中粮科技(000930) - 2022 Q4 - 年度财报

Financial Performance - Total revenue for 2022 was RMB 19,918,051,356.78, a decrease of 15.46% compared to 2021[4] - Revenue from fuel ethanol and its by-products decreased by 19.62% to RMB 8,968,495,313.39, accounting for 45.03% of total revenue[4] - Revenue from sugar products increased by 5.48% to RMB 3,694,496,483.19, accounting for 18.55% of total revenue[4] - Revenue from foreign markets increased by 47.87% to RMB 2,445,385,050.04, accounting for 12.28% of total revenue[4] - Net profit attributable to shareholders in 2022 was RMB 1,058,864,667.31, down 6.26% year-on-year[58] - Operating cash flow in 2022 was RMB 708,442,677.10, a significant decrease of 85.37% compared to 2021[58] - Basic earnings per share in 2022 were RMB 0.5700, down 6.97% from 2021[58] - Total assets at the end of 2022 were RMB 18,100,294,856.56, a slight increase of 0.24% compared to the end of 2021[58] - Shareholders' equity at the end of 2022 was RMB 12,099,887,296.31, an increase of 6.20% compared to the end of 2021[58] - Revenue for Q1 2022 was 5.38 billion yuan, Q2 was 5.23 billion yuan, Q3 was 4.29 billion yuan, and Q4 was 5.02 billion yuan[72] - Net profit attributable to shareholders in Q1 2022 was 348.97 million yuan, Q2 was 436.72 million yuan, Q3 was 179.74 million yuan, and Q4 was 93.44 million yuan[72] - Revenue for the year reached 19.9 billion yuan, with net profit attributable to shareholders of 10.59 billion yuan, exceeding annual budget targets[94] - Main business cost decreased by 15.51% to RMB 17.51 billion in 2022, accounting for 99.12% of operating costs[103] - Fuel ethanol and by-products cost decreased by 13.98% to RMB 7.95 billion, accounting for 45.00% of main business costs[106] - Starch and by-products cost decreased by 24.56% to RMB 3.22 billion, accounting for 18.25% of main business costs[106] - Sugar cost increased by 5.23% to RMB 3.51 billion, accounting for 19.85% of main business costs[106] - Monosodium glutamate and by-products cost increased by 6.77% to RMB 1.35 billion, accounting for 7.66% of main business costs[106] - Citric acid and its salts and by-products cost increased by 14.21% to RMB 988.07 million, accounting for 5.59% of main business costs[106] - Top 5 customers accounted for 39.11% of total annual sales, with a total sales amount of RMB 7.79 billion[107] - China Petrochemical Corporation was the largest customer, contributing RMB 3.66 billion, accounting for 18.40% of total annual sales[107] - China National Petroleum Corporation was the second largest customer, contributing RMB 1.78 billion, accounting for 8.94% of total annual sales[107] - COFCO Group, the controlling shareholder, contributed RMB 1.51 billion, accounting for 7.57% of total annual sales[107][110] - The company allocated a cash dividend of RMB 1,062,890,719.77, with a dividend of RMB 5.70 per 10 shares[123] - The company's total distributable profit is RMB 1,392,660,331.75, with cash dividends accounting for 100% of the total profit distribution[123] - The company's total number of shares decreased from 1,865,273,596 to 1,864,720,561 after repurchasing and canceling restricted shares[128] Environmental and Sustainability Initiatives - COD, sulfur dioxide, nitrogen oxide emissions, and general solid waste production decreased by 9.3%, 13.2%, 9.7%, and 10.7% respectively compared to 2021[2] - The company's carbon peak action plan (2021-2030) has been implemented, focusing on reducing carbon emissions from the source and promoting renewable energy utilization[3] - The biodegradable materials industry is growing, with applications expanding from large and medium-sized cities to nationwide, and demand is expected to exceed 4 million tons by 2025[7] - The "14th Five-Year Plan" for bioeconomic development emphasizes the development of bioenergy, including advanced biofuels and bio-based chemicals, promoting the transition from fossil fuels to renewable energy[13] - The company replaced 2,631 high-efficiency motors, pumps, and fans in 2022 as part of energy-saving initiatives[187] - The company received 116 environmental inspections and 35 supervisory monitoring checks in 2022, all of which were qualified[190] - The company's subsidiary, COFCO Biochemical (Thailand) Co., Ltd., received the "Sustainable Development Award" from the Thai Ministry of