Financial Performance - The net profit attributable to shareholders for 2021 was RMB 2,000,506 thousand according to Chinese accounting standards, and RMB 2,073,431 thousand according to International Financial Reporting Standards[3]. - The company's profit before tax for 2021 was RMB 2,721.1 million, significantly up from RMB 590.8 million in 2020, marking a 360.5% increase[7]. - The net profit attributable to shareholders for 2021 was RMB 2,073.4 million, compared to RMB 645.1 million in 2020, representing a 221.5% increase[7]. - The company's operating income for 2021 was RMB 89,280,415 thousand, reflecting a 19.51% increase from RMB 74,705,183 thousand in 2020[10]. - The net cash flow from operating activities in 2021 was RMB 4,060,026 thousand, a 131.84% increase from RMB 1,751,217 thousand in 2020[10]. - The basic earnings per share for 2021 was RMB 0.192, up from RMB 0.060 in 2020, indicating a 213.33% increase[11]. - The company's total liabilities increased to RMB 16,543.2 million in 2021 from RMB 15,284.2 million in 2020[7]. - The weighted average return on equity for 2021 was 6.727%, up from 2.127% in 2020, showing a significant improvement[11]. - The company's revenue for 2021 was RMB 89.198 billion, an increase of 19.53% compared to the previous year[49]. - The company's net profit for 2021 was RMB 2.004 billion, representing a significant increase of 213.35% from RMB 639.436 million in 2020[103]. Dividends and Shareholder Information - The proposed final dividend for 2021 is RMB 0.1 per share (including tax), pending approval at the annual general meeting[3]. - The company plans to pay the final dividend to H-share shareholders around July 28, 2022, based on the share register as of July 5, 2022[4]. - The company will suspend H-share transfer registration from June 30, 2022, to July 5, 2022, to confirm the rights to receive the final dividend[4]. - The company had a total of 104,031 common shareholders at the end of the reporting period, an increase from 102,649 at the end of the previous month[22]. - The top ten shareholders held a total of 50.44% of the shares, with China Petroleum & Chemical Corporation being the largest shareholder[24]. - The controlling shareholder is China Petroleum & Chemical Corporation, holding 68.31% of the shares[32]. - The actual controller is China Petroleum Group, which holds 68.83% of the shares[33]. Operational Highlights - In 2021, the company's net sales amounted to RMB 75,888.8 million, a 23.3% increase from RMB 61,560.9 million in 2020[7]. - The company generated 55.19% of its sales from petroleum products, with gasoline contributing 22.70% and diesel 18.13%[16][18]. - The sales of synthetic fibers accounted for 1.81% of total sales, with polyester short fibers at 0.22% and acrylic short fibers at 1.52%[17]. - The company reported a net gain from the disposal of non-current assets of RMB 48,671 thousand in 2021, down from RMB 72,296 thousand in 2020[14]. - The company processed a total of 13.76 million tons of crude oil in 2021, a decrease of 6.18% year-on-year, and produced 7.97 million tons of refined oil, down 4.90%[49]. - The company achieved a product sales rate of 100.05% and a receivables turnover rate of 100% in 2021, maintaining high product quality[49]. Risk Management and Compliance - The company has detailed risk descriptions regarding potential future development risks in the management discussion and analysis section of the report[5]. - The company does not have any violations of decision-making procedures for external guarantees[5]. - The company is continuously evaluating its accounting estimates and judgments, which may affect its financial performance[56]. - The company is assessing the recoverable amount of non-current assets to determine any impairment losses[59]. - The company is subject to stringent environmental regulations, which may lead to additional compliance costs in the future[141]. - The company faces risks related to the cyclical nature of the oil and petrochemical markets, which can significantly impact revenue and pricing[138]. Research and Development - The company has a strong focus on research and development in alternative energy products and technologies[29]. - Research and development expenses for 2021 amounted to RMB 0.0943 billion, a decrease from RMB 0.1106 billion in 2020[93]. - The company is focused on R&D innovation as part of its strategic initiatives[160]. - The company is exploring a new compensation distribution mechanism for research personnel and has implemented a project responsibility incentive plan[55]. - The company employed 169 R&D personnel, representing 2.02% of total staff, with 12 holding doctoral degrees and 30 holding master's degrees[114]. Environmental and Safety Initiatives - The company emphasizes safety and environmental protection as foundational elements of its operational strategy[132]. - The total environmental protection investment was RMB 393 million, accounting for 0.50% of operating revenue[173]. - The company is committed to achieving carbon neutrality goals by reducing coal consumption and increasing the use of renewable energy sources[136]. - The company is adapting to the "plastic limit order" and increasing the application of biodegradable plastics in response to environmental regulations[147]. - The company reported that there were no significant safety production accidents during the period[173]. Strategic Initiatives and Future Plans - The company plans to continue optimizing its product structure and enhancing the quality and variety of existing products to meet the growing market demand for petrochemical products in China[6]. - The company aims to enhance its competitive advantage by integrating upstream and downstream operations and optimizing product structures[130]. - The company has initiated several major capital projects, including a 2.4 million tons/year carbon fiber project and a 400,000 tons/year clean gasoline project, with varying stages of completion[126]. - The projected capital expenditure for 2022 is approximately RMB 3.5 billion[127]. - The company plans to process a total of 13.65 million tons of crude oil in 2022, with production targets of 7.57 million tons for refined oil, 825,200 tons for ethylene, and 1,021,000 tons for polypropylene[132]. Related Party Transactions - The company engaged in related party transactions with Sinopec Group, with raw material procurement amounting to RMB 51,521,921, representing 74.21% of similar transactions[191]. - The sales of petroleum and petrochemical products to Sinopec Group amounted to RMB 60,926,642, accounting for 68.30% of similar transactions[191]. - The independent non-executive directors confirmed that the related party transactions were conducted on normal commercial terms and did not significantly affect the company's independence[192]. - The auditors did not find any issues that would lead them to believe that the disclosed related party transactions were not approved by the company's board[192].
上海石油化工股份(00338) - 2021 - 年度财报