Financial Performance - The company achieved revenue of RMB 6,110 million for the first half of 2021, representing a 23.9% increase compared to the same period last year[11]. - Net profit attributable to the company's owners reached RMB 1,246 million, a significant increase of 301.9% year-on-year[11]. - The gross profit for the first half of 2021 was RMB 1,444,814, compared to RMB 685,327 in the same period of 2020, indicating strong growth[6]. - The group reported a revenue of RMB 6,109.9 million for the period, an increase of RMB 1,138.3 million or 22.9% compared to RMB 4,971.6 million in the same period of 2020, primarily due to significant price increases in methanol, urea, and phosphate compound fertilizers[26]. - The net profit for the reporting period was RMB 1,327.9 million, an increase of RMB 1,028.3 million compared to RMB 299.6 million in the same period of 2020[36]. - The pre-tax profit for the six months ended June 30, 2021, was RMB 1,723,701 thousand, compared to RMB 432,399 thousand in the prior year, marking a 298.5% increase[57]. - The basic earnings per share for the period was RMB 0.27, compared to RMB 0.07 in the same period last year[58]. Assets and Liabilities - The company reported a total asset value of RMB 20,663,596 as of June 30, 2021, slightly down from RMB 20,747,768 at the end of 2020[7]. - The total equity increased to RMB 16,606,196 from RMB 15,628,137 year-on-year, reflecting a solid financial position[7]. - As of June 30, 2021, the group had total interest-bearing liabilities of RMB 921 million, with a capital debt ratio of 5.4%[39]. - Total liabilities decreased from RMB 5,119,631 thousand as of December 31, 2020, to RMB 4,057,400 thousand as of June 30, 2021, representing a reduction of approximately 20.8%[61]. - The company's cash and cash equivalents decreased to RMB 766,840 thousand from RMB 2,765,441 thousand at the end of 2020[60]. Production and Sales - The production volume for the group totaled 1,004,463 tons in the first half of 2021, a decrease of 27.3% compared to 1,380,842 tons in the same period of 2020[8]. - The company sold 171,478 tons of DAP and compound fertilizers in the first half of 2021, a 37.1% increase from 125,043 tons in the same period of 2020[10]. - The company sold 1,024,000 tons of urea, 578,000 tons of methanol, 554,000 tons of phosphate and compound fertilizers, and 17,000 tons of polyoxymethylene, with value-added product sales reaching 233,000 tons, a new high[22]. - The group produced a total of 1,004,463 tons of fertilizers in the first half of 2021, with a sales volume of 1,004,463 tons, reflecting an operational rate of 85.1%[23]. Cost Management and Efficiency - The company maintained a strong focus on cost reduction and efficiency improvement, enhancing internal management effectiveness[11]. - Administrative expenses increased to RMB 229.9 million, up RMB 40.0 million or 21.1% from RMB 189.9 million in 2020, primarily due to increased labor costs[30]. - The group’s financing costs decreased to RMB 32.4 million from RMB 38.6 million in the same period of 2020, a reduction of RMB 6.2 million[32]. Market and Strategic Initiatives - The company is actively promoting its "dual carbon action" plan and has completed the preparation of the "Low Carbon Action Plan Report"[22]. - The company plans to enhance its sales and trading efficiency in the fertilizer and chemical products market, aiming to improve product profit margins[13]. - The company aims to explore feasible paths for utilizing natural gas in the South China Sea and promote research on low-carbon natural gas utilization technology[13]. - The company plans to focus on market expansion and product development in the second half of 2021, with a strong emphasis on the methanol market and its relationship with oil prices[45]. Cash Flow and Investments - The net cash generated from operating activities was 1,114,416, a significant increase compared to 219,852 in the previous period[66]. - The net cash flow from investing activities was negative at (1,685,832), contrasting with a positive cash flow of 379,747 previously[66]. - The company made substantial investments in property, plant, and equipment totaling (338,879), compared to (116,078) previously, indicating ongoing expansion efforts[66]. Other Financial Metrics - The company recognized a gain from the sale of subsidiaries amounting to RMB 68,707 thousand during the period[57]. - The company received government grants amounting to 16,227, up from 5,984 in the previous period, reflecting increased support[66]. - The company reported a significant increase in interest income to 111,493 from 67,765, indicating improved financial management[66]. - The company declared a dividend of RMB 0.080 per share for the year ended 2020, up from RMB 0.076 per share for the previous year, reflecting a 5.3% increase[116].
中海石油化学(03983) - 2021 - 中期财报