Financial Performance - The company expects a net loss attributable to shareholders between -163.43 million and -118.04 million RMB for Q1 2015, representing a decline of 280% to 230% compared to the same period last year, which had a profit of 90.79 million RMB[3] - The decline in performance is primarily due to a significant drop in product prices influenced by falling international crude oil prices and market pessimism[5] Operational Updates - The company's full subsidiary, Zhejiang Satellite Energy Co., Ltd., underwent a planned maintenance shutdown for its 450,000-ton PDH project in February 2015, which lasted for one month[5] - Sales were largely stagnant during the Spring Festival holiday due to early shutdowns in downstream industries, but demand and product prices have shown significant recovery towards the end of the quarter[5]

Revenue and Profit - Total revenue for 2014 reached CNY 408,930.69 million, an increase of 23.32% compared to the previous year[5] - Operating profit decreased by 94.00% to CNY 3,433.13 million, while total profit fell by 91.94% to CNY 4,756.83 million[6] - Net profit attributable to shareholders was CNY 3,118.68 million, down 93.76% year-on-year[5] - Basic earnings per share dropped to CNY 0.04, a decline of 93.65% from CNY 0.63 in the previous year[5] - The company’s 2014 net profit forecast was between CNY 2,500.68 million and CNY 17,504.76 million, aligning with the reported figures[7] Assets and Equity - Total assets increased by 21.63% to CNY 762,903.00 million, while equity attributable to shareholders decreased by 1.44% to CNY 359,595.90 million[5] - The company’s net asset per share decreased by 50.99% to CNY 4.47 due to the increase in share capital[5] Performance Factors - The decline in performance was attributed to a sluggish macroeconomic environment and a significant drop in international oil prices, affecting product prices and inventory valuation[6] Share Capital - The increase in share capital was mainly due to the conversion of capital reserves and the implementation of the first phase of the restricted stock incentive plan[6] Financial Reporting - Final financial data will be detailed in the 2014 annual report, as the current figures are preliminary[8]

Financial Performance - In 2014, the company's net profit was revised to a range of RMB 25.01 million to RMB 175.05 million, significantly lower than the previous estimate of RMB 325.09 million to RMB 500.14 million[5]. - The overall sales revenue for acrylic acid and ester products increased by nearly RMB 800 million compared to 2013, despite the price decline in the fourth quarter[6]. Market Conditions - The decline in crude oil prices since September 2014 exceeded 50%, leading to a substantial drop in the prices of acrylic acid and ester products, further impacting net profit[2]. - Acrylic acid prices fell from RMB 10,000 per ton in September to approximately RMB 7,000 per ton by December, resulting in an estimated gross margin decline of around 12%[6]. - The domestic propylene market price dropped from RMB 10,000 per ton in September to RMB 6,000 per ton by December, affecting sales revenue of RMB 236 million for propylene[6]. - The company faced adverse impacts from a slowing economy and increased market volatility, affecting downstream demand and procurement activities[1]. Future Outlook - The company noted that the construction of new acrylic acid production capacity will significantly slow down, which may stabilize supply and demand relationships in the future[1].

Financial Performance - The company's net profit for 2014 is expected to decline by 95% to 65%, with a projected range of net profit between 25.01 million and 175.05 million yuan, compared to 500.14 million yuan in the previous year[3] - The previous forecast indicated a net profit change range of -35.00% to 0.00% for the year[3] - The performance forecast revision has not been audited by registered accountants[4] - The financial data provided in the performance forecast is preliminary and will be finalized in the annual report[6] Market Conditions - The performance forecast was revised due to a significant drop in international oil prices in the fourth quarter, leading to weak demand in downstream industries[5] - The company has maintained stable production operations and successfully launched new projects, but the market is currently experiencing a bearish sentiment[5] - The company emphasizes the need for market absorption of newly added production capacity, which has affected the pricing of acrylic acid and esters products[5] - The company acknowledges that demand in emerging sectors is still maturing, contributing to the overall performance decline[5] Investor Communication - The company expresses sincere apologies to investors for any inconvenience caused by the performance forecast revision[6] - The company has accounted for inventory impairment provisions in its performance forecast to reflect a cautious approach[5]

浙江卫星石化股份有限公司 2014 年第三季度报告正文 1 浙江卫星石化股份有限公司 2014 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚 假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人马国林、主管会计工作负责人王满英及会计机构负责人(会计主管人员)陈蕴玉声明：保证 季度报告中财务报表的真实、准确、完整。 2 浙江卫星石化股份有限公司 2014 年第三季度报告正文 证券代码：002648 证券简称：卫星石化 公告编号：2014-045 浙江卫星石化股份有限公司 2014 年第三季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 7,887,237,581.66 | 6,272,516,838.8 ...

