13] Investment and Subsidies - Investment income increased to RMB 254,544 thousand, up 226.41% from RMB 77,983 thousand in the previous year, due to improved operating conditions of joint ventures[10] - The company received government subsidies amounting to CNY 8,384,000 during the reporting period[5] Shareholder Information - The total number of shareholders at the end of the reporting period was 90,971[6]

Financial Performance - Operating revenue increased by 13.68% to CNY 20,379,079,000 year-on-year[4] - Net profit attributable to shareholders was CNY 1,173,484,000, a significant increase of 197.60% compared to a loss of CNY 1,202,367,000 in the same period last year[4] - Basic earnings per share rose to CNY 0.108, a 197.30% increase from a loss of CNY 0.111 per share in the previous year[4] - Operating profit reached RMB 1,504,446 thousand, a significant improvement from a loss of RMB 1,629,144 thousand in the same period last year, driven by increased market demand and rising product prices in the petrochemical sector[10] - Net profit for Q1 2021 reached 1,175,274 thousand RMB, compared to a net loss of 1,201,386 thousand RMB in Q1 2020, marking a turnaround[18] - Total comprehensive income for Q1 2021 was 1,177,086 thousand RMB, a recovery from a loss of 1,296,643 thousand RMB in Q1 2020[18] Cash Flow and Liquidity - Net cash flow from operating activities improved by 91.69%, reaching CNY -322,532,000, compared to CNY -3,880,619,000 in the previous year[4] - Cash and cash equivalents dropped to RMB 2,445,906 thousand from RMB 7,920,852 thousand, indicating a significant liquidity contraction[13] - Cash flow from operating activities showed a net outflow of 322,532 thousand RMB in Q1 2021, an improvement from a net outflow of 3,880,619 thousand RMB in Q1 2020[21] - The net cash flow from operating activities was -79,233 thousand RMB, an improvement from -3,535,136 thousand RMB in Q1 2020[22] - The ending cash and cash equivalents balance was 721,530 thousand RMB, a decrease from 3,220,539 thousand RMB in the previous year[22] Assets and Liabilities - Total assets decreased by 2.96% to CNY 43,426,055,000 compared to the end of the previous year[4] - Total current assets decreased to RMB 15,923,801 thousand from RMB 17,304,843 thousand, primarily due to a reduction in cash and cash equivalents[13] - Total liabilities decreased to RMB 12,873,813 thousand from RMB 15,394,155 thousand, reflecting improved financial health[14] - Shareholders' equity increased to RMB 30,552,242 thousand from RMB 29,355,018 thousand, indicating growth in the company's net worth[14] Sales and Inventory - Accounts receivable increased by 86.58% to CNY 2,137,277,000 due to higher product sales[9] - Inventory increased by 28.39% to CNY 4,992,585,000, influenced by rising international oil prices[9] - Accounts receivable increased to RMB 2,137,277 thousand from RMB 1,145,504 thousand, reflecting higher sales volume[13] - Inventory rose to RMB 4,992,585 thousand from RMB 3,888,746 thousand, suggesting increased stock levels in anticipation of future demand[13] - Total cash inflow from sales of goods and services was 18,056,480 thousand RMB, an increase from 15,998,915 thousand RMB, marking a growth of about 6.6%[22] Investment and Subsidies - Investment income increased to RMB 254,544 thousand, up 226.41% from RMB 77,983 thousand in the previous year, due to improved operating conditions of joint ventures[10] - The company received government subsidies amounting to CNY 8,384,000 during the reporting period[5] Research and Development - Research and development expenses increased to 12,236 thousand RMB in Q1 2021, up from 6,071 thousand RMB in Q1 2020, reflecting a focus on innovation[18] Shareholder Information - The total number of shareholders at the end of the reporting period was 90,971[6]

Financial Performance - The net profit attributable to the parent company's shareholders for 2020 was RMB 628,110 thousand, while the net profit according to International Financial Reporting Standards was RMB 645,072 thousand[4]. - The total profit for 2020 was RMB 573,816,000, a decline of 78.38% from RMB 2,654,116,000 in 2019[13]. - The net profit attributable to shareholders of the parent company was RMB 628,110,000, down 71.63% from RMB 2,213,716,000 in the previous year[13]. - The company's total sales revenue for 2020 was RMB 61,560.9 million, a decrease of 30.09% compared to RMB 88,055.7 million in 2019[39]. - The company's net profit for the year was RMB 656.4 million, a decrease from RMB 2,227.1 million in 2019[40]. - The net profit after tax for 2020 was RMB 0.656 billion, down from RMB 2.2271 billion in the previous year, reflecting a decrease of RMB 1.5707 billion[56]. - The company's total revenue for the year 2020 was 1,029.78 million, reflecting a year-on-year increase of 65.74%[167]. - The company reported a net profit margin of 88.19% for the fiscal year 2020[167]. Dividends and Shareholder Returns - The proposed final