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上海石化(600688) - 2020 Q2 - 季度财报

2020-09-16 16:00
Financial Performance - Operating revenue for the first half of 2020 was RMB 35,663,352, a decrease of 31.41% compared to RMB 51,992,583 in the same period last year[12]. - The total profit (loss) for the period was a loss of RMB 2,354,618, representing a decline of 273.23% from a profit of RMB 1,359,243 in the previous year[12]. - Net loss attributable to shareholders of the parent company was RMB 1,716,072, a decrease of 250.90% compared to a profit of RMB 1,137,241 in the same period last year[12]. - The net cash flow from operating activities was a negative RMB 2,904,221, a significant decline from a positive cash flow of RMB 245,974 in the previous year[12]. - Total assets at the end of the reporting period were RMB 42,307,625, down 7.29% from RMB 45,636,128 at the end of the previous year[12]. - Net assets attributable to shareholders of the parent company decreased by 9.97% to RMB 26,905,393 from RMB 29,885,341 at the end of the previous year[12]. - Basic loss per share for the period was RMB -0.159, compared to earnings of RMB 0.105 in the same period last year, a decrease of 251.43%[14]. - The weighted average return on net assets was -6.588%, a decrease of 10.26 percentage points from 3.676% in the previous year[14]. - The company reported a total revenue of RMB 35.6276 billion for the first half of 2020, a decrease of RMB 16.3276 billion or 31.43% year-on-year[28]. - The pre-tax loss for the period was RMB 2.3094 billion, compared to a pre-tax profit of RMB 1.3656 billion in the same period last year, representing a decrease of RMB 3.6749 billion[28]. - The net loss attributable to shareholders after tax and non-controlling interests was RMB 1.6708 billion, down RMB 2.8144 billion from a profit of RMB 1.1436 billion in the previous year[28]. Industry Overview - The petrochemical industry in China experienced a total revenue of RMB 5.1 trillion in the first half of 2020, a year-on-year decline of 11.9%[22]. - The total profit for the petrochemical industry was RMB 141.6 billion, a year-on-year decrease of 58.8%[22]. - The oil and gas sector reported a profit of RMB 28 billion, down 72.2% year-on-year, while the refining sector incurred a loss of RMB 24.4 billion[22]. Operational Efficiency - The company aims to optimize product structure and improve product quality and variety to enhance operational efficiency[25]. - The company is located in the economically active Yangtze River Delta region, which provides a competitive advantage in logistics and transportation[25]. - The total production volume for the first half of 2020 was 6.6531 million tons, a decrease of 3.27% compared to the same period last year[30]. - The sales revenue for the first half of 2020 was RMB 29.9258 billion, a decline of 35.12% year-on-year, with significant drops in various segments due to oil price fluctuations and the pandemic[39]. - The production of aviation kerosene decreased by 31.08% year-on-year, while the production of synthetic resin and plastics increased by 4.83%[30]. - The company achieved a product sales rate of 100.45% and a cash collection rate of 100.00% during the first half of the year[30]. Environmental Compliance - The company reported a 100% compliance rate for wastewater discharge standards, with reductions in emissions of COD, ammonia nitrogen, SO2, and NOX by 10.69%, 8.16%, 10.76%, and 11.61% respectively[31]. - The company has completed the ultra-low emission transformation of all boilers in the thermal power department by November 2018, meeting the emission standards set by local regulations[122]. - The company has received multiple environmental certifications, including the "China Petrochemical Green Enterprise" title in December 2019[121]. - The company is actively promoting green development and has implemented various environmental action plans, including the "Seventh Round Environmental Protection Three-Year Action Plan"[119]. Financial Position - The group's total borrowings increased by RMB 1.4824 billion to RMB 3.030 billion as of June 30, 2020, primarily due to an increase in short-term debt[46]. - The group's capital expenditure in the first half of 2020 was RMB 417 million, mainly for various environmental and infrastructure projects[47]. - The group's financial net income for the first half of 2020 was RMB 151 million, down from RMB 213.7 million in the same period last year[43]. - The group's asset-liability ratio as of June 30, 2020, was 35.92%, compared to 34.07% on June 30, 2019[48]. - The company's cash and cash equivalents decreased by 56.80% to RMB 3,869,936 thousand as of June 30, 2020, primarily due to a significant decline in gross profit from product sales[71]. Strategic Initiatives - The company plans to launch a new 400,000 tons/year clean gasoline blending unit by the end of August 2020, aiming to optimize product structure and increase production of high-value-added products[56]. - Research and development expenses increased by 122.31% to RMB 47,528, driven by projects related to carbon fiber quality improvement and large tow preparation industrialization[63]. - The company is focusing on strategic transformation and upgrading, particularly in the production of new materials and high-end materials, to create new growth points[56]. - The company is actively involved in the construction of the "Hydrogen Source Carbon Valley" as part of the Yangtze River Delta Hydrogen Corridor Development Plan[56]. Risks and Challenges - The company has highlighted potential risks in its report, advising investors to be cautious regarding investment risks[8]. - The company faced risks from the cyclical nature of the oil and petrochemical market, which could adversely affect its operations and financial performance[80]. - The company imports over 95% of the crude oil required for production, exposing it to procurement risks and the inability to fully pass on cost increases to customers[81]. - Fluctuations in the RMB exchange rate against the USD and other currencies may adversely affect the company's business and financial results[86]. Shareholder Information - The controlling shareholder, Sinopec Corp, holds 50.44% of the company's total shares, which may influence the company's operations and financial decisions[88]. - The company has a total of 5,460,000,000 A-shares, which constitutes 74.50% of the total issued A-shares[142]. - The report indicates no related party relationships among the major shareholders[138]. - The company continues to engage in related party transactions with its controlling shareholder, which may impact its business and economic benefits[87].
