恒逸石化(000703) - 2025 Q2 - 季度财报

Part I Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, with the company planning no interim dividend distribution or capital increase from reserves - The Board of Directors, Supervisory Board, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, assuming individual and joint legal responsibility[5] - Company head Qiu Yibo, chief accountant Zheng Xingang, and head of accounting Gong Yanhong declare the financial report's truthfulness, accuracy, and completeness[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[7] Table of Contents The report's table of contents clearly lists eight main chapters covering company overview, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports, along with a list of reference documents - The report's table of contents includes eight main chapters, such as company profile and key financial indicators, management discussion and analysis, corporate governance, environment and society, significant matters, share changes and shareholder information, bond-related information, and financial reports[9] - The list of reference documents includes financial statements signed by the company head, chief accountant, and head of accounting, along with originals of all publicly disclosed company documents and announcements during the reporting period[11][12] Definitions This section defines common terms used in the report, including company names, related parties, project names, and professional petrochemical and chemical fiber product terms like PX, PTA, PET, and CPL, ensuring accurate understanding of the report's content - Definitions cover the company name (Hengyi Petrochemical), affiliated companies (Hengyi Group, Hengyi Brunei, etc.), and key projects (Brunei Refinery and Petrochemical Project, Guangxi New Materials Project)[13][14] - Key product terms include paraxylene (PX), purified terephthalic acid (PTA), polyethylene terephthalate (PET), caprolactam (CPL), and their uses are explained[14][15] - The reporting period is defined as January 1, 2025, to June 30, 2025[15] Part II Company Profile Hengyi Petrochemical Co., Ltd., stock code 000703, is listed on the Shenzhen Stock Exchange, with Qiu Yibo as its legal representative and its contact address in Xiaoshan District, Hangzhou, Zhejiang Province Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Hengyi Petrochemical | | Stock Code | 000703 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Hengyi Petrochemical Co., Ltd. | | Legal Representative | Qiu Yibo | - The company's Board Secretary is Zheng Xingang, Securities Affairs Representative is Zhao Guanshuang, contact number is (0571) 83871991, and email is hysh@hengyi.com[18] Key Accounting Data and Financial Indicators In H1 2025, the company's operating revenue decreased by 13.59% to 55.96 billion yuan, net profit attributable to shareholders fell sharply by 47.32% to 227 million yuan, and net cash flow from operating activities turned negative, decreasing by 286.42%, while total assets grew by 2.09% and net assets attributable to shareholders slightly declined by 0.46% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (yuan) | Prior Period (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 55,960,017,549.87 | 64,764,047,386.81 | -13.59% | | Net Profit Attributable to Shareholders of Listed Company | 226,681,667.52 | 430,314,446.67 | -47.32% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 149,434,296.60 | 230,594,151.74 | -35.20% | | Net Cash Flow from Operating Activities | -181,470,495.48 | 97,347,579.58 | -286.42% | | Basic Earnings Per Share (yuan/share) | 0.07 | 0.13 | -46.15% | | Diluted Earnings Per Share (yuan/share) | 0.07 | 0.13 | -46.15% | | Weighted Average Return on Net Assets | 0.92% | 1.70% | -0.78% | | Period-End Indicators | Current Period-End (yuan) | Prior Year-End (yuan) | Change from Prior Year-End | | Total Assets | 109,770,964,454.63 | 107,528,828,060.12 | 2.09% | | Net Assets Attributable to Shareholders of Listed Company | 24,629,002,443.17 | 24,742,051,837.12 | -0.46% | Differences in Accounting Data under Domestic and Overseas Accounting Standards During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under international or overseas accounting standards and those under Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[23] - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[25] Non-recurring Gains and Losses and Amounts The company's total non-recurring gains and losses for H1 2025 amounted to 77.25 million yuan, primarily comprising government subsidies, fair value changes, and non-recurring gains and losses attributable to investees within investment income from associates/joint ventures Non-recurring Gains and Losses for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -1,854,684.50 | | Government Grants Recognized in Current Profit or Loss | 32,511,751.68 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 22,311,197.36 | | Reversal of Impairment Provision for Accounts Receivable Subject to Separate Impairment Testing | 426,220.28 | | Custody Fee Income from Entrusted Operations | 849,056.58 | | Other Non-operating Income and Expenses Apart from the Above | 1,800,267.61 | | Other Gains/Losses Meeting the Definition of Non-recurring Gains and Losses | 30,126,215.94 | | Less: Income Tax Impact | -4,692,668.55 | | Impact of Minority Interests (After Tax) | 13,615,322.58 | | Total | 77,247,370.92 | - Other non-recurring gains and losses primarily represent non-recurring gains and losses attributable to investees within investment income from significant associates and joint ventures accounted for using the equity method, totaling 30.13 million yuan[28] Part III Company's Main Business Activities During the Reporting Period Hengyi Petrochemical, a global leader in integrated "refining-chemical-fiber" operations, pursues a "one drop of oil, two strands of fiber" strategy, achieving full-chain closure via the Brunei project and developing a "polyester + nylon" dual-core business model, while accelerating its "Technological Hengyi" strategy to become a world-class private multinational industrial group - The company's strategic positioning is "one drop of oil, two strands of fiber," achieving a full industrial chain closed-loop from crude oil processing to chemical fiber products through the Brunei refining and petrochemical project, forming a "polyester + nylon" dual-core business model[31] - The company is accelerating its "Technological Hengyi" strategy, establishing an independent intellectual property system around core business systems, and promoting high-value-added product R&D, green and low-carbon upgrades, and digital and intelligent construction[33][34] Main Business Overview The company primarily engages in petrochemical and chemical fiber businesses, evolving into an integrated "refining-chemical-fiber" private multinational leader with products spanning refined oil, basic petrochemical raw materials, and new polyester materials, while also empowering its main business through "petrochemical+" services like supply chain management and long-term equity investments - The company has established a design refining and petrochemical capacity of 8 million tons/year (Brunei Refining and Petrochemical Project Phase I), a PTA holding/participating capacity of 21.5 million tons/year, a polymerization holding/participating capacity of 13.25 million tons/year, a PIA design capacity of 0.3 million tons/year, and a caprolactam participating capacity of 0.4 million tons/year[36] Company's Main Products Current Production Capacity (million tons/year) | Category | Product | Holding/Participating Capacity (million tons/year) | | :--- | :--- | :--- | | Refined Oil Products | Gasoline, Diesel, Jet Fuel, etc. | 5.65 | | Chemical Products | PX, Benzene, etc. | 2.65 | | | PTA | 21.50 | | | PIA | 0.30 | | | CPL | 0.40 | | Polyester Products | Polyester Filament (incl. Polyester Chips) | 6.77 | | | Polyester Staple Fiber | 1.18 | | | Polyester Bottle Chips (incl. RPET) | 5.30 | - The company builds a resilient supply chain system through a "three-in-one" strategy, encompassing collaborative management, logistics development, and technological empowerment, achieving increased online transactions, reduced transportation costs, and shortened response cycles[40] - Regarding long-term equity investments, the company holds shares in Zheshang Bank, which has developed into a well-established and profitable "A+H" listed bank, generating investment income for the company[41] Operating Model The company's operating model remained unchanged during the reporting period, with details available in its 2023 Annual Report - The company's operating model did not undergo significant changes during the reporting period; for details, please refer