dividend for 2020 is RMB 0.1 per share (including tax), pending approval at the annual general meeting[4]. - The cash dividend payout ratio for 2020 was 172.32% of the net profit attributable to shareholders[120]. - The company plans to maintain a cash dividend of no less than 30% of the net profit for the year under normal operating conditions[118]. - The board of directors has approved a dividend payout of 2 billion RMB, reflecting the company's strong financial performance and commitment to returning value to shareholders[180]. Revenue and Sales - In 2020, the company's operating revenue decreased by 25.55% to RMB 74,705,183,000 compared to RMB 100,346,048,000 in 2019[13]. - The total operating revenue for Q4 2020 was RMB 19,751,215 thousand, with a total annual revenue of RMB 746.24 billion, a decrease of 25.58% compared to the previous year[17][24]. - The sales revenue for synthetic fibers in 2020 was RMB 1,472.4 million, down 31.80% from RMB 2,158.9 million in 2019, with a sales volume decrease of 14.91%[40]. - The sales revenue for resins and plastics was RMB 9,419.7 million, a decline of 5.61% from RMB 9,979.9 million in 2019, while sales volume increased by 5.65%[40]. - The sales revenue for intermediate petrochemical products was RMB 8,205.8 million, down from RMB 10,313.6 million in 2019, reflecting a significant market downturn[38]. - The petroleum products segment generated sales revenue of RMB 30,139.6 million, accounting for 49.0% of total sales, with a loss of RMB 2,198.7 million in this segment[38]. Operating Costs and Expenses - The total sales cost and expenses for 2020 were RMB 62.0271 billion, a decrease of 28.49% from RMB 86.7352 billion in 2019, driven by a significant drop in crude oil prices[42]. - The total operating cost for 2020 was RMB 590,891 million, a reduction of 29.47% from RMB 837,810 million in 2019, primarily due to lower international oil prices and reduced procurement[72]. - The company's financial expenses decreased by 3.08% to RMB -337.459 million in 2020, compared to RMB -348.181 million in 2019[68]. Cash Flow - The net cash flow from operating activities decreased by 65.80% to RMB 1,751,217,000 from RMB 5,121,209,000 in 2019[13]. - The company's cash flow from operating activities decreased by 65.80% to RMB 1.751 billion in 2020, down from RMB 5.121 billion in 2019[68]. - The company's investment activities resulted in a net cash outflow of RMB 3.888 billion in 2020, a decrease of 15.91% from RMB 4.623 billion in 2019[68]. Assets and Liabilities - The company's total assets at the end of 2020 were RMB 44,749,173,000, a decrease of 1.94% from RMB 45,636,128,000 at the end of 2019[13]. - The net asset attributable to shareholders of the parent company was RMB 29,218,033,000, down 2.23% from RMB 29,885,341,000 at the end of 2019[13]. - The asset-liability ratio increased to 34.401% from 34.228% in the previous year[13]. - The total borrowings at the end of 2020 increased slightly to RMB 1.548 billion, reflecting a minor increase of RMB 0.0004 billion from the previous year[58]. - The debt-to-asset ratio as of December 31, 2020, was 34.25%, compared to 34.07% in 2019, indicating a slight increase in leverage[59]. Operational Efficiency - The company processed 14,671,500 tons of crude oil in 2020, a decrease of 3.47% year-on-year, while the production of refined oil was 8,379,500 tons, down 8.84% year-on-year[24]. - The overall equipment operation rate for the company was 98% in 2020, an increase of 0.36 percentage points from the previous year[24]. - The average thermal efficiency of heating furnaces was 92.46%, remaining stable compared to the previous year[29]. - The company achieved a product sales rate of 100.11% and a receivables turnover rate of 100% in 2020, maintaining stable product quality[24]. Research and Development - The company's R&D expenses increased to RMB 110.625 million in 2020, up 19% from RMB 92.964 million in 2019, primarily due to increased investment in carbon fiber projects[60]. - Research and development expenses totaled RMB 395,292 million, accounting for 0.53% of operating revenue, with 72.01% of R&D expenditures capitalized[76]. - The company is focused on research and development innovations to enhance its product offerings and production processes[105]. Market Position and Strategy - The company is strategically positioned in the rapidly developing East China region, which is a key market for petrochemical products[19][20]. - The company aims to optimize its product structure and improve production technology to enhance resource utilization and efficiency[20]. - The company plans to focus on market expansion and new product development to recover from the downturn in sales[39]. - The company is actively pursuing the development of high-value-added products in the new materials industry, particularly focusing on carbon fiber and related materials[92]. - The company is considering strategic acquisitions to enhance its market position, with