上海石化(600688) - 2020 Q2 - 季度财报

2020-08-26 16:00
Financial Performance - The company's operating revenue for the first half of the year was RMB 35,663,352, a decrease of 31.41% compared to RMB 51,992,583 in the same period last year[10]. - The total profit (loss) for the period was a loss of RMB 2,354,618, representing a decline of 273.23% from a profit of RMB 1,359,243 in the previous year[10]. - The net loss attributable to shareholders was RMB 1,716,072, a decrease of 250.90% compared to a profit of RMB 1,137,241 in the same period last year[10]. - The company's net cash flow from operating activities was a negative RMB 2,904,221, a significant decline from a positive RMB 245,974 at the end of the previous year[10]. - The company's total assets decreased by 7.29% to RMB 42,307,625 from RMB 45,636,128 in the previous year[10]. - The company's consolidated revenue for the six months ended June 30, 2020, was RMB 35,663,352 thousand, a decrease of 31.4% compared to RMB 51,992,583 thousand in the same period of 2019[93]. - The consolidated operating loss for the same period was RMB 2,336,110 thousand, compared to a profit of RMB 1,364,696 thousand in the prior year, indicating a significant decline in performance[93]. - The total comprehensive loss for the six months ended June 30, 2020, was RMB 1,717,574 thousand, compared to a comprehensive income of RMB 1,140,050 thousand in the same period of 2019[93]. Industry Context - The petrochemical industry experienced a revenue decline of 11.9% in the first half of the year, with total profits down 58.8%[13]. - The company expects the petrochemical industry to perform better in the second half of the year, despite ongoing challenges from the COVID-19 pandemic and international trade tensions[14]. - The company is located in the economically active Yangtze River Delta region, which is a key area for petrochemical product demand in China[15]. Operational Highlights - The company achieved a product sales rate of 100.45% and a cash collection rate of 100.00% during the first half of 2020[16]. - The company produced 10,452 tons of meltblown fabric for masks, contributing to pandemic response efforts[16]. - The company completed 12 sets of refinery safety and environmental maintenance with successful startup, maintaining overall stable operations[16]. - The company has made significant progress in optimizing its product structure and reducing costs, with 34 out of 58 monitored technical and economic indicators performing better than the previous year[17]. Financial Position - The company's total borrowings increased by RMB 14.824 billion to RMB 30.300 billion by the end of June 2020[22]. - The company's debt-to-asset ratio as of June 30, 2020, was 35.92%, up from 34.07% a year earlier[25]. - As of June 30, 2020, cash and cash equivalents amounted to RMB 3,869,936 thousand, a decrease of 56.80% compared to RMB 8,958,538 thousand on December 31, 2019[35]. - The company's retained earnings as of June 30, 2020, were RMB 8,443,345 thousand, a decrease from RMB 12,481,733 thousand at the beginning of the year, reflecting a decline of 32.1%[98]. Risk Factors - The company faces risks from cyclical fluctuations in the oil and petrochemical markets, which could adversely affect its operations and financial performance[40]. - Over 95% of the crude oil required for production is imported, exposing the company to procurement risks and potential cost increases due to price volatility[41]. - The company is subject to strict environmental regulations, which may lead to additional expenditures if new, stricter standards are implemented[43]. Corporate Governance - The board of directors has confirmed the accuracy and completeness of the financial report, with all directors present at the meeting[2]. - The company has not changed its accounting firm during the reporting period[50]. - The company confirmed that all directors and supervisors complied with the Securities Trading Code during the reporting period[90]. Environmental Compliance - The company reported a 100% compliance rate for wastewater discharge during the first half of 2020, with reductions in emissions of COD, ammonia nitrogen, SO2, and NOx by 10.69%, 8.16%, 10.76%, and 11.61% respectively[16]. - The company is classified as a key monitored pollution enterprise by the Ministry of Ecology and Environment, and has publicly disclosed pollution points and concentrations[62]. - The company has conducted 13,294 water quality monitoring tests and 4,047 air and waste gas monitoring tests in the first half of 2020, achieving a compliance rate of 100%[67]. Research and Development - Research and development expenses increased by 122.31% to RMB 47,528, focusing on carbon fiber quality improvement and large tow preparation industrialization projects[32]. - The company filed 30 patent applications and received 17 patent grants in the first half of 2020, focusing on key technologies for carbon fiber and lightweight materials[17]. Shareholder Information - The controlling shareholder, Sinopec Corp., holds 50.44% of the company's shares, which may influence the company's operational and financial decisions[46]. - The largest shareholder, China Petroleum & Chemical Corporation, holds 5,460,000,000 A shares, representing 50.44% of the total shares[71]. - The company maintains a diverse shareholder base with significant institutional ownership, including major investment firms like BlackRock and The Bank of New York Mellon[74][75].
