Financial Performance - The net profit attributable to shareholders for 2022 was RMB 463,814 thousand according to Chinese accounting standards, and RMB 571,615 thousand according to International Financial Reporting Standards[7]. - The company's operating revenue for 2022 was RMB 73,772.688 million, representing a 6.1% increase compared to RMB 69,533.053 million in 2021[17]. - Net profit attributable to shareholders for 2022 reached RMB 463.814 million, a significant increase of 158.0% from RMB 179.791 million in 2021[17]. - The total assets at the end of 2022 were RMB 71,200.517 million, an increase of 11.2% from RMB 64,052.447 million at the end of 2021[17]. - The company reported a weighted average return on equity of 6.54% for 2022, an increase of 3.90 percentage points from 2.64% in 2021[18]. - The net profit attributable to shareholders under international accounting standards for 2022 was RMB 571.615 million, compared to RMB 140.450 million in the previous year[19]. - The company's equity attributable to shareholders was RMB 7.43 billion, up from RMB 6.86 billion in 2021[24]. - The company reported a total R&D investment of RMB 1,838,968 thousand, accounting for 2.49% of total revenue[51]. - The company’s total liabilities as of December 31, 2022, were RMB 63,773,198 thousand, reflecting an increase of 11.5% from RMB 57,190,930 thousand in 2021[87]. Dividend and Profit Distribution - The company reported a negative retained earnings of RMB -1,946,364 thousand at the end of 2022, leading to a recommendation of no cash dividend distribution for the year[7]. - The board of directors has proposed that the profit distribution plan for 2022 be submitted for shareholder approval due to the negative retained earnings situation[7]. - The company plans to implement a cash dividend policy of at least 40% of the net profit attributable to shareholders, but due to negative retained earnings at the end of 2022, no cash dividends will be distributed for that year[130]. - The company reported a positive profit available for distribution to shareholders but did not propose a cash profit distribution plan, which is not applicable for disclosure[132]. Governance and Compliance - The company has a strong governance structure with a board of directors ensuring the integrity of the annual report[7]. - The company emphasizes that forward-looking statements regarding future plans and strategies involve uncertainties and do not constitute a commitment to investors[7]. - The company has not violated any regulatory decision-making procedures in providing guarantees[7]. - The company has established a comprehensive environmental impact assessment system and did not experience any environmental pollution incidents in 2022[96]. - The company strictly complied with relevant laws and regulations in 2022, with no complaints, fines, or sanctions due to violations[97]. - The board of directors held a total of six meetings in 2022, including four regular meetings, to fulfill its responsibilities[142]. - The company has established a system for providing relevant data to directors to aid in decision-making, ensuring timely access to information[149]. - The company has implemented a robust risk assessment and business process optimization strategy to enhance internal controls[139]. Operational Strategy and Market Presence - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[1]. - The company aims to enhance its research and development capabilities, particularly in low-carbon technologies and new energy sectors, to support sustainable development[28]. - The company is actively participating in emerging markets such as CCUS, geothermal, coalbed methane, and hydrogen energy[28]. - The company aims to enhance its sustainability initiatives, targeting a 20% reduction in carbon emissions by 2025[112]. - The company is focusing on high-quality market segments to support its growth strategy and aims to achieve a higher concentration of its advantageous businesses[28]. Research and Development - The company authorized 787 patents in 2022 and set 579 new construction records[26]. - Research and development expenses rose to RMB 1,838.968 million, a 10.1% increase from RMB 1,669.706 million, reflecting increased investment in key technologies[43]. - The company aims to enhance its R&D capabilities by focusing on high-temperature and high-pressure equipment, with an emphasis on domestic production of advanced tools[79]. Environmental and Social Responsibility - The company invested RMB 115,930.7 million in environmental protection during the reporting period[162]. - The total industrial energy consumption per ten thousand yuan of output was 0.201 tons of standard coal, a year-on-year decrease of 14.1%[163]. - The company has implemented measures to control environmental risks throughout the drilling process, enhancing overall environmental protection levels[164]. - Total charitable contributions amounted to RMB 1.7641 million, benefiting approximately 20,000 people[169]. Related Party Transactions - Related party transactions included procurement of raw materials and equipment totaling RMB 12.18 billion, accounting for 32.3% of similar transactions[182]. - The company engaged in related party transactions with China Petroleum Group and its subsidiaries, ensuring stable supply of raw materials and engineering services, with a total transaction value not exceeding the annual limit approved by independent shareholders[183]. - The company’s independent non-executive directors reviewed the related party transactions and confirmed they were conducted under normal commercial terms and did not adversely affect the company’s independence[183]. Management and Leadership - The company has a structured remuneration decision process based on the responsibilities and performance of its directors, supervisors, and senior management[117]. - The company has maintained a stable management team with no changes in shareholding among directors and supervisors[109]. - The current chairman, Chen Xikun, has held various senior positions within Sinopec, including Chief Accountant and Vice General Manager, since 2003[110]. - The company acknowledges the contributions of retiring executives and expresses gratitude for their service[118]. Future Outlook - The company plans to sign new contracts worth over RMB 78 billion in 2023, focusing on optimizing resource allocation and enhancing project implementation efficiency[28]. - The company aims to complete 5,090 kilometers of 2D seismic acquisition and 16,000 square kilometers of 3D seismic acquisition in 2023[74]. - The company plans to improve fracturing efficiency by 10% and complete 6,070 well operations in 2023, focusing on shale gas development in the Sichuan Basin and tight oil production in the Ordos Basin[77].
中石化油服(01033) - 2022 - 年度财报