Industry[189] - The company's "Fructose MVR Evaporator Technical Transformation Project" was selected as a third-place case in the State Council's "2022 Carbon Peak and Carbon Neutral Action Case Selection"[189] - COD, sulfur dioxide, nitrogen oxides, and general solid waste emissions decreased by 9.3%, 13.2%, 9.7%, and 10.7% respectively compared to 2021[190] - The company allocated 5 million RMB for industrial assistance in Tibet, including funding for circular agriculture and border village construction[191] - The company invested 1.6 million RMB in infrastructure upgrades for Yanhou Village, including road repairs, fence renovations, and public toilet construction[191] Production and Operations - Sales volume of agricultural products decreased by 22.21% to 4.6761 million tons, while inventory increased by 20.81% to 327,400 tons[6] - The domestic ethanol industry faced oversupply, with an operating rate of around 50%, and demand for fuel ethanol and edible alcohol declined due to high oil prices and new national standards[8] - The company's high-value-added small variety products, including syrup, special dextrin, customized citric acid, and special alcohol, are widely used in food, beverages, health products, and feed industries[18] - The corn deep processing industry has seen rapid development, with continuous expansion in the production capacity of starch, alcohol, starch sugar, and amino acids, driving rapid growth in corn consumption[19] - In 2022, the corn starch export volume exceeded 220,000 tons, representing a year-on-year growth of over 50%[19] - The average operating rate of the starch industry is around 55%, with new projects achieving an operating rate of over 70%, while older facilities are gradually being replaced[19] - The company's fuel ethanol business maintains industry-leading scale and technology, with flexible raw material usage and diversified product offerings[75] - A 3,000-ton/year lactide project is under construction, and strategic investors have been introduced to accelerate the development of the polylactic acid (PLA) industry chain[75] - The company has established a PHA demonstration unit and is advancing research on PHA and PLA blend fiber technologies[75] - The overall operating rate of China's corn deep processing industry is less than 60%, with intense competition and overcapacity[75] - The company has strengthened its procurement strategy by leveraging domestic and international market analysis to secure low-cost raw materials[83] - The company is advancing its "four modernizations" (automation, mechanization, informatization, and intelligence) to enhance production efficiency and reduce costs[83] - Special product sales increased by 34%, with significant growth in special starch, special syrup, special alcohol, and special citric acid[94] - Imported cassava procurement reached 860,000 tons, an increase of 690,000 tons year-on-year, and imported genetically modified corn and by-products reached 520,000 tons[88] - Domestic sales accounted for 17.47 billion yuan, a decrease of 20.24% year-on-year, while international sales grew by 47.87% to 2.45 billion yuan[100] - The Anhui 300,000-ton/year ethanol relocation and renovation project achieved stable operation, optimizing product structure and enabling diversified raw material usage[87] - The Yushu 30,000-ton/year lactide project obtained construction permits and introduced strategic investors, including China Aerospace Science and Technology Corporation[87] - The company completed the transformation of the Anhui Phase II ethanol production line, enabling flexible production of high-purity anhydrous, premium anhydrous, and industrial ethanol[88] - The company implemented a diversified raw material procurement strategy, with self-collected corn reaching 2.41 million tons, accounting for over 60% of total procurement[88] - The company's fuel ethanol and fructose products maintained leading positions in the industry, supported by a comprehensive business portfolio and industrial layout[85] Corporate Governance and Shareholder Information - The company's registered address was changed to No. 99 Kaiyuan Avenue, Bengbu City, Anhui Province, with the postal code updated to 233316[46] - The company's office addresses are located at 7th Floor, Building A, COFCO Plaza, No. 8 Jianguomennei