证券代码：002092 证券简称：中泰化学 新疆中泰化学股份有限公司投资者关系活动记录表 编号：2018-0013 | --- | --- | --- | |----------------|------------------------------|--------------------------------------------------------------------| | | √ | 特定对象调研 □分析师会议 | | 投资者关系 | □媒体采访 □业绩说明会 | | | 活动类别 | □ | 新闻发布会 □路演活动 | | | □现场参观 | | | | □ 其他 （电话会议） | | | 参与单位名称 | | 东方证券：赵辰，光大控股：程振东，东方基金：刘腾尧，浙商基 | | 及人员姓名 | | 金：刘纯宇，万衍投资：吴朝阳，华安基金：周阳，泰康资产：曹 | | | 令、刘少军，国金证券：蒲强 | | | 时间 | 2018 年 8 月 17 日 | | | 地点 | 公司办公楼七楼 | | | 上市公司 | | | | 接待人员姓名 | 副总经理、董秘：潘玉英 | | | 投资者关 ...

证券代码：002092 证券简称：中泰化学 新疆中泰化学股份有限公司投资者关系活动记录表 编号：2018-0015 | --- | --- | --- | |----------------|------------------------------|---------------------------------------------------------------------------------------------------------------------------| | | | | | | √ | 特定对象调研 □分析师会议 | | 投资者关系 | □媒体采访 □业绩说明会 | | | 活动类别 | □ | 新闻发布会 □路演活动 | | | □现场参观 | | | | □ 其他 （电话会议） | | | 参与单位名称 | | 招商证券：李晓晨、太证资管：赵瑞平、华金证券：王栋、长沙银 | | 及人员姓名 | | 行：张婧、申万宏源：刘璐、工银瑞信：王帅、路博迈：林芷莹，徐 之伦、海通证券：倪婧雅，孙仲杰、兴业基金：王飞、百瑞信托：姜 | | | 乃塬、太平洋保险：沈世君 | ...

Group 1: Company Development Strategy - The company aims to leverage Xinjiang's resource advantages and enhance its industrial chain through capital operations and equity investments, focusing on horizontal mergers and vertical alliances to optimize the industry and extend the value chain [2][3] - The company emphasizes high-quality and high-speed development, guided by strong and complementary chains, while improving management levels and high-tech transformation of traditional industries [3] Group 2: Poverty Alleviation Efforts - The company has established the "Zhongtai Love Education Fund," donating CNY 3.2543 million to support education in impoverished areas [3][4] - A donation of CNY 1 million was made for livelihood projects in the Hotan region [4] - The company has assisted 8 pilot households in poverty alleviation through the "Visit and Benefit" initiative [4] - CNY 300,000 was donated for ecological protection projects in Xinjiang [4] - The company has employed 2,561 surplus laborers from Kashgar and Hotan regions [4] - Skills training programs are implemented to enhance the vocational skills of transferred employees [4] Group 3: Project Construction Status - The company has initiated preliminary work on several projects, including the 300,000 tons/year high-performance resin industrial park in Tuokexun and the 150,000 tons caustic soda project in Fuhai [4]

Group 1: Company Operations - The company has established a new dry-process cement clinker production line with an annual capacity of nearly 3 million tons, utilizing carbide slag generated during production, achieving a circular economy within the park [1] - The company is actively developing a "trade + industry" model, leveraging the strategic location of Urumqi in the "Belt and Road" initiative to enhance overall revenue [2] Group 2: Chlor-Alkali Industry Insights - The chlor-alkali industry is characterized by strong cyclicality, with major products including polyvinyl chloride (PVC) resin, caustic soda, and calcium carbide, which are essential raw materials in the chemical sector [2] - Future PVC consumption is expected to rely heavily on real estate-related materials, but there are promising prospects for PVC applications in modified and high-tech fields [2] Group 3: Project Development - The company has initiated preliminary work on several projects, including a 300,000 tons/year high-performance resin industrial park and a 150,000 tons caustic soda project [3] - The company aims to expand PVC production capacity and enhance market share through mergers and acquisitions, while also focusing on the development of high-performance and specialty resins [3]

Group 1: Market Overview - In 2020, the PVC market was significantly impacted by the pandemic, leading to low operating rates for foreign enterprises and a shift of orders to domestic suppliers [2] - By Q4 2020, PVC and PVC product exports peaked, with social inventory reaching historical lows, resulting in a gradual price increase [2] - Global supply shortages are expected to increase due to production disruptions in North America caused by natural disasters [2] Group 2: Company Strategy - The company has completed the transfer of 60% equity in Shanghai Multi-Industry to focus on chlor-alkali chemicals and enhance its core business development [2] - The major asset restructuring has been approved by the board, shareholders, and the Shenzhen Stock Exchange, with ongoing efforts to advance related work [2] Group 3: Project Development - In June 2018, the company and Zhongtai Group participated in the Jin Hui Zhao Feng project through capital increase, with the company holding a 27.40% stake and Zhongtai Group holding 7.80%, totaling 35.20% [3] - The total investment for the project is 400 million yuan, with the company currently preparing for the construction of a 1 million ton PVC circular economy project [3]