上海石化(600688) - 2020 Q1 - 季度财报

2020-04-28 16:00
Financial Performance - Net profit attributable to shareholders was CNY -1,202,367,000, a decrease of 296.90% year-on-year[4] - Operating revenue fell by 28.68% to CNY 17,926,384,000 compared to the same period last year[4] - Basic and diluted earnings per share were both CNY -0.111, a decrease of 298.21% compared to the previous year[5] - The company reported an operating loss of RMB 1,629,144 thousand for Q1 2020, a decline of 317.99% from an operating profit of RMB 747,350 thousand in Q1 2019, attributed to lower sales prices and high-cost inventory consumption[11] - Net profit for Q1 2020 was a loss of CNY 1,201,386, compared to a profit of CNY 610,997 in Q1 2019[20] - Other comprehensive income for Q1 2020 was a loss of CNY 95,257, compared to no previous figure reported[21] - The company’s cash flow from operating activities was significantly impacted, leading to a comprehensive income total of -1,296,643 in Q1 2020[21] Assets and Liabilities - Total assets decreased by 9.14% to CNY 41,465,657,000 compared to the end of the previous year[4] - Total current assets decreased to RMB 17,816,603 thousand from RMB 22,309,163 thousand, reflecting overall declines in cash and inventory[15] - Total liabilities decreased to RMB 12,720,936 thousand from RMB 15,620,227 thousand, indicating a reduction in financial obligations[16] - Total assets as of Q1 2020 were CNY 39,781,376, down from CNY 43,243,202 in the previous year[20] - Total liabilities for Q1 2020 were CNY 11,553,990, a decrease of 15.9% from CNY 13,732,296 in Q1 2019[20] Cash Flow - Net cash flow from operating activities was CNY -3,880,619,000, a decline of 256.12% year-on-year[4] - Operating cash flow for Q1 2020 was negative at -3,880,619 thousand RMB, compared to -1,089,708 thousand RMB in Q1 2019, indicating a decline in cash generation from operations[25] - Total cash inflow from operating activities decreased to 19,291,390 thousand RMB in Q1 2020 from 27,312,873 thousand RMB in Q1 2019, a drop of approximately 29%[25] - Cash outflow for purchasing goods and services was 19,096,902 thousand RMB in Q1 2020, down from 23,266,199 thousand RMB in Q1 2019, reflecting a reduction of about 18%[25] - The ending cash and cash equivalents balance decreased to 4,137,606 thousand RMB in Q1 2020 from 8,271,046 thousand RMB in Q1 2019, a decline of about 50%[26] - The net increase in cash and cash equivalents was -3,312,093 thousand RMB in Q1 2020, contrasting with a slight increase of 29,153 thousand RMB in Q1 2019[26] Shareholder Information - The total number of shareholders at the end of the reporting period was 96,508[7] - The largest shareholder, Sinopec Limited, holds 50.44% of the shares[7] Government Support and Other Income - The company received government subsidies amounting to CNY 20,203,000 during the reporting period[6] - The company reported a significant increase in non-operating losses, totaling CNY -13,019,000[6] - Investment income decreased by 60.07% to RMB 77,983 thousand from RMB 195,291 thousand, impacted by the pandemic and fluctuations in the chemical market[11] - The company reported an investment income of CNY 77,983 in Q1 2020, down from CNY 195,291 in Q1 2019[20] Inventory and Accounts Payable - Inventory decreased by 26.42% to RMB 4,969,938 thousand from RMB 6,754,434 thousand, influenced by the COVID-19 pandemic and a drop in international crude oil prices[11] - Accounts payable decreased by 42.81% to RMB 4,383,186 thousand from RMB 7,664,296 thousand, due to reduced raw material procurement volume and prices amid the pandemic[11] Future Outlook - The company plans to focus on cost control and efficiency improvements in response to the challenging market conditions[20]
上海石化(600688) - 2020 Q1 - 季度财报

2020-04-28 16:00
Financial Performance - Net profit attributable to shareholders was CNY -1,202,367,000, a decrease of 296.90% year-on-year[4] - Operating revenue fell by 28.68% to CNY 17,926,384,000 compared to the same period last year[4] - The company reported an operating loss of RMB 1,629,144 thousand, a decline of RMB 2,376,494 thousand or 317.99% compared to the previous year, due to reduced product sales prices and consumption of high-cost inventory[11] - Total operating revenue for Q1 2020 was 17,926,384 thousand RMB, a decrease of 28.7% compared to 25,136,233 thousand RMB in Q1 2019[19] - Net profit for Q1 2020 was -1,201,386 thousand RMB, compared to a net profit of 610,997 thousand RMB in Q1 2019, representing a significant decline[20] - The total comprehensive income for Q1 2020 was -1,296,643 thousand RMB, compared to 610,997 thousand RMB in Q1 2019[20] Cash Flow - Net cash flow from operating activities was CNY -3,880,619,000, a decline of 256.12% year-on-year[4] - Cash flow from operating activities for Q1 2020 was -3,880,619 thousand RMB, compared to -1,089,708 thousand RMB in Q1 2019, indicating worsening cash flow[22] - The net cash flow from operating activities was negative CNY 3,535,136 thousand, worsening from negative CNY 977,437 thousand in the same period last year[23] - The company reported a total cash outflow from operating activities of CNY 19,585,270 thousand, down from CNY 21,775,936 thousand in Q1 2019[23] Assets and Liabilities - Total assets decreased by 9.14% to CNY 41,465,657,000 compared to the end of the previous year[4] - Total current assets decreased to RMB 17,816,603 thousand from RMB 22,309,163 thousand year-over-year[13] - Total liabilities decreased to RMB 12,720,936 thousand from RMB 15,620,227 thousand year-over-year[14] - The company's total equity decreased to RMB 28,744,721 thousand from RMB 30,015,901 thousand year-over-year[14] Inventory and Cash Management - Cash and cash equivalents decreased by 36.92% to CNY 5,651,324,000 due to a significant drop in gross sales margin[10] - Inventory decreased by 26.42% to CNY 4,969,938,000, influenced by the COVID-19 pandemic and a drop in international oil prices[10] - Cash and cash equivalents at the end of Q1 2020 were 4,137,606 thousand RMB, down from 8,271,046 thousand RMB at the end of Q1 2019[22] - The company’s cash flow from operating activities was impacted by a significant decrease in sales revenue, which was CNY 15,998,915 thousand compared to CNY 20,789,805 thousand in Q1 2019[23] Government Support and Financial Activities - The company received government subsidies amounting