HLGF(600346)2023-04-27 16:00Financial Performance - Revenue in 2022 reached 22,232,358.40 million yuan, a year-on-year increase of 12.30%[19] - Net profit attributable to shareholders of listed companies in 2022 was 231,830.32 million yuan, a year-on-year decrease of 85.07%[19] - Net cash flow from operating activities in 2022 was 2,595,397.08 million yuan, a year-on-year increase of 39.01%[19] - Total assets at the end of 2022 were 24,143,047.46 million yuan, a year-on-year increase of 14.80%[19] - Basic earnings per share in 2022 were 0.33 yuan, a year-on-year decrease of 85.07%[20] - Weighted average return on equity in 2022 was 4.30%, a decrease of 25.77 percentage points year-on-year[20] - Revenue in the second quarter of 2022 was 6,575,862.87 million yuan[22] - Net profit attributable to shareholders of listed companies in the third quarter of 2022 was -193,946.96 million yuan[22] - Revenue reached 222.324 billion yuan, a year-on-year increase of 12.30%[28] - Net profit attributable to shareholders was 2.318 billion yuan, a year-on-year decrease of 85.07%[28] - The company achieved a total revenue of RMB 222.324 billion in 2022, a 12.30% increase year-over-year, but net profit attributable to shareholders decreased by 85.07% to RMB 2.318 billion[39] - The company's operating income for 2022 was RMB 222.323584 billion, a 12.30% increase from the previous year, while operating costs rose by 21.82% to RMB 204.0775971 billion[40] - Sales expenses increased by 34.80% to 39,276.92 million yuan, mainly due to higher employee compensation and warehousing-related costs[41] - R&D expenses rose by 16.21% to 118,471.10 million yuan[41] - Net cash flow from operating activities surged by 39.01% to 2,595,397.08 million yuan, driven by reduced receivables, increased prepayments, and better sales collections[41] - Revenue from the petrochemical industry grew by 16.12% to 20,944,731.95 million yuan, but gross margin decreased by 8.25 percentage points to 8.55%[43] - Refining product revenue increased by 17.86% to 12,367,533.63 million yuan, with a gross margin decline of 7.58 percentage points to 15.31%[43] - PTA revenue rose by 17.59% to 5,663,585.82 million yuan, but gross margin fell by 8.83 percentage points to -6.49%[43] - Domestic revenue grew by 16.66% to 20,449,458.40 million yuan, while overseas revenue declined by 21.60% to 1,718,923.51 million yuan[43] - Production of refining products decreased by 0.54% to 2,338.95 thousand tons, while sales dropped by 7.85% to 2,135.85 thousand tons[45] - Direct material costs in the petrochemical industry increased by 27.63% to 17,435,956.16 million yuan, accounting for 85.52% of total costs[46] - Power and fuel costs in the petrochemical industry surged by 29.41% to 703,924.33 million yuan, representing 3.45% of total costs[46] - Total R&D investment was 118,471.10 million yuan, accounting for 0.53% of total revenue[50] - Monetary funds increased by 75.63% to 2,807,640.59 million yuan, accounting for 11.63% of total assets[52] - Accounts receivable decreased by 85.91% to 37,244.59 million yuan, accounting for 0.15% of total assets[52] - Construction in progress increased by 250.61% to 2,728,749.15 million yuan, accounting for 11.30% of total assets[52] - Overseas assets totaled 7.342 billion yuan, accounting for 3.04% of total assets[53] - Contract liabilities increased by 97.35% to 1,209,098.33 million yuan, accounting for 6.41% of total liabilities[53] - Restricted monetary funds totaled 761,763.21 million yuan, primarily due to financing guarantees[54] - Fixed assets amount to 8,543,637.15, used as collateral for financial institution financing[55] - Total mortgaged assets for financing and guarantees amount to 66,914.84[55] - The company's net profit attributable to shareholders decreased by 92.80% year-on-year to 104,528.51 million RMB in 2022[180] - The company's debt-to-asset ratio increased by 5.33 percentage points to 78.08% in 2022[180] - The company's EBITDA to total debt ratio decreased by 58.92 percentage points to 0.09 in 2022[180] - The company's interest coverage ratio decreased by 72.41 percentage points to 1.36 in 2022[180] - The company's cash interest coverage ratio increased by 25.58 percentage points to 5.94 in 2022[180] - The company's EBITDA interest coverage ratio decreased by 52.52 percentage points to 3.20 in 2022[180] - The company's quick ratio increased by 4.17 percentage points to 0.25 in 2022[180] - Revenue for the period was RMB 222.32 billion (22,232,358.40 million yuan)[182] - Inventory balance at the end of the period was RMB 40.96 billion (4,096,424.43 million yuan), with inventory impairment provision of RMB 3.13 billion (312,873.28 million yuan)[182] - Inventory carrying value was RMB 37.84 billion (3,783,551.15 million yuan), primarily consisting of crude oil and petrochemical products[183] - Total assets increased to RMB 241.43 billion in 2022, up from RMB 210.30 billion in 2021, reflecting a growth of 14.8%[187][189] - Current assets rose to RMB 76.34 billion in 2022, compared to RMB 65.18 billion in 2021, marking a 17.1% increase[187] - Fixed assets decreased slightly to RMB 118.72 billion in 2022 from