2022-04-21 08:45Financial Performance - Operating revenue for 2021 reached RMB 2,740,884 million, a 30.2% increase from RMB 2,104,724 million in 2020[6] - Net profit attributable to shareholders of the parent company was RMB 71,208 million, up 114.0% from RMB 33,271 million in 2020[6] - The total assets increased by 8.6% to RMB 1,889,255 million compared to RMB 1,738,896 million in 2020[6] - The net cash flow from operating activities was RMB 225,174 million, representing a 33.6% increase from RMB 168,520 million in 2020[6] - The total liabilities increased by 14.5% to RMB 973,214 million from RMB 850,176 million in 2020[6] - The equity attributable to shareholders of the parent company rose by 3.7% to RMB 775,102 million compared to RMB 747,294 million in 2020[6] - The company reported a significant increase in operating profit, which reached RMB 112,414 million, a 121.3% increase from RMB 50,803 million in 2020[6] - The company reported a total profit of RMB 108,348 million for 2021, a 123.7% increase from RMB 48,441 million in 2020[12] - The company's net profit attributable to shareholders for 2021 was RMB 71,975 million, representing a 114.5% increase from RMB 33,443 million in 2020[14] - Basic earnings per share for 2021 increased to RMB 0.594, up 115.9% from RMB 0.276 in 2020[14] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.31 per share, in addition to an interim dividend of RMB 0.16 per share, totaling RMB 0.47 per share for 2021[3] - The board proposed a final dividend of RMB 0.31 per share, with a total annual dividend of RMB 0.47 per share, resulting in a payout ratio of 80%[19] - The profit distribution policy emphasizes a cash dividend of no less than 30% of the annual net profit achieved by the parent company[200] - The final dividend will be distributed to all shareholders registered on the company's shareholder list by June 9, 2022[200] Operational Highlights - The company's quarterly revenue for Q4 2021 was RMB 739,193 million, contributing to the annual total of RMB 2,740,884 million[6] - The company's total oil and gas equivalent production was 479.74 million barrels in 2021, representing a year-on-year increase of 4.5%[30] - Natural gas production reached 1,199.44 billion cubic feet in 2021, marking an 11.9% increase compared to 2020[30] - The total crude oil processing volume for the year 2021 was 255.28 million tons, a year-on-year increase of 7.8% compared to 236.91 million tons in 2020[37] - The company achieved a production increase in synthetic rubber by 17.3% year-on-year, reaching 1.252 million tons in 2021[42] Investments and Future Plans - The company plans to invest CNY 198 billion in 2022, focusing on high-quality oil and gas exploration and development, natural gas supply and storage systems, and refining structural adjustments[22] - The company aims to enhance energy supply capacity through diversified resource channels and improve cost efficiency in refining operations[22] - The company plans to process 258 million tons of crude oil and produce 147 million tons of refined oil in 2022[46] - The company aims to enhance market competitiveness through the development of high-value, high-tech new materials and applications[47] Environmental and Social Responsibility - The company has been recognized as a "China Low Carbon Model" for 11 consecutive years, reflecting its commitment to green low-carbon development strategies[20] - The company has implemented a carbon peak and carbon neutrality goal, enhancing energy efficiency and carbon asset management[159] - The company invested 5.8 billion yuan in poverty alleviation and rural revitalization efforts, supporting 610 villages[159] - The company has focused on green and clean development, aiming to become a world-leading clean energy chemical company[159] Corporate Governance - The company is committed to enhancing corporate governance and transparency, with a focus on ESG management and stakeholder communication[17] - The board of directors of Sinopec consists of 10 members, including 4 executive directors and 6 non-executive directors, with 4 being independent non-executive directors, accounting for 40% of the board[102] - The company has established a Sustainable Development Committee to oversee social responsibility initiatives and enhance governance structures[99] - The company has achieved an A-level rating for information disclosure quality from the Shanghai Stock Exchange, reflecting its commitment to transparency[99] Risk Management - Sinopec's internal control and risk management system aims to manage risks effectively, although it cannot eliminate all risks[106] - The company conducts annual risk assessments to identify significant risks and implement risk management responsibilities[106] - The audit committee believes that the management has fulfilled its responsibility to establish an effective internal control system[107] Related Party Transactions - The total amount of related party transactions for the year was RMB 382.445 billion, with purchases amounting to RMB 259.882 billion, accounting for 9.35% of similar transaction amounts[185] - The independent directors confirmed that the related transactions were conducted on normal commercial terms and were fair and reasonable for the company and its shareholders[187] - The company’s related party transactions are subject to internal control processes and require board and shareholder approval[186]