to CNY 20,203,000 during the reporting period[5] - Cash inflow from financing activities was CNY 3,160,000 thousand, an increase of 68.1% from CNY 1,880,000 thousand in Q1 2019[23] - The net cash flow from financing activities was positive CNY 1,479,098 thousand, compared to CNY 935,071 thousand in the same period last year[23] Investment Income - Investment income fell to RMB 77,983 thousand, down RMB 117,308 thousand or 60.07% year-over-year, impacted by the COVID-19 pandemic and fluctuations in the chemical market[11] - Investment income for Q1 2020 was 77,983 thousand RMB, a decrease of 60% from 195,291 thousand RMB in Q1 2019[19] Changes in Financial Metrics - The weighted average return on equity decreased by 315.46 percentage points to -4.292%[4] - Basic earnings per share for Q1 2020 were -0.111 RMB, compared to 0.056 RMB in Q1 2019[20] - The company experienced a decline in sales revenue from goods and services, which was 19,228,821 thousand RMB in Q1 2020, down from 27,306,858 thousand RMB in Q1 2019[22] Other Financial Information - The company has not reported any significant changes in its commitments or future profit warnings for the upcoming reporting period[11] - The company did not apply new revenue and lease standards in 2020[24]
上海石油化工股份(00338) - 2019 - 年度财报

2020-04-23 10:31
Financial Performance - The net profit attributable to the parent company's shareholders for 2019 was RMB 2,213,716 thousand, while the net profit according to IFRS was RMB 2,215,728 thousand[6]. - The proposed dividend for 2019 is RMB 0.12 per share (including tax), pending approval at the annual general meeting[6]. - The net sales for 2019 were RMB 88,055.7 million, a decrease from RMB 95,613.5 million in 2018[12]. - The profit before tax for 2019 was RMB 2,656.1 million, down from RMB 6,808.1 million in 2018, representing a decline of approximately 61.0%[12]. - The net profit attributable to shareholders for 2019 was RMB 2,215.7 million, a significant drop of 58.5% compared to RMB 5,336.3 million in 2018[12]. - Basic earnings per share for 2019 were RMB 0.205, down 57.99% from RMB 0.488 in 2018[16]. - The total revenue for 2019 was RMB 100.27 billion, a decrease of 6.89% compared to the previous year[163]. - The operating profit for 2019 was RMB 1,320.5 million, representing 1.5% of total sales revenue[180]. - The net profit attributable to shareholders for the year was RMB 2,215.7 million, accounting for 2.5% of total sales revenue[180]. Assets and Liabilities - The total assets as of December 31, 2019, were RMB 45,494.1 million, an increase from RMB 44,385.9 million in 2018[12]. - The total liabilities as of December 31, 2019, were RMB 15,500.2 million, up from RMB 13,923.5 million in 2018[12]. Cash Flow - The cash flow from operating activities for 2019 was RMB 5,121.2 million, a decrease of 23.51% from RMB 6,695.1 million in 2018[15]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 87,549, down from 90,981 at the end of the previous month[27]. - The largest shareholder, Sinopec Limited, held 5,460,000,000 shares, representing 50.44% of the total shares[28]. - The company did not issue any securities during the reporting period, and there were no changes in the total number of shares or shareholder structure[26]. Corporate Governance - The company has improved its corporate governance structure in compliance with relevant laws and regulations[84]. - The board of directors consists of 10 members, including 4 executive directors, 2 non-executive directors, and 4 independent non-executive directors[102]. - The board held 5 meetings in 2019, with all meetings attended by a majority of directors either in person or by proxy[104]. - The company has established a comprehensive internal control system since 2004, covering production, operations, finance, investment, human resources, and information disclosure[93]. - The company has adopted and implemented the "Code of Conduct for Securities Transactions" to regulate securities trading by directors and supervisors[75]. Risk Management - The company has established risk management and internal control systems to manage business risks and ensure the protection of shareholder assets[142]. - The comprehensive risk management program was established in 2011, with a focus on risk identification, assessment, response, monitoring, and improvement[145]. - The internal audit department is responsible for independent supervision and evaluation of the effectiveness of risk management systems, reporting to the board of directors[146]. Employee Information - The total number of employees in the group is 8,878, with 8,790 in the company and 88 in subsidiaries[78]. - The total compensation for employees during the reporting period amounted to RMB 3,147,372.16 thousand[79]. - The company has implemented a training program aimed at enhancing employee skills and supporting talent development[80]. Market and Product Information - The main products of the group accounted for 100% of the net sales in 2019, with petroleum products making up 48.98% and petrochemical product trading at 24.63%[25]. - The group produced over 60 different products, including synthetic fibers, resins, plastics, and intermediate petrochemical products[24]. - The company actively adjusts its product structure and continuously improves product quality and variety to meet the growing market demand for petrochemical products in China[158]. Audit and Compliance - The financial statements were audited by PwC and Deloitte, both issuing standard unqualified opinions[5]. - The company has not faced any penalties from securities regulatory authorities in the past three years[77]. - The external auditor, PwC, issued an internal control audit report for the financial report as of December 31, 2019, confirming the effectiveness of internal controls[97]. Strategic Goals - The company aims to enhance operational efficiency and aims to become a "domestically leading, world-class" energy and chemical company[11]. - The strategic committee aims to build a "domestically leading, world-class" energy chemical and new materials company, focusing on hydrogen energy and other green energy market research[136]. - The company plans to enhance its development strategy for energy, chemicals, and new materials, with a goal to establish international competitiveness within approximately "two three-year" and "two ten-year" timeframes[136].