RMB 122.73 billion in 2021, a decline of 3.3%[187] - Total liabilities grew to RMB 188.51 billion in 2022, up from RMB 152.99 billion in 2021, an increase of 23.2%[188] - Short-term borrowings increased to RMB 69.32 billion in 2022, compared to RMB 55.59 billion in 2021, a rise of 24.7%[188] - Long-term borrowings rose to RMB 58.35 billion in 2022 from RMB 52.12 billion in 2021, reflecting a 12.0% increase[188] - Inventory increased to RMB 37.84 billion in 2022, up from RMB 33.55 billion in 2021, a growth of 12.8%[187] - Accounts receivable decreased to RMB 372.45 million in 2022 from RMB 2.64 billion in 2021, a significant drop of 85.9%[187] - Net profit attributable to shareholders declined to RMB 26.28 billion in 2022 from RMB 31.12 billion in 2021, a decrease of 15.5%[189] - Total equity decreased to RMB 52.92 billion in 2022 from RMB 57.30 billion in 2021, a reduction of 7.6%[189] - Total assets increased to 48,128,041,845.80 RMB in 2022, up from 46,197,872,612.05 RMB in 2021[191] - Total revenue for 2022 reached 222,372,593,675.48 RMB, a 12.3% increase from 197,996,549,201.17 RMB in 2021[193] - Operating costs for 2022 were 218,462,766,541.73 RMB, compared to 179,170,933,901.38 RMB in 2021[193] - R&D expenses increased to 1,184,711,003.40 RMB in 2022, up from 1,019,452,366.89 RMB in 2021[193] - Long-term equity investments stood at 44,316,275,704.93 RMB in 2022, slightly up from 43,317,275,704.93 RMB in 2021[190] - Cash and cash equivalents decreased to 31,980,728.03 RMB in 2022 from 54,180,520.50 RMB in 2021[190] - Total liabilities for 2022 were 8,655,029,145.92 RMB, up from 5,871,645,472.34 RMB in 2021[191] - Net profit attributable to shareholders decreased to 5,611,072,478.27 RMB in 2022 from 7,433,983,405.14 RMB in 2021[192] - Fixed assets increased significantly to 2,852,515,397.82 RMB in 2022 from 1,544,172,730.17 RMB in 2021[191] - Other receivables decreased to 811,162,769.45 RMB in 2022 from 1,203,854,808.69 RMB in 2021[190] - Net profit attributable to parent company shareholders reached RMB 2,318,303,166.69, with a basic earnings per share of RMB 0.33[194] - Comprehensive income totaled RMB 2,423,089,127.61, with RMB 2,418,867,226.93 attributable to parent company shareholders[195] - Operating profit for the parent company was RMB 5,873,977,618.88, with a net profit of RMB 5,873,977,618.88[196] - Revenue from sales of goods and services amounted to RMB 267,426,902,574.47[198] - Total profit for the company was RMB 2,409,578,615.33, with a net profit of RMB 2,318,036,950.22[194] - Credit impairment losses amounted to RMB -2,373,806.12, while asset impairment losses were RMB -3,128,732,830.34[194] - Other comprehensive income after tax was RMB 105,052,177.39, with RMB 100,564,060.24 attributable to parent company shareholders[194] - Cash flow from operating activities included RMB 267,426,902,574.47 from sales of goods and services[198] - The company's total comprehensive income for the period was RMB 15,487,280,891.56, with RMB 15,481,284,308.59 attributable to parent company shareholders[195] - The parent company's investment income reached RMB 6,022,872,521.63[196] - Net cash received from interest, fees, and commissions amounted to 52,563,354.96, with a corresponding value of 27,965,319.27[199] - Total cash inflows from operating activities reached 278,978,647,918.58, compared to 217,651,987,930.11 in the previous period[199] - Cash paid for goods and services was 234,363,054,837.45, up from 181,578,139,486.63[199] - Net cash flow from operating activities was 25,953,970,783.43, compared to 18,670,173,744.11[199] - Cash inflows from investment activities totaled 3,237,218,976.76, up from 1,728,091,202.54[199] - Cash outflows for investment activities were 29,534,288,909.52, compared to 14,825,813,727.82[199] - Net cash flow from financing activities was 10,405,416,432.21, compared to -7,387,587,441.55[200] - The net increase in cash and cash equivalents was 10,734,154,952.64, compared to a decrease of 1,904,567,450.62[200] - The ending balance of cash and cash equivalents was 20,323,703,829.39, up from 9,589,548,876.75[200] Operational Challenges and Strategies - The company faced significant challenges in 2022, including high and volatile crude oil prices and weak terminal market demand, leading to a decline in operating performance and losses in the second half of the year[2] - The company implemented a "dual optimization strategy" focusing on strengthening production management, optimizing production processes, and enhancing new product R&D, resulting in both quantity and quality improvements[3] - The company's industrial layout is supported by a "oil, coal, and chemical" integrated system and downstream "fiber, film, and plastic" sectors, with a strong foundation in new materials R&D[3] - The company's future plans and development strategies are forward-looking and do not constitute a substantive commitment to investors, with risks associated with such forward-looking statements[8] - The company reported no significant risks that had a material impact on its production and operations during the reporting period[8] - The company is focusing on low-carbon