Group 1: Market Situation and Industry Outlook - From early 2020 to 2021, the PVC market was impacted by foreign pandemic and extreme weather in the U.S., leading to reduced operating rates abroad and increased domestic orders, resulting in a rise in PVC and PVC product exports [2] - Current social inventory is low, with a balanced supply-demand situation; upstream enterprises face tight supply of raw materials due to "dual control" policies, supporting PVC prices [2] - With increasing domestic demand and export volume for downstream products like pipes, boards, and flooring, PVC is expected to remain in a tight balance state, with prices better than the same period last year [2] Group 2: Company Investment Projects - The company’s non-public stock issuance projects include a high-performance resin industrial park with a designed capacity of 300,000 tons/year, including 200,000 tons/year for bulk resin, 65,000 tons/year for paste resin, and 35,000 tons/year for reducing resin [2][3] - The production facilities for reducing resin, paste resin, and other products were trial-operated in November 2019, March 2020, and May 2020, respectively, and are currently operating normally [3] Group 3: Future Capacity Planning - Under the influence of "carbon peak" and "carbon neutrality" policies, the industry is expected to accelerate the elimination of backward small enterprises, promoting consolidation in the chlor-alkali industry [3] - The company plans to selectively construct previously approved projects in the chlor-alkali sector while not adding new capacity in the textile sector in the short term, focusing on technological transformation and R&D to reduce raw material costs and achieve product differentiation [3] Group 4: Development Strategy - The company will leverage industrial policies and the rich natural resources in Xinjiang, focusing on chlor-alkali chemicals, and actively exploring vertical integration and horizontal diversification for effective synergy [3] - The strategy includes continuous improvement and optimization of the industrial chain through self-construction and mergers, enhancing product categories, achieving economies of scale, and pursuing high-quality development [3]

Financial Performance - The company's operating revenue for Q3 2022 was ¥11,783,509,316.24, an increase of 2.26% year-on-year[8]. - The net profit attributable to shareholders for Q3 2022 was ¥9,427,793.66, a decrease of 98.71% compared to the same period last year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥781,109.43, down 99.88% year-on-year[8]. - The total profit for the period was approximately ¥1.80 billion, a decrease from ¥3.08 billion in the previous period, representing a decline of about 41%[43]. - Net profit attributable to shareholders of the parent company was approximately ¥1.15 billion, down from ¥2.46 billion, reflecting a decrease of around 53%[43]. - Total revenue from sales of goods and services was approximately ¥51.09 billion, down from ¥53.19 billion, indicating a decrease of about 4%[46]. - Basic earnings per share were ¥0.4484, down from ¥1.0993 in the previous period, reflecting a decline of about 59%[43]. Assets and Liabilities - The total assets at the end of Q3 2022 reached ¥82,236,388,093.26, reflecting a 12.53% increase from the end of the previous year[8]. - Total assets increased to CNY 82,236,388,093.26, up from CNY 73,077,826,269.39 year-on-year[39]. - Total liabilities reached CNY 49,288,273,808.81, compared to CNY 41,812,827,177.47 in the previous year[39]. - The company's equity attributable to shareholders increased to CNY 26,183,489,867.25 from CNY 25,229,690,613.07[39]. Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥2,431,959,101.15, an increase of 66.62% year-on-year[8]. - The net cash flow from operating activities increased by 66.62% to approximately ¥2.43 billion, primarily due to an increase in tax refunds received[20]. - The net cash flow from investing activities decreased by 46.18% to approximately -¥4.48 billion, mainly due to increased cash payments for the acquisition of fixed assets and intangible assets[20]. - The net cash flow from financing activities increased by 64.00% to approximately ¥2.23 billion, primarily due to a decrease in cash payments for debt repayment[20]. - The net increase in cash and cash equivalents was approximately ¥245.72 million, a significant improvement compared to a decrease of approximately -¥301.37 million in the previous period[20]. - Cash and cash equivalents at the end of the period totaled approximately ¥3.03 billion, an increase from ¥2.58 billion at the end of the previous period[50]. Inventory and Costs - The company's inventory increased by 41.51% year-on-year, reaching ¥3,887,211,188.16 due to a rise in textile product stock[13]. - Total operating costs amounted to CNY 39,669,352,805.43, slightly increased from CNY 39,556,367,859.88 year-on-year[40]. - Research and development expenses for the first nine months of 2022 amounted to ¥235,438,524.49, a significant increase of 438.01% compared to the same period last year[17]. - Research and development expenses rose significantly to CNY 235,438,524.49, compared to CNY 43,761,160.38 in the same period last year[40]. Shareholder Information - As of September 30, 2022, the total number of common shareholders was 154,773, with the largest shareholder, Xinjiang Zhongtai Group, holding 19.27% of shares[21]. - The company issued 25.08 million restricted shares at a price of ¥5.34 per share in July 2022, increasing its total share capital to approximately 2.6 billion shares[29]. Market Challenges - The company is facing challenges from rising costs of raw materials and low consumer demand, impacting its product pricing and market performance[28]. - The company plans to continue focusing on cost reduction and efficiency improvement while enhancing market services and product upgrades[28]. - The net profit attributable to shareholders decreased by 53.14% year-on-year due to a decline in market prices for PVC and viscose fiber[28]. - The company produced 1.4599 million tons of PVC resin, 1.0420 million tons of ion membrane caustic soda, and 0.4034 million tons of viscose fiber in the third quarter of 2022[28].

Financial Performance - The company reported a total revenue of 1.5 billion RMB for the first half of 2022, representing a year-on-year increase of 12%[23]. - The net profit attributable to shareholders reached 300 million RMB, up 15% compared to the same period last year[23]. - The company's operating revenue for the first half of 2022 was ¥29,348,766,439.73, a decrease of 4.59% compared to the previous year[28]. - The net profit attributable to shareholders was ¥1,145,451,934.30, reflecting a decline of 34.33% year-over-year[28]. - The net profit after deducting non-recurring gains and losses was ¥1,112,410,317.10, down 35.85% from the same period last year[28]. - The net cash flow from operating activities increased by 52.43% to ¥2,420,108,878.14[28]. - The company's total revenue for the reporting period was ¥29,348,766,439.73, a decrease of 4.59% compared to ¥30,760,694,757.74 in the same period last year[57]. - The operating cost decreased by 4.82% to ¥25,164,222,542.33 from ¥26,439,103,676.48, attributed to a reduction in the consolidation scope[57]. - The company reported a total of 74,426.71 million CNY in actual cumulative investment as of the end of the reporting period, with a total planned investment of 71,583.16 million CNY[93]. Market Expansion and Strategy - The company plans to invest 200 million RMB in new product development and technological innovation in the upcoming year[23]. - User data indicates a 20% increase in customer base, with over 1 million active users reported[23]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2023[23]. - A strategic acquisition of a local competitor is under consideration to enhance production capacity and market reach[23]. - The company is actively exploring vertical integration and horizontal diversification to enhance operational synergy and product differentiation[45]. - The company plans to continue expanding its market presence