Financial Performance - The company's operating revenue for the first half of 2022 was RMB 45,900,355, representing a 23.60% increase compared to RMB 37,136,606 in the same period last year[9]. - The total profit (loss) for the period was a loss of RMB 442,601, a significant decline of 129.30% from a profit of RMB 1,510,713 in the previous year[9]. - The net loss attributable to shareholders of the parent company was RMB 436,009, marking a 135.04% decrease from a profit of RMB 1,244,189 in the same period last year[9]. - Basic and diluted earnings per share were both RMB -0.040, compared to RMB 0.115 in the same period last year, indicating a significant decline[10]. - The weighted average return on net assets decreased by 5.61 percentage points to -1.448% from 4.164% in the previous year[10]. - The company's revenue for the first half of 2022 was RMB 45.859 billion, an increase of RMB 8.771 billion or 23.65% compared to the same period last year[18]. - The pre-tax loss for the first half of 2022 was RMB 433 million, a decrease of RMB 1.976 billion compared to a pre-tax profit of RMB 1.543 billion in the same period last year[18]. - The company's financial net income for the first half of 2022 was RMB 279.3 million, up from RMB 210.5 million in the same period last year[23]. - The company reported a significant increase in cash flow from investment activities, with a net inflow of RMB 1,776,708 thousand compared to an outflow of RMB -3,106,358 thousand in the previous year[33]. - The company reported a total comprehensive income of RMB (157,308) thousand for the first half of 2022, compared to RMB 1,301,800 thousand in the same period of 2021[195]. Cash Flow and Liquidity - The net cash flow used in operating activities was RMB -6,405,122, an increase of 168.05% compared to RMB -2,389,552 in the previous year[9]. - In the first half of 2022, the company's net cash outflow from operating activities was RMB 6.4556 billion, compared to a net cash outflow of RMB 2.4434 billion in the same period last year[24]. - The company generated a net cash inflow of RMB 1.7767 billion from investing activities in the first half of 2022, a significant improvement from a net cash outflow of RMB 3.1064 billion in the previous year, primarily due to net inflows from time deposits and structured deposits of RMB 2.35 billion[24]. - The net cash inflow from financing activities was RMB 1.9968 billion in the first half of 2022, compared to a net cash inflow of RMB 0.0028 billion in the same period last year, mainly due to an increase in cash flow from loans and short-term financing notes[24]. - The company's cash inflow from operating activities for the first half of 2022 was RMB 50,632,846 thousand, an increase of 31.1% compared to RMB 38,606,063 thousand in the same period of 2021[197]. - The ending cash and cash equivalents balance as of June 30, 2022, was RMB 2,438,650 thousand, compared to RMB 1,367,415 thousand at the end of June 30, 2021, showing a significant increase of 78.3%[198]. Production and Sales - The total production of main products was 5.4317 million tons, a decrease of 8.07% year-on-year[18]. - The company processed 5.7951 million tons of crude oil, a decrease of 6.68% year-on-year[18]. - The production of gasoline was 1.4483 million tons, a decrease of 0.88% year-on-year, while diesel production was 1.3112 million tons, a decrease of 15.32% year-on-year[18]. - The production of liquefied gas increased by 23.41% year-on-year to 326,300 tons[18]. - The production of ethylene was 353,500 tons, an increase of 16.67% year-on-year, and paraxylene production was 318,400 tons, an increase of 116.01% year-on-year[18]. - The company's product sales rate was 98.74%, and the collection rate of accounts receivable (excluding related parties) was 100%[18]. - The sales volume of synthetic fibers decreased by 79.89%, while the sales volume of resins and plastics and petroleum products decreased by 15.07% and 12.89%, respectively[21]. - The company's total daily remuneration for 2022 was RMB 9,428,000, an increase of 18.4% from RMB 7,954,000 in 2021[183]. Assets and Liabilities - The net assets attributable to shareholders of the parent company decreased by 4.57% to RMB 28,875,824 from RMB 30,260,172 at the end of the previous year[9]. - Total assets decreased by 9.69% to RMB 42,481,112 from RMB 47,038,622 at the end of the previous year[9]. - The total liabilities decreased to RMB 12,614,058 thousand, reflecting a strategic focus on reducing debt levels[112]. - The company's total liabilities decreased from RMB 9,400,510,000 in December 2021 to RMB 7,987,334,000 in June 2022, a reduction of approximately 15%[149]. - The company's total assets as of June 30, 2022, were RMB 629,576,000, a decrease of 18.8% from RMB 775,007,000 at the end of 2021[185]. - The company's total equity attributable to shareholders decreased to RMB 28,858,796 thousand, down 4.3% from RMB 30,242,139 thousand as of December 31, 2021[113]. Environmental and Compliance - The company’s environmental performance showed a 100% compliance rate for wastewater discharge, with ammonia nitrogen and sulfur dioxide emissions decreasing by 58.93% and 8.78%, respectively[20]. - The company achieved a 100% compliance rate for wastewater discharge standards and a 100% compliance rate for controlled air emissions[77]. - The company has maintained its "Green Enterprise" title from Sinopec Group and continues to implement high standards for environmental management[76]. - The company completed the revision of the emergency response plan for environmental incidents, including 11 aspects such as environmental risk analysis and internal warning mechanisms, with a total of 157 environmental risk sources identified[81]. - The company has complied with all provisions of the Corporate Governance Code as per the Hong Kong Listing Rules during the reporting period[103]. Research and Development - The company’s research and development efforts resulted in 55 patent applications, with 39 patents granted during the reporting period[20]. - Research and development expenses increased to RMB 36,426 thousand in the first half of 2022, up from RMB 27,943 thousand in the first half of 2021[194]. - The group reported a depreciation expense of RMB 716,213,000 for property, plant, and equipment for the six months ended June 30, 2022, down from RMB 800,196,000 in 2021, a decrease of approximately 10.5%[130]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 105,475[88]. - The largest shareholder, Sinopec Limited, holds 5,459,455,000 shares, representing 50.44% of the total shares[90]. - A cash dividend of RMB 0.1 per share was approved for the 2021 fiscal year, totaling RMB 1,082,381,350[57]. - The company proposed dividends of RMB 1,082,381 thousand during the reporting period[116]. Risks and Challenges - The company faced significant challenges due to the pandemic and supply chain disruptions, impacting downstream market demand[14]. - The company plans to focus on safety and environmental issues while ensuring stable production operations in the second half of 2022, amid rising inflation risks and uncertain international oil prices[30]. - The company faces risks related to the cyclical nature of the oil and petrochemical market, which may adversely affect its operations[48].
上海石油化工股份(00338) - 2022 - 中期财报