Financial Performance - Revenue for 2021 reached RMB 57,759,590, an increase of 10.3% compared to RMB 52,352,584 in 2020[14] - Gross profit for 2021 was RMB 6,468,189, reflecting a growth of 13.2% from RMB 5,714,072 in the previous year[14] - Operating profit decreased by 22.8% to RMB 1,701,898 from RMB 2,204,379 in 2020[14] - Pre-tax profit fell by 13.9% to RMB 2,592,407 compared to RMB 3,010,562 in 2020[14] - Net profit attributable to equity holders was RMB 2,129,589, down 10.6% from RMB 2,381,905 in 2020[14] - Basic earnings per share decreased by 10.6% to RMB 0.48 from RMB 0.54 in the previous year[14] - The company achieved a revenue of RMB 57.76 billion and a net profit of RMB 2.13 billion in 2021, with a total new contract value of RMB 63.15 billion[30] - The total revenue for the group reached RMB 57,759.59 million, a year-on-year increase of 10.3%[39] - The profit attributable to shareholders was RMB 2.13 billion, a year-on-year decrease of 10.6%[39] Assets and Liabilities - As of December 31, 2021, non-current assets increased by 7.7% to RMB 7,979,567,000 compared to RMB 7,409,911,000 in 2020[13] - Current assets rose by 1.4% to RMB 64,937,676,000 from RMB 64,055,416,000 in the previous year[13] - Current liabilities increased by 1.7% to RMB 41,370,338,000, up from RMB 40,672,278,000 in 2020[13] - Non-current liabilities decreased by 4.5% to RMB 2,423,569,000 compared to RMB 2,537,011,000 in 2020[13] - Equity attributable to shareholders increased by 3.1% to RMB 29,118,084,000 from RMB 28,251,172,000 in 2020[13] - The total assets as of December 31, 2021, were RMB 72,917.24 million, an increase of RMB 1,451.92 million from RMB 71,465.33 million in 2020[122] - The total liabilities as of December 31, 2021, were RMB 43,793.91 million, an increase of RMB 584.62 million from RMB 43,209.29 million in 2020[122] Cash Flow - Net cash flow from operating activities was RMB 2,943,228, a slight decrease of 0.5% from RMB 2,956,836 in 2020[14] - Cash and cash equivalents increased by RMB 2,057.00 million during the reporting period, with net cash from operating activities amounting to RMB 2,943.00 million[124] - The net cash flow from operating activities for the year ended December 31, 2021, was RMB 29.43 billion, a slight decrease from RMB 29.57 billion in 2020[125] - The net cash flow from investing activities was RMB 5.03 billion, primarily due to a reduction in loans to the ultimate holding company[126] - The net cash flow used in financing activities was RMB 13.89 billion, mainly attributed to dividend payments and reduced borrowings from subsidiaries[126] Profitability Ratios - Gross margin improved to 11.2% in 2021 from 10.9% in 2020[15] - Net profit margin decreased to 3.7% in 2021 from 4.6% in 2020[15] - Return on assets was 3.0% in 2021, down from 3.4% in 2020[15] - The company's debt ratio improved to 0.8% in 2021 from 1.1% in 2020, reflecting a decrease in interest-bearing debt[127] - The return on equity (ROE) declined to 7.3% in 2021 from 8.4% in 2020, influenced by reduced profit and increased total equity[131] Strategic Initiatives - The company aims to enhance its service levels in safety, efficiency, and sustainability as part of its strategic vision[7] - Future strategies include expanding business areas and extending the value chain in the energy and chemical engineering sector[7] - The company plans to implement six major development strategies focusing on value leadership and innovation[7] - The company is focusing on the "dual carbon" target strategy, emphasizing the development of key technologies related to clean energy and carbon neutrality[34] - The company aims to strengthen its project lifecycle quality management and improve design safety levels continuously[34] Research and Development - R&D expenses increased by 9.4% to RMB 2,379.15 million, driven by investments in new technologies and materials[75] - The company completed 681 new patent applications, with 476 being invention patents, representing 69.9% of the total[56] - The company has made significant advancements in technology, including the development of a hydrogen energy full industry chain and the successful industrial application of "direct crude oil cracking to ethylene technology"[31] - The company is committed to talent development through initiatives like the "Seedling Plan" for young cadres to enhance their professional skills[34] Project Execution and Safety - A total of 1,423 projects were executed in 2021, with 804 projects completed without any safety, quality, or environmental incidents reported[32] - The company achieved a cumulative total of 295 million safe working hours, maintaining a good safety production status[53] - The company has implemented a three-tier warning system for project deviations to ensure effective risk management[51] Corporate Governance - The company has improved its corporate governance structure with the election of a new board of directors, enhancing decision-making capabilities[31] - The board of directors consists of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, with independent directors making up at least one-third of the board[171] - The company has established a comprehensive internal control system that integrates risk management, internal control, and regulatory compliance[160] - The audit committee reviewed the annual report and had no dissenting opinions regarding the financial performance[151] Environmental, Social, and Governance (ESG) - The company is actively promoting green low-carbon initiatives, including CO2 recycling and distributed photovoltaic power generation[31] - The company has established an ESG committee to integrate advanced technology for green and efficient production[33] - The company established an ESG committee on March 18, 2022, reflecting a commitment to environmental, social, and governance practices[197] Market Position and Contracts - The company is actively involved in major projects such as the Hainan Ethylene and Shandong LNG Phase III, further consolidating its market position[33] - The new signed contracts amounted to RMB 63.15 billion, a slight increase of 0.2% compared to the previous year[46] - The uncompleted contracts at the end of the reporting period were RMB 1110.45 billion, an increase of 5.1% year-on-year, covering 1.92 times the total revenue for the year[46]
中石化炼化工程(02386) - 2021 Q4 - 年度财报