and product offerings, focusing on new technologies and strategic acquisitions[64]. - The company is actively pursuing market expansion through strategic investments and projects in the chemical sector[75]. Research and Development - The company has established a research and innovation incentive mechanism to support technological advancements in key processes[41]. - Research and development investment increased significantly by 105.40% to ¥46,581,514.45 from ¥22,678,595.63, indicating a strong focus on innovation[58]. - The company is focusing on technological innovation by collaborating with universities and research institutions to enhance its R&D capabilities[106]. Environmental and Safety Initiatives - The company emphasizes the importance of risk management in production operations, particularly regarding market environment and safety[9]. - The company is focusing on enhancing safety production management and optimizing logistics to improve operational efficiency[40]. - The company has implemented a comprehensive solid waste management strategy, ensuring all general solid waste is utilized and hazardous waste is disposed of by qualified third parties[120]. - The company has achieved zero discharge of wastewater through advanced treatment technologies, including biochemical and ozone deep treatment methods[122]. - The company has developed emergency response plans for environmental incidents, which have been filed with local environmental protection agencies[126]. - The company has implemented a self-monitoring plan for environmental protection, adhering to the guidelines set by the Ministry of Environmental Protection[129]. - The company has focused on energy-saving and emission-reduction technologies, collaborating with thermal companies to maximize heating efficiency and reduce coal consumption[130]. Investment and Financial Management - The company has not received any non-standard audit opinions, ensuring the integrity of its financial reporting[7]. - No cash dividends or stock bonuses are planned for this fiscal year, focusing instead on reinvestment into the business[10]. - The company reported a net increase in cash and cash equivalents of ¥13,573,083.01, a significant turnaround from a decrease of ¥1,341,763,643.12 in the previous year[58]. - The company has a total of CNY 125.53 million in unused raised funds, which are temporarily allocated for liquidity[81]. - The company has effectively managed project costs, leading to surplus funds from the implementation of the Jinfu Textile project[92]. Related Party Transactions and Guarantees - The company reported a total of 94,269.26 million CNY in related party transactions for procurement, accounting for 3.48% of similar transactions[149]. - The sales of products and goods to related parties amounted to 43,807.28 million CNY, representing 1.90% of similar transactions[149]. - The company provided financial assistance of 131,200 million CNY to its subsidiary for operational needs[157]. - The company has a total guarantee amount of 50,000 million CNY for Xinjiang Shengxiong Energy Co., Ltd., with actual guarantees amounting to 23,307.07 million CNY[165]. - The total approved external guarantee amount during the reporting period was 85,454.00 million, with actual guarantees amounting to 52,975.80 million[171]. Challenges and Risks - The company has faced risks from fluctuating international political and economic conditions, which may impact profitability and business development[102]. - The viscose staple fiber market faced challenges due to rising production costs and unstable downstream demand, leading to pressure on profit margins[49]. - The PVC market experienced fluctuations in the first half of 2022, with prices initially rising due to raw material costs but later declining due to economic recession concerns and weakened demand[47]. Corporate Governance - The company has not reported any significant changes in accounting policies for derivatives compared to the previous reporting period[79]. - The semi-annual financial report has not been audited[141]. - The company has no significant litigation or arbitration matters during the reporting period[143]. - The actual controller of the company, the Xinjiang State-owned Assets Supervision and Administration Commission, operates stably without any significant debt issues[147].

