Financial Performance - The company reported a revenue of RMB 7,370.8 million for the six months ended June 30, 2022, representing a 20.6% increase compared to the same period last year[5]. - The net profit attributable to the company's owners was RMB 936.9 million, which is higher than the previous year's level, marking the best performance for the same period since 2013[9]. - The gross profit for the first half of 2022 was RMB 1,408.1 million, compared to RMB 1,285.2 million in 2021, indicating a positive growth trend[5]. - The group's revenue for the reporting period was RMB 7,370.8 million, an increase of RMB 1,260.9 million or 20.6% compared to RMB 6,109.9 million in the same period of 2021, primarily due to significant price increases in methanol, urea, and phosphate compound fertilizers[21]. - The group's gross profit for the reporting period was RMB 1,408.0 million, up RMB 122.8 million or 9.6% from RMB 1,285.2 million in 2021, mainly due to increased methanol prices and sales volume[22]. - The group's net profit for the reporting period was RMB 1,046.0 million, a decrease of RMB 281.9 million compared to RMB 1,327.9 million in the same period of 2021[30]. Production and Sales - The company achieved a production volume of 909,015 tons for fertilizers, a decrease of 9.5% compared to 1,004,463 tons in the same period last year[7]. - The sales volume of the company's fertilizers totaled 949,139 tons, down 7.3% from 1,023,773 tons in the previous year[8]. - In the first half of the year, the company produced 909,000 tons of urea, 773,000 tons of methanol, 522,000 tons of phosphate and compound fertilizers, and 5,000 tons of polyoxymethylene[10]. - The company sold 949,000 tons of urea, 722,000 tons of methanol, 515,000 tons of phosphate and compound fertilizers, and 3,484 tons of polyoxymethylene, with an increase of 73,000 tons in sales of value-added products year-on-year[10]. Assets and Liabilities - The total assets of the company as of June 30, 2022, amounted to RMB 22,031.5 million, an increase from RMB 21,431.6 million at the end of 2021[6]. - The company reported a total equity of RMB 17,088.5 million as of June 30, 2022, compared to RMB 16,914.7 million at the end of 2021[6]. - Total liabilities increased to RMB 4,942,916 thousand as of June 30, 2022, compared to RMB 4,516,904 thousand at the end of 2021, reflecting a growth of 9.4%[56]. - Non-current liabilities rose to RMB 1,435,739 thousand, up from RMB 1,074,865 thousand, marking an increase of 33.6%[56]. - Current liabilities reached RMB 3,507,177 thousand, compared to RMB 3,442,039 thousand, indicating a rise of 1.9%[56]. Cash Flow and Investments - The net cash generated from operating activities for the six months ended June 30, 2022, was RMB 744,598,000, a decrease of 33.2% compared to RMB 1,114,416,000 for the same period in 2021[60]. - The net cash used in investing activities was RMB 260,002,000, significantly improved from RMB 1,685,832,000 in the previous year[60]. - The company reported a net increase in cash and cash equivalents of RMB 187,726,000, contrasting with a net decrease of RMB 2,024,796,000 in the same period last year[60]. - The company invested approximately RMB 419,474,000 in property, plant, and equipment during the six months ended June 30, 2022, compared to RMB 91,256,000 in the same period of 2021[80]. Market Outlook - The company expects a significant price adjustment in the domestic urea market in the third quarter due to seasonal demand fluctuations[11]. - The domestic phosphate fertilizer supply is anticipated to be relatively loose, with increased pressure on domestic sales and prices expected to decline[11]. - The domestic demand is expected to be weak in the second half of the year, particularly in Q3, leading to a significant potential decline in the domestic urea market[38]. - Methanol is anticipated to continue in a supply surplus situation, with the market expected to adjust weakly amid poor macro expectations[38]. Sustainability and Development - The company has committed to green and sustainable development, achieving a carbon reduction of 34,000 tons in the first half of 2022[9]. - The company signed a joint development agreement with BASF and China Five Rings to explore comprehensive utilization of high CO2 natural gas[9]. - The company is pushing forward with carbon reduction technology research and collaboration with BASF and China Five Rings[11]. - The company has maintained industry-leading energy efficiency indicators as part of its dual carbon action plan[19]. Shareholder Information - Major shareholder China National Offshore Oil Corporation holds approximately 2.74 billion shares, representing 59.41% of the total issued shares[45]. - The company did not declare any dividends for the current period, compared to RMB 714,550 declared in the previous year[55]. - The company declared a dividend of RMB 0.154 per share for the year ended 2021, totaling RMB 711,138,000, compared to RMB 368,800,000 for the previous year[109].
中海石油化学(03983) - 2022 - 中期财报