上海石化(600688) - 2019 Q4 - 年度财报

2020-03-25 16:00
Financial Performance - The net profit attributable to shareholders for 2019 was RMB 2,213,716 thousand according to Chinese accounting standards, and RMB 2,215,728 thousand according to International Financial Reporting Standards[4]. - The total profit for 2019 was RMB 2,654 million, down 60.67% from the previous year[13]. - The net profit attributable to shareholders was RMB 2,214 million, reflecting a decline of 58.05% year-on-year[13]. - The company's operating revenue for the year ended December 31, 2019, was RMB 100,346,048, a decrease of 6.88% compared to RMB 107,764,908 in 2018[67]. - The company's net sales for 2019 were RMB 88.0557 billion, a decrease of 7.90% compared to RMB 95.6135 billion in 2018[39]. - The company's operating profit for 2019 was RMB 1,320.5 million, representing 1.5% of net sales[38]. - The profit attributable to shareholders for the year was RMB 2,215.7 million, a decrease from RMB 5,336.3 million in the previous year[38]. - The company's net cash inflow from operating activities for 2019 was RMB 5.058 billion, down RMB 1.601 billion from RMB 6.659 billion in the previous year[55]. Dividends and Shareholder Information - The proposed dividend for 2019 is RMB 0.12 per share (including tax), pending approval at the annual general meeting[4]. - The company distributed cash dividends of RMB 1,298,857.62 thousand in 2019, representing 58.67% of the net profit attributable to shareholders[115]. - The company has maintained a cash dividend policy that requires at least 30% of the net profit to be distributed as cash dividends when conditions are met[113]. Operational Highlights - The total crude oil processing volume increased, resulting in a total product output of 13.91 million tons, an increase of 4.60% year-on-year[24]. - The total crude oil processed by the company in 2019 was 15.1994 million tons, an increase of 5.71% or 820,400 tons compared to the previous year[27]. - The company achieved a total revenue of RMB 52,640,259 thousand from direct sales, marking a 1.06% increase year-over-year[110]. - The company sold 696 million kWh of electricity externally, generating revenue of RMB 420 million in 2019[111]. - The company sold 462,000 GJ of steam externally, resulting in revenue of RMB 41.21 million[111]. Market Conditions and Challenges - The company faced significant challenges due to the COVID-19 pandemic, leading to a decrease in crude oil processing volume and a decline in sales of refined oil and chemical products[21]. - The global oil market is expected to face significant downward pressure in 2020 due to geopolitical events and the impact of COVID-19[85]. - The company is facing risks related to the cyclical nature of the oil and petrochemical markets, which can significantly impact revenue and pricing due to macroeconomic conditions[91]. Environmental and Safety Compliance - The company achieved a 100% compliance rate for wastewater discharge and hazardous waste disposal in 2019[133]. - Emissions of sulfur dioxide, nitrogen oxides, and volatile organic compounds decreased by 7.14%, 12.70%, and 7.21% respectively compared to the previous year[133]. - The total environmental investment during the reporting period was RMB 6.59 billion, accounting for 0.66% of operating revenue[112]. - The company has not experienced any major safety production accidents during the reporting period[112]. Research and Development - Research and development expenses for 2019 amounted to RMB 0.930 billion, an increase from RMB 0.373 billion in 2018, mainly due to increased investment in safety hazard management projects[58]. - New product development initiatives are underway, focusing on advanced petrochemical products, with an investment of 1 billion RMB allocated for R&D in 2020[182]. - The company completed 65 patent applications in 2019, with 26 patents granted, focusing on carbon fiber and clean oil products[30]. Corporate Governance and Shareholding Structure - The company has a controlling shareholder, Sinopec Corp., which holds 50.44% of the shares, potentially influencing the company's operational and financial decisions[94]. - The largest shareholder, Sinopec Limited, holds 50.44% of the shares, with no changes in shareholding during the reporting period[148]. - The company has a diversified ownership structure with over 10% stakes held by multiple institutional investors[156]. Future Outlook and Strategic Initiatives - The company provided a positive outlook for 2020, projecting a revenue growth of 8% to 12% based on market expansion strategies[182]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share within the next three years[182]. - Strategic acquisitions are on the agenda, with a budget of 10 billion RMB set aside for potential mergers and acquisitions in the energy sector[176]. - The company aims to enhance safety and environmental standards, implementing a comprehensive HSSE management system[87].