Financial Performance - The company's operating revenue for Q1 2022 was ¥15,005,177,066.22, a decrease of 32.51% compared to the same period last year[6]. - Net profit attributable to shareholders was ¥442,301,627.68, down 39.73% year-on-year[8]. - Basic earnings per share decreased by 49.78% to ¥0.1717[8]. - Total operating revenue for the first quarter was ¥15,005,177,066.22, a decrease of 32.8% compared to ¥22,234,440,323.81 in the previous year[38]. - Net profit for the period was ¥516,290,967.37, a decline of 38.4% from ¥836,402,516.99 in the same period last year[41]. - The total comprehensive income for the period was ¥513,376,315.13, down from ¥842,237,491.95, reflecting a decline of 39%[44]. Cash Flow - The net cash flow from operating activities was -¥1,461,333,479.96, a decline of 504.64% compared to the previous year[8]. - Cash flow from operating activities was ¥18,554,317,359.04, down from ¥28,099,639,144.70, reflecting a decrease of 34.1%[45]. - Net cash flow from operating activities was -$1,461,333,479.96, compared to a positive $361,143,020.43 last period[48]. - Cash inflow from financing activities reached $5,898,400,000.00, an increase from $5,080,899,427.08 in the last period[52]. - Net cash flow from financing activities was $1,854,222,954.59, up from $506,904,782.06 previously[52]. Assets and Liabilities - Total assets increased by 5.54% to ¥77,124,037,995.58 compared to the end of the previous year[8]. - The total assets of the company reached CNY 77.12 billion, compared to CNY 73.08 billion at the beginning of the year, marking an increase of approximately 5.5%[32]. - The total liabilities and owners' equity reached ¥77,124,037,995.58, up from ¥73,077,826,269.39, indicating a 5.6% increase[38]. - The company's long-term equity investments rose to CNY 3.05 billion, up from CNY 2.70 billion, indicating an increase of about 12.7%[32]. - The company's short-term borrowings decreased to CNY 6.74 billion from CNY 7.42 billion, showing a reduction of approximately 9.2%[32]. Research and Development - Research and development expenses increased by 187.66% year-on-year, indicating a significant investment in innovation[18]. - Research and development expenses increased to ¥25,456,558.92, up from ¥8,849,652.38, showing a significant rise of 187.5%[38]. Market and Production - The company produced 493,300 tons of PVC resin, 351,000 tons of caustic soda, 158,000 tons of viscose fiber, 71,700 tons of viscose yarn, 702,800 tons of carbide, and generated 3.599 billion kWh of electricity during the reporting period[27]. - The textile market in Europe has seen a slowdown in orders, with many weaving orders shifting to Southeast Asia, impacting the viscose market negatively compared to last year[26]. - The company reported a significant increase in the cost of PVC due to rising prices of raw materials like coal and coke, which have surged compared to the same period last year[26]. Inventory and Receivables - The company’s accounts receivable increased by 32.87% compared to the beginning of the period, primarily due to an increase in receivables[15]. - The company’s inventory increased to CNY 3.25 billion from CNY 2.75 billion, reflecting a rise of approximately 18.1% year-on-year[30]. Future Plans - The company plans to continue expanding its market presence and enhancing its product offerings in the upcoming quarters[18]. - The company is actively pursuing a plan to issue shares and convertible bonds to acquire assets and raise supporting funds, which is currently under review by the board and will require shareholder approval[27].

Financial Performance - The company's operating revenue for 2021 was ¥62,463,275,757.60, a decrease of 25.83% compared to the previous year[33]. - The net profit attributable to shareholders for 2021 was ¥2,702,674,815.85, representing a significant increase of 1769.96% year-over-year[33]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,649,086,925.82, an increase of 11800.46% compared to the previous year[33]. - The net cash flow from operating activities for 2021 was ¥4,458,028,260.12, down 36.88% from the previous year[33]. - The total assets at the end of 2021 were ¥73,077,826,269.39, reflecting an increase of 11.92% compared to the end of 2020[33]. - The net assets attributable to shareholders at the end of 2021 were ¥25,229,690,613.07, an increase of 33.25% from the end of 2020[33]. - The basic earnings per share for 2021 was ¥1.1623, a substantial increase of 1627.04% compared to the previous year[33]. - The diluted earnings per share for 2021 was also ¥1.1623, indicating consistent performance in earnings[33]. - The company reported a significant increase in quarterly revenue, with Q4 2021 revenue reaching ¥20,224,746,001.57[39]. - The total operating revenue for 2021 was approximately ¥62.46 billion, a decrease of 25.83% compared to ¥84.21 billion in 2020[107]. - Chlor-alkali chemical segment revenue increased by 57.35% to ¥19.12 billion, accounting for 30.60% of total revenue[107]. - The textile industry revenue rose by 50.00% to ¥7.08 billion, representing 11.34% of total revenue[107]. - The modern trade revenue decreased by 48.89% to ¥33.85 billion, making up 54.19% of total revenue[107]. - The logistics transportation segment saw a significant increase of 165.15%, reaching ¥1.62 billion, which is 2.60% of total revenue[107]. Business Operations - The company has expanded its main business to include