a budget of 2 billion RMB allocated for potential mergers and acquisitions[175]. Environmental and Regulatory Compliance - The company has implemented effective pandemic prevention measures, ensuring production continuity while supporting national efforts against COVID-19[23]. - The company achieved a 100% compliance rate for wastewater discharge and a 100% compliance rate for controlled waste gas emissions[137]. - The company successfully maintained its "Green Enterprise" title and completed 27 grassroots green initiatives in 2020[136]. - The company is adapting to stricter environmental regulations and policies aimed at reducing plastic pollution and enhancing safety in chemical production[100]. Shareholder Structure and Governance - The company's majority shareholder, Sinopec Corp., holds 50.44% of the shares, which may influence the company’s operational and financial decisions[98]. - The report indicates that the total number of shares held by Wellington Management Singapore Pte. Ltd. amounts to 275,543,182 shares of H shares (long position) and 404 shares of H shares (short position)[163]. - The report highlights the complexity of ownership structures among major shareholders, particularly for BlackRock and Citigroup[162]. Employee and Management Information - The total number of employees in the group is 8,466, with 5,094 in production, 2,136 in technology, and 1,066 in administration[193]. - Total employee compensation for the group during the reporting period was RMB 3,143.22 million[194]. - The total pre-tax remuneration for the chairman, Wu Haijun, is reported at RMB 120.22 million for the period[166].

Financial Performance - Net profit attributable to shareholders was CNY -642,219, representing a decline of 138.41% year-on-year[5]. - Operating revenue for the first nine months was CNY 54,953,968, down 27.09% from the same period last year[5]. - The company's net profit for the third quarter of 2020 was a loss of CNY 632,549,000, representing a decline of 136.94% compared to a profit of CNY 1,712,502,000 in the same quarter of 2019[13]. - Basic earnings per share were CNY -0.059, a decrease of 140.97% year-on-year[5]. - Total operating revenue for Q3 2020 was CNY 19,290,616 thousand, a decrease of 17.8% compared to CNY 23,377,016 thousand in Q3 2019[20]. - The company reported a significant reduction in cash and cash equivalents, which decreased to CNY 3,113,935 thousand from CNY 7,263,279 thousand year-over-year[17]. - The total comprehensive income for Q3 2020 was CNY 957,963 thousand, compared to CNY 414,214 thousand in Q3 2019, showing a positive trend[23]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 44,941,275, a decrease of 1.52% compared to the end of the previous year[5]. - The total assets as of September 30, 2020, were CNY 44,941,275,000, a slight decrease from CNY 45,636,128,000 at the end of 2019[15]. - The company’s total liabilities as of September 30, 2020, were CNY 27,553,425,000, reflecting a decrease from CNY 28,309,163,000 at the end of 2019[15]. - Current liabilities totaled CNY 15,358,975 thousand, up from CNY 13,593,431 thousand in the previous year, indicating a 13% increase[19]. - The total liabilities increased to CNY 15,487,062 thousand from CNY 13,732,296 thousand, marking an increase of 12.8%[19]. - The company's equity attributable to shareholders decreased to CNY 27,364,401 thousand from CNY 29,510,906 thousand, a decline of 7.3%[19]. Cash Flow - The net cash flow from operating activities was CNY -2,114,789, an increase of 410.04% compared to the previous year[5]. - The cash flow from operating activities showed a net outflow of CNY 2,114,789,000, a 410.04% increase in outflow compared to CNY -414,628,000 in the same period last year[13]. - The net cash flow from financing activities improved to 3,139,939 thousand, compared to a negative (2,240,618) thousand in the same period last year[27]. - Cash inflow from financing activities totaled 6,396,576 thousand, an increase from 3,700,000 thousand year-over-year[27]. - The cash outflow from financing activities decreased to 3,256,637 thousand from 5,940,618 thousand year-over-year[27]. - The cash and cash equivalents net decrease was (3,645,175) thousand, an improvement from (5,841,930) thousand in the previous year[27]. Research and Development - The company reported a significant increase in research and development expenses, which rose by 99.98% to CNY 56,596,000, driven by increased investment in carbon fiber research projects[12]. - Research and development expenses for Q3 2020 were CNY 11,068 thousand, an increase from CNY 7,922 thousand in Q3 2019, reflecting a 39% rise[20]. - Research and development expenses for Q3 2020 were CNY 7,926 thousand, up from CNY 5,823 thousand in Q3 2019, indicating a focus on innovation[22]. Shareholder Information - The total number of shareholders at the end of the reporting period was 92,829[7]. - The largest shareholder, Sinopec Limited, held 50.44% of the shares[7].