浙江卫星石化股份有限公司 2014 年半年度报告全文 浙江卫星石化股份有限公司 2014 年半年度报告 2014 年 08 月 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 公司负责人马国林、主管会计工作负责人王满英及会计机构负责人(会计主 管人员)陈蕴玉声明：保证本半年度报告中财务报告的真实、准确、完整。 本报告所涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质性承 诺，请投资者注意投资风险。 2 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 未亲自出席董事姓名 未亲自出席董事职务 未亲自出席会议原因 被委托人姓名 杨玉英 董事 因在外地出差请假 1 浙江卫星石化股份有限公司 2014 年半年度报告全文 | 目录 | | --- | | 2014 | 半年度报告 2 | | --- | --- | | 第一节 | 重要提示、目录和释义 5 | | 第二节 | 公司简介 7 | | 第三节 | 会计数 ...

Financial Performance - Revenue for the first quarter was ¥745,425,738.21, a decrease of 0.36% compared to ¥748,125,426.74 in the same period last year[8] - Net profit attributable to shareholders was ¥90,796,628.08, down 4.95% from ¥95,525,256.48 year-on-year[8] - Net profit excluding non-recurring items increased by 2.19% to ¥86,906,966.60 from ¥85,043,865.78[8] - Operating profit increased by 4.13% year-on-year, amounting to an increase of 4.1043 million yuan, mainly due to a decrease in raw material costs[17] - The company reported non-recurring gains and losses totaling ¥3,889,661.48 for the reporting period[10] - The net profit attributable to shareholders for the first half of 2014 is expected to be between ¥181.43 million and ¥235.86 million, representing a change of 0% to 30% compared to the same period in 2013[28] Cash Flow and Assets - Net cash flow from operating activities was negative at -¥413,988,909.11, a decline of 262.58% compared to ¥254,641,747.09 in the previous year[8] - Cash and cash equivalents decreased by 41.39%, down by 306.93 million yuan, mainly due to increased payments for raw materials[17] - The net cash flow from operating activities was negative at -413.99 million yuan, a decrease of 262.58% year-on-year, mainly due to increased payments for project costs and wages[22] - The net cash flow from financing activities increased significantly by 2941.22%, amounting to 237.97 million yuan, primarily due to increased bank borrowings[22] - Total assets at the end of the reporting period were ¥6,737,962,116.20, an increase of 7.42% from ¥6,272,516,838.81 at the end of the previous year[8] - The company’s other current assets increased by 30.53%, up by 105.71 million yuan, mainly due to the reclassification of deductible VAT[17] Shareholder Information - The total number of shareholders at the end of the reporting period was 16,678[12] - The largest shareholder, Zhejiang Satellite Holdings Co., Ltd., held 49.88% of the shares, with 199,500,000 shares pledged[12] - The company has committed to not transferring or entrusting its shares for 36 months from the date of listing, ensuring stability in shareholding[26] - The company has not reported any violations of commitments made to shareholders[27] Dividend Policy - The company plans to distribute dividends primarily in cash, with a commitment to distribute at least 30% of the distributable profits in cash if the company is profitable[27] - The company will consider increasing cash dividend ratios or implementing stock dividends if net profits continue to grow steadily over the next three years[27] - The company has a plan for mid-term profit distribution based on its profitability and funding needs, with intervals of at least six months between distributions[26] - The company has committed to not conducting high cash dividends if cash flow from operating activities is negative for two consecutive years[26] - The company aims to maintain a balance between cash and stock dividends to benefit all shareholders[27] Market Outlook - The company anticipates that downstream markets will normalize, leading to increased market sales and improved performance[28] - New projects are expected to contribute to increased production capacity and sales volume, leading to improved financial performance[28] Other Financial Metrics - Net assets attributable to shareholders increased by 2.54% to ¥3,740,981,108.53 from ¥3,648,389,178.05[8] - The weighted average return on equity was 2.46%, down from 2.89% in the previous year[8] - The company reported a 72.72% increase in business tax and surcharges, amounting to 4.47 million yuan, mainly due to increased VAT payable[19] - The company’s operating income from non-operating activities decreased by 57.55%, down by 7.22 million yuan, primarily due to a reduction in government subsidies[20] - Short-term borrowings increased by 56.62%, rising by 194.69 million yuan, primarily due to an increase in bank working capital loans[17]