the production and sales of viscose fibers and viscose yarns, in addition to PVC resin and ion-exchange membrane caustic soda since its listing[23]. - The company completed the acquisition of Xinjiang Zhongtai (Group) Co., Ltd.'s stake in Xinjiang Zhongtai Xinxin Chemical Technology Co., Ltd. in July 2021, making it a subsidiary[32]. - The company has achieved a stable PVC direct sales rate and an increase in the local conversion rate of viscose fiber in Xinjiang[66]. - The company is focused on expanding its market presence in the textile industry, producing a variety of viscose fibers and yarns for diverse applications[93]. - The company has built a complete industrial chain in the chlor-alkali chemical industry, reducing logistics costs and enhancing resource efficiency[99]. - The company is actively pursuing the renewal of various licenses, including hazardous chemicals and production permits, to ensure compliance and operational continuity[91]. Research and Development - The company reported 153 patent applications and 165 authorized patents during the reporting period[78]. - The company has established a comprehensive R&D platform with 1 national-level technology center and 10 regional-level technology centers[78]. - The company is focusing on technological innovation and has developed new products such as antibacterial fibers and high-white fibers[62]. - The company has successfully completed RCS certification for its pure cotton viscose fiber yarn products[62]. - The company emphasizes innovation and R&D, establishing national and regional technology centers and collaborative innovation platforms[100]. - The company's R&D investment increased by 109.58% from 347.28 million yuan in 2020 to 727.85 million yuan in 2021, representing 1.17% of total revenue[140]. - The number of R&D personnel rose by 8.77% from 593 in 2020 to 645 in 2021, with a notable increase in master's degree holders by 45.45%[138]. Market and Industry Trends - The company anticipates that the PVC market prices will stabilize and normalize in 2022 after experiencing significant fluctuations in 2021[55]. - The company expects the chlor-alkali market to remain healthy, with upstream raw material prices likely to stay high, providing cost support for PVC[55]. - The company noted that the domestic demand for viscose staple fiber is primarily driven by the spinning and non-woven fabric sectors, with spinning accounting for nearly 90% of the demand[57]. - The average price of coal increased from 207.91 to 415.20 RMB/ton, while the average price of coke rose from 1,150.34 to 1,860.28 RMB/ton[75]. - The production cost of PVC resin increased by approximately 650 RMB/ton due to rising raw material prices[76]. Risk Management - The company has identified risks in production operations related to market environment, environmental protection, human resources, and finance, urging investors to be aware of these risks[10]. - The company emphasizes that forward-looking statements regarding development strategies and operational plans do not constitute substantive commitments to investors[8]. - The company has established an internal control system for futures hedging, which includes risk monitoring and approval processes to mitigate operational risks[160]. - The company's risk analysis and control measures for derivative positions include assessments of market, liquidity, credit, and operational risks[158]. Environmental and Sustainability Initiatives - The company is committed to promoting a low-carbon economy and green development initiatives[100]. - The company has obtained environmental certification for eco-friendly paste resin, expanding its applications into automotive coatings, pharmaceutical sheets, and battery separators[62]. - The company aims to achieve coordinated development of environmental, economic, and ecological benefits through its operations[99]. - The company is positioned as a "green design pilot enterprise" and an "industry energy efficiency leader," reflecting its commitment to sustainable practices[102]. Investment and Financing - The company reported a significant increase in investment amounting to ¥7.75 billion, a 823.22% increase from ¥839.8 million in the previous year[151]. - The company completed a major equity investment of ¥3.75 billion in Xinjiang Zhongtai Chemical Toksun Energy Co., holding a 97.78% stake[154]. - The company’s financial liabilities totaled ¥16.1 billion, with a change in fair value of ¥4.77 billion during the reporting period[150]. - The company reported a total fundraising amount of 642,570.96 million CNY, with 514,649.76 million CNY already utilized by the end of the reporting period[161]. - The company raised 3,812,094.48 million CNY through a private placement, with a net amount of 3,755,518.34 million CNY after deducting issuance costs[164]. - The company utilized 252,772.27 million CNY of the raised funds during the reporting period, leaving 128,094.29 million CNY unutilized[161]. Corporate Governance - The board of directors confirmed that all financial reports are true, accurate, and complete, with no significant omissions or misleading statements[5]. - The company has not reported any significant internal control deficiencies or non-standard audit opinions for the reporting period[8]. - The company is committed to high-quality development by implementing comprehensive safety measures and optimizing its governance structure[200].