上海石化(600688) - 2019 Q3 - 季度财报

2019-10-23 16:00
Financial Performance - Net profit attributable to shareholders was CNY 1,672,132, representing a decline of 64.12% year-on-year[5]. - Operating revenue for the first nine months was CNY 75,369,599, down 6.74% from the same period last year[5]. - Basic earnings per share were CNY 0.144, a decrease of 66.59% compared to CNY 0.431 in the previous year[6]. - The weighted average return on net assets was 5.112%, down 9.968 percentage points from the previous year[6]. - Total operating revenue for Q3 2019 was CNY 23,377,016, a decrease of 18.5% compared to CNY 28,632,763 in Q3 2018[23]. - Net profit for Q3 2019 was CNY 568,785, down 49.9% from CNY 1,133,689 in Q3 2018[24]. - The company reported a total profit of CNY 477,356 thousand in Q3 2019, down 67.1% from CNY 1,451,361 thousand in Q3 2018[25]. - Net profit for Q3 2019 was CNY 414,214 thousand, down 64.1% from CNY 1,154,441 thousand in Q3 2018[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 39,478,794, a decrease of 11.36% compared to the end of the previous year[5]. - Total assets decreased to CNY 39,478,794 thousand from CNY 44,539,960 thousand[16]. - Current liabilities decreased to CNY 9,854,476 thousand from CNY 13,913,014 thousand[17]. - The company's total equity decreased to CNY 29,460,504 thousand from CNY 30,486,504 thousand[17]. - Total liabilities decreased to CNY 8,320,217 as of September 30, 2019, from CNY 11,979,547 at the end of 2018, a decline of 30.5%[21]. - Total current assets decreased to CNY 16,644,539 as of September 30, 2019, from CNY 22,078,873 at the end of 2018, a decline of 24.7%[21]. - Total current liabilities were CNY 13,913,014, unchanged from the previous period[31]. - Total liabilities amounted to CNY 14,053,456, with an increase of CNY 76,633[31]. Cash Flow - The net cash flow from operating activities was negative CNY 414,628, a decrease of 112.43% compared to the previous year[5]. - Cash flow from operating activities for the first three quarters of 2019 was CNY -414,628 thousand, a significant decline from CNY 3,335,224 thousand in the same period of 2018[26]. - The company's cash and cash equivalents decreased to CNY 9,248,010 thousand from CNY 10,241,893 thousand[16]. - Cash and cash equivalents at the end of Q3 2019 amounted to CNY 2,748,010 thousand, down from CNY 9,815,831 thousand at the end of Q3 2018[27]. Shareholder Information - The total number of shareholders at the end of the reporting period was 87,362[8]. - The largest shareholder, Sinopec Limited, held 5,460,000,000 shares, accounting for 50.44% of total shares[8]. Non-Operating Income and Expenses - Non-operating income for the first nine months included a gain from the disposal of non-current assets amounting to CNY 118,642[7]. - The company reported a total of CNY 150,367 in non-recurring gains and losses for the reporting period[7]. - Income tax expenses decreased by 77.66% to CNY 285,697 thousand from CNY 1,279,038 thousand, attributed to a significant reduction in pre-tax profits[12]. - Net financial expenses increased by 38.16% to CNY 288,237 thousand from CNY 208,631 thousand, mainly due to foreign exchange gains[12]. - Asset impairment losses decreased by 70.26% to CNY 24,788 thousand from CNY 83,342 thousand, as no significant impairment was recognized for long-term assets[12]. Research and Development - Research and development expenses for Q3 2019 were CNY 7,922, compared to zero in Q3 2018, indicating a new focus on innovation[23]. - Research and development expenses for the first three quarters of 2019 totaled CNY 23,354 thousand, compared to no R&D expenses reported in the same period of 2018[25]. Inventory and Financial Instruments - The company reported a significant decrease in inventory to CNY 6,007,979 thousand from CNY 8,120,875 thousand[16]. - The company adopted new financial instrument standards and new leasing standards starting January 1, 2019, adjusting relevant items in the financial statements[34]. - The company has not made any retrospective adjustments to prior comparative data under the new leasing standards[34].