Avenue, Beijing, and No. 343 Tushan Road, Bengbu City, Anhui Province[46] - The company's website is www.cofcotech.com, and the email contact is zlshahstock@163.com[46] - The company completed a major asset restructuring in 2018, changing its main business to include fuel ethanol, edible alcohol, starch, starch sugar, citric acid, and MSG production[48] - COFCO Bio-chemical Investment Co., Ltd. holds 47.37% of the company's shares as of April 2023, making it the controlling shareholder[51] - The company's controlling shareholder, COFCO Group, holds a total of 55.52% of the company's shares through its subsidiaries[51] - The company adopted the "Accounting Standards Interpretation No. 15" starting from January 1, 2022, affecting the accounting treatment of products sold before fixed assets are ready for use[58] - Non-current asset disposal losses amounted to -143.15 million yuan in 2022, compared to -213.00 million yuan in 2021 and -25.51 million yuan in 2020[65] - Government subsidies related to normal business operations were 485.72 million yuan in 2022, up from 276.52 million yuan in 2021 and 161.50 million yuan in 2020[65] - The company implemented a restricted stock incentive plan, granting 31,830,700 shares at a price of RMB 4.92 per share, accounting for 1.723% of the total issued shares[126] - The company's board of directors approved the "14th Five-Year" development plan during the strategic committee meeting[117] - The company's audit committee reviewed and approved the 2021 internal control evaluation report and the internal control system work report[117] - The company's internal control evaluation report was fully disclosed on April 27, 2023, covering 100% of the total assets and operating income of the consolidated financial statements[131] - The company completed the board of directors换届 on August 27, 2021, addressing the issue of overdue board换届[134] - The company updated its voting solicitation system in accordance with the latest legal regulations, with the revised articles of association approved at the shareholders' meeting on September 30, 2021[158] - The company maintained effective internal control in all material aspects during the reporting period, with no significant internal control deficiencies identified[153] - The company had 0 major deficiencies in both financial and non-financial reporting, and 0 significant deficiencies in both categories[157] Environmental Compliance and Monitoring - The 300,000 tons/year fuel ethanol relocation and renovation project of Anhui COFCO Biochemical Fuel Alcohol Co., Ltd. has completed environmental protection acceptance[139] - The ultra-low emission renovation project of COFCO Biochemical Energy (Zhaodong) Co., Ltd. is under construction[139] - The 1,000 tons/year PHA pilot plant construction and process optimization project (Phase I) of COFCO Biochemical Energy (Yushu) Co., Ltd. is under construction[139] - The alcohol tank area renovation project of Guangxi COFCO Biomass Energy Co., Ltd. is under construction[139] - The company's subsidiaries have obtained or registered for pollutant discharge permits, all of which are valid[141] - COD emissions from Zhongliang Bio-Chemical Co., Ltd. were 225.41, with ammonia nitrogen at 2.89, sulfur dioxide at 16.47, nitrogen oxides at 39.22, and particulate matter at 5.52[145] - Zhongliang Bio-Energy (Zhaodong) Co., Ltd. reported COD emissions of 19.11, ammonia nitrogen at 0.97, sulfur dioxide at 78.79, nitrogen oxides at 102.92, and dust at 13.12[145] - Zhongliang Bio-Chemical (Suzhou) Co., Ltd. had COD emissions of 72.80 and ammonia nitrogen at 2.07[145] - Zhongliang Bio-Mass Energy (Guangxi) Co., Ltd. reported COD emissions of 51.176, ammonia nitrogen at 1.80, sulfur dioxide at 101.13, nitrogen oxides at 59.97, and dust at 7.48[145] - Zhongliang Bio-Chemical (Maanshan) Co., Ltd. had COD emissions of 67.37 and ammonia nitrogen at 1.26[146] - Zhongliang Bio-Energy (Longjiang) Co., Ltd. utilized a wastewater treatment process including pre-treatment, high-efficiency anaerobic, anaerobic ammonia oxidation, aerobic treatment, and chemical phosphorus removal[146] - Zhongliang Bio-Energy (Yushu) Co., Ltd. employed a wastewater treatment process with pre-treatment, high-efficiency anaerobic, aerobic treatment, and chemical phosphorus removal[146] - Zhongliang Bio-Energy (Hengshui) Co., Ltd. used a wastewater treatment process involving pre-treatment, high-efficiency anaerobic, aerobic treatment, and chemical phosphorus removal[146] - All subsidiaries of COFCO Bio-Chemical have constructed pollution prevention facilities in accordance with environmental impact assessment documents and approvals, ensuring continuous stable operation and compliance with emission standards[167] - COFCO Bio-Chemical Energy (Zhaodong) Co., Ltd. employs a combination of wet desulfurization, SNCR denitrification, electrostatic dust removal, and bag dust removal to achieve continuous stable and compliant emissions[168] - COFCO Bio-Chemical (Chengdu) Co., Ltd. achieved continuous and stable emission standards with its pretreatment + EGSB anaerobic + aerobic treatment + chemical phosphorus removal process[14] - COFCO Tianke Bioengineering (Tianjin) Co., Ltd. maintained continuous and stable emission standards using oil separation + neutralization + regulation + high-efficiency anaerobic + contact oxidation + sedimentation[15] - COFCO Bio-Chemical (Thailand) Co., Ltd. achieved continuous and stable emission standards with its pretreatment + anaerobic + aerobic process[16] - Jilin COFCO Bio-Chemical Packaging Co., Ltd. achieved continuous and stable emission standards using UV photolysis + oil fume purification in the finished product process[17] - Jilin COFCO Biomaterials Co., Ltd. maintained continuous and stable emission standards with its hydrolysis acidification + primary contact oxidation + secondary contact oxidation + sedimentation process[18] - COFCO Heilongjiang Distillery Co., Ltd. achieved stable emission standards using UASB anaerobic tower + SBR integrated process[19] - Subsidiaries conducted self-monitoring according to the pollutant discharge permit requirements, with monitoring methods including online monitoring and third-party commissioned testing[172] - Guangxi COFCO Biomass Energy Co., Ltd. conducted self-monitoring according to the annual self-monitoring plan, with key indicators including COD, ammonia nitrogen, total nitrogen, total phosphorus, pH, and flow rate[178] - Maanshan COFCO Bio-Chemical Co., Ltd. followed the self-monitoring plan, monitoring indicators such as COD, ammonia nitrogen, total nitrogen, total phosphorus, pH, and flow rate[178] - Environmental governance and protection investments totaled 17.0954 million yuan for COFCO Biochemical Energy (Longjiang) Co., Ltd[184] - COFCO Biochemical Energy (Yushu) Co., Ltd invested 36.1816 million yuan in environmental protection, including 1.66848 million yuan for solid and hazardous waste disposal[184] - COFCO Biochemical Energy (Gongzhuling) Co., Ltd spent 26.2094 million yuan on environmental protection, with 5.543 million yuan allocated for pollution control and emission reduction[184] - COFCO Biochemical Energy (Hengshui) Co., Ltd's total environmental protection investment was 3.6246 million yuan, including 665,200 yuan for pollution control[184] - COFCO Rongs Biotechnology Co., Ltd invested 6.2218 million yuan in environmental protection, with 1.2 million yuan for pollution control and emission reduction[184] - COFCO Biochemical Energy (Zhaodong) Co., Ltd's environmental protection investment reached 11.1001 million yuan, including 787,000 yuan for environmental facility operation[184] - Guangxi COFCO Biomass Energy Co., Ltd invested 17.6212 million yuan in environmental protection, with 1.45827 million yuan for environmental facility operation[184] - Suzhou COFCO Biochemical Co., Ltd's environmental protection investment was 7.6922 million yuan, including 1.983 million yuan for pollution control and emission reduction[184] - Maanshan COFCO Biochemical Co., Ltd spent 1.8625 million yuan on environmental protection, with 151,970 yuan for environmental facility operation[184] - All subsidiaries conducted environmental risk assessments and emergency resource surveys, formulating environmental emergency plans approved by ecological environment authorities[182] - The company's subsidiary, COFCO Biochemical Energy (Longjiang) Co., Ltd., reported COD emissions of 23.51 mg/L and sulfur dioxide emissions of 65.66 mg/m³, both within regulatory limits[192] - The company's subsidiary, COFCO Biochemical Energy (Yushu) Co., Ltd., reported COD emissions of 57.24 mg/L and nitrogen oxide emissions of