development and energy efficiency improvements in the petrochemical industry[75] - Demand for chemical new materials is rapidly growing, driven by strategic emerging industries such as new energy and high-end equipment[75] - The company is focusing on developing differentiated and high-end fiber materials, including intelligent, ultra-simulated, and solution-dyed fibers, to expand applications in clothing, home textiles, industry, and environmental protection. It aims to improve the stability and uniformity of high-performance fibers and achieve high-quality, efficient, and low-cost production through copolymerization, blending, and composite spinning technologies[76] - The company is accelerating intelligent and digital transformation by building a smart manufacturing standard system for the chemical fiber industry, achieving breakthroughs in key software and hardware systems, and forming integrated solutions and full-process smart manufacturing technology integration. It is also promoting the application of AI, big data, and cloud computing to enhance digital levels across R&D, production, and maintenance[76] - The company is pushing for green and low-carbon transformation by increasing the use of green electricity and solar energy, developing green process technologies and equipment, and promoting clean production and energy-saving technologies. It is also focusing on building green factories, products, supply chains, and parks, and improving recycling levels[77] - The company's overall development strategy is to provide high-quality fibers and create a better life, adhering to the concepts of innovation, coordination, green development, and sharing. It aims to enhance industrial innovation, optimize industrial structure, and advance towards high-end, intelligent, green, integrated, and international development[77] - The company is committed to a "strengthen upstream, enhance downstream" strategy, focusing on building a "big chemical" platform with "refining + ethylene + coal chemical" as the industrial carrier. It aims to consolidate traditional market advantages and explore new growth points in advanced materials[77] - The company plans to continue strengthening quality, cost, and rapid response capabilities to ensure high-quality and efficient operations. It will also optimize and strengthen its four major business segments to consolidate its full industrial chain competitive advantage[78] - The company is improving its management system, enhancing safety and environmental protection, and focusing on green and low-carbon technology research. It is also optimizing internal management and financial control mechanisms to ensure zero risk in capital safety[78] - The company faces risks such as industry cyclical fluctuations, raw material price volatility, exchange rate risks, and environmental and safety risks. It is taking measures to mitigate these risks, including using forward foreign exchange contracts and strengthening safety and environmental management[79] Environmental and Sustainability Initiatives - The company was awarded the national "Green Factory" and "Low-Carbon Enterprise in the Textile Industry" titles, reflecting its commitment to green and low-carbon development[3] - The company reduced CO2 emissions by 39,600 tons annually through the addition of a decarbonization tower in the ethylene glycol plant[32] - The ethylene plant generated 24.53 million kWh of electricity annually, reducing energy consumption by 3,014 tons of standard coal[32] - The company invested 247.76 million yuan in environmental protection during the reporting period[118] - The company's key pollutant discharge units, including Hengli Chemical Fiber and Susheng Thermal Power, complied with national and local emission standards, with no超标排放情况 reported[119][120][121] - Hengli Chemical Fiber's annual wastewater discharge was 51,038 tons, with chemical oxygen demand (COD) emissions of 0.8492 tons, well below the核定排放总量 of 8.623 tons[120] - Susheng Thermal Power's annual nitrogen oxide emissions were 134.136 tons, below the核定排放总量 of 868.674 tons[121] - Kanghui New Materials' annual wastewater discharge is 425,950 tons, with a chemical oxygen demand (COD) concentration of 12.8223 mg/L and an annual discharge of 8.471 tons[124] - Hengke New Materials' annual wastewater discharge is 940,744 tons, with a COD concentration of 20.66 mg/L and an annual discharge of 15.2 tons[125] - Hengli Chemical's annual wastewater discharge is 2,107,548.58 tons, with a COD concentration of 18.65 mg/L and an annual discharge of 39.306 tons[126] - Kanghui New Materials' annual ammonia nitrogen discharge is 0.309 tons, with a concentration of 0.337 mg/L[124] - Hengke New Materials' annual ammonia nitrogen discharge is 0.97 tons, with a concentration of 1.17 mg/L[125] - Hengli Chemical's annual ammonia nitrogen discharge is 0.394 tons, with a concentration of 0.187 mg/L[126] - Kanghui New Materials' annual sulfur dioxide discharge is 3.14 tons, with a concentration of 3.16 mg/m³[124] - Hengke New Materials' annual sulfur dioxide discharge is 5 tons, with a concentration of 2.04 mg/m³[125] - Hengli Chemical's annual sulfur dioxide