Financial Performance - The company's operating revenue for 2013 was CNY 3,316,006,594.35, representing a 4.87% increase compared to CNY 3,162,032,640.66 in 2012[22] - The net profit attributable to shareholders for 2013 was CNY 500,135,991.95, an increase of 18.46% from CNY 422,182,300.11 in 2012[22] - Basic earnings per share for 2013 were CNY 1.25, up 17.92% from CNY 1.06 in 2012[22] - The total profit for 2013 was CNY 59 million, representing a year-on-year growth of 20.06%[31] - The company reported a cash dividend payout ratio of 27.99% for the year 2013, with a total net profit of 500,135,991.95 CNY[78] Cash Flow and Assets - The net cash flow from operating activities decreased significantly by 82.49% to CNY 123,516,480.64 from CNY 705,369,134.58 in 2012[22] - The company's cash flow from operating activities decreased by 82.49% to CNY 124 million[33] - As of the end of 2013, cash and cash equivalents decreased by 9.34% to CNY 741,635,719.5, accounting for 11.82% of total assets, down from 21.16% in 2012[50] - The total assets at the end of 2013 reached CNY 6,272,516,838.81, a 68.54% increase from CNY 3,721,651,484.29 at the end of 2012[22] - The total liabilities amounted to CNY 2,624,127,660.76, up from CNY 461,656,245.38 at the start of the year, reflecting a substantial rise in financial obligations[190] Research and Development - The company’s R&D expenditure reached CNY 118 million, an increase of 10.63% year-on-year[33] - Research and development expenditure reached CNY 117.76 million, accounting for 3.55% of operating revenue, up from 3.37% in 2012[43] - The company has established a dedicated R&D center, focusing on the development of proprietary production processes, including the SAP continuous production patent, which is the only one of its kind in China[55] - The company plans to maintain continuous investment in R&D to optimize production processes and expand its product portfolio in the C3 industrial chain[55] Market and Sales Strategy - The company is expanding its domestic sales network, focusing on East China while actively exploring South and Central China markets[29] - The geographical advantage of the company’s production bases in Jiaxing and Pinghu, along with its strategic market positioning in the Yangtze River Delta, is expected to drive sales growth in 2014[57] - The sales volume increased to 344,037 tons, up by 5.95% compared to 2012, while production volume slightly decreased by 0.88% to 337,715 tons[35] - The company's inventory decreased significantly by 39.84% to 8,989 tons, indicating improved sales efficiency[35] Corporate Governance and Compliance - The company strictly adheres to the requirements of the Company Law and relevant regulations, ensuring the governance structure is sound and effectively executed[124] - The company has established a performance evaluation mechanism linking senior management compensation to operational performance indicators[126] - The company has implemented a transparent investor relations management system, ensuring equal access to information for all shareholders[127] - The company’s independent directors have played a crucial role in safeguarding the interests of minority shareholders[126] Safety and Environmental Protection - The company is committed to safety production and environmental protection while focusing on project construction and innovation improvements[73] - The company has established a dedicated safety and environmental protection department to oversee compliance and safety initiatives[80] - The company has invested over 2 million yuan to establish a safety monitoring system, ensuring real-time oversight of hazardous areas in production[80] - The company has not experienced any major safety or environmental accidents during the reporting period[82] Investment and Financing - The company reported a significant increase in cash inflow from financing activities, up 1,492.42% to CNY 2,060 million, driven by increased borrowings for fixed assets[46] - The total amount of funds raised during the reporting period was CNY 178.50 million, with a cumulative total of CNY 1,776.59 million invested[62] - The company utilized CNY 615.49 million of the raised funds to repay bank loans and CNY 190 million for permanent working capital[65] - The company completed the acquisition of 100% equity in Zhejiang Satellite Energy Co., Ltd. for CNY 137 million using raised funds[65] Employee and Management Structure - The total number of employees as of December 31, 2013, is 1,584, with 670 in the parent company and 898 in major subsidiaries[117] - The employee structure includes 954 production personnel, 80 sales personnel, and 276 R&D and technical personnel[118] - The company has established a performance evaluation system for directors and senior management linked to company performance[113] - The company maintains a transparent remuneration system that complies with relevant laws and regulations[113] Shareholder Information - The total number of shares is 400,000,000, with 75% being restricted shares and 25% being unrestricted shares[95] - The largest shareholder, Zhejiang Satellite Holdings, holds 49.88% of the shares, amounting to 199,500,000 shares[98] - The company has not disclosed any changes in shareholding structure that would affect earnings per share or net asset value per share[95] - The company has not reported any other significant shareholder relationships or actions during the reporting period[99]