Financial Performance - Net profit attributable to shareholders was CNY -642,219, representing a decline of 138.41% year-on-year[5]. - Operating revenue for the first nine months was CNY 54,953,968, down 27.09% from the same period last year[5]. - Basic earnings per share were CNY -0.059, a decrease of 140.97% year-on-year[5]. - The company reported a loss from non-recurring items of CNY -823,377 for the first nine months[5]. - The company expects a significant decline in cumulative net profit for 2020 due to the ongoing impact of the global pandemic and fluctuations in international oil prices[13]. - The company's net profit for the third quarter of 2020 was a loss of CNY 632,549,000, representing a decline of 136.94% compared to a profit of CNY 1,712,502,000 in the same quarter of 2019[13]. - Total operating revenue for Q3 2020 was CNY 19,290,616, a decrease of 17.8% compared to CNY 23,377,016 in Q3 2019[20]. - Net profit for Q3 2020 reached CNY 1,075,769, compared to CNY 568,785 in Q3 2019, representing an increase of 89%[20]. - The total comprehensive income for Q3 2020 was CNY 957,963 thousand, up from CNY 414,214 thousand in the same period last year[23]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 44,941,275, a decrease of 1.52% compared to the end of the previous year[5]. - The total assets as of September 30, 2020, were CNY 44,941,275,000, slightly down from CNY 45,636,128,000 at the end of 2019[15]. - The total assets of the company as of the end of Q3 2020 were CNY 1,077,017 thousand, compared to CNY 568,785 thousand at the end of Q3 2019[22]. - The company’s total liabilities increased, with short-term borrowings rising to CNY 3,040,000,000 from CNY 1,547,600,000, reflecting increased financing needs[15]. - Current liabilities totaled CNY 15,358,975, an increase from CNY 13,593,431 in the previous year[19]. - The total liabilities increased to CNY 15,487,062 from CNY 13,732,296 year-over-year[19]. - The equity attributable to shareholders decreased to CNY 27,364,401 from CNY 29,510,906 in the previous year[19]. Cash Flow - The net cash flow from operating activities for the first nine months was CNY -2,114,789, an increase of 410.04% compared to the previous year[5]. - The cash flow from operating activities showed a net outflow of CNY 2,114,789,000, a 410.04% increase in outflow compared to CNY -414,628,000 in the same period last year[13]. - The company reported a net cash flow from operating activities of CNY (2,114,789) thousand for the first nine months of 2020, compared to CNY (414,628) thousand in the same period of 2019[24]. - Cash inflow from investment activities for the first nine months of 2020 was CNY 10,491,738 thousand, an increase from CNY 6,489,820 thousand in 2019[24]. - The company incurred total cash outflow from investment activities of CNY 15,477,651 thousand in Q3 2020, compared to CNY 9,316,312 thousand in Q3 2019[25]. - The financing activities generated a net cash flow of CNY 3,123,031 thousand in Q3 2020, compared to a net cash outflow of CNY (2,265,390) thousand in Q3 2019[25]. - The net increase in cash and cash equivalents was (3,645,175), compared to (5,841,930) in the previous period[27]. - The ending balance of cash and cash equivalents was 2,109,265, up from 1,277,083 in the previous period[27]. Shareholder Information - The total number of shareholders at the end of the reporting period was 92,829[7]. - The largest shareholder, Sinopec Limited, held 50.44% of the shares[7]. Research and Development - The company reported a significant increase in research and development expenses, which rose by 99.98% to CNY 56,596,000, driven by increased investment in carbon fiber research projects[12]. - Research and development expenses for Q3 2020 were CNY 11,068, up from CNY 7,922 in Q3 2019, indicating a focus on innovation[20]. Inventory and Operating Costs - Inventory decreased by 25.30% to CNY 5,045,633,000 from CNY 6,754,434,000, influenced by the pandemic and falling oil prices[11]. - The company’s total operating costs for Q3 2020 were CNY 18,151,906, reflecting a significant reduction compared to CNY 23,065,995 in Q3 2019[20]. - The company reported a decrease in operating costs to CNY 10,949,967 thousand in Q3 2020 from CNY 15,580,341 thousand in Q3 2019, reflecting a cost reduction strategy[22].