上海石油化工股份(00338) - 2019 - 中期财报

2019-09-09 11:03
Financial Performance - For the first half of 2019, the company's operating revenue was RMB 51,992,583, a decrease of 0.37% compared to RMB 52,187,640 in the same period last year[10]. - The total profit for the same period was RMB 1,359,243, reflecting a significant decline of 69.90% from RMB 4,515,157 in the previous year[10]. - Net profit attributable to shareholders of the parent company was RMB 1,137,241, down 67.73% from RMB 3,524,131 year-on-year[10]. - The net cash flow from operating activities was RMB 245,974, a drastic decrease of 94.18% compared to RMB 4,227,404 in the previous year[10]. - Basic earnings per share for the first half of 2019 were RMB 0.105, a decline of 67.79% compared to RMB 0.326 in the same period last year[10]. - The weighted average return on net assets was 3.676%, down from 11.618% in the previous year, indicating a significant drop in profitability[10]. - The company's net profit after tax and non-controlling interests for the first half of 2019 was RMB 1.1436 billion, a decrease of RMB 2.4077 billion compared to RMB 3.5513 billion in the same period last year[26]. - The company's cash inflow from operating activities in the first half of 2019 was RMB 220.4 million, down from RMB 4.2135 billion in the same period last year[27]. - The company's total borrowings increased by RMB 555.4 million to RMB 1.0526 billion as of June 30, 2019, primarily due to an increase in short-term debt[28]. - The company's capital expenditure in the first half of 2019 was RMB 350 million, mainly for various oil product clean-up projects and other infrastructure improvements[29]. Industry Context - The petrochemical industry in China experienced a revenue of RMB 6.1 trillion in the first half of 2019, with a year-on-year growth of 2.2%, while total profit decreased by 18.3% to RMB 359.6 billion[15]. - The refining industry reported a revenue of RMB 1.91 trillion, with a profit decline of 62.4% to RMB 41.28 billion[15]. - The chemical industry achieved a revenue of RMB 3.5 trillion, with profits decreasing by 13.1% to RMB 208.54 billion[15]. - The company faced increased downward pressure in the petrochemical industry due to intensified market competition and external uncertainties[16]. Operational Highlights - The total production volume of the group in the first half of 2019 was 6.8779 million tons, an increase of 2.53% year-on-year[20]. - The sales revenue for the first half of 2019 reached RMB 46.1251 billion, a slight increase of 0.17% compared to the same period last year[22]. - The production of aviation kerosene increased by 25.10% year-on-year, while diesel production decreased by 4.94%[20]. - The sales volume of synthetic fibers was 93.7 thousand tons, with a net sales amount of RMB 1,198.6 million, reflecting a year-on-year increase of 6.68%[22]. - The group achieved a product sales rate of 99.77% and a cash collection rate of 100% in the first half of 2019[20]. Environmental Performance - The average concentration of VOCs at the factory boundary decreased by 11.55% year-on-year, indicating improved environmental performance[20]. - The company reported a 26.52% year-on-year reduction in sulfur dioxide emissions and a 23.67% reduction in nitrogen oxides emissions in the first half of 2019[68]. - The company achieved a 100% compliance rate for wastewater discharge and hazardous waste disposal during the reporting period[68]. - The company has committed to green development and environmental management, obtaining ISO 14001 certification and continuing to promote pollution prevention initiatives[67]. Risks and Challenges - The company has outlined potential risks in its report, advising investors to be cautious regarding investment risks[7]. - The company is currently facing risks related to the cyclical nature of the oil and petrochemical market, which may adversely affect its operations due to price volatility[44]. - The company relies on imports for over 95% of its crude oil, exposing it to procurement risks and potential supply disruptions due to fluctuating prices[45]. - Environmental regulations may impact the company's operations, as stricter standards could lead to additional compliance costs[47]. Shareholder Information - The controlling shareholder, Sinopec Limited, holds 5.46 billion shares, representing 50.44% of the total shares, indicating absolute control over the company[50]. - The company reported a cash dividend of RMB 2.50 per 10 shares for the 2018 fiscal year, totaling RMB 2,705,953.375 thousand[52]. - The company has not experienced any major litigation or arbitration matters during the reporting period[55]. - The company has complied with commitments made during the equity division reform and has not found any violations by the controlling shareholder[54]. Future Outlook - The company plans to enhance operational efficiency by optimizing product structure and reducing low-value product yields[34]. - The company aims to complete over 1 million LDAR coverage points within the year as part of its environmental initiatives[34]. - The company plans to focus on new product development and market expansion strategies to enhance future growth prospects[103]. - The group plans to invest RMB 400,000 thousand in a new company, Shanghai Shidian Energy Co., Ltd., to acquire a 40% stake, with the payment still pending as of June 30, 2019[190].
上海石化(600688) - 2019 Q2 - 季度财报

2019-08-20 16:00
Financial Performance - The financial report for the first half of 2019 is unaudited and covers the period ending June 30, 2019[4]. - The company's operating revenue for the first half of 2019 was RMB 51,992,583 thousand, a decrease of 0.37% compared to the same period last year[11]. - The total profit for the first half of 2019 was RMB 1,359,243 thousand, representing a significant decline of 69.90% year-on-year[11]. - The net profit attributable to shareholders of the parent company was RMB 1,137,241 thousand, down 67.73% from RMB 3,524,131 thousand in the previous year[11]. - The net cash flow from operating activities was RMB 245,974 thousand, a drastic decrease of 94.18% compared to RMB 4,227,404 thousand in the same period last year[11]. - The basic earnings per share for the first half of 2019 was RMB 0.105, down 67.79% from RMB 0.326 in the same period last year[11]. - The weighted average return on equity decreased by 7.94 percentage points to 3.676% compared to the previous year[11]. - The company's total assets at the end of the reporting period were RMB 43,987,092 thousand, a decrease of 1.24% from the previous year[11]. - The group's net profit after tax and non-controlling interests for the first half of 2019 was RMB 1.1436 billion, a decrease of RMB 2.4077 billion compared to RMB 3.5513 billion in the same period last year[23]. - The company's consolidated net profit for the same period was RMB 1,143,717 thousand, representing a decrease of 67.6% from RMB 3,531,485 thousand in the previous year[92]. Revenue and Sales - The overall sales revenue for the first half of 2019 was RMB 46.1251 billion, an increase of 0.17% compared to the same period last year[21]. - The sales revenue for synthetic fibers, resins and plastics, intermediate petrochemical products, and petroleum products were RMB 11.986 billion, RMB 50.542 billion, RMB 51.644 billion, and RMB 210.069 billion respectively[21]. - The revenue from synthetic fibers was RMB 1,219,618 thousand, with a gross margin of -7.78%, reflecting a 6.29% increase year-on-year[35]. - The revenue from petroleum products was RMB 26,623,478 thousand, with a gross margin of 24.53%, showing a 0.50% increase year-on-year[35]. - The revenue from exports surged by 92.81% to RMB 15,901,729 thousand, indicating strong international demand[36]. Costs and Expenses - The company's sales cost was RMB 45.2254 billion, an increase of 7.39% year-on-year, accounting for 98.05% of net sales[22]. - The average unit cost of crude oil processed by the group was RMB 3,309.34 per ton, up RMB 241.63 per ton or 7.88% year-on-year[22]. - The company experienced a significant increase in sales costs, which rose to RMB 43,664,730 thousand from RMB 40,707,831 thousand in the previous year[92]. Assets and Liabilities - The company's current assets totaled RMB 24,665,174 thousand, down from RMB 25,298,876 thousand at the end of 2018, indicating a decline of approximately 2.5%[90]. - The total liabilities reached RMB 15,061,177 thousand, an increase from RMB 14,053,456 thousand at the end of 2018, reflecting a growth of about 7.2%[91]. - The company's equity attributable to shareholders was RMB 28,803,061 thousand, down from RMB 30,370,126 thousand at the end of 2018, representing a decrease of approximately 5.2%[91]. - Cash and cash equivalents stood at RMB 12,965,476 thousand, compared to RMB 10,241,893 thousand at the end of 2018, showing an increase of about 26.6%[90]. - The company's inventory decreased to RMB 6,858,647 thousand from RMB 8,120,875 thousand at the end of 2018, indicating a reduction of approximately 15.5%[90]. Capital Expenditure and Investments - The group's capital expenditure for the first half of 2019 was RMB 350 million, primarily for clean fuel projects and other infrastructure[26]. - Capital expenditure for 2019 is expected to be around RMB 1.5 billion, funded through financing activities and some self-owned funds[43]. - The company is currently undertaking several projects, including a 40,000 tons/year clean gasoline component facility with an investment of RMB 794,640 thousand, and a PAN-based carbon fiber project with an investment of RMB 847,794 thousand[40]. Environmental and Regulatory Compliance - The company achieved a 100% compliance rate for wastewater discharge standards, with all treated wastewater being discharged into Hangzhou Bay[65]. - The company reduced sulfur dioxide and nitrogen oxide emissions by 26.52% and 23.67% year-on-year, respectively, in the first half of 2019[62]. - The company has a total of 93 environmental protection devices and has completed ultra-low emission upgrades for all boilers by November 2018[64]. - The company has received three administrative penalty notices from the Shanghai Ecological Environment Bureau, totaling RMB 2.15 million in fines due to emissions exceeding standards[62]. - The company has implemented a comprehensive environmental monitoring plan covering water quality, air quality, and noise monitoring[68]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 85,489[72]. - The total number of ordinary shares held by the largest shareholder, China Petroleum & Chemical Corporation, is 5,460,000,000 shares, representing 50.44% of the total shares[73]. - The company did not issue any securities during the reporting period[71]. - There were no changes in the company's controlling shareholder or actual controller during the reporting period[74]. - The major shareholders collectively hold significant voting rights, with the largest shareholder controlling 50.44% of the voting rights[76]. Related Party Transactions - The company engaged in related party transactions, with raw material purchases from Sinopec Group amounting to RMB 28,161,639 thousand, representing 75.39% of the maximum limit[56]. - Sales of petroleum and petrochemical products to Sinopec Group reached RMB 30,594,624 thousand, accounting for 58.84% of the maximum limit[56]. - The company incurred rental expenses of RMB 35,860 thousand related to a leasing agreement with Sinopec Group's subsidiary for storage tanks[57]. - The company signed a technical service contract with Sinopec Group's subsidiary for an intelligent factory project, totaling RMB 30,580 thousand[57]. Risk Factors - The company faces risks from cyclical characteristics of the oil and petrochemical market, with significant sensitivity to macroeconomic conditions and raw material price fluctuations[41]. - The company imports over 95% of its crude oil, exposing it to procurement risks and potential cost increases due to rising oil prices[42]. - The company is subject to strict environmental regulations, which may lead to additional expenditures if stricter standards are implemented[44]. Corporate Governance - The company adhered to all provisions of the Corporate Governance Code as per the Hong Kong Listing Rules during the reporting period[86]. - The company confirmed compliance with the Securities Trading Code by all directors and supervisors during the reporting period[87]. - The company has not received any notifications regarding shareholding changes from individuals other than directors and senior